Financial Performance - The company had a net loss of approximately $648,716 for the period ended March 31, 2023, primarily due to formation and offering costs of $616,492 and a loss on the change in fair value of warrants of $109,635 [130]. - As of March 31, 2023, the company had negative working capital of approximately $3,421,005, indicating financial challenges in meeting short-term obligations [132]. - The company incurred net cash used in operating activities of $727,566 for the period ended March 31, 2023, reflecting a lack of income from operations [133]. - The company has identified significant costs in pursuing acquisition plans, raising doubts about its ability to continue as a going concern [137]. Revenue Generation - The company has not generated any operating revenues to date and will not do so until the completion of its initial Business Combination [129]. IPO and Capital Structure - The company completed its IPO 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 [121]. - Stockholders redeemed 26,186,896 Public Shares for cash at a redemption price of approximately $10.08 per share, totaling an aggregate redemption amount of $263,963,913 [127]. Business Combination Timeline - The company has until June 9, 2023, to complete its Business Combination, or it will cease operations and liquidate [138]. Cash Management - As of March 31, 2023, there were no Working Capital Loans outstanding, indicating reliance on existing cash reserves for operations [132]. - The company generated non-operating interest income of $84,697 from investments held in the Trust Account during the period ended March 31, 2023 [130].
Iris Acquisition p(IRAA) - 2023 Q1 - Quarterly Report