Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $1,218,156, which included general and administrative expenses of $393,858 and net gains from derivative liabilities and marketable securities of $1,611,014[116] - For the six months ended June 30, 2022, the company achieved a net income of $6,875,640, with general and administrative expenses totaling $580,730 and net gains from derivative liabilities and marketable securities amounting to $7,456,370[117] Cash and Working Capital - As of June 30, 2022, the company had cash of $605,283 and working capital of $445,033[118] - Management believes that the current working capital and borrowing capacity will be sufficient to meet needs through the completion of a business combination or one year from the filing date[120] - The company has no outstanding amounts under any working capital loans as of June 30, 2022[119] Business Operations - The company has not generated any operating revenues to date and will only do so after completing its initial business combination[114] - The company may need to raise additional funds if the costs of identifying a target business exceed current estimates[121] Public Company Costs - The company expects to incur significantly increased expenses due to being a public company, including legal, financial reporting, and compliance costs[114] COVID-19 Impact - Management continues to evaluate the impact of the COVID-19 pandemic, but the specific impact remains uncertain as of the date of the financial statements[122] Underwriting Activities - The underwriters exercised an over-allotment option on October 8, 2021, purchasing an additional 4,500,000 Units at an offering price of $10.00 per Unit, generating gross proceeds of $45.0 million[125]
Enphys Acquisition (NFYS) - 2022 Q2 - Quarterly Report