Financial Performance - For the nine-month period ended September 30, 2023, the company reported a net income of $3,052,768, compared to a net income of $2,541,321 for the same period in 2022, reflecting an increase of approximately 20%[112]. - The company has a net income of $5,369,554 since its inception on January 20, 2022, reflecting its operational activities and valuation adjustments[112]. Initial Public Offering - The company generated gross proceeds of $100,000,000 from its Initial Public Offering, with an additional $3,800,000 from the sale of Private Warrants, totaling $101,000,000 placed in the trust account[114]. - The company incurred $3,910,297 in costs related to the Initial Public Offering, including $3,500,000 in underwriting fees[114]. Financial Position - As of September 30, 2023, the company had cash of $98,439 available outside the trust account for operational activities and due diligence on target businesses[117]. - The company has no long-term debt or capital lease obligations, indicating a strong balance sheet position[121]. - The company has not engaged in any off-balance sheet arrangements as of September 30, 2023, ensuring transparency in its financial reporting[120]. Business Strategy - The company intends to use substantially all funds in the trust account to complete a Business Combination, with remaining proceeds allocated for working capital[115]. - The company may need to obtain additional financing to complete its Business Combination if actual costs exceed estimates, which could involve issuing additional securities or incurring debt[119]. - The company has identified a focus on the land holdings and resources industry in the United States for potential Business Combinations[110].
Royalty Management (RMCO) - 2023 Q3 - Quarterly Report