Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $247,093, consisting of interest earned on marketable securities of $196,773 and a change in fair value of warrant liability of $291,666[139]. - For the six months ended June 30, 2023, the company had a net income of $1,138,959, with interest earned on marketable securities amounting to $2,771,356[140]. - The company had cash used in operating activities of $1,267,642 for the six months ended June 30, 2023[148]. Investments and Cash Position - As of June 30, 2023, the company held investments in the Trust Account totaling $21,916,659[150]. - As of June 30, 2023, the company had cash of $338,615 available for identifying and evaluating target businesses[152]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination[151]. Initial Public Offering and Costs - 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 Initial Public Offering related costs, including $5,000,000 in underwriting fees[144]. - The company issued a total of $1,300,000 in Convertible Promissory Notes, which were valued at par[156]. Business Combination and Deadlines - On March 15, 2023, stockholders approved an extension of the business combination deadline to December 19, 2023, with an aggregate redemption amount of approximately $270,769,687[136]. - The company has until December 19, 2023, to complete a business combination, with a potential mandatory liquidation if unable to raise additional funds[160]. Liabilities and Financial Arrangements - As of June 30, 2023, the company has no off-balance sheet arrangements or long-term liabilities[161]. - The company has no long-term debt or capital lease obligations, with a deferred fee of $10,062,500 payable to underwriters upon successful business combination[162]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[161]. Consulting and Other Expenses - The company incurred $20,500 in consulting fees for target business search services during the three and six months ended June 30, 2023[163]. Accounting and Financial Reporting - Common stock subject to possible redemption is classified as temporary equity, reflecting uncertain future events[166]. - The company accounts for warrants as liabilities, adjusting their fair value at each reporting period[165]. - The adoption of ASU 2020-06 is being assessed, with no significant impact on financial statements anticipated[168]. - The company adopted ASU 2016-13 on January 1, 2023, with no material impact on its financial statements[170]. Going Concern - Management has substantial doubt about the company's ability to continue as a going concern if a business combination does not occur[160].
Golden Arrow Merger (GAMC) - 2023 Q2 - Quarterly Report