Our entire activity since inception up to our Initial Public Offering was in preparation for our Initial Public Offering in December 2020, and since the consummation of our Initial Public Offering, our activity has been limited to the search for a prospective Partnering Transaction. We will not be generating any operating revenues until the closing and completion of our initial Partnering Transaction.
For the three months ended September 30, 2022, we had a net income of approximately $1.8 million, which consisted of approximately a $836,000 gain from changes in fair value of derivative warrant liabilities and approximately a $1.5 million gain on investments held in Trust Account, partially offset by approximately $120,000 in general and administrative expenses, $60,000 in general and administrative expenses - related party, approximately $308,000 in income tax expense, and approximately $50,000 in franchise tax expense.
For the three months ended September 30, 2021, we had net income of approximately $2.4 million, which consisted of approximately $2.7 million gain in change in fair value of derivative warrant liabilities and approximately a $16,000 gain on investment held in Trust Account, partially offset by approximately $140,000 in general and administrative expenses, $60,000 in general and administrative expenses - related party, and approximately $50,000 in franchise tax expense.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.
