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Ault Disruptive Technologies (ADRT) - 2022 Q2 - Quarterly Report
ADRTAult Disruptive Technologies (ADRT)2022-08-22 16:00

Financial Performance - The company had a net loss of 441,699forthethreemonthsendedJune30,2022,comparedtoanetlossof441,699 for the three months ended June 30, 2022, compared to a net loss of 1,994 for the same period in 2021, reflecting an increase in operating costs to 583,994[112].−ForthesixmonthsendedJune30,2022,thecompanyreportedanetlossof583,994[112]. - For the six months ended June 30, 2022, the company reported a net loss of 729,899, up from 2,952forthesameperiodin2021,withoperatingcoststotaling2,952 for the same period in 2021, with operating costs totaling 880,885[113]. - The company has not generated any operating revenues as it is still in the process of searching for a Business Combination candidate[112]. Capital and Funding - The company raised gross proceeds of 115,000,000fromitsIPO,selling11,500,000unitsat115,000,000 from its IPO, selling 11,500,000 units at 10.00 per unit[107]. - The private placement of 6,500,000 warrants generated gross proceeds of 7,100,000,whichincreasedto7,100,000warrantsaftertheunderwriters′over−allotmentoptionwasexercised[108].−Thecompanymayneedtoraiseadditionalcapitaltomeetliquidityneeds,whichcouldinvolveloansorinvestmentsfromsponsorsorthirdparties[115].BusinessStrategy−Thecompanyintendstofocusonacquiringbusinesseswithinnovativeandemergingtechnologiesthatcanachievemainstreamadoptionandcreatelong−termvalue[106].−IfthecompanyfailstocompleteitsinitialBusinessCombinationwithin12months,itmayextendtheperiodupto18months,butwillceaseoperationsifnotcompleted[110].FinancialPosition−AsofJune30,2022,thecompanyhad7,100,000, which increased to 7,100,000 warrants after the underwriters' over-allotment option was exercised[108]. - The company may need to raise additional capital to meet liquidity needs, which could involve loans or investments from sponsors or third parties[115]. Business Strategy - The company intends to focus on acquiring businesses with innovative and emerging technologies that can achieve mainstream adoption and create long-term value[106]. - If the company fails to complete its initial Business Combination within 12 months, it may extend the period up to 18 months, but will cease operations if not completed[110]. Financial Position - As of June 30, 2022, the company had 576,656 in its operating bank account and working capital of $591,306[114]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[116].