Crixus BH3 Acquisition pany(BHAC) - 2023 Q1 - Quarterly Report

Financial Position - As of March 31, 2023, the company had approximately $85,000 in cash outside of the trust account and$51.8 million in cash and liquid securities held in trust[173]. - The outstanding balance of the unsecured convertible promissory note was $0.3 million as of March 31, 2023[177]. - As of March 31, 2023, the company had no off-balance sheet arrangements[187]. Income and Revenue - For the three months ended March 31, 2023, the company reported a net income of$78,752, compared to a net income of $355,796 for the same period in 2022[184]. - The company has not generated any operating revenues since its initial public offering and will not do so until the completion of its initial business combination[171]. Financing Activities - The company drew a total of$0.7 million in working capital loans during the three months ended March 31, 2023, with $0.3 million repaid[177]. - The company completed a private placement of 6,400,000 warrants at a price of$1.50 per warrant, generating proceeds of $9.6 million[176]. Fair Value and Accounting - The company recorded a gain of$0.4 million on the change in fair value of the convertible promissory note for the three months ended March 31, 2023[177]. - The company does not expect any recently issued accounting pronouncements to materially affect its financial statements[186]. Shareholder Restrictions - The company has agreed to certain lock-up restrictions on founder shares until specific conditions are met following the initial business combination[180].