Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $1,482,941, driven by interest earned on marketable securities of $1,440,695 and changes in fair value of warrant liability and convertible notes[131]. - For the nine months ended September 30, 2022, the company achieved a net income of $7,495,141, with significant contributions from the change in fair value of warrant liability amounting to $6,412,286[132]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination[130]. Investments and Cash Position - As of September 30, 2022, the company held investments in the Trust Account totaling $289,095,065, which may be used to complete a Business Combination[140]. - As of September 30, 2022, the company had cash of $355,544 available for operational activities and identifying target businesses[142]. Initial Public Offering (IPO) - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 Units at $10.00 per Unit[135]. - The company incurred $14,246,969 in costs related to the Initial Public Offering, including $5,000,000 in underwriting fees[136]. Business Combination - The company has until March 19, 2023, to consummate a Business Combination, with a potential extension to March 19, 2024, pending stockholder approval[129][148]. - The company plans to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business[141]. Financial Instruments and Accounting - Warrants are classified as liabilities at fair value and adjusted at each reporting period, with changes recognized in the statements of operations[152]. - Common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' deficit[153]. - Net income per common share is calculated by dividing net income by the weighted average shares of common stock outstanding, with two classes of shares sharing income pro rata[154]. - The adoption of ASU 2020-06, effective after December 15, 2023, is being assessed, but no significant impact on financial statements is anticipated[155]. - Management believes that recently issued accounting standards will not materially affect the condensed financial statements[156]. Debt Obligations - The company has outstanding promissory notes totaling $900,000, which may be converted into warrants at the lender's option[145].
Golden Arrow Merger (GAMC) - 2022 Q3 - Quarterly Report