Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $1,071,496, which included interest earned on marketable securities of $2,574,583[140]. - The company has not engaged in any operations or generated revenues to date, focusing on organizational activities and identifying a target company for a Business Combination[139]. - The company has until December 19, 2023, to complete a business combination, with substantial doubt about its ability to continue as a going concern if unable to raise additional funds[160]. Cash and Investments - The company had cash of $992,464 as of March 31, 2023, which will be used primarily for identifying and evaluating target businesses[151]. - As of March 31, 2023, the Trust Account held investments amounting to $21,467,825 after redemptions[149]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination[150]. 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[143]. - The company incurred $14,246,969 in costs related to the Initial Public Offering, including $5,000,000 in underwriting fees[144]. - The holders of 26,649,519 shares of Class A common stock redeemed their shares for cash at a price of approximately $10.16 per share, totaling approximately $270,869,315[146]. Business Combination and Deadlines - The company extended the deadline for consummating a business combination to December 19, 2023, with an option for monthly extensions[135]. - The company has no long-term debt or capital lease obligations, with a deferred fee of $10,062,500 payable to underwriters only upon completion of a business combination[162]. Accounting and Financial Reporting - The company accounts for warrants as liabilities, adjusting their fair value at each reporting period, with changes recognized in the statements of operations[165]. - Common stock subject to possible redemption is classified as temporary equity, presented at redemption value outside of stockholders' deficit[166]. - Net income (loss) per common share is calculated by dividing net income by the weighted average number of common stock outstanding, with accretion associated with redeemable shares excluded from earnings per share[167]. - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[169]. - Management does not anticipate any material effect on financial statements from recently issued accounting standards that are not yet effective[170]. - The company does not have any quantitative and qualitative disclosures about market risk as it is classified as a smaller reporting company[171]. Consulting and Other Expenses - Consulting fees incurred for the three months ended March 31, 2023, amounted to $20,500, with the consulting agreement terminated on February 20, 2023[163]. Off-Balance Sheet Arrangements - As of March 31, 2023, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[161]. Convertible Notes - The company has issued convertible promissory notes totaling $900,000, with a fair value of $109,220 as of March 31, 2023[156].
Golden Arrow Merger (GAMC) - 2023 Q1 - Quarterly Report