Financial Performance - For the three months ended June 30, 2022, the company reported a net loss of $387,046, consisting of formation and operating costs of $510,689 and income tax expense of $109,576, offset by a gain on marketable securities of $233,219 [106]. - For the six months ended June 30, 2022, the company had a net loss of $781,843, with formation and operating costs of $922,214 and income tax expense of $109,576, offset by a gain on marketable securities of $249,947 [107]. - The company reported cash used in operating activities of $461,578 for the six months ended June 30, 2022, and cash used in financing activities of $166,203 for offering costs [111]. Cash and Securities - As of June 30, 2022, the company had cash of $826,981 and marketable securities held in the Trust Account amounting to $176,201,150, which includes $249,947 of interest income earned [111]. - The company generated gross proceeds of $178,550,000 from the IPO, with $175,950,000 deposited into the Trust Account, including $6,037,500 of deferred underwriting commissions [110]. - The company expects to use substantially all funds in the Trust Account to complete the initial business combination, with any remaining proceeds used for working capital [112]. Operational Concerns - The company has 15 months from the closing of the IPO to consummate the initial business combination, with uncertainty regarding the ability to meet this timeline [114]. - The company may need to raise additional capital through loans or investments to meet its working capital needs, as the cash held outside the Trust Account may not be sufficient for at least the next 12 months [113]. - The company has raised concerns about its ability to continue as a going concern if a business combination is not consummated [115]. Administrative Expenses - The company incurred $32,425 in expenses for administrative services for the three-month period ended June 30, 2022, and $62,425 for the six-month period [121]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act, thus not required to provide detailed market risk disclosures [126].
Everest solidator Acquisition (MNTN) - 2022 Q2 - Quarterly Report