Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $2,345,241, primarily due to a change in fair value of warrant liability of $2,382,072 [123]. - For the six months ended June 30, 2022, the company achieved a net income of $6,012,200, with a significant contribution from the change in fair value of warrant liability amounting to $6,174,345 [124]. Investments and Cash Position - As of June 30, 2022, the company held investments in the Trust Account totaling $287,654,370, which may be used to complete a Business Combination [132]. - As of June 30, 2022, the company had cash of $240,636 available for operational activities and identifying target businesses [134]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 Units at $10.00 per Unit [127]. - Following the Initial Public Offering, the company incurred $14,246,969 in related costs, including $5,000,000 in underwriting fees [128]. Business Combination and Going Concern - The company has until March 19, 2023, to consummate a business combination, raising concerns about its ability to continue as a going concern if unsuccessful [140]. - The company intends to use substantially all funds in the Trust Account for the Business Combination and related operational financing [133]. Debt and Financial Structure - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022, indicating a clean balance sheet [141]. - The company issued a promissory note to its sponsor allowing for borrowing up to $500,000, which may convert into warrants at the sponsor's discretion [136]. Accounting Standards and Market Risk - The company is assessing the impact of ASU 2020-06, effective for fiscal years beginning after December 15, 2023, but anticipates no significant impact on financial statements [148]. - Management believes that recently issued accounting standards, if adopted, would not materially affect condensed financial statements [149]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies [150].
Golden Arrow Merger (GAMC) - 2022 Q2 - Quarterly Report