Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $329,695, resulting from an unrealized gain on investments of $740,251, offset by operating costs of $410,556[112]. - For the nine months ended September 30, 2022, the company had a net income of $6,013,402, driven by a gain on the change in fair value of warrant liabilities of $6,036,500 and an unrealized gain of $987,618, with operating costs totaling $1,010,716[115]. Cash and Working Capital - As of September 30, 2022, the company had $305,698 in cash outside of the Trust Account and a working capital surplus of $517,191, but an accumulated deficit of $5,934,059[123]. - The company anticipates that cash held outside the Trust Account will not be sufficient to operate until June 25, 2023, when it must complete its initial business combination[123]. Initial Public Offering - The company completed its initial public offering on June 25, 2021, raising gross proceeds of $150 million from the sale of 15,000,000 Units and an additional $4,837,500 from the private placement of 3,225,000 warrants[117]. Operating Activities - The company has incurred significant costs in pursuit of acquisition plans, with net cash used in operating activities of $496,247 for the nine months ended September 30, 2022[118]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[111]. Investment Activities - The company reported no cash flows from investing activities for the nine months ended September 30, 2022, while $150 million was used in investing activities from inception through September 30, 2021[120]. Redemption and Liquidation - The company recognizes changes in the redemption value of its ordinary shares immediately, adjusting the carrying value to equal the redemption value at the end of each reporting period[132]. - The company has a mandatory liquidation date of June 25, 2023, if the initial business combination is not completed by then, raising substantial doubt about its ability to continue as a going concern[123].
iseum Acquisition (MITA) - 2022 Q3 - Quarterly Report