Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $857,507, compared to a net loss of $394,797 for the same period in 2022 [111]. - The company incurred operating costs of $2,373,223 for the three months ended March 31, 2023, which included expenses related to being a public company [111]. - The company has a working capital deficit of $3,519,949 as of March 31, 2023, which may not be sufficient to operate for the next 12 months if a business combination is not consummated [117]. - The company faces substantial doubt about its ability to continue as a going concern if a business combination is not completed by May 28, 2023 [123]. Capital and Funding - The company generated net proceeds of $177,606,386 from its IPO, with $175,950,000 held in a trust account for future business combinations [113]. - As of March 31, 2023, the company had cash of $84,509 outside the trust account and marketable securities in the trust account totaling $181,743,652 [115]. - The company expects to use substantially all funds in the trust account to complete its initial business combination, with any interest income potentially used for tax obligations [116]. - The company may need to raise additional capital through loans or investments to meet its working capital needs [122]. - The company entered into a Conditional Guaranty Agreement for a promissory note with an original principal amount of $1,725,000, guaranteeing payment upon the consummation of an initial business combination [127]. Business Operations - The company has not engaged in any operations or generated revenues to date, focusing instead on identifying suitable targets for a business combination [110]. - The company extended the period to complete its initial business combination to May 28, 2023, by issuing 1,150,000 private placement warrants for $1,725,000 [109]. Accounting and Internal Controls - There have been no significant changes to the company's critical accounting estimates during the three months ended March 31, 2023 [131]. - The new accounting standard ASU 2020-06, effective January 1, 2024, is expected to have no material impact on the company's financial statements [132]. - The company qualifies as an "emerging growth company" and has elected to use an extended transition period for complying with new accounting standards [134]. - As of March 31, 2023, the company's disclosure controls and procedures were evaluated and deemed effective at the reasonable assurance level [138]. - There were no changes in internal control over financial reporting during the fiscal quarter ended March 31, 2023, that materially affected the internal control [139]. Legal Matters - The company reported no legal proceedings as of the latest quarter [140]. Future Expenses - The company expects to incur aggregate fees of approximately $5.0 to $6.0 million under a due diligence agreement, which will be expensed as incurred [130].
Everest solidator Acquisition (MNTN) - 2023 Q1 - Quarterly Report