OneMedNet (ONMD) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $5,158, with operating expenses of $241,054 and franchise tax expense of $44,400[134]. - For the six months ended June 30, 2023, the company had a net loss of $91,140, with operating expenses totaling $547,356[136]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence[133]. - The company reported a net income of $949,937 for the three months ended June 30, 2022, driven by unrealized gains from marketable securities[135]. Cash and Investments - As of June 30, 2023, the company had cash of $3,438 outside of the Trust Account, down from $30,870 as of December 31, 2022[138]. - The company held investments of $29,978,639 in the Trust Accounts as of June 30, 2023, compared to $29,029,416 as of December 31, 2022[141]. - The company has invested net proceeds from its Initial Public Offering in U.S. government treasury bills and money market funds, minimizing exposure to interest rate risk[170]. Business Combination and Extensions - The company approved a proposal to extend the deadline for completing its initial business combination to May 11, 2024, allowing for up to nine one-month extensions[131]. - The company plans to complete a business combination by August 11, 2023, subject to nine one-month extensions[144]. - At a special meeting, stockholders approved the Trust Amendment Proposal, enabling the company to extend its termination date for the Trust Account[131]. Liabilities and Loans - The company has $3,283,358 in Extension Loans outstanding as of June 30, 2023, compared to $2,545,838 as of December 31, 2022[151]. - As of June 30, 2023, the company had $367,832 in Working Capital Loans outstanding, an increase from $207,081 as of December 31, 2022[148]. - The company has a deferred fee of $4,025,000 payable to underwriters upon completion of a Business Combination[147]. - The company has incurred $60,000 in fees under an agreement to pay an affiliate of the Sponsor for office space and administrative support for the six months ended June 30, 2023 and 2022[146]. Stock Information - As of June 30, 2023, there were 3,316,819 shares of Class A Common Stock outstanding, with 2,731,544 shares subject to possible redemption[167]. - The company has issued 1,378,517 shares of Class B Common Stock to ARC Group Limited as part of an advisor agreement[154]. Regulatory and Accounting Matters - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[168]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023[145].