Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $6,763,013, with general and administrative expenses of $4,839,884, including approximately $4.1 million related to business combination costs[154]. - For the six months ended June 30, 2023, the company had a net loss of $7,620,520, with general and administrative expenses totaling $7,213,107, including approximately $6.0 million related to business combination costs[155]. - The company incurred a conditional guarantee expense of $3,567,205 for the three months ended June 30, 2023[154]. - Cash used in operating activities for the six months ended June 30, 2023, was $1,914,596, primarily related to transaction costs[162]. - The company has a working capital deficit of $11,933,690 as of June 30, 2023, which may not be sufficient for operations over the next 12 months[165]. Business Combination - The company entered into a business combination agreement with Unifund Financial Technologies, Inc. on May 19, 2023, focusing on consumer debt receivables and data analytics[140]. - The proposed Unifund Business Combination is subject to certain conditions and is expected to close no later than three business days after all conditions are satisfied[144]. - The company extended the period to consummate an initial business combination by three months until August 28, 2023, with the Sponsor depositing $1,725,000 into the Trust Account for this extension[138]. - The company filed a definitive proxy statement on August 11, 2023, for a special meeting to vote on extending the business combination period up to an additional six times for one month each[147]. - The company has until August 28, 2023, to consummate the initial business combination, or it will face mandatory liquidation[168]. Financial Position - The company generated net proceeds of $177,606,386 from the IPO, with $175,950,000 held in the trust account[158]. - As of June 30, 2023, the company had cash of $82,084 outside the trust account and marketable securities in the trust account totaling $185,119,380[163]. - The company recorded a liability of $3,567,205 as of June 30, 2023, related to the payment of Promissory Notes on behalf of the Sponsor[180]. - The company received a working capital loan of $1,250,000 from the Sponsor during the three-month period ended June 30, 2023[166]. Revenue Generation - The company has neither engaged in operations nor generated revenues to date, with expectations to generate non-operating income from interest on marketable securities held in the trust account[153]. - The company reported investment income held in the trust account of $2,170,728 for the three months ended June 30, 2023[154]. - Interest income from the trust account may be used to pay income and franchise taxes, with $886,393 withdrawn for such purposes through June 30, 2023[163]. Operational Expenses - The company expensed $30,000 and $60,000 for administrative services for the three and six months ended June 30, 2023, respectively[177]. - The company may face significant dilution of equity interest for investors in the IPO if additional shares are issued in a business combination[135]. - The company intends to use substantially all funds in the trust account to complete its initial business combination[164].
Everest solidator Acquisition (MNTN) - 2023 Q2 - Quarterly Report