Financial Performance - For the year ended December 31, 2022, the company reported a net income of $1,274,669, primarily from interest income of $1,295,815 and an unrealized gain of $377,666 on marketable securities [221]. - As of December 31, 2022, the company had net cash used in operating activities of $87,585, reflecting its current operational status [224]. Initial Public Offering - The company completed its Initial Public Offering on April 5, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units and an additional $3,300,000 from the sale of 330,000 Private Units [222]. - The company incurred total offering costs of $5,704,741, which included $2,300,000 in underwriting fees and $2,875,000 in deferred underwriting fees [240]. Investments and Trust Account - As of December 31, 2022, the company had investments in the Trust Account totaling $116,673,481, which are intended to be used for completing a Business Combination [225]. - At December 31, 2022, the company had cash of $178,652 held outside the Trust Account, which will be used for identifying and evaluating target businesses [226]. Future Expenses and Capital Needs - The company expects to incur increased expenses related to being a public company, including legal and compliance costs, as well as due diligence expenses for potential acquisitions [220]. - The company may need to raise additional capital to complete a Business Combination, which raises substantial doubt about its ability to continue as a going concern if such a transaction is not consummated [228]. Debt and Financial Obligations - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 to the Sponsor for administrative services [230]. - The company issued a promissory note for up to $1,000,000 to fund transaction costs, with an initial draw of $383,333 to extend the time for consummating a Business Combination [232].
Metal Sky Star Acquisition (MSSA) - 2022 Q4 - Annual Report