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New words:
accrual, Add, arrangement, ASB, behalf, bore, circumstance, devoted, disagreement, dispute, drew, elimination, employed, leaving, literature, low, monthly, ranging, reduction, reversed, therewith, ultimately, verbal, vest
Removed:
Additionally, collectively, matured, model, overnight, repurchase, sponsored, thereof
Financial report summary
?Management Discussion
- Our entire activity from February 9, 2021 (inception) through October 25, 2021, was in preparation for the Initial Public Offering, and since the Initial Public Offering through December 31, 2023, our activity has been limited to identifying and completing a suitable initial Business Combination. We will not generate any operating revenues until the closing and completion of our initial Business Combination.
- For the year ended December 31, 2023, we had net income of approximately $2,332,000 which consisted of an approximately 3,419,000 of interest income on the Trust Account partly offset by approximately $1,087,000 of loss from operations. The loss from operations consists primarily of our costs of operating as a public company (for legal, financial reporting, accounting and auditing compliance, insurance, listing and other costs), as well as costs of searching for a Business Combination. The fair value of our warrant liabilities at December 31, 2023 was the same as the fair value at December 31, 2022 and therefore there was no charge or credit for revaluing the warrant liabilities to fair value.
- For the year ended December 31, 2022 we had net income of approximately $12,707,000 which consisted of an approximately $10,455,000 in change in fair value of derivative warrant liabilities, and approximately $2,942,000 of interest income on investments held in Trust Account, partly offset by approximately $690,000 of loss from operations. The loss from operations primarily of our costs of operating as a public company (for legal, financial reporting, accounting and auditing compliance, insurance, listing and other costs), as well as costs associated with searching for a business combination target. As noted, we have and expect to continue to generate non-operating income in the form of interest income on investments and cash and cash equivalents.