Landcadia IV(LCA) - 2022 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2022, the company reported a net income of $10,172,635, compared to a net loss of $953,567 for the same period in 2021[108]. - The net income for Q1 2022 included $7,823 in earnings on Trust Account assets and a gain on warrant derivative liability of $10,624,999[108]. - Basic net income per common share for Q1 2022 was $0.16, while the net loss per common share for Q1 2021 was $0.02[112]. Public Offering - The company completed a $500,000,000 Public Offering on March 29, 2021, consisting of 50,000,000 Units priced at $10.00 per Unit[102]. - The company completed a Public Offering of 50,000,000 Units at a price of $10.00 per Unit, generating gross proceeds of $500,000,000[127]. - The Trust Account received $500,000,000, which includes $490,000,000 from the Public Offering and $10,000,000 from the Private Placement[128]. - The company paid $10,000,000 in underwriting discounts related to the Public Offering[128]. - There have been no material changes in the planned use of proceeds from the Public Offering as described in the prospectus[128]. Financial Position - As of March 31, 2022, the company had an unrestricted cash balance of $147,455 and $500,007,823 held in the Trust Account[103]. - As of March 31, 2022, the company had borrowed $1,303,712 under Convertible Notes, with the option to convert into warrants at $1.50 per warrant[103]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022[104]. - The company borrowed $651,856 from each of TJF and JUSH under Convertible Notes, totaling $1,303,712[125]. - As of March 31, 2022, both JUSH and TJF owned 4,166,666 Sponsor Warrants each[124]. Internal Controls and Compliance - A material weakness in internal controls over financial reporting was identified, prompting management to enhance processes for compliance[118]. - The company has incurred significant costs related to being a public company, including legal and compliance expenses[107]. Business Risks - The company faces a mandatory liquidation if a Business Combination is not completed by March 29, 2023[106]. - The Maturity Date for the Convertible Notes is the earlier of March 29, 2023, or the effective date of a Business Combination[125]. - The conversion price for the warrants under the Convertible Notes is set at $1.50, allowing conversion into shares of Class A common stock at $11.50 per share[125]. - The company has not reported any defaults upon senior securities[129].