Financial Performance - As of June 30, 2022, the company reported a net loss of $472,717 for the three months ended, primarily due to $562,957 in legal and accounting expenses [126]. - For the six months ended June 30, 2022, the company had a net loss of $712,720, with total expenses including $681,065 in legal and accounting costs [127]. - The company incurred $954,942 of net cash used in operating activities for the six months ended June 30, 2022 [128]. Income and Investments - The company generated $335,059 in dividend income from marketable securities held in the Trust Account for the six months ended June 30, 2022 [127]. - The company had $232,300,000 placed in a Trust Account from the net proceeds of its Initial Public Offering, which will be invested in U.S. government securities [124]. - The company raised gross proceeds of $230,000,000 from its Initial Public Offering by issuing 23,000,000 Units at $10.00 per Unit [122]. Financial Position - As of June 30, 2022, the company had a working capital deficit of $224,138,412, indicating significant financial challenges [129]. - The company has no long-term debt or capital lease obligations as of June 30, 2022, indicating a lack of financial liabilities [135]. Business Operations - The underwriters are entitled to a deferred cash underwriting discount of $8,050,000, which will be released only upon completion of a Business Combination [139]. - The company has not commenced any operations and will not generate operating revenues until after completing a Business Combination [121].
Clean Earth Acquisitions (CLIN) - 2022 Q2 - Quarterly Report