Financial Performance - As of March 31, 2023, the Company reported a net income of $2,872,433, with operating expenses of $324,565 and interest income of $3,196,998[106] - For the three months ended March 31, 2022, the Company incurred a net loss of $87,826, with operating expenses of $109,219 and interest income of $21,393[106] - As of March 31, 2023, the Company had a working capital surplus of $550,034[112] Securities and Funding - The Company had $302,201,081 in securities held in the Trust Account, designated for a Business Combination or to repurchase Ordinary Shares[112] - The Company generated gross proceeds of $250,000,000 from the IPO of 25,000,000 units at $10.00 per unit, along with an additional $13,707,500 from the sale of 9,138,333 private placement warrants[109] - The total deferred underwriting fee is $10,812,500, which will be payable to underwriters only if the Company completes a Business Combination[124] - A deferred fee of $10,812,500 is payable to underwriters from the Trust Account upon completion of a Business Combination[133] Business Operations and Plans - The Company expects to incur significant costs related to being a public company and pursuing acquisition plans[104] - The Company has until May 23, 2023, to consummate an initial business combination, with the possibility of extending this period through shareholder vote[113] Expenses and Liabilities - The Company incurred $30,000 in administrative services fees for the three months ended March 31, 2023, compared to $10,000 for the same period in 2022[123] - The company has no long-term debt or capital lease obligations, only a monthly fee of $10,000 for office space and support services[132] Risk Management - As of March 31, 2023, the company was not subject to market or interest rate risk, with IPO proceeds invested in U.S. government obligations with a maturity of 185 days or less[137] - The Company has no off-balance sheet arrangements as of March 31, 2023[126]
PowerUp Acquisition (PWUP) - 2023 Q1 - Quarterly Report