Syntec Optics (OPTX) - 2022 Q2 - Quarterly Report

Financial Performance - The company had a net loss of $107,349 for the period from January 1, 2022, through June 30, 2022, consisting of operational costs of $321,163 and income taxes of $6,387, offset by interest earned of $220,201[112]. - For the period from April 1 through June 30, 2022, the company reported an income of $64,568, primarily from interest earned on investments held in the Trust Account[111]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[109]. Cash and Investments - As of June 30, 2022, the company had cash and investments held in the Trust Account totaling $146,672,717, which will be used to complete the initial business combination[118]. - The company had cash held outside the Trust Account amounting to $283,149 as of June 30, 2022, intended for evaluating target businesses and due diligence[120]. IPO and Transaction Costs - The company completed its IPO on November 12, 2021, raising gross proceeds of $143,750,000 from the sale of 14,375,000 Units at $10.00 per Unit[115]. - The company incurred transaction costs of $8,333,135 related to its IPO, including $2,875,000 in underwriting fees and $5,031,250 in deferred underwriting fees[116]. Future Financing and Costs - The company expects to continue incurring significant costs in pursuit of its acquisition plans and cannot assure the success of its capital raising efforts[108]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient[122]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022[123][124].