Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of 265,087[159]. - For the six months ended June 30, 2023, the company had a net loss of 808,458[159]. - The company incurred a net loss of 1,529,660 related to shares transferred to backstop investors[160]. - For the six months ended June 30, 2022, cash used in operating activities was 6,414,897[168]. - The net loss per ordinary share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding, excluding accretion associated with redeemable shares[187]. Cash and Liquidity - As of June 30, 2023, the company had cash held in the Trust account amounting to 316,160 of interest earned since the IPO[155]. - As of June 30, 2023, the company had cash outside the Trust Account of 431,620, with a net loss of 25,000 from the sale of founder shares to satisfy liquidity needs through June 30, 2023[168]. - The company will need to raise additional capital through loans or investments to meet working capital needs[169]. Business Combination and Shareholder Actions - The total consideration for the business combination with Australian Oilseeds Investments Pty Ltd. is estimated at 64,996,858 being released from the Trust Account[149]. - On February 9, 2023, shareholders approved an extension for completing a Business Combination to August 12, 2023, with 1,172,247 shares redeemed[186]. - An aggregate of 10.27 per share[186]. - As of June 30, 2023, there were 854,378 Class A ordinary shares subject to possible redemption, valued at approximately 12,554,008 released from the Trust Account[186]. Debt and Financing - The company has not entered into any off-balance sheet financing arrangements as of June 30, 2023[179]. - The company has no long-term debt or capital lease obligations as of June 30, 2023[180]. - The company issued multiple non-interest-bearing promissory notes to the Sponsor, with outstanding amounts of 303,994 as of June 30, 2023[151][152]. - As of June 30, 2023, the company had outstanding convertible promissory notes totaling 900,000 from the November 2021 Note and 175,000 on April 25, 2023, for working capital expenses[178]. Regulatory and Accounting Matters - The company adopted ASU 2020-06 on January 1, 2021, which did not impact its financial position, results of operations, or cash flows[189]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[191]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years[192]. - The company does not believe that any recently issued accounting standards will have a material effect on its interim condensed financial statements[190]. Risks and Uncertainties - The company has substantial doubt about its ability to continue as a going concern until the consummation of a Business Combination or liquidation[170]. - Various factors, including economic downturns and geopolitical instability, may adversely affect the company's results of operations and ability to complete a Business Combination[193]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence on potential business combinations[158]. - The company has broad discretion in applying the net proceeds from the IPO and private placement, primarily towards consummating a business combination[157].
Edoc Acquisition (ADOC) - 2023 Q2 - Quarterly Report