Financial Performance - The company had a net income of $659,457 for the three months ended September 30, 2022, driven by interest income of $1,017,632 from marketable securities [140]. - For the nine months ended September 30, 2022, the company reported a net income of $5,882,421, which included a change in fair value of warrant liabilities of $6,102,666 [141]. - Cash used in operating activities for the nine months ended September 30, 2022, was $1,471,286, with net income impacted by a change in fair value of warrant liabilities [148]. - Net income per common stock is calculated by dividing net income by the weighted average number of common stock outstanding, with two classes of common stock sharing income and losses pro rata [167]. Investments and Assets - As of September 30, 2022, the company held investments in the Trust Account amounting to $251,018,841, with $378,000 withdrawn during the nine months for tax payments [150]. - The company generated gross proceeds of $250,000,000 from its Initial Public Offering of 25,000,000 Units at $10.00 per Unit [144]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022 [158]. Initial Public Offering (IPO) Costs - The company incurred $14,161,525 in Initial Public Offering related costs, including $5,000,000 in underwriting fees [147]. - The underwriters are entitled to a deferred fee of $8,750,000, contingent upon the completion of an initial business combination [160]. Accounting and Financial Instruments - The Company evaluates its financial instruments, including stock purchase warrants, to determine if they qualify as derivatives, classifying them as liabilities at fair value [163]. - Class A common stock subject to possible redemption is classified as temporary equity and measured at fair value, reflecting uncertain future events [164]. - The Company is assessing the impact of ASU 2020-06, effective January 1, 2024, which simplifies accounting for certain financial instruments and introduces additional disclosures [168]. - Management does not believe that recently issued accounting standards will materially affect the condensed financial statements [169]. - The Company has not adopted the new accounting guidance as of September 30, 2022 [168]. Risks and Concerns - The company has until December 22, 2022, to consummate an initial business combination, raising concerns about its ability to continue as a going concern [156]. - Various factors, including economic downturns, inflation, and geopolitical instability, may adversely affect the Company's results of operations and ability to complete an initial business combination [170]. - The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks [163]. Valuation of Warrants - The Private Placement Warrants were valued using a Monte Carlo Simulation Model, while Public Warrants were valued based on quoted market prices after detachment from Units [163]. - Shares of Class A common stock with redemption rights are presented as temporary equity, outside of the stockholders' deficit section of the balance sheets [166]. Administrative Costs - The company incurred $30,000 in fees for administrative services for the three months ended September 30, 2022 [159].
TriSalus Life Sciences(TLSI) - 2022 Q3 - Quarterly Report