Financial Performance - For the year ended December 31, 2022, the company reported a net income of approximately $10,249,254, which included a gain on the change in fair value of warrants of $9,586,864 and interest income of $3,074,691 [285]. - The company had net cash used in operating activities of $1,095,588 for the year ended December 31, 2022, primarily due to a lack of income from operations [288]. - The company generated cash provided by investing activities of $263,963,913 for the year ended December 31, 2022, resulting from net proceeds from investments held in the Trust Account [290]. - For the year ended December 31, 2022, net cash used in financing activities was $262,923,913, primarily due to the redemption of Class A common stock [291]. - The company reported cash provided by financing activities of $277,552,107 for the year ended December 31, 2021, from the sale of Units and private placement warrants [292]. Company Operations - The company completed its initial public offering on March 9, 2021, raising total gross proceeds of $276,000,000 from the sale of 27,600,000 Units at a price of $10.00 per Unit [271]. - As of December 31, 2022, the company had negative working capital of approximately $2,783,636 and $280,640 in its operating bank account [287]. - The company has incurred significant costs in pursuit of its acquisition plans, raising substantial doubt about its ability to continue as a going concern if a business combination is not completed by June 9, 2023 [293][294]. - The company entered into a Business Combination Agreement on November 30, 2022, to merge with Liminatus and Iris, with Liminatus becoming a wholly-owned subsidiary of ParentCo [277]. - The company has committed to a PIPE Equity Subscription Agreement for an aggregate purchase price of $15,000,000 and a Convertible Note Subscription Agreement for $25,000,000 [278][279]. Conference Call Insights - No specific financial performance metrics or user data were disclosed in the conference call [301]. - Future outlook and performance guidance were not provided due to the company's reporting status [301]. - There were no mentions of new product or technology developments during the call [301]. - The company did not discuss market expansion or acquisition strategies in the conference call [301]. - No new strategic initiatives were highlighted in the earnings call [301]. - The company did not report any quantitative financial data or performance metrics [301]. - There were no qualitative insights shared regarding market conditions or risks [301]. - The call did not include any updates on user growth or engagement metrics [301]. - Overall, the conference call lacked detailed financial and operational insights due to the company's reporting classification [301].
Iris Acquisition p(IRAA) - 2022 Q4 - Annual Report