Financial Performance - As of June 30, 2023, the company reported a net income of $1,293,284, which included interest income of $1,964,386 and a gain of $433,738 from the change in fair value of warrant liabilities[124]. - The company has a working capital deficit of $2,449,885 and only $5,811 in cash as of June 30, 2023[127]. - For the six months ended June 30, 2023, cash used in operating activities was $1,239,875, reflecting changes in operating assets and liabilities[128]. - The company incurred $30,000 in administrative service fees for the six months ended June 30, 2023, with $55,000 recorded as due to related party[138]. - The company has not commenced any operations and has generated no operating revenues to date[122]. - The diluted net income per share of common stock is the same as the basic net income per share for the periods presented due to the exclusion of 17,404,250 potential shares from diluted earnings per share[142]. Business Combination - The company entered into a Merger Agreement with Profusa, Inc., with a pre-transaction equity value of $155,000,000, subject to a minimum available cash condition of $15,000,000[118][119]. - Profusa stockholders may receive up to an additional 3,875,000 shares of common stock based on achieving certain revenue and stock price milestones[120]. - The company has until December 22, 2023, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed[135]. - The company expects to incur significant costs in pursuing its initial Business Combination[116]. - The company has engaged I-Bankers as an advisor for the Business Combination, agreeing to pay a fee equal to 3.68% of the gross proceeds of its initial public offering[139]. Accounting and Reporting - The public common stock is classified outside of permanent equity due to redemption features, which are not solely within the company's control[143]. - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[145]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[147]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[148].
NorthView Acquisition (NVAC) - 2023 Q2 - Quarterly Report