Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $2,801,083, which included general and administrative expenses of $181,930 and income from investments in the Trust Account of $3,767,513 [101]. - The company has not engaged in any operations or generated revenues to date, relying solely on non-operating income from interest [100]. Liquidity and Financial Position - The company had cash of $3,452 and working capital of $37,413 as of March 31, 2023, indicating limited liquidity [103]. - There is substantial doubt about the company's ability to continue as a going concern for one year from the filing date, as it will need to finance transaction costs for a business combination [104]. Expenses and Future Outlook - The company expects to incur significantly increased expenses due to being a public company, including legal and compliance costs [100]. - Management does not anticipate needing to raise additional funds following the initial public offering to meet operational expenditures [105]. Business Development - The company has not selected any business combination target and has not initiated substantive discussions with potential targets [99]. Underwriting and Proceeds - The underwriters exercised an over-allotment option, generating additional gross proceeds of $45.0 million from the sale of 4,500,000 Units at an offering price of $10.00 per Unit [109]. - The total cash underwriting discount paid to underwriters was $6.9 million, with an additional deferred underwriting commission of approximately $12.1 million [110]. Uncertainties - The financial statements do not include adjustments for potential impacts from geopolitical events or health crises, indicating uncertainty in future performance [107].
Enphys Acquisition (NFYS) - 2023 Q1 - Quarterly Report