Financial Performance - For the three months ended March 31, 2023, the company reported a net income of approximately $1,879,261, driven by $3,028,941 in interest income from investments held in the Trust Account, offset by operating costs of $524,102 and income tax expense of $625,578 [102]. - As of March 31, 2023, the company had approximately $288,249,255 in cash held in the Trust Account and $1,186,147 in cash available for working capital [103]. - The company has not generated any operating revenues to date and does not expect to do so until the completion of its initial Business Combination [101]. Expenses and Costs - The company incurred $30,000 in administrative service fees for the three months ended March 31, 2023, consistent with the previous year [112]. - The company has identified that it will incur increased expenses as a public company, including legal and compliance costs, until the completion of its initial Business Combination [101]. Business Combination - The company has until June 3, 2023, to complete a Business Combination, after which it may face mandatory liquidation if not extended [106]. - The company has not selected any Business Combination target and intends to use cash from its Initial Public Offering and Private Placement for this purpose [100]. Working Capital - The company has sufficient working capital to meet its needs through the earlier of the consummation of a Business Combination or one year from the filing date [105]. External Factors - The company is currently evaluating the impact of the COVID-19 pandemic and geopolitical events on its financial position and operations, though specific impacts are not determinable at this time [108][109]. Underwriter Fees - The underwriter was entitled to a deferred fee of $9,660,000, which has been waived due to regulatory changes affecting relationships with special purpose acquisition companies [110].
PROOF Acquisition I(PACI) - 2023 Q1 - Quarterly Report