Financial Performance - The company had a net income of $23,978 for the three months ended March 31, 2023, compared to a net loss of $198,929 for the same period in 2022[88]. - As of March 31, 2023, diluted income (loss) per share is the same as basic (income) loss per share due to the absence of dilutive securities[104]. - The company has not considered the effect of warrants and rights sold in the Initial Public Offering in the calculation of diluted net income (loss) per share[104]. Initial Public Offering - The initial public offering generated gross proceeds of $57,500,000 from the sale of 5,000,000 Units, with an additional $3,075,000 from the sale of 307,500 Private Units[84]. - The company incurred $1,207,980 in initial public offering related costs, including $1,006,250 of underwriting fees[84]. - The company intends to use substantially all net proceeds from the initial public offering to acquire a target business and cover related expenses[91]. Cash and Securities - As of March 31, 2023, the company had cash outside its trust account of $123,147 and marketable securities held in the Trust Account of $19,244,750[90]. - The net proceeds of the IPO may be invested in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less, minimizing exposure to interest rate risk[105]. Working Capital and Debt - The company has a working capital deficit of $990,559 as of March 31, 2023[90]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[96]. Business Combination Timeline - The company has until June 10, 2023, to consummate a business combination, with the possibility of two additional one-month extensions[94]. Administrative Expenses - The company began incurring a monthly fee of $10,000 to its Sponsor for general and administrative services starting April 1, 2021[97]. Accounting Policies - The company has not identified any significant accounting policies that could materially affect reported amounts[99]. Equity Classification - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of the shareholders' equity section[103].
Nova Vision Acquisition (NOVV) - 2023 Q1 - Quarterly Report