Financial Performance - For the three months ended March 31, 2022, the company reported a net loss of $231,463, consisting of $256,754 in general and administrative expenses and $25,291 in interest income [93]. - The company has not generated any operating revenues since its inception on March 24, 2021, and will not do so until the completion of its initial business combination [92]. Financial Position - As of March 31, 2022, the company had approximately $1.0 million in its operating account and working capital of approximately $1.4 million, compared to $2.5 million and $1.7 million respectively as of December 31, 2021 [94]. - As of March 31, 2022, there were no amounts outstanding under any Working Capital Loan [95]. - The company has 27,600,000 shares of Class A common stock subject to possible redemption, presented at redemption value as temporary equity [103]. Business Strategy - The company intends to finance its initial business combination using cash from the proceeds of its Initial Public Offering and the sale of private placement warrants [91]. - Management believes it will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of an initial business combination or one year from the filing date [96]. Regulatory and Market Considerations - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [106]. - Management continues to evaluate the impact of the COVID-19 pandemic, but the specific impact is not readily determinable as of the date of the financial statements [97]. Underwriting and Fees - The underwriters received an underwriting discount of approximately $5.5 million for the Initial Public Offering, with an additional deferred fee of approximately $9.7 million payable upon completion of a business combination [99].
Nabors Energy Transition (NETC) - 2022 Q1 - Quarterly Report