Our entire activity since inception up to September 30, 2022 was in preparation for our formation and the Initial Public Offering, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. We will not be generating any operating revenues until the closing and completion of our initial Business Combination at the earliest.
For the three months ended September 30, 2022, we had net income of approximately $2.1 million, which consisted of approximately a $1.3 million non-operating gain resulting from the change in fair value of derivative warrant liabilities, approximately $1.3 million gain from investments held in the Trust Account partially offset by, approximately $264,000 in income tax expenses, approximately $86,000 in general and administrative expenses, $106,000 in general and administrative expenses-related party, and approximately $65,000 in franchise tax expense.
For the three months ended September 30, 2021, we had net income of approximately $2.7 million, which consisted of approximately a $3.0 million non-operating gain resulting from the change in fair value of derivative warrant liabilities, a $26,000 non-operating gain resulting from the change in fair value of the working capital loan, and approximately $23,000 of income from investments held in the Trust Account, offset by approximately $294,000 in general and administrative expenses, $60,000 in general and administrative expenses-related party, and approximately $50,000 in franchise tax expense.
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