Financial Performance - The company had a net income of $80,081 for the nine months ended September 30, 2023, compared to a net loss of $212,939 for the same period in 2022[101]. - For the three months ended September 30, 2023, the company reported a net income of $10,696, down from a net income of $87,150 in the same period of 2022[102]. - The company has a working capital deficit of $1,836,614 as of September 30, 2023[104]. Initial Public Offering (IPO) - The company generated gross proceeds of $57,500,000 from its initial public offering of 5,000,000 units at a price of $10.00 per unit[96]. - The company incurred initial public offering related costs of $1,207,980, including $1,006,250 in underwriting fees[96]. - The company intends to use substantially all net proceeds from the initial public offering to acquire a target business and cover related expenses[105]. Cash and Securities - As of September 30, 2023, the company had cash outside its trust account of $162,556 and marketable securities held in the trust account amounting to $17,390,840[104]. - 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[120]. Business Combination - The company has until December 10, 2023, to consummate a business combination, with the possibility of extending this period up to nine more times for one month each[109]. - The company has issued unsecured promissory notes totaling $1,500,000 for working capital and to extend the time available to complete a business combination[108]. Debt and Equity - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023[112]. - The warrants issued upon the Initial Public Offering and private placements are classified as equity under ASC 815[117]. - Ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' equity section[118]. - As of September 30, 2023, diluted income (loss) per share is the same as basic (income) loss per share due to the anti-dilutive nature of the warrants and rights[119].
Nova Vision Acquisition (NOVV) - 2023 Q3 - Quarterly Report