Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $721,929, with operating costs of $496,846 and interest earned on marketable securities of $1,218,775[124]. - For the six months ended June 30, 2023, the company had a net income of $1,720,167, consisting of operating costs of $1,129,766 and interest earned of $2,849,933[124]. - The company incurred cash used in operating activities of $334,651 for the six months ended June 30, 2023, with significant cash outflows related to changes in operating assets and liabilities[129]. Assets and Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $103,922,959, primarily in a money market fund and government bonds[131]. - As of June 30, 2023, Class A ordinary shares subject to possible redemption are valued at $103,922,959 and classified as temporary equity[142]. - The company has concluded that its warrants should be classified as equity instruments based on specific terms and applicable guidance[143]. Cash and Working Capital - As of June 30, 2023, the company had cash of $11,816 in its operating account and a working capital deficit of $3,618,106[132]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023[138]. Business Combination and Obligations - The company has until August 23, 2023, to consummate its initial Business Combination, with a total of $1,450,000 deposited into the Trust Account as of June 30, 2023[135]. - The company expects to continue incurring significant costs in pursuit of a Business Combination, raising doubts about its ability to sustain operations for at least the next 12 months[136]. - The company has a contractual obligation to pay its Sponsor a monthly fee of $10,000 for administrative support until the completion of the Business Combination[139]. - The company is obligated to pay a deferred underwriting commission of 3.0% of the total gross proceeds raised, amounting to $5,999,964, upon consummation of its initial Business Combination[140]. Accounting and Reporting - At June 30, 2023, the company reported no dilutive securities, resulting in diluted income (loss) per share being the same as basic income (loss) per share[144]. - Management does not anticipate that any recently issued accounting standards will materially affect the financial statements[145].
InFinT Acquisition (IFIN) - 2023 Q2 - Quarterly Report