Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $595,502 compared to a net loss of $3,550 for the same period in 2022[104]. - The company has an accumulated deficit of $3,827,702 and a working capital deficit of $155,946 as of March 31, 2023, raising substantial doubt about its ability to continue as a going concern[105]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 Units on April 5, 2022[107]. - Following the Initial Public Offering, a total of $115,000,000 was placed in the Trust Account, with transaction costs amounting to $5,704,741[108]. Cash Flow and Investments - For the three months ended March 31, 2023, net cash used in investing activities was $59,331,482, while net cash provided by financing activities was $59,295,607[110]. - As of March 31, 2023, the company had investments held in the Trust Account amounting to $58,200,919, intended for completing a Business Combination[111]. - The company had cash of $132,368 held outside of the Trust Account as of March 31, 2023, primarily for identifying and evaluating target businesses[112]. - The company issued a promissory note for up to $1,000,000 to fund transaction costs, with $383,333 drawn to extend the time for consummating a business combination[118]. Shareholder Activity - A total of 5,885,324 public shares were tendered for redemption, leaving 5,614,676 public shares unredeemed[119]. Financing Arrangements - The company does not have any off-balance sheet financing arrangements as of March 31, 2023[115].
Metal Sky Star Acquisition (MSSA) - 2023 Q1 - Quarterly Report