Financial Performance - For the three-month period ended August 31, 2022, the company reported a net income of $243,466, consisting of formation and operating costs of $144,575 and interest earned on marketable securities of $388,041 [109]. - For the nine-month period ended August 31, 2022, the company had a net income of $123,532, with formation and operating costs of $354,356 and interest earned on marketable securities of $477,888 [109]. - The company incurred operating expenses of $428,385 for the nine-month period ended August 31, 2022 [112]. Initial Public Offering - The company completed its Initial Public Offering on February 11, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit [111]. Investments and Cash Position - As of August 31, 2022, the company held investments of $117,202,888 in the Trust Account, intended for the initial Business Combination [113]. - As of August 31, 2022, the company had cash of $388,728 outside the Trust Account, primarily for identifying and evaluating target businesses [114]. Debt and Obligations - The company has no long-term debt or capital lease obligations, only a monthly fee of up to $10,000 to the Sponsor for administrative support [118]. - The underwriters are entitled to a deferred fee of $4,025,000, payable only if the company completes a Business Combination [119]. Future Expectations - The company does not expect to generate operating revenues until after the completion of its initial Business Combination [108]. - The company may need additional financing to complete its initial Business Combination or to meet obligations if cash on hand is insufficient [116].
Evergreen (EVGR) - 2022 Q3 - Quarterly Report