Financial Position - As of December 31, 2022, the company had cash of $545,655 and a working capital deficit of $148,043[68] - The company had investments held in the Trust Account amounting to $127,782,882, primarily in U.S. government securities[77] - As of December 31, 2022, there was $125,341 outstanding under the unsecured promissory note issued by the Sponsor[81] - The company has no long-term debt or capital lease obligations as of December 31, 2022[84] Income and Expenses - For the year ended December 31, 2022, the company reported a net income of $593,905, which included interest income of $1,818,565 and operating expenses of $904,193[69] - Cash used in operating activities for the year ended December 31, 2022, was $725,102, with net income contributing $593,905[73] - For the year ended December 31, 2022, cash from financing activities provided $127,240,757, offset by underwriting fees and offering costs[75] 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[71] Going Concern - The company has incurred significant costs in pursuit of its financing and acquisition plans, raising concerns about its ability to continue as a going concern[79] - The company intends to use substantially all funds in the Trust Account to complete an initial business combination[80] Accounting and Reporting - The company accounts for its outstanding warrants as equity-classified instruments[92] - Management does not anticipate any material effects on the balance sheet from recently issued accounting standards[93] - As a smaller reporting company, the company is not required to disclose market risk information[94]
Nubia Brand International (NUBI) - 2022 Q4 - Annual Report