Syntec Optics (US:OPTX)2022-10-25 20:40Financial Performance - The company had a net income of $229,541 for the period from January 1, 2022, through September 30, 2022, after incurring formation and operational costs of $498,094 and income taxes of $154,773, offset by interest earned on investments held in the Trust Account of $882,408 [112]. - Cash used in operating activities from January 1, 2022, through September 30, 2022, was $437,082, with net income affected by interest earned on investments held in the Trust Account [116]. Cash and Investments - As of September 30, 2022, the company had cash and investments held in the Trust Account totaling $147,310,156, which is intended to be used for completing the initial business combination [117]. - The company had $190,012 in cash held outside the Trust Account as of September 30, 2022, which is primarily intended for identifying and evaluating target businesses [119]. IPO and Transaction Costs - The company generated gross proceeds of $143,750,000 from its IPO of 14,375,000 Units at a price of $10.00 per Unit, with an additional $6,920,500 from the sale of Private Placement Warrants [114]. - The company incurred $8,333,135 in transaction costs related to the IPO, including $2,875,000 in underwriting fees and $5,031,250 in deferred underwriting fees [115]. Future Financial Outlook - The company expects to continue incurring significant costs in pursuit of its acquisition plans and cannot assure that its plans to raise capital or complete its initial business combination will be successful [107]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient [121]. Debt and Obligations - The company has no long-term debt, capital lease obligations, or operating lease obligations as of September 30, 2022 [123]. - The company does not have any off-balance sheet arrangements or obligations as of September 30, 2022 [122].