Landcadia IV(LCA) - 2023 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $218,294, compared to a net income of $5,467,610 for the same period in 2022[115]. - For the nine months ended September 30, 2023, the company incurred a net loss of $1,410,472, contrasting with a net income of $19,955,859 for the same period in 2022[116]. - For the three months ended September 30, 2023, the company reported basic and diluted net income per common share of $0.02, compared to $0.09 for the same period in 2022[119]. - For the nine months ended September 30, 2023, the company reported a basic and diluted net loss per common share of $0.10, compared to a net income per common share of $0.32 for the same period in 2022[119]. Cash and Liquidity - As of September 30, 2023, the company had an unrestricted cash balance of $162,029 and cash and accrued interest in the Trust Account totaling $11,050,470[108]. - The company has a negative working capital balance of $3,013,870 as of September 30, 2023[108]. - The company has agreed to loan up to $2.5 million from its sponsors for ongoing business expenses and the Business Combination[108]. Business Operations - The company completed a Public Offering on March 29, 2021, raising $500 million by selling 50 million units at $10.00 per unit[104]. - The company extended the deadline to complete a Business Combination from September 29, 2023, to March 24, 2024, following stockholder approval[107]. - Approximately $492.2 million was removed from the Trust Account to pay stockholders who redeemed their shares as of December 20, 2022[106]. - The company incurred $304,505 in general and administrative costs for the three months ended September 30, 2023, related to ongoing expenses[115]. Equity and Securities - The company has classified all 50 million Public Shares as temporary equity due to their redemption feature[118]. - The company did not have any dilutive warrants, securities, or other contracts that could potentially be exercised or converted into common stock during the reported periods[119]. Risk Management - As of September 30, 2023, the company was not subject to any market or interest rate risk[121]. - The company has not engaged in any hedging activities since its inception and does not expect to do so in the future[121]. Accounting Standards - Management believes that recently issued, but not yet effective, accounting standards would not have a material effect on the financial statements[120].