Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $255,872, with cash used in operating activities amounting to $221,839 [89]. - The company incurred operating costs of $1,214,304 for the three months ended March 31, 2022, primarily due to legal fees, while net income for the same period was $3,356,489 [88]. - The company reported a change in fair value of warrant liability of $4,548,267 for the three months ended March 31, 2022 [88]. Capital Structure - The company generated gross proceeds of approximately $276 million from its IPO, with offering costs of about $15.8 million, including $9.66 million in deferred underwriting commissions [110]. - The company completed a private placement of 5,013,333 warrants at a price of $1.50 per warrant, generating gross proceeds of approximately $7.5 million [82]. - As of March 31, 2023, the company had 6,900,000 Class B ordinary shares issued or outstanding [101]. - The fair value of the Class B ordinary shares and Private Placement Warrants acquired was determined to be $2,859,310, with an excess value of $2,837,593 reported as a component of shareholders' deficit [94]. - The fair value of the Founder Shares to the Anchor Investors in excess of the amount paid was $795,825 [129]. Business Operations - The company has until February 2024 to complete a business combination, or it will face mandatory liquidation and dissolution [120]. - The company settled $377,871 in payables in January 2023 and $6,472,941 in December 2022, totaling $6,850,812 due to vendors and related parties [87]. Internal Controls and Compliance - The company has identified a material weakness in internal controls related to the accounting for complex financial instruments [135]. - The company complies with SAB Topic 5.A for the valuation of Founder Shares acquired by Anchor Investors [129]. - There was no change in internal control over financial reporting during the three months ended March 31, 2023 [157]. - The company has processes to identify and apply applicable accounting requirements but plans to enhance its evaluation system over time [135]. Debt and Financial Position - The company has no long-term debt obligations or capital lease obligations other than described in its financial statements [125]. - As of March 31, 2023, the company did not have any off-balance sheet arrangements [131]. - The company’s funds held in non-interest bearing and interest-bearing accounts exceed applicable FDIC insurance limits [137]. Share Structure - The company has two classes of shares, Class A and Class B, with earnings and losses shared pro rata [128]. - The company’s Class A ordinary shares feature certain redemption rights considered outside of its control [127]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [132].
Crown PropTech Acquisitions(CPTK) - 2023 Q1 - Quarterly Report