Financial Performance - As of March 31, 2024, the company reported a net loss of $260,035, consisting of operating costs of $385,411 and a provision for income tax of $44,075, partially offset by interest income from the Trust Account of $169,451 [154]. - For the three months ended March 31, 2023, the company had a net income of $451,060, which included interest income from the Trust Account of $799,894 and an unrealized gain on the Trust Account of $451,512, offset by operating costs of $328,220 [155]. - The company incurred increased expenses due to being a public company, including legal, financial reporting, accounting, and auditing compliance costs [153]. - The total administrative fee for the three months ended March 31, 2024, was $60,000, with $80,000 reported as due to the Sponsor for administrative fees [167]. Working Capital and Debt - The company had a working capital deficit of $3,793,536 as of March 31, 2024 [157]. - As of March 31, 2024, the company had borrowings of $149,791 under the Second Extension Promissory Note, up from $59,917 as of December 31, 2023 [160]. - The company owes $1,195,209 under the Working Capital Loans (WCL Promissory Note) as of March 31, 2024, an increase from $910,083 as of December 31, 2023 [163]. - The company has no long-term debt obligations or capital lease obligations [166]. Trust Account and Extensions - An aggregate of $59,918 has been deposited into the Trust Account from borrowings under the Second Extension Promissory Note since March 31, 2024 [141]. - The company has paid a total of $779,793 into the Trust Account for the First and Second Extensions as of March 31, 2024, compared to $689,917 as of December 31, 2023 [161]. - The company extended its Combination Period from November 3, 2023, to November 5, 2024, following the approval of the Second Extension Amendment Proposal, resulting in $19,763,618 (approximately $10.79 per share) being removed from the Trust Account for redeeming Public Stockholders [148]. - The company issued the Second Extension Promissory Note in the aggregate principal amount of up to $359,503 to the Sponsor, with monthly deposits of $29,958.55 into the Trust Account until November 5, 2024 [149]. Business Combination and Operations - The company entered into the Flybondi Business Combination Agreement on October 19, 2023, which involves the acquisition of Flybondi shares and a merger with Merger Sub [143]. - The company has until November 5, 2024, to consummate a Business Combination, after which mandatory liquidation will occur if not completed [165]. - The company has not commenced any operations and has generated no revenues to date, with all activities related to its formation and the Initial Public Offering [153]. Initial Public Offering and Investments - The company completed its Initial Public Offering on November 5, 2021, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at a price of $10.00 per Unit [136]. - The Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to retain their Units prior to the initial Business Combination [173]. - The Forward Purchase Agreements (FPAs) with Crescent Park and Carnegie Park were mutually terminated, which included the potential purchase of up to $30,000,000 in Forward Purchase Shares [176]. Other Financial Adjustments - The company recorded a reduction of $6,050,000 in accumulated deficit due to the waiver of the deferred underwriting commission by underwriters [171]. - The company does not expect to seek loans from parties other than the Sponsor or its affiliates prior to the completion of the initial Business Combination [162].
Integral Acquisition 1(INTE) - 2024 Q1 - Quarterly Report