Financial Performance - For the three months ended June 30, 2022, the company reported a net loss of $281,451, and for the six months ended June 30, 2022, the net loss was $670,055, primarily due to operating costs and search for a target for the initial Business Combination[99]. - The company reported unaudited condensed balance sheets as of June 30, 2022, and December 31, 2021, indicating financial stability[126]. - For the three months ended June 30, 2022, the company provided unaudited statements of operations, highlighting key performance metrics[126]. - The company recorded significant changes in stockholders' equity for the six months ended June 30, 2022, compared to the same period in 2021[126]. - Cash flow statements for the six months ended June 30, 2022, show the company's liquidity position and operational cash generation[126]. - The report includes notes to the unaudited condensed financial statements, providing additional context on financial performance[126]. Liquidity and Capital Structure - The company had $68,886 in cash in its operating bank account and working capital of $305,761 as of June 30, 2022, indicating a decrease in liquidity compared to previous periods[104]. - The company completed its IPO on August 9, 2021, raising gross proceeds of $100 million from the sale of 10,000,000 Units at $10.00 per Unit, along with the sale of 4,200,000 Private Warrants at $1.00 each[101]. - Transaction costs related to the IPO and partial over-allotment amounted to $6,265,859, which included $3,672,368 of deferred underwriting commissions[102]. - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 to the Sponsor for general and administrative services[107]. - As of June 30, 2022, the company had no off-balance sheet arrangements or obligations[106]. Internal Controls and Remediation - The company identified a material weakness in its internal control over financial reporting related to the accounting for complex financial instruments, affecting its financial disclosures[115]. - Management believes that the unaudited condensed financial statements fairly present the company's financial position despite the identified material weaknesses[118]. - The company is actively working on a remediation plan to address the identified material weaknesses in its financial reporting processes[119]. Business Combination Timeline - The company has until November 9, 2022, to consummate an Initial Business Combination, with a potential extension to February 9, 2023, if the option is exercised[105].
Global Systems Dynamics(GSD) - 2022 Q2 - Quarterly Report