Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business combination, and results of operations.
Our entire activity since inception up to September 30, 2023, was in preparation for our formation and the Initial Public Offering, and since the completion of the Initial Public Offering, the search for business combination candidates. We will not be generating any operating revenues as a result of its decision to wind down its business and redeem its public shareholders on November 6, 2023.
For the three months ended September 30, 2023, we had a net income of approximately $2.1 million, which consisted of approximately $2.7 million income from investments held in the Trust Account, partially offset by approximately $0.5 million in general and administrative expenses and approximately $30,000 of related party administrative fees.
For the three months ended September 30, 2022, we had a net income of approximately $814,000, which consisted of approximately $1.3 million net income on the investments held in the Trust Account, partially offset by approximately $331,000 in general and administrative expenses and approximately $113,000 of related party administrative fees.
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