Feutune Light Acquisition (FLFV) - 2022 Q2 - Quarterly Report

Part I – Financial Information This section presents the unaudited condensed financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for Feutune Light Acquisition Corporation Financial Statements The unaudited condensed financial statements for Feutune Light Acquisition Corporation as of June 30, 2022, reflect its position as a blank check company post-IPO, with total assets of $100.3 million primarily consisting of $99.2 million in investments held in a trust account, and a net loss of $73,622 for the period from inception to June 30, 2022, driven by formation and operating costs, while cash flows were dominated by financing activities, with net proceeds of $100.3 million from the IPO and private placement largely used to fund the trust account Condensed Balance Sheet Condensed Balance Sheet as of June 30, 2022 (Unaudited) | Category | Amount (USD) | | :--- | :--- | | Assets | | | Cash | $1,029,523 | | Investments held in Trust Account | $99,238,935 | | Total Assets | $100,268,458 | | Liabilities & Equity | | | Total Current Liabilities | $51,022 | | Deferred underwriters' discount | $3,421,250 | | Total Liabilities | $3,472,272 | | Common stock subject to possible redemption | $99,216,250 | | Total Stockholders' Deficit | ($2,420,064) | | Total Liabilities, Temporary Equity, and Stockholders' Deficit | $100,268,458 | Condensed Statement of Operations Statement of Operations Highlights (For the period from Jan 19, 2022 to Jun 30, 2022) | Metric | Amount (USD) | | :--- | :--- | | Loss from Operations | ($96,307) | | Interest earned on investment held in Trust Account | $22,685 | | Net Loss | ($73,622) | Condensed Statement of Changes in Stockholders' Equity (Deficit) - The company's stockholders' deficit increased to approximately $2.42 million as of June 30, 2022, primarily due to the reclassification of common stock subject to redemption, offering costs, and accretion of carrying value to redemption value, partially offset by proceeds from the sale of public and private units[19] Statement of Cash Flows Cash Flow Summary (For the period from Jan 19, 2022 to Jun 30, 2022) | Category | Amount (USD) | | :--- | :--- | | Net Cash Used in Operating Activities | ($45,285) | | Net cash used in investing activities | ($99,216,250) | | Net Cash Provided by Financing Activities | $100,291,058 | | Net Change in Cash | $1,029,523 | Notes to Condensed Financial Statements - The company is a blank check company formed to effect a business combination, with a focus outside of China, Hong Kong, and Macau, and has not yet selected a target[25] - On June 21, 2022, the company consummated its IPO of 9,775,000 units at $10.00 per unit, generating gross proceeds of $97,750,000, and concurrently sold 498,875 private placement units for gross proceeds of $4,988,750[27][28] - Following the IPO, $99,216,250 was placed in a trust account, and the company has until March 21, 2023 (with possible extensions up to December 21, 2023) to complete an initial business combination[33][34] - Warrants issued in the IPO and private placement are accounted for as equity-classified instruments, while common stock subject to possible redemption is classified as temporary equity[53][55][107] Management's Discussion and Analysis of Financial Condition and Results of Operations Management's discussion confirms the company's status as a blank check corporation formed in January 2022 with the purpose of effecting a business combination, having consummated its IPO in June 2022, raising significant capital now held in a trust account, and to date, the company has not generated any operating revenue and has incurred a net loss of $73,622 since inception, consisting of formation and operational costs, with $1,029,523 in cash available for working capital as of June 30, 2022, to identify and evaluate potential business combination targets, and has until March 21, 2023, with possible extensions, to complete a business combination - The company is a blank check company formed on January 19, 2022, to effect a business combination and has not yet selected a target[118] - On June 21, 2022, the company completed its IPO of 9,775,000 units and a private placement of 498,875 units, placing a total of $99,216,250 into a trust account[121][122] Financial Position as of June 30, 2022 | Metric | Amount (USD) | | :--- | :--- | | Cash | $1,029,523 | | Working Capital | $978,501 | | Net Loss (Inception to 6/30/22) | ($73,622) | - The company has until March 21, 2023, to consummate an initial Business Combination, with the possibility of extending this period up to December 21, 2023[124] Quantitative and Qualitative Disclosures about Market Risk This section is not applicable to the company at this stage - The company has determined that quantitative and qualitative disclosures about market risk are not applicable[157] Controls and Procedures Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2022, with no material changes in the company's internal control over financial reporting during the quarter - Management concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective[158] - No changes in internal control over financial reporting occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[161] Part II – Other Information This section provides disclosures on legal proceedings, risk factors, unregistered equity sales, defaults, mine safety, and a list of exhibits filed Legal Proceedings The company is not a party to any material legal proceedings, and none have been threatened against it - As of the report date, the company is not involved in any material legal proceedings[164] Risk Factors There have been no material changes to the risk factors previously disclosed in the company's final prospectus dated June 17, 2022 - The risk factors disclosed in the company's final prospectus from June 17, 2022, have not materially changed[165] Unregistered Sales of Equity Securities and Use of Proceeds On June 21, 2022, the company completed a private placement of 498,875 units at $10.00 per unit, generating gross proceeds of $4,988,750, with these sales made to the company's Sponsor and US Tiger, and the net proceeds from the IPO and the private placement, totaling $99,216,250, were placed in the company's trust account - Simultaneously with the IPO, the company sold 478,875 Private Placement Units to its Sponsor and 20,000 to US Tiger at $10.00 per unit, raising $4,988,750[166] - Net proceeds of $99,216,250 from the IPO and private placement were deposited into the Trust Account[169] Defaults Upon Senior Securities The company reports no defaults upon senior securities - None[170] Mine Safety Disclosures This section is not applicable to the company - Not applicable[171] Other Information The company reports no other information - None[172] Exhibits This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, as well as various Inline XBRL documents[174]