Financial Position - As of December 31, 2022, the company had cash of $630,460 and a working capital deficit of $2,496,267[475][478]. - The trust account totaled $235,586,028 as of December 31, 2022, which included realized gains and dividend income from marketable securities[479]. - An unsecured promissory note was issued for up to $850,000, with $806,170 drawn as of December 31, 2022[480]. - The total amount placed in the trust account following the initial public offering and private placement units was $232,300,000[479]. Income and Gains - For the year ended December 31, 2022, the company reported a net income of $59,955, which included $2,228,053 in realized gains and $1,057,975 in dividend income from marketable securities[477]. Expenses - The company incurred $1,213,772 in legal and accounting expenses and $500,000 in placement services fees for the year ended December 31, 2022[477]. - The company continues to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses[476]. - The underwriters are entitled to a deferred underwriting commission of 3.50% of the gross proceeds of the Initial Public Offering, totaling $8,050,000, with $4,427,500 payable as of December 31, 2022[482]. Operations - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[476]. - The company has not identified any critical accounting estimates that could materially impact its financial condition or results of operations[483].
Clean Earth Acquisitions (CLIN) - 2022 Q4 - Annual Report