Financial Performance - For the three months ended February 28, 2023, the company reported a net income of $1,027,128, compared to a net loss of $52,720 for the same period in 2022[113]. - The company incurred formation and operating costs of $166,295 during the three months ended February 28, 2023[113]. Capital and Investments - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit[114]. - As of February 28, 2023, the company had investments of $120,394,986 held in Trust Accounts, which are intended to be used for the initial business combination[116]. Cash Flow and Liquidity - Cash used in operating activities for the three months ended February 28, 2023, was $169,944[115]. - The company had cash of $131,284 outside of the Trust Accounts as of February 28, 2023, to fund operational activities and due diligence[117]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient[119]. - The liquidity condition raises substantial doubt about the company's ability to continue as a going concern until the business combination is consummated or liquidation is required[120]. Revenue Expectations - The company does not expect to generate any operating revenues until after the completion of its initial business combination[111]. Financing Arrangements - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[124].
Evergreen (EVGR) - 2023 Q1 - Quarterly Report