Financial Position - As of June 30, 2023, the company had cash of approximately $163,000 and negative working capital of approximately $2,690,000[105] - As of June 30, 2023, the company has approximately $163,000 in cash and approximately $2,690,000 of negative working capital, including $813,000 of deferred compensation[118] - The company has no long-term debt, capital lease obligations, or long-term liabilities as of June 30, 2023[125] - The company has no off-balance sheet financing arrangements or special purpose entities as of June 30, 2023[123] Operational Performance - For the three and six months ended June 30, 2023, the company reported a loss from operations of approximately $2,173,000 and $3,217,000, respectively[108] - The company has not generated any revenues to date and only incurs non-operating income from interest on cash and investments[106] Income and Expenses - Other income for the three and six months ended June 30, 2023, was approximately $3,271,000 and $4,767,000, respectively, primarily from interest income on investments in the Trust Account[110] - The provision for income taxes for the three and six months ended June 30, 2023, was $840,000 and $1,610,000, respectively, due to significant taxable interest income[112] - The company incurred increased expenses due to being a public company, including legal, financial reporting, and consulting fees[106] - The company has agreed to compensate its President, COO, and CFO $29,000 per month prior to the initial Business Combination, with a total of approximately $249,000 charged for operations for the three months ended June 30, 2023[127] Initial Public Offering and Trust Account - The total proceeds from the initial public offering were approximately $343,940,000, with about $340,930,000 deposited into the Trust Account[113] - The company expects to use substantially all funds in the Trust Account to complete its initial Business Combination[114] Business Combination and Financing - The company has engaged in discussions with potential business combination partners but has not yet entered into a definitive agreement[102] - The company anticipates significant costs in pursuing an initial Business Combination, which may affect its liquidity[105] - The company may need to obtain additional financing to complete its initial Business Combination if the cash portion of the purchase price exceeds available funds[122] - The company received a loan of $200,000 from the Sponsor in June 2023, which bears no interest and may be converted into 133,333 Warrants at the lender's option[126] - The company does not expect to seek loans from parties other than its Sponsor, as it believes third parties will not provide such funds[121] - The company plans to receive working capital loans from its Sponsor to address uncertainties regarding its ability to continue as a going concern[118] Liquidation Risk - If the company cannot complete a Business Combination by October 1, 2023, it may be forced to liquidate unless an extension is approved by shareholders[118] - The company does not believe it will need to raise additional funds following its initial public offering to meet operating expenditures[122]
Hennessy Capital Investment VI(HCVI) - 2023 Q2 - Quarterly Report