Business Combination Plans - The Company has not yet selected any Business Combination target and will not undertake its initial Business Combination with an entity based in or having the majority of its operations in China[63]. - The Company has not entered into any definitive agreements for a Business Combination as of the report date[78]. - The Company has until June 21, 2023, to consummate its initial Business Combination, with the possibility of extending this period for up to two additional three-month periods[78]. - The Company is subject to foreign ownership restrictions and potential CFIUS review due to the citizenship of some Sponsor members, which may limit its Business Combination opportunities[73]. - The Company has incurred significant costs in pursuing its acquisition plans and cannot assure that its plans will be successful[69]. Financial Position - The company reported a net income of $611,090 for the three months ended March 31, 2023, compared to a net loss of $551 for the same period in 2022[80]. - As of March 31, 2023, the company had cash of $378,130 and a working capital deficit of $491,153[83]. - The company completed its IPO on June 21, 2022, raising gross proceeds of $97,750,000 from the sale of 9,775,000 Public Units at $10.00 per unit[82]. - A total of $99,216,250 was placed in the Trust Account following the IPO and private placement[82]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with potential interest withdrawals for tax payments[84]. - The company may need to obtain additional financing to complete its Business Combination or due to potential redemptions of public shares, raising concerns about its ability to continue as a going concern[90]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[94][95]. Accounting and Compliance - The Company has engaged MaloneBailey, LLP as the new independent registered public accounting firm for the audit of the fiscal year ending December 31, 2023[77]. - The Company is classified as an emerging growth company and has elected not to opt out of the extended transition period for new financial accounting standards[67]. - Common stock subject to possible redemption is presented at a redemption value of $10.43 per share as temporary equity[106]. - The company has identified the United States as its only major tax jurisdiction and does not expect significant changes in unrecognized tax benefits over the next twelve months[111][112]. - The company has no unrecognized tax benefits or amounts accrued for interest and penalties as of March 31, 2023[109]. Trust Account and Financial Management - The Company has deposited an aggregate of $977,500 into the Trust Account, representing $0.10 per public share, to extend the period for consummating its initial Business Combination by three months to June 21, 2023[74]. - The Company issued an unsecured promissory note to the Sponsor in connection with the Extension Payment, which is non-interest bearing and payable upon consummation of the initial Business Combination[75]. - As of the date of the report, no transfers, dividends, or distributions have been made by the Company, and it has not adopted any cash management policies[71].
Feutune Light Acquisition (FLFV) - 2023 Q1 - Quarterly Report