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SBC Medical Group Holdings Incorporated(SBC) - 2023 Q1 - Quarterly Report
SBCSBC Medical Group Holdings Incorporated(SBC)2023-05-15 20:15

Financial Performance - The Company had a net income of 613,333forthethreemonthsendedMarch31,2023,resultingfrominterestanddividendincomeof613,333 for the three months ended March 31, 2023, resulting from interest and dividend income of 1,264,475, offset by operating costs of 374,488andtaxestotaling374,488 and taxes totaling 276,654[111]. - The Company incurred a loss from operations of 388,447forthethreemonthsendedMarch31,2023[121].−TheCompanyhasnotengagedinanyoperationsorgeneratedrevenuestodate,withfutureincomeexpectedonlyafterthecompletionoftheinitialbusinesscombination[110].−Thecompanyincurred388,447 for the three months ended March 31, 2023[121]. - The Company has not engaged in any operations or generated revenues to date, with future income expected only after the completion of the initial business combination[110]. - The company incurred 30,000 for administrative support services in Q1 2023, compared to 0inthesameperiodofthepreviousyear[126].−Netincome(loss)pershareiscalculatedbydividingnetincome(loss)bytheweighted−averagenumberofsharesoutstanding,withnoconsiderationfortheeffectofPublicandPlacementWarrants[135].CashandCapitalStructure−AsofMarch31,2023,theCompanyhad0 in the same period of the previous year[126]. - Net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding, with no consideration for the effect of Public and Placement Warrants[135]. Cash and Capital Structure - As of March 31, 2023, the Company had 217,348 in cash outside of the Trust Account and a working capital surplus of 191,841,withanaccumulateddeficitof191,841, with an accumulated deficit of 3,733,516[121]. - The Company raised gross proceeds of 115,000,000fromitsInitialPublicOfferingof11,500,000unitsonAugust9,2022[115].−Theunderwritersexercisedanover−allotmentoptiontopurchaseanadditional1,500,000Unitsforatotalof115,000,000 from its Initial Public Offering of 11,500,000 units on August 9, 2022[115]. - The underwriters exercised an over-allotment option to purchase an additional 1,500,000 Units for a total of 15,000,000[127]. - A cash underwriting discount of 1,955,000waspaidtotheunderwritersupontheclosingoftheInitialPublicOffering[128].−ThecompanyhasnotspecifiedamaximumredemptionthresholdforitsClassAcommonstock,butwillnotredeemsharesifitcausesnettangibleassetstofallbelow1,955,000 was paid to the underwriters upon the closing of the Initial Public Offering[128]. - The company has not specified a maximum redemption threshold for its Class A common stock, but will not redeem shares if it causes net tangible assets to fall below 5,000,001[133]. Business Combination and Future Plans - The Business Combination with SBC Medical Group Holdings Incorporated is valued at approximately $1,200,000,000, subject to adjustments based on SBC's net working capital and outstanding indebtedness[106]. - The Company intends to use substantially all funds in the trust account to complete its initial business combination, with the remaining proceeds to be used for working capital and growth strategies[119]. - The Company has until February 9, 2024, to consummate a business combination, failing which it will face mandatory liquidation[121]. - The Company entered into non-redemption agreements with stockholders owning 998,682 shares, ensuring they would not redeem their shares in connection with the Extension Amendment[109]. Impact of External Factors - The Company continues to evaluate the impact of the COVID-19 pandemic on its financial position and operations, though specific impacts remain undetermined[122]. - As of March 31, 2023, the company did not have any off-balance sheet arrangements[124]. Accounting and Management Expectations - Management does not anticipate that recently issued accounting standards will materially affect the company's financial statements[136].