We have neither engaged in any operations nor generated any revenues to date. Our only activities for the three months ended March 31, 2023 and for the three months ended March 31, 2022 were organizational activities, those necessary to prepare for the Initial Public Offering and identifying target company for a business combination. We generate non-operating income in the form of interest income on cash and cash equivalents held after the Initial Public Offering. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
For the three months ended March 31, 2023, we had a net income of $24,980, which resulted from interest income of $1,882,701, partially offset by a loss on the change in fair value of warrant liabilities in the amount of $960,000, a loss on the change in fair value of promissory note - related party of $100,800, and by formation and operating costs of $796,921.
For the three months ended March 31, 2022, we had net income of $229,236, which resulted from a gain on the change in fair value of warrant liabilities of $1,180,000 and interest income on investments held in the Trust Account of $12,910, offset in part by formation and operating costs of $1,422,146.
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