Financial Performance - For the nine months ended September 30, 2023, the company reported a net loss of $1,095,577, compared to a net loss of $1,500,430 for the same period in 2022, indicating a decrease in losses of approximately 27%[120][121]. - The company has not generated any revenues to date and does not expect to do so until after completing its Business Combination[119]. Cash and Working Capital - The company had available cash of $71,466 and a working capital of $2,306,471 as of September 30, 2023, which will be used for identifying and evaluating prospective acquisition candidates[127]. - As of September 30, 2023, the company has borrowed $1,190,621 under Working Capital Loans to finance transaction costs related to a Business Combination[128]. 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[122]. - The company has incurred total offering costs of $3,153,369 related to the Initial Public Offering, including $1,750,000 for deferred underwriting commissions[122]. - The Underwriter received a cash underwriting fee of 2.0% of gross proceeds, totaling $1,150,000, with deferred commissions of $2,012,500[137][138]. - The net proceeds from the Initial Public Offering have been invested in U.S. government treasury bills or money market funds, minimizing interest rate risk exposure[139]. Business Combination Plans - The company has extended the deadline to complete its initial Business Combination to August 16, 2024, allowing for up to twelve one-month extensions[130]. - On August 15, 2023, the company deposited $80,000 into its Trust Account to extend the period for consummating its initial Business Combination by two months[131]. - The company expects to incur significant costs in pursuing its initial Business Combination plans and cannot assure the success of raising capital or completing the Business Combination[117]. - If the Company fails to complete the initial Business Combination, it may face substantial doubt about its ability to continue as a going concern[133]. Trust Account and Securities - The company reported realized and unrealized gains from marketable securities held in the Trust Account of $603,357 for the nine months ended September 30, 2023[120]. - The Company will repay loaned amounts from the Trust Account proceeds if the initial Business Combination is completed, or convert loans into units at $10.00 per unit[132]. Financial Position - The Company has no off-balance sheet financing arrangements or long-term liabilities[134].
PHP Ventures Acquisition (PPHP) - 2023 Q3 - Quarterly Report