Relativity Acquisition Corp - Ordinary Shares (RACY) Financial Report Summaries

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From filing 10-Q 2024 Q1

Financial report summary

Management Discussion

As of March 31, 2024, we had not commenced any operations. All activity for the period from April 13, 2021 (inception) through March 31, 2024, relates to our formation and initial public offering and identifying a target company for a business combination. We will not generate any operating revenues until after the completion of a business combination, at the earliest. We generated non-operating income in the form of interest income from the proceeds derived from the initial public offering and placed in the trust account.
For the three months ended March 31, 2024, we had net loss of $236,796, which consists of provision for income taxes of $2,963 and formation and operating costs of $407,744, offset by a change in the fair value of warrant liability of $157,802 and income from investment in trust account of $16,109.
For the three months ended March 31, 2023, we had net loss of $1,301,763, which consists of formation and operating costs of $1,061,055, a change in fair value of warrant liability of $254,731 and provision for income taxes of $1,986, offset by income from investment in trust account of $16,009.