Royalty Management (US:RMCO)2022-11-07 22:00Financial Performance - The company reported a net income of $5,369,554 from inception (January 20, 2021) through September 30, 2022, primarily from professional fees and valuation adjustments [110]. - For the nine-month period ended September 30, 2022, the net income was $3,052,768, compared to $2,541,321 for the same period in 2021, reflecting a year-over-year increase of approximately 20% [111]. Initial Public Offering (IPO) - The company raised gross proceeds of $100,000,000 from its Initial Public Offering (IPO) by selling 10,000,000 Units at $10.00 per Unit [113]. - Following the IPO, a total of $101,000,000 was placed in the trust account, after incurring $3,910,297 in related costs [113]. Cash and Funding Strategy - As of September 30, 2022, the company had cash of $98,439 available outside the trust account for operational activities [115]. - The company intends to use substantially all funds in the trust account to complete a Business Combination, with remaining proceeds allocated for working capital [114]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to completing a Business Combination [117]. Business Strategy - The company is focused on identifying target businesses in the land holdings and resources industry within the United States for potential mergers or acquisitions [107]. Risk Management - As of September 30, 2022, the company was not subject to any market or interest rate risk due to its investment strategy in U.S. government securities [124]. Debt and Liabilities - The company has no long-term debt or significant liabilities, apart from a promissory note to a related party [119].