Everest solidator Acquisition (MNTN) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $222,640, with formation and operating costs of $379,100 offset by a gain on marketable securities of $601,740 [100]. - For the nine months ended September 30, 2022, the company experienced a net loss of $559,203, consisting of formation and operating costs of $1,301,314, offset by a gain on marketable securities of $851,687 [101]. Cash and Securities - As of September 30, 2022, the company held cash of $472,447 and marketable securities in the Trust Account amounting to $176,802,890, which includes $601,740 of interest income earned [105]. - The company generated gross proceeds of $178,550,000 from its IPO, with $175,950,000 deposited into the Trust Account [104]. Business Operations and Future Plans - The company has 15 months from the closing of the IPO to consummate the initial Business Combination, with uncertainty regarding the ability to complete it by this date [108]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial Business Combination [99]. Operating and Financing Activities - Cash used in operating activities for the nine months ended September 30, 2022, was $816,112, with an additional $166,203 used in financing activities for offering costs [105]. - The company incurred $30,000 in expenses for administrative services for the three-month period ended September 30, 2022, and $92,425 for the nine-month period [113]. Liquidity and Capital Needs - The company may need to raise additional capital through loans or investments to meet its liquidity needs, as the cash held outside the Trust Account may not be sufficient for the next 12 months [107]. - The company expects interest income from the Trust Account to be sufficient to cover its tax obligations [106]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not obligated to provide the detailed disclosures typically required for market risk [118].