Financial Performance - The company has incurred expenses totaling $391,047 for the nine-month period ended June 30, 2023[99]. - The company has a net increase of $237,945 in cash activity for the nine months ended June 30, 2023[112]. Fundraising Activities - The Initial Public Offering (IPO) generated gross proceeds of $69,000,000 from the sale of 6,900,000 units[100]. - A private placement generated total proceeds of $3,910,000 from the sale of 391,000 units at $10.00 per unit[101]. - Following the IPO, $70,380,000 was placed in the Trust Account, equating to $10.20 per unit[102]. Future Financial Expectations - The company expects to incur approximately $200,000 for legal, accounting, and due diligence expenses related to business combinations[108]. - The company does not expect to raise additional funds following the IPO to meet operating expenditures prior to the initial business combination[110]. Financial Position and Concerns - As of June 30, 2023, ordinary shares subject to possible redemption are presented at a redemption value of $10.38 per share[121]. - The company does not have any long-term debt obligations or liabilities[113]. - There is substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued[111].
Mars Acquisition (MARX) - 2023 Q3 - Quarterly Report