Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $679,159, with operating costs of $533,016 and interest earned on marketable securities of $1,232,175[131]. - For the nine months ended September 30, 2023, the company had a net income of $2,399,326, consisting of operating costs of $1,682,782 and interest earned of $4,082,108[131]. - The company incurred cash used in operating activities of $440,994 for the nine months ended September 30, 2023[136]. - As of September 30, 2023, the company has not generated any operating revenues and only incurs non-operating income from interest on marketable securities held in the Trust Account[145]. Cash and Securities - As of September 30, 2023, the company held marketable securities in the Trust Account amounting to $81,950,013, primarily in a money market fund and government bonds[138]. - The company had cash available of $80,473 and a working capital deficit of $4,171,122 as of September 30, 2023[139]. - A total of $640,000 has been deposited into the Trust Account as required contributions as of November 17, 2023[128]. - The Class A ordinary shares subject to possible redemption amount to $81,950,0138, classified as temporary equity as of September 30, 2023[150]. Business Combination and Obligations - The company has until February 23, 2024, to consummate its initial business combination following the approval of the Second Extension Proposal[127]. - 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[144]. - The holders of 10,415,452 Class A ordinary shares redeemed their shares for approximately $109.31 million at a redemption price of $10.49 per share[126]. - In connection with the initial Business Combination, the company is obligated to pay a deferred underwriting commission of $5,999,964, which is 3.0% of the total gross proceeds raised in the offering[148]. - The company has a monthly obligation of $10,000 to its Sponsor for office space and administrative support, which began on November 23, 2021[147]. Financial Instruments and Reporting - The company has classified its warrants as equity instruments based on specific terms and applicable guidance[151]. - As of September 30, 2023, the company did not have any dilutive securities, resulting in diluted income (loss) per share being the same as basic income (loss) per share[152]. - Management does not anticipate that any recently issued accounting standards will materially affect the financial statements[153]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[154].
InFinT Acquisition (IFIN) - 2023 Q3 - Quarterly Report