Financial Position and Risks - As of June 30, 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 [128]. - Of the gross proceeds from the Initial Public Offering and Private Warrants, $101,000,000 was placed in the Trust Account [137]. - The underwriters partially exercised their overallotment option on April 1, 2021, purchasing an additional 506,002 Units, resulting in an additional $5,110,620.80 placed in the Trust Account [139]. Internal Controls and Procedures - 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 June 30, 2023 [130]. - There were no changes in internal control over financial reporting that materially affected the company's internal control during the fiscal quarter of 2022 [131]. Stock and Warrants Issuance - The company issued 2,875,000 common stock shares for an aggregate purchase price of $25,000, approximately $0.01 per share, in February 2021 [135]. - 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 [136]. Accounting and Valuation - The company reevaluated the accounting treatment of its Private Warrants, classifying them as derivative liabilities measured at fair value on the balance sheet [133]. - Fluctuations in the financial statements may occur due to the recurring fair value measurement of the Private Warrants, potentially resulting in material non-cash gains or losses [134]. Legal Proceedings - There were no legal proceedings reported by the company during the period [132].
Royalty Management (RMCO) - 2023 Q2 - Quarterly Report