Financial Performance - As of June 30, 2023, the company reported a net loss of $545,851 for the three months ended, with operating costs of $544,039 and trust interest income of $1,117,138[139] - As of June 30, 2023, the company had incurred a net loss of $94,791 for the six months ended, with total operating costs of $872,259[140] - The net loss per common share is calculated by dividing net loss by the weighted average number of common stock outstanding, with no dilutive securities affecting the calculation[164] Capital Structure - The company completed its IPO on November 5, 2021, raising gross proceeds of $115 million from the sale of 11,500,000 units at $10.00 per unit[124] - Following the IPO, the company sold 4,950,000 private placement warrants, generating gross proceeds of $4,950,000[125] - Anchor Investors purchased approximately $60.8 million of units in the IPO, with no obligation to retain or vote their shares in favor of the initial Business Combination[152] - Crescent Park and Carnegie Park agreed to purchase up to 2,500,000 and 500,000 shares of Class A common stock, respectively, at $10.00 per share, potentially generating gross proceeds of up to $30,000,000[154] - The forward purchase price may be reduced to $9.20 per share under certain conditions, impacting the total proceeds from the forward purchase shares[155] - The Company accounts for 3,000,000 forward purchase shares as a liability, subject to re-measurement at fair value[160] - All 11,500,000 common stock sold in the IPO contain a redemption feature, classified outside of permanent equity due to SEC guidance[161] Operational Status - The company has not commenced any operations and has generated no revenues to date, relying on interest income from trust account funds[138] - The company has until November 3, 2023, to consummate a Business Combination, after which it will face mandatory liquidation if unsuccessful[134] - The company extended the deadline to complete its initial Business Combination from May 5, 2023, to November 3, 2023, with stockholders redeeming 8,470,059 public shares for approximately $87.84 million[128] Financial Obligations - The company had a working capital deficit of $1,060,781 and $241,807 in its operating bank account as of June 30, 2023[131] - The company has a balance of $315,000 outstanding under a promissory note with the Sponsor as of June 30, 2023[132] - Total administrative fees for the three and six months ended June 30, 2023, were $60,000 and $120,000, respectively[145] - Holders of 8,470,059 shares of Class A Common Stock redeemed their shares for an aggregate amount of $87,843,748, resulting in a 1% excise tax liability of $878,437 recorded[150] Consulting and Fees - The Company engaged J.V.B. Financial Group for consulting services related to the IPO, with a transaction fee of 10.0% of the aggregate underwriting discount and commissions[147] - The Company paid J.V.B. $85,000 in cash, with an additional $605,000 due upon completion of the initial Business Combination[148] - Underwriters are entitled to deferred commissions of $0.50 on the first 10,000,000 Units sold and $0.70 per unit thereafter, totaling $6,050,000[149] Internal Controls - No changes in internal control over financial reporting during the fiscal quarter ended June 30, 2023, that materially affected internal controls[173]
Integral Acquisition 1(INTE) - 2023 Q2 - Quarterly Report