Financial Performance - For the year ended December 31, 2021, the company reported a net income of $6,689,555 and incurred formation and operating costs of $5,580,262, primarily due to general and administrative expenses [537]. - As of December 31, 2022, the company had cash outside the trust account of $80,212 and working capital deficits of $1,512,654, compared to $14,807 and $4,091,246 respectively in 2021 [539]. Transaction Costs - The company incurred total transaction costs of $16,505,915 related to the IPO, which included $5,520,000 in underwriting fees and $9,660,000 in deferred underwriting fees [538]. - The company recorded a deferred offering cost of $795,825 related to the sale of 690,000 Founder Shares to Anchor Investors [551]. Liquidity and Financing - The company has significant liquidity needs and may require additional financing to sustain operations, with sponsors committed to extend loans as needed [541]. Equity and Shares - As of December 31, 2022, the company had 27,600,000 Class A ordinary shares subject to possible redemption, classified as temporary equity [549]. Settlements and Agreements - Following a confidential settlement, the company is no longer pursuing remedies related to the termination of the Brivo Business Combination [534]. - The company settled $7,008,070 due to vendors in December 2022 and January 2023, and the underwriters waived their right to a deferred underwriting discount of $9,660,000 [535]. - The company has terminated advisory service agreements during the fourth quarter of 2022, resulting in no amounts being paid or due under those contracts [544]. Internal Controls - The company plans to improve its internal control over financial reporting by enhancing access to accounting literature and consulting with third-party professionals [532].
Crown PropTech Acquisitions(CPTK) - 2022 Q4 - Annual Report