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accrual, avoid, bifurcated, collected, complex, confidence, connectio, connectionwith, cost, decline, deducting, deficiency, devoting, director, embedded, enhancing, extensio, fer, hereof, host, improve, improvement, intent, lose, misstatement, notified, ny, October, oversight, proceeding, properly, recourse, remediate, research, sought, sued, terminated, TheSponsor, understanding
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Financial report summary
?Management Discussion
- Our only activities from March 30, 2021 (inception) through June 30, 2023 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and the search for a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities 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 June 30, 2023, we had net income of $829,577, which consists of interest earned on marketable securities held in the Trust Account of $1,816,603 and partially offset by related party administration fee ($105,000), directors and officers insurance ($148,080), professional fees ($268,692), other operating costs ($44,267) franchise tax expense of ($50,000) and income taxes ($370,987).
- For the three months ended June 30, 2022, we had a net loss of $143,211, which consists of operating costs of $458,558 offset by interest earned on marketable securities held in the Trust Account of $332,829. Operating costs for the three months ended June 30, 2022, consist primarily of professional fees ($102,251), related party administration fee ($105,000), directors and officers insurance ($148,080) and franchise taxes ($50,000). In addition, during the three months ended June 30, 2022, the Company recorded an income tax provision of $17,482 due to the increase in interest income during the period.