Financial Performance - The company reported a net income of $15.88 million for the year ended December 31, 2022, compared to a net income of $6.98 million for the previous year, representing a year-over-year increase of approximately 127.5%[300]. - For the year ended December 31, 2022, the net income was $15,876,077, a significant increase from $6,977,619 in 2021, representing a growth of approximately 128.5%[305]. - The accumulated deficit decreased from $30.90 million in 2021 to $19.19 million in 2022, showing an improvement of approximately 37.9%[298]. - Basic and diluted net income per common share for Class A and Class B shares was $0.26 for 2022, compared to $0.13 for both classes in 2021[353]. Assets and Liabilities - Total assets as of December 31, 2022, were $487.34 million, compared to $483.72 million as of December 31, 2021, reflecting an increase of approximately 0.13%[298]. - The company had total current liabilities of $1.17 million as of December 31, 2022, significantly higher than $163,692 in the previous year, indicating a substantial increase[298]. - The company’s total liabilities decreased from $31.62 million in 2021 to $19.36 million in 2022, a reduction of approximately 38.7%[298]. - The Company has a working capital deficit of approximately $1.1 million, raising concerns about its ability to continue as a going concern[323]. Cash Flow and Investments - The net cash used in operating activities was $(614,577), an improvement compared to $(2,353,511) in the previous year[305]. - The cash flows from investing activities showed a net cash provided of $43,317, contrasting with $(482,961,900) in 2021, indicating a recovery in investment activities[305]. - The unrealized gain on investments held in the Trust Account was $4.30 million for 2022, compared to $50,412 in 2021, indicating a significant increase[300]. - Investments held in the Trust Account amounted to $487,268,822 as of December 31, 2022, compared to $483,012,312 in 2021[398][399]. Shareholder Information - The weighted average Class A ordinary shares outstanding increased to 48.30 million in 2022 from 43.14 million in 2021, reflecting an increase of about 11.5%[300]. - The Company reported a net income allocation of $12,700,862 for Class A shares and $3,175,215 for Class B shares for the year ended December 31, 2022[353]. - The Class A ordinary shares subject to possible redemption increased to $487,168,822 as of December 31, 2022, reflecting an increase in redemption value of $4,168,822[380]. - A total of 260 shareholders redeemed approximately 47,381,598 Class A ordinary shares, representing about 98.10% of the issued and outstanding shares, for approximately $478,003,632 in cash[411]. Business Operations and Future Plans - The Company has not yet commenced operations and will not generate operating revenues until after completing its initial Business Combination[309]. - The Company is required to complete a Business Combination by May 9, 2023, or it will cease operations and redeem Public Shares[319]. - The Company entered into a non-binding letter of intent for a business combination with H2B2 Electrolysis Technologies, with a definitive merger agreement expected in the first half of 2023[409]. - The Company extended the deadline to complete a business combination from February 9, 2023, to May 9, 2023, with the possibility of further extensions up to a total of six months[410]. Loans and Financing - The Company received a payment of $25,000 from the Sponsor and a loan of $135,000 to satisfy liquidity needs, with a Working Capital Loan outstanding of $500,000 as of December 31, 2022[324]. - The fair value of the Working Capital Loan Option was $500,000 as of December 31, 2022, with the option to convert into warrants[339]. - The Company incurred approximately $240,000 and $220,000 in administrative service expenses during the years ended December 31, 2022 and 2021, respectively[370]. - The Sponsor agreed to loan the Company up to $475,000 under a non-interest bearing promissory note, which is due upon the consummation of a Business Combination[368]. Warrants and Shares - The exercise price of the warrants is $11.50 per share, subject to adjustments, and they will expire five years after the completion of a Business Combination[390]. - The Company may redeem the outstanding warrants at a price of $0.01 per warrant if the closing price of Class A ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period[392]. - As of December 31, 2022, the Company had 9,660,000 Public Warrants and 8,216,330 Private Placement Warrants outstanding[387]. - The estimated fair value of the Private Placement Warrants was $246,500 as of December 31, 2022, down from $6,573,100 in 2021[399][404].
RMG(RMGC) - 2022 Q4 - Annual Report