Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $1,976,966, driven by a gain on the change in fair value of warrant liabilities of $2,056,250[114]. - For the six months ended June 30, 2022, the company achieved a net income of $5,683,707, resulting from a gain on the change in fair value of warrant liabilities of $6,036,500[117]. Cash and Liquidity - As of June 30, 2022, the company had $479,010 in cash held outside of the Trust Account and a working capital surplus of $927,747[125]. - The company incurred net cash used in operating activities of $322,935 for the six months ended June 30, 2022, primarily due to non-cash adjustments related to warrant liabilities[120]. - The company plans to address liquidity concerns through its initial business combination, which must be completed by June 25, 2023, to avoid mandatory liquidation[126]. Initial Public Offering - The company generated gross proceeds of $150,000,000 from its initial public offering of 15,000,000 Units on June 25, 2021[119]. - The company completed a private sale of 3,225,000 warrants generating gross proceeds of $4,837,500 simultaneously with its initial public offering[119]. Business Operations - The company has not engaged in any operations or generated operating revenues to date, with future income expected only after completing its initial business combination[113]. - The company has incurred significant costs related to being a public company, including legal, financial reporting, and due diligence expenses[113]. Shareholder Equity - The company recognized changes in redemption value of its Class A ordinary shares immediately as they occur, adjusting the carrying value to equal the redemption value at each reporting period[133].
iseum Acquisition (MITA) - 2022 Q2 - Quarterly Report