We have neither engaged in any operations nor generated any operating revenues to date. Our only activities for the years ended December 31, 2023 and 2022 were organizational activities and identifying a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination. We will generate non-operating income in the form of interest and dividend income on cash and investments 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 year ended December 31, 2023 we recorded net income of $10,418,629, which resulted from interest and dividend income on investments held in the Trust Account of $10,686,002, deal termination income of $374,975, a gain on a waiver of deferred underwriting commissions by underwriter allocated to Public Warrants of $336,175 , a gain on the changes in fair value of convertible promissory note - related party of $95,941, and interest income on the bank account of $654, partially offset by operating and formation costs of $833,935, and a loss on the changes in fair value of warrant liability of $241,183.
For the year ended December 31, 2022, we recorded net income of $9,055,597, which resulted from an unrealized gain on the change fair value of warrant liability of $7,793,783, interest and dividend income on investments held in the Trust Account in the amount of $4,074,730, partially offset by operating and formation costs of $2,812,916.
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