Acropolis Infrastructure Acquisition (ACRO) - 2022 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of $1,129,584 for the three months ended March 31, 2022, consisting of operating costs of$1,286,507 and interest income of $156,923 from investments held in the Trust Account[103]. - Cash used in operating activities for the three months ended March 31, 2022, was$1,027,111, primarily due to the net loss and changes in operating assets and liabilities[106]. - The company does not expect to generate operating revenues until after the completion of its Initial Business Combination[103]. Cash and Investments - As of March 31, 2022, the company had cash and U.S. treasury securities in the Trust Account amounting to $345,223,744, which is intended to be used for the Initial Business Combination[107]. - The company generated gross proceeds of approximately$353.8 million from its Initial Public Offering and related transactions, including $300 million from the sale of 30,000,000 Units at$10.00 per Unit[104][105]. - As of March 31, 2022, the company was not subject to any market or interest rate risk, as its investments were in U.S. government treasury securities[117]. Liabilities and Funding - The company has no long-term debt or significant liabilities, apart from a monthly fee of $16,667 for administrative services[112]. - The company executed three promissory notes totaling$3,000,000 with its Sponsor to satisfy working capital requirements since the Initial Public Offering[109]. - The company may need to raise additional funds to complete its Initial Business Combination or to cover redemptions of common stock[110]. Use of Funds - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and related due diligence[108].