Financial Performance - The company had a net income of $2,836,725 for the three months ended March 31, 2022, primarily due to a change in fair value of warrant liabilities of $3,449,332 and interest earned on marketable securities of $57,200[133]. - For the same period in 2021, the company reported a net loss of $372,034, with general and administrative expenses of $307,992 and interest earned of $34,624[134]. - Cash used in operating activities for the three months ended March 31, 2022, was $425,954, influenced by changes in fair value of warrant liabilities and interest income[137]. - Net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common stock outstanding, with two classes of common stock sharing income and losses pro rata[155]. Initial Public Offering - The company completed its Initial Public Offering on December 22, 2020, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit[135]. - The company incurred $14,161,525 in costs related to the Initial Public Offering, including $5,000,000 in underwriting fees[136]. Investments and Financial Position - As of March 31, 2022, the company held investments in the Trust Account amounting to $250,053,495, with interest income available for tax payments[139]. - The company has no off-balance sheet financing arrangements as of March 31, 2022, and does not participate in transactions that create relationships with unconsolidated entities[147]. Business Combination and Obligations - The company has until December 22, 2022, to complete an initial business combination, after which a mandatory liquidation may occur if not completed[146]. - The company issued unsecured promissory notes totaling $944,000 to the sponsor, which are non-interest bearing and mature upon the closing of the initial business combination[143][144]. - The company has a contractual obligation to pay the sponsor $10,000 per month for administrative support, which will cease upon completion of an initial business combination[148]. Accounting Standards - The new accounting standard ASU 2020-06, effective January 1, 2024, simplifies accounting for certain financial instruments and introduces additional disclosures for convertible debt[156]. - Management believes that no other recently issued accounting standards will have a material effect on the condensed financial statements[157]. Equity Classification - Class A common stock subject to possible redemption is classified as temporary equity due to certain redemption rights considered outside of the company's control[154].
TriSalus Life Sciences(TLSI) - 2022 Q1 - Quarterly Report