Financial Performance - For the year ended December 31, 2023, the company reported a net loss of $2.94 million, which included dividend income of $2.20 million and operating expenses of $5.13 million [120]. - The net loss per ordinary share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the period [142]. Marketable Securities and Trust Account - As of December 31, 2023, the company had marketable securities held in the Trust Account amounting to $21.92 million, a decrease from $178.53 million as of December 31, 2022, primarily due to shareholder redemptions [129]. - On December 5, 2023, shareholders redeemed 15,300,532 Class A ordinary shares for approximately $159.34 million, leaving about $20.3 million in the Trust Account [114]. - The company raised gross proceeds of $150 million from its Initial Public Offering (IPO) and an additional $8.4 million from the sale of Private Warrants, totaling $175.95 million placed in the Trust Account [121]. - As of December 31, 2023, the company has 1,939,631 Class A ordinary shares subject to possible redemption, valued as temporary equity [141]. Financing and Capital Requirements - The company entered into a $25 million financing agreement on August 10, 2023, which includes a $15 million term facility and a $10 million revolving line of credit [122]. - As of March 31, 2024, the company had $15 million principal amount outstanding under the term facility, with no principal amount outstanding under the revolving line of credit [122]. - The company anticipates requiring additional capital to fund its operations through March 31, 2025, and is actively seeking financing [131]. Transaction Costs - The company incurred $4.15 million in transaction costs related to its IPO, including $3.45 million in underwriting fees [125]. Accounting Standards and Regulations - The company early adopted ASU 2022-03 on July 1, 2023, which clarifies fair value measurement for equity securities subject to contractual sale restrictions [143]. - The provisions of ASU 2020-06, which simplifies accounting for certain financial instruments, will be applicable for fiscal years beginning after December 15, 2023 [145]. - The company adopted ASU 2016-12 on January 1, 2023, regarding the measurement of credit losses on financial instruments, with no material impact on its consolidated financial statements [147]. - The company is currently evaluating the impact of ASU 2020-06 on its financial statements [145]. - The FASB issued ASU 2023-09, effective for the annual period ending December 31, 2025, requiring disaggregated information about effective tax rate reconciliation [146]. - Management does not believe that any other recently issued accounting standards would have a material effect on the financial statements [148]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [149]. Operating Expenses - The company expects lower operating expenses in 2024 following the completion of its Business Combination, which was finalized in February 2024 [126]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements or long-term debt obligations as of December 31, 2023 [132].
Oxus Acquisition (OXUS) - 2023 Q4 - Annual Report