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New words:
amortized, analyzing, anyreason, appointed, appointment, atany, bifurcate, bifurcated, ccount, Committee, compound, de, debt, decreased, face, Henriksen, host, increased, issuedan, life, low, ofthe, package, partof, prepaid, provision, revalued, serve, thesix, theT, theWorking, valueand
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bearing, borrowed, expansion, paragraph
Financial report summary
?Management Discussion
- Our entire activity from February 22, 2021 (inception) through June 30, 2023 was in preparation for our formation and the Initial Public Offering, and subsequent to the IPO, 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.
- For the three months ended June 30, 2023, we had a net income of approximately $604,000 which consisted of approximately $535,000 in income from investments held in trust account, and $862,000 of non-operating gain from the change in the fair value of derivative liabilities, offset by approximately $641,000 of general and administrative expenses, approximately $102,000 of income tax expense, and approximately $50,000 in franchise tax expense.
- For the three months ended June 30, 2022, we had a net income of approximately $3,493,000, which consisted of approximately $3,664,000 of non-operating gain from the change in the fair value of derivative liabilities, and approximately $284,000 in income from investments held in trust account, partially offset by approximately $369,000 of general and administrative expenses, approximately $36,000 of income tax expense, and approximately $50,000 in franchise tax expense.