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Financial report summary
?Management Discussion
- Our entire activity from February 3, 2021 (inception) through July 22, 2021 was in preparation for an Initial Public Offering, and since the completion of our Initial Public Offering through June 30, 2024, our activity had been limited to searching, negotiating and completing an initial Business Combination. We will not generate any operating revenues until the closing of our initial Business Combination.
- For the three months ended June 30, 2024, we had net income of approximately $715,000, which consisted of approximately $1.9 million in interest income from cash held in the Trust Account, partly offset by approximately $84,000 of general and administrative expenses inclusive of $30,000 of administrative expenses with a related party, approximately $832,000 in change in fair value of derivative warrant liabilities and interest expense – debt discount of approximately $222,000.
- For the three months ended June 30, 2023, we had net income of approximately $4.0 million, which consisted of approximately $3.8 million in interest income from investments and cash held in the Trust Account and approximately $800,000 in change in fair value of derivative warrant liabilities, partly offset by approximately $691,000 of general and administrative expenses inclusive of $30,000 of administrative expenses with a related party.