Financial Performance - The Company had a net loss of $475,551 for the period from January 1, 2022, through March 31, 2022, consisting of an unrealized loss from marketable securities of $3,826 and operating costs of $471,725[103]. - The Company has not engaged in any operations or generated revenues to date, and does not expect to do so until after completing a business combination[101]. Initial Public Offering (IPO) - The Company completed its Initial Public Offering on August 16, 2021, raising gross proceeds of $50,000,000 from the sale of 5,000,000 units at $10.00 per unit, with offering costs amounting to $3,153,369[104]. - An additional 750,000 units were sold on August 19, 2021, generating gross proceeds of $7,500,000, with additional offering costs of $412,500[106]. - The Company incurred transaction costs of $3,565,869 related to the Initial Public Offering and the exercise of the overallotment option[107]. - The underwriter received a cash underwriting fee of 2.0% of gross proceeds, amounting to $1,150,000, plus deferred underwriting commissions of $2,012,500[117]. Financial Position - As of March 31, 2022, the Company had $171,813 in cash and a working capital of $55,999,559, which will be used for identifying and evaluating acquisition candidates[108]. - The Company has no long-term debt or off-balance sheet financing arrangements[114]. - The net proceeds from the Initial Public Offering have been invested in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk[118]. Business Combination - The Company may extend the time to consummate a business combination up to 18 months by depositing $500,000 for each three-month extension, totaling $1,000,000 if fully exercised[111].
PHP Ventures Acquisition (PPHP) - 2022 Q1 - Quarterly Report