Financial Performance - As of June 30, 2022, the company had a net loss of $234,912 for the three months ended June 30, 2022, and a net income of $8,382,279 for the six months ended June 30, 2022[113]. - The company incurred operating costs of $1,518,182 for the three months ended June 30, 2022[113]. - The company generated interest income of $304,269 from the Trust Account for the three months ended June 30, 2022[113]. - The company expects to incur significant costs in pursuit of its acquisition plans and may need to raise additional capital[122]. Shareholder Activity - Stockholders redeemed 24,944,949 shares for approximately $10.01 per share, totaling $249,614,847[109]. - The company completed the sale of 30,000,000 units at $10.00 per unit, generating gross proceeds of $300,000,000[108]. Trust Account and Assets - The trust account held $50,642,618 as of June 30, 2022, consisting of investments in U.S. Treasury Bills[116]. - The company has no long-term debt or capital lease obligations as of June 30, 2022[126]. Accounting Standards and Regulations - The FASB issued ASU 2020-06, effective January 1, 2024, which simplifies accounting for convertible instruments and the diluted earnings per share calculation[133]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[135]. - The exemptions provided by the JOBS Act will apply for five years following the completion of the offering or until the company is no longer classified as an "emerging growth company"[137]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[133]. - The company does not believe that any other recently issued accounting standards would have a material effect on its condensed financial statements[134]. Stock Classification - Class A common stock subject to possible redemption includes 5,055,051 shares as of June 30, 2022, and 30,000,000 shares as of December 31, 2021, classified as temporary equity[131]. - Common stock subject to mandatory redemption is classified as liability instruments and measured at fair value[131]. - The diluted net income (loss) per share of common stock is the same as the basic net income (loss) per share for the periods presented due to the exclusion of 23,000,000 shares of Class A common stock from diluted earnings per share[132]. - The 23,000,000 shares of Class A common stock potentially issuable upon the exercise of outstanding warrants were excluded from diluted earnings per share due to unmet contingencies[132]. Administrative Costs - The company has incurred $30,000 and $60,000 in administrative service fees for the three and six months ended June 30, 2022, respectively[127]. Reporting Requirements - The company is a smaller reporting company and is not required to provide certain market risk disclosures[138]. - The company has until October 11, 2022, to consummate a Business Combination, or it will redeem 100% of outstanding public shares[123].
Altitude Acquisition (ALTU) - 2022 Q2 - Quarterly Report