Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $489,212, driven by interest income of $902,748 and an increase in fair value of warrant liabilities of $66,667, offset by general and administrative expenses of $316,869 [127]. - For the nine months ended September 30, 2022, the company achieved a net income of $4,777,868, which included interest income of $192,965 and a decrease in fair value of warrant liabilities of $6,523,751, countered by general and administrative expenses of $2,848,848 [128]. Cash and Capital Structure - As of September 30, 2022, the company had cash of $763,054 and a working capital deficiency of $1,868,281 [132]. - The company completed its Initial Public Offering on July 6, 2021, raising gross proceeds of $200,000,000 from the sale of 20,000,000 units at $10.00 per unit [133]. - The company incurred transaction costs totaling $11,000,000 related to the Initial Public Offering, which included $7,000,000 in underwriters' deferred discounts [134]. - At September 30, 2022, the company had Class A Ordinary Shares subject to possible redemption amounting to $201,199,596, classified as temporary equity [150]. - The company does not have any long-term debt or off-balance sheet arrangements as of September 30, 2022 [144]. Business Combination and Financing - The company expects to use substantially all funds held in the trust account to complete its Business Combination, with any remaining proceeds used for working capital [135]. - The company's mandatory liquidation date is set for July 6, 2023, indicating a timeline for completing its Business Combination [137]. - The company does not anticipate needing to raise additional funds for operating expenses prior to its Business Combination, but may require additional financing for the transaction itself [139]. Internal Control and Reporting - The company identified a material weakness in internal control over financial reporting related to the accounting classification of Class A Ordinary Shares issued in July 2021 [156]. - The evaluation of disclosure controls and procedures concluded that they were not effective as of September 30, 2022, due to the identified material weakness [156]. - No changes in internal control over financial reporting occurred during the fiscal quarter of 2022 that materially affected the internal control, except for the identified issues [158]. - The Chief Executive Officer and Chief Financial Officer are conducting additional accounting analyses and consulting with experts to address the accounting for Class A Ordinary Shares [159]. - The company is committing substantial resources to remediate and improve internal control over financial reporting [159]. - Processes are being expanded to better identify and evaluate accounting standards for significant or unusual transactions [159].
Frontier Investment p(FICV) - 2022 Q3 - Quarterly Report