Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $698,754, driven by a gain on investments held in the Trust Account amounting to $1,721,897, offset by a loss on the change in fair value of warrant liabilities of $575,750 and operating costs of $447,393[110]. - For the three months ended March 31, 2022, the company reported a net income of $3,706,741, primarily from a gain on the change in fair value of warrant liabilities of $3,980,250[111]. - The company incurred a loss from operations of $447,393 for the three months ended March 31, 2023, compared to a loss of $316,477 for the same period in 2022[117]. Financial Position - The company had a working capital deficit of $171,039 and an accumulated deficit of $6,704,539 as of March 31, 2023[117]. - As of March 31, 2023, the company had $65,994 in cash held outside of the Trust Account, which is insufficient to operate until the deadline for completing the initial business combination on June 25, 2023[117]. Initial Public Offering - The initial public offering (IPO) generated gross proceeds of $150,000,000 from the sale of 15,000,000 Units, along with an additional $4,837,500 from the private sale of 3,225,000 warrants[112]. Operations and Compliance - The company has not engaged in any operations or generated operating revenues to date, with expectations to do so only after completing the initial business combination[109]. - There were no cash flows from investing or financing activities for the three months ended March 31, 2023 and 2022[115][116]. - The company received a notice from Nasdaq regarding non-compliance with the Minimum Public Holders Rule, with a deadline to submit a compliance plan by May 5, 2023[108]. - The company plans to address its financial uncertainty through the initial business combination, although there are no assurances of success by the deadline[118].
iseum Acquisition (MITA) - 2023 Q1 - Quarterly Report