Financial Performance - As of September 30, 2022, the Company reported a net loss of $0.2 million for the three months ended, primarily due to $0.5 million in placement services fees and $0.3 million in legal and accounting expenses, offset by $1.5 million of dividend income[137]. - For the nine months ended September 30, 2022, the Company had a net loss of $0.9 million, with total expenses including $1.0 million in legal and accounting fees, again offset by $1.5 million of dividend income[138]. - The Company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern for one year from the issuance date of the financial statements[143]. Cash and Investments - The Company had $232.3 million in net cash used in investing activities related to the funding of the Trust Account, with $230.0 million from the issuance of common stock and $8.9 million from Private Units[139]. - As of September 30, 2022, the Company had a working capital deficit of $9,715,817 and only $345,663 in operating cash[140]. - The Initial Public Offering generated gross proceeds of $230 million from the sale of 23,000,000 Units at $10.00 per Unit[133]. Debt and Obligations - The Company has no long-term debt or capital lease obligations as of September 30, 2022[146]. - The underwriters of the Initial Public Offering are entitled to a deferred cash underwriting discount of $8,050,000, which will be payable only upon the completion of a Business Combination[151]. - The Company has entered into a consulting agreement with a monthly fee of $15,000 and a success fee of $25,000 upon closing of a business combination[154]. - The Company has recorded a nonrefundable cash fee of $500,000 related to a Placement Services Agreement as of September 30, 2022[152]. Accounting Standards - The FASB issued ASU No. 2020-06 in August 2020, simplifying accounting for convertible instruments by removing major separation models[158]. - ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted[160]. - The company is currently evaluating the effect of ASU 2020-06 on its financial position and results of operations[160]. - Management does not believe that other recently issued accounting pronouncements will have a material effect on the balance sheet if adopted[161].
Clean Earth Acquisitions (CLIN) - 2022 Q3 - Quarterly Report