Financial Performance - The company reported a net loss of approximately $381,894 for the period from March 16, 2021, through December 31, 2021, which included franchise tax expenses of approximately $158,906 and formation and operational costs of approximately $224,171[210]. - The company has not engaged in any operations or generated any revenues to date, and does not expect to generate operating revenues until the completion of its initial business combination[209]. Cash and Capital Structure - As of December 31, 2021, the company had approximately $281,521,183 in cash held in the Trust Account and $2,579,658 in cash available for working capital[211]. - The company issued 5,750,000 Founder Shares for a payment of $25,000, which were subsequently split to total 6,900,000 shares[215]. - The company raised $15,226,000 from the Private Placement of 15,226,000 Private Placement Warrants at a price of $1.00 per warrant[217]. - The company has a total of 27,600,000 shares of Class A common stock subject to possible redemption, classified as temporary equity[227]. Expenses and Financial Obligations - The company incurred $10,000 in administrative service fees for the period ending December 31, 2021, under an agreement with an affiliate of its Sponsor[225]. - The company expects to incur increased expenses as a result of being a public company, including legal and financial reporting costs[209]. - The company has not borrowed under the Working Capital Loans as of December 31, 2021, and has no written agreements regarding such loans[222]. Business Operations and Future Plans - The company has the ability to extend the time available for consummating its initial business combination by depositing $2,760,000 for each three-month extension, up to a total of $5,520,000 for 24 months[223]. Accounting and Regulatory Matters - The company is assessing the impact of ASU 2020-06, effective January 1, 2024, on its financial position, results of operations, or cash flows[232]. - Management does not believe there are any other recently issued accounting pronouncements that would materially affect the financial statements[233]. - The company qualifies as a smaller reporting company and is not required to provide certain market risk disclosures[234].
PROOF Acquisition I(PACI) - 2021 Q4 - Annual Report