Nubia Brand International (NUBI) - 2022 Q2 - Quarterly Report

Financial Position - As of June 30, 2022, the company had cash of $662,748 and working capital of $664,214[103]. - As of June 30, 2022, the company had no long-term debt or significant contractual obligations[123]. Financial Performance - For the six months ended June 30, 2022, the company reported a net loss of $133,392, with operating expenses totaling $314,947[106]. - Cash used in operating activities for the six months ended June 30, 2022, was $608,009[109]. - The company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans[114]. Fundraising and Trust Account - The company raised gross proceeds of $123,500,000 from the Initial Public Offering, including the over-allotment option[107]. - A total of $125,970,000 was placed in the Trust Account following the Initial Public Offering[108]. - The company intends to use substantially all funds in the Trust Account to complete an initial business combination[115]. - The company had investments held in the Trust Account of $126,148,752, primarily in U.S. government securities[113]. Cash Flow - Cash from financing activities provided $127,240,757, offset by underwriting fees and offering costs[111]. Accounting and Valuation - The Company accounts for Class A common stock subject to possible redemption as either a liability or temporary equity based on specific redemption rights[129]. - Fair value is defined as the price received for the sale of an asset or paid to transfer a liability in an orderly transaction, with a three-tier fair value hierarchy established by US GAAP[130]. - Derivative financial instruments are evaluated to determine if they qualify as derivatives or contain embedded derivatives, with changes in fair value reported in the statements of operations[131]. - Management does not believe that recently issued accounting standards will have a material effect on the Company's balance sheet[132]. Market Risk - The item regarding quantitative and qualitative disclosures about market risk is not applicable as the Company is classified as a smaller reporting company[133].