Nabors Energy Transition (NETC) - 2022 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $18,705, while for the six months ended June 30, 2022, it recorded a net loss of $(212,758) due to general and administrative expenses of $371,290 and $628,044 respectively [90]. - The company incurred interest income of $389,995 and $415,286 for the three and six months ended June 30, 2022, respectively, which partially offset its expenses [90]. Cash and Working Capital - As of June 30, 2022, the company had approximately $0.7 million in cash and working capital of approximately $1.0 million, a decrease from $2.5 million in cash and $1.7 million in working capital as of December 31, 2021 [93]. - 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 [95]. Business Operations - The company has not generated any operating revenues since its Initial Public Offering and will not do so until the completion of its initial business combination [89]. - The company has reviewed several opportunities for a business combination but has not yet determined if it will complete any such transaction [88]. Equity and Underwriting - As of June 30, 2022, the company had 27,600,000 shares of Class A common stock subject to possible redemption, classified as temporary equity [103]. - The underwriters of the Initial Public Offering were entitled to an aggregate underwriting discount of approximately $5.5 million and deferred underwriting commissions of approximately $9.7 million, contingent upon the completion of an initial business combination [99]. Off-Balance Sheet Arrangements - The company has not had any off-balance sheet arrangements or commitments as of June 30, 2022 [105]. COVID-19 Impact - Management continues to evaluate the impact of the COVID-19 pandemic, but the specific impact remains undetermined as of the date of the financial statements [96].