Financial Performance - The company reported a net income of $860,209 for the three months ended June 30, 2023, with operating costs of $335,774[152]. - For the six months ended June 30, 2023, the company had a net income of $604,337, with operating costs totaling $1,249,503[153]. - The company reported a net income of $3,569,242 for the six months ended June 30, 2022, with operating costs of $3,525,566[155]. - For the six months ended June 30, 2023, cash used in operating activities was $509,861, primarily due to a net income of $604,337 impacted by an unrealized loss of $1,137,067 on warrant liabilities[158]. IPO and Capital Structure - The company generated gross proceeds of $276 million from its IPO, with an additional $7.5 million from the private placement of warrants[130][131]. - As of the IPO, approximately $276 million was placed in a Trust Account, invested in U.S. government securities[132]. - The company incurred $16,505,915 in transaction costs related to the IPO, including $5,520,000 in underwriting fees[157]. - The deferred underwriting discount of $0.35 per Unit amounts to $9,660,000, payable only upon completion of an initial business combination[164]. Business Operations and Future Plans - The company has not generated any operating revenues to date and does not expect to until after completing its initial business combination[151]. - The company’s shareholders approved an extension for completing a business combination until February 11, 2024[133]. - The convertible note with Richard Chera was amended to an aggregate principal amount of up to $1,000,000, due on the earlier of February 11, 2024, or upon consummation of a business combination[162]. - The company incurred legal fees related to the proposed Brivo Business Combination, fully settled as of June 30, 2023[168]. Financial Position and Liquidity - As of June 30, 2023, the company had cash outside the trust account of $31,048 and working capital deficits of $1,658,590[160]. - Liquidity needs were satisfied through various sources, including $25,000 from the sale of Founder Shares and capital contributions from sponsors totaling $673,418[161]. - As of June 30, 2023, 4,196,485 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[171]. - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[169][175]. Regulatory and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[176]. - The company has not made any payments under the administrative support agreement and does not expect to incur related expenses in the near future[167].
Crown PropTech Acquisitions(CPTK) - 2023 Q2 - Quarterly Report