Financial Performance - For the year ended December 31, 2022, the company reported a net income of approximately $11.1 million, consisting of $9.0 million from the change in fair value of warrant liabilities and $3.8 million in interest earned on marketable securities [75]. - The company generated non-operating income from interest on marketable securities held in the Trust Account, with interest income of $3,796,223 for the year ended December 31, 2022 [79]. - As of December 31, 2022, the company had a working capital deficit of $899,400, excluding permitted withdrawals for taxes [87]. - Net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding [97]. Initial Public Offering - The company completed its Initial Public Offering on January 20, 2021, raising gross proceeds of $276 million from the sale of 27,600,000 Units at $10.00 per Unit [77]. Acquisition Plans - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of its Business Combination [65]. - The proposed Merger with Unique Logistics International, Inc. is expected to be consummated after receiving necessary approvals from stockholders [68]. - Unique Logistics stockholders may earn up to 1,250,000 additional shares of the company's Class A Common Stock if the trading price exceeds $12.00 per share during a specified period [72]. - The company intends to use funds held in the Trust Account primarily for acquiring a target business and covering related expenses [81]. - The company has determined that if it cannot complete a Business Combination by April 20, 2023, it will cease operations except for liquidation purposes [88]. Financial Position - As of December 31, 2022, the company had $19,376,793 in the trustee's cash operating account and $775,917 in money market securities held in the Trust Account [81]. - As of December 31, 2022, the company has no off-balance sheet financing arrangements or obligations [89]. Fees and Expenses - The company incurs a monthly fee of $10,000 for office space and administrative services, starting from January 14, 2021, until the completion of the Business Combination or liquidation [90]. - Underwriters are entitled to a deferred fee of $0.35 per share, totaling $9,660,000, which may be reduced by $6,016,800 upon the completion of the proposed business combination [91]. Accounting and Reporting - The company accounts for warrants as liabilities at fair value, subject to re-measurement at each balance sheet date until exercised [95]. - Class A common stock subject to possible redemption is classified as temporary equity due to uncertain future events outside the company's control [96]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements [98].
Edify Acquisition (EAC) - 2022 Q4 - Annual Report