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Financial report summary
?Management Discussion
- Our entire activity from inception to December 31, 2023, was in preparation for our formation, our initial public offering, and since the closing of our initial public offering, a search for business combination candidates. We will not generate any operating revenues until the closing and completion of our initial business combination. We generate non-operating income in the form of interest income on investments held in trust account. We expect to incur increased 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 year ended December 31, 2023, we had a net loss of $4,413,866 which consisted of $2,593,765 in general and administrative expenses, default interest expense related to Bridge Notes of $1,579,927, interest expense related to Bridge Notes of $429,007, interest expense related to Additional Bridge Notes of $12,642, interest expense related to the M2B Funding Corp. note of $22,958, interest expense related to the Extension Note of $133,748, initial fair value of ELOC of $204,039, change in fair value of Additional Bridge Notes of $2,726, change in fair value of Exchange Note of $97,814, partially offset by change in fair value of the Extension Note embedded derivative of $1,630, income from our investments held in the trust account of $358,767, change in fair value of PIPE forward contract derivative of $170,666, change in fair value of Bridge note embedded derivative of $120,267, change in fair value of ELOC of $319 and initial fair value of Additional Bridge Notes of $11,111.
- For the year ended December 31, 2022, we had a net loss of $3,242,501 which consisted of $3,594,967 operational costs, provision for incomes taxes of $187,225, a change in fair value of Bridge Note - Bifurcated Derivative of $86,307, a change in fair value of the PIPE Forward Contract Derivative of $170,666 and interest expenses on the Bridge Notes of $125,980, which is partially offset by income from our investments held in the Trust Account of $922,644.