Financial Position and Investments - As of March 31, 2023, the company was not subject to any market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government treasury bills or certain money market funds [127]. - Of the gross proceeds from the Initial Public Offering and Private Warrants, $101,000,000 was placed in the Trust Account [136]. - The underwriters partially exercised their overallotment option, purchasing an additional 506,002 Units, resulting in an additional $5,110,620.80 placed in the Trust Account [138]. Stock Issuance and Warrants - The company issued 2,875,000 common stock shares to initial stockholders for an aggregate purchase price of $25,000, approximately $0.01 per share [134]. - A total of 3,800,000 Private Warrants were privately placed at a price of $1.00 per warrant, each exercisable to purchase one share of common stock at an exercise price of $11.50 [135]. - The company reevaluated the accounting treatment of its Private Warrants, classifying them as derivative liabilities measured at fair value, which may lead to material fluctuations in financial results [132]. - The company expects to recognize non-cash gains or losses on its Private Warrants each reporting period, with the amount potentially being material [133]. Internal Controls and Compliance - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective at a reasonable assurance level during the fiscal quarter ended March 31, 2023 [129]. - There were no changes in internal control over financial reporting during the fiscal quarter of 2022 that materially affected the company's internal control [130]. - There were no legal proceedings reported during the period [131].
Royalty Management (RMCO) - 2023 Q1 - Quarterly Report