Financial Position - As of September 30, 2022, the company had cash of $574,360 and working capital of $254,486[107] - As of September 30, 2022, the company had investments in the Trust Account of $126,717,311, primarily in U.S. government securities[115] - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022[124][122] Income and Expenses - For the three months ended September 30, 2022, the company reported a net income of $111,543, with interest income of $568,559 and operating expenses of $349,608[108] - For the nine months ended September 30, 2022, the company had a net loss of $21,849, with interest income of $747,311 and operating expenses totaling $664,555[109] - For the nine months ended September 30, 2022, cash used in operating activities was $696,397, while cash from financing activities provided $127,240,757[112][114] Initial Public Offering - The company completed its Initial Public Offering on March 15, 2022, raising gross proceeds of $123,500,000 from the sale of 11,000,000 units[110] - Following the IPO, a total of $125,970,000 was placed in the Trust Account, with $1,268,183 of cash held outside the Trust Account for working capital[111] Business Combination and Liquidity - The company intends to use funds in the Trust Account to complete an initial business combination and for working capital to finance operations of the target business[117] - The company has incurred significant costs in pursuit of its acquisition plans and may face liquidity risks if it does not complete a business combination by March 15, 2023[116] Accounting and Reporting - The Company accounts for Class A common stock subject to possible redemption as either a liability or temporary equity based on certain 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] - The classification of derivative instruments is evaluated at the end of each reporting period, determining if they are recorded as liabilities or equity[131] - Management believes that recently issued accounting standards will not have a material effect on the Company's balance sheet[132] - The Company is classified as a smaller reporting company, making certain market risk disclosures not applicable[133]
Nubia Brand International (NUBI) - 2022 Q3 - Quarterly Report