$BNIX
Bannix Acquisition Corp. Stock $bnix

$bnix Overview Financials Valuation SEC Filings Company Website

2023 Q4 Form 10-Q Financial Statement

#000173112223001794 Filed on October 04, 2023

Income Statement

Concept	2023 Q4	2023 Q2	2022 Q4
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$307.1K	$490.1K	$257.3K
YoY Change	19.37%	90.48%	-6.66%
Operating Profit		-$490.1K
YoY Change		90.48%
Interest Expense	$375.5K	$340.0K	$630.5K
YoY Change	-40.44%	638.65%	41932.67%
% of Operating Profit
Other Income/Expense, Net	$8.120K	$336.3K	$4.060K
YoY Change	100.0%	417.69%	-99.85%
Pretax Income	$76.53K	-$153.8K	$377.3K
YoY Change	-79.71%	5.13%	-83.99%
Income Tax	-$18.48K	$85.58K	$160.0K
% Of Pretax Income	-24.15%		42.42%
Net Earnings	$95.01K	-$239.4K	$217.2K
YoY Change	-56.26%	63.62%	-90.78%
Net Earnings / Revenue
Basic Earnings Per Share		-$0.04
Diluted Earnings Per Share	$0.02	-$0.04	$0.02
COMMON SHARES
Basic Shares Outstanding	5.464M shares	5.464M shares	9.424M shares
Diluted Shares Outstanding		5.464M shares

Balance Sheet

Concept	2023 Q4	2023 Q2	2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$232.3K	$130.0K	$19.26K
YoY Change	1106.02%	-12.55%	-95.52%
Cash & Equivalents	$0.00	$0.00	$0.00
Short-Term Investments
Other Short-Term Assets	$5.250K	$20.00K	$26.30K
YoY Change	-80.04%	-81.7%	-84.68%
Inventory
Prepaid Expenses			$26.30K
Receivables
Other Receivables
Total Short-Term Assets	$237.5K	$153.0K	$45.55K
YoY Change	421.43%	-40.68%	-92.42%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$32.12M	$31.31M	$71.42M
YoY Change	-55.03%	-55.1%
Other Assets
YoY Change
Total Long-Term Assets	$32.12M	$31.31M	$71.42M
YoY Change	-55.03%	-55.1%	2.48%
TOTAL ASSETS
Total Short-Term Assets	$237.5K	$153.0K	$45.55K
Total Long-Term Assets	$32.12M	$31.31M	$71.42M
Total Assets	$32.35M	$31.46M	$71.47M
YoY Change	-54.73%	-55.05%	1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$787.3K	$510.0K	$272.6K
YoY Change	188.83%	83.42%	30.45%
Accrued Expenses	$410.8K	$410.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$974.0K	$440.0K	$0.00
YoY Change
Long-Term Debt Due	$0.00	$0.00	$0.00
YoY Change
Total Short-Term Liabilities	$3.939M	$3.030M	$1.432M
YoY Change	175.09%	799.23%	501.95%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$229.1K	$240.0K	$237.2K
YoY Change	-3.42%	-8.24%	-93.52%
Total Long-Term Liabilities	$229.1K	$240.0K	$237.2K
YoY Change	-3.42%	-8.24%	-93.52%
TOTAL LIABILITIES
Total Short-Term Liabilities	$3.939M	$3.030M	$1.432M
Total Long-Term Liabilities	$229.1K	$240.0K	$237.2K
Total Liabilities	$4.168M	$3.271M	$1.736M
YoY Change	140.09%	446.57%	-55.5%
SHAREHOLDERS EQUITY
Retained Earnings	-$3.678M	-$2.672M	-$1.268M
YoY Change	190.13%	420.52%	357.37%
Common Stock	$39.62K	$39.62K	$39.62K
YoY Change	0.0%	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$14.38K	$14.38K	$14.38K
YoY Change	0.0%	0.0%	0.0%
Treasury Stock Shares
Shareholders Equity	-$3.653M	-$2.646M	-$1.243M
YoY Change
Total Liabilities & Shareholders Equity	$32.35M	$31.46M	$71.47M
YoY Change	-54.73%	-55.05%	1.67%

Cashflow Statement

Concept	2023 Q4	2023 Q2	2022 Q4
OPERATING ACTIVITIES
Net Income	$95.01K	-$239.4K	$217.2K
YoY Change	-56.26%	63.62%	-90.78%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$223.8K	-$160.0K	-$429.1K
YoY Change	-47.83%	101.18%	405.41%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities	$169.7K	-$230.0K	-$690.0K
YoY Change	-124.59%
Cash From Investing Activities	$169.7K	-$230.0K	-$690.0K
YoY Change	-124.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	246.8K	510.0K	914.0K
YoY Change	-72.99%
NET CHANGE
Cash From Operating Activities	-223.8K	-160.0K	-429.1K
Cash From Investing Activities	169.7K	-230.0K	-690.0K
Cash From Financing Activities	246.8K	510.0K	914.0K
Net Change In Cash	192.7K	120.0K	-205.1K
YoY Change	-193.94%	-250.89%	141.61%
FREE CASH FLOW
Cash From Operating Activities	-$223.8K	-$160.0K	-$429.1K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
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	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
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	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2023-06-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity Registrant Name EntityRegistrantName	BANNIX ACQUISITION CORP.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity File Number EntityFileNumber	001-40790
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	86-1626016
	dei	Entity Address Address Line1 EntityAddressAddressLine1	8265 West Sunset Blvd.
	dei	Entity Address Address Line2 EntityAddressAddressLine2	Suite # 107
	dei	Entity Address City Or Town EntityAddressCityOrTown	West Hollywood
	dei	Entity Address State Or Province EntityAddressStateOrProvince	CA
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	90046
	dei	City Area Code CityAreaCode	(323)
	dei	Local Phone Number LocalPhoneNumber	682-8949
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	No
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	true
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CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	19257	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	429444	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	129264	usd
CY2022Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	148655	usd
	binxu	Accretions Of Common Stock Subject To Possible Redemption To Redemption Value AccretionsOfCommonStockSubjectToPossibleRedemptionToRedemptionValue	942346	usd
	binxu	Accretions Of Common Stock Subject To Possible Redemption To Redemption Value AccretionsOfCommonStockSubjectToPossibleRedemptionToRedemptionValue	6079546	usd
	binxu	Excise Tax Liability Accrued For Common Stock Redemptions ExciseTaxLiabilityAccruedForCommonStockRedemptions	410772	usd
	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_801_eus-gaap--NatureOfOperations_zmBFd3PA43Xk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Note 1—<span id="xdx_822_z6VKqPXyIUOl">Organization and Business Operations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Organization and General</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Bannix Acquisition Corp. (the “Company”) is a blank check company incorporated in the state of Delaware on January 21, 2021. The Company was formed for the purpose of effecting mergers, capital stock exchange, asset acquisitions, stock purchases, reorganization or similar business combinations with one or more businesses (“Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target with respect to the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of June 30, 2023, the Company had not commenced any operations. All activity for the period from January 21, 2021 (inception) through June 30, 2023 relates to the Company’s formation and the initial public offering (the “IPO”) (as defined below) and the Company’s search for a target for an initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and non-operating income or expense from the changes in the fair value of warrant liabilities. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Financing</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company’s original sponsors were Subash Menon and Sudeesh Yezhuvath (through their investment entity Bannix Management LLP), Suresh Yezhuvath (“Yezhuvath”) and Seema Rao (“Rao”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On October 20, 2022, pursuant to a Securities Purchase Agreement (“SPA”), Instant Fame LLC, a Nevada limited liability company controlled by a U.S. person (“Instant Fame”) (the “new Sponsors”), acquired an aggregate of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20221019__20221020__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BannixManagementLLPMember_z5fa5Tdubyjc" title="Number of shares acquired">385,000</span> shares of common stock of the Company from Bannix Management LLP, Balaji Venugopal Bhat, Nicholos Hellyer, Subbanarasimhaiah Arun, Vishant Vora and Suresh Yezhuvath and 90,000 private placement units from Suresh Yezhuvath (collectively, the “Sellers”) in a private transaction. The Sellers immediately loaned the entire proceeds to the Company for the working capital requirements of the Company. This loan will be forfeited by the Sellers upon liquidation or business combination. In connection with this transaction, all parties agreed to certain changes to the Board of Directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As a result of the above, Subash Menon resigned as Chief Executive Officer and Chairman of the Board of Directors of the Company and Nicholas Hellyer resigned as Chief Financial Officer, Secretary and Head of Strategy. Douglas Davis was appointed as the Chief Executive Officer of the Company. Further, Balaji Venugopal Bhat, Subbanarasimhaiah Arun and Vishant Vora resigned as Directors of the Company. Mr. Bhat, Mr. Arun and Mr. Vora served on the Audit Committee with Mr. Bhat serving as the committee chair. Mr. Bhat, Mr. Arun and Mr. Vora served on the Compensation Committee with Mr. Arun serving as the committee chair.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Board was also increased from two to seven and Craig Marshak and Douglas Davis were appointed as Co-Chairmans of the Board of Directors effective immediately. Further, Jamal Khurshid, Eric T. Shuss and Ned L. Siegel were appointed to the Board of Directors of the Company. The resignations referenced above were not the result of any disagreement with management or the Board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On November 10, 2022, Sudeesh Yezhuvath resigned as a director of the Company for personal reasons. The resignation was not the result of any disagreements with management or the Board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Due to vacancies as results of board members departure, on November 11, 2022 the Board made the following decisions: (i) Jamie Khurshid, Ned Siegel and Eric Shuss each have been identified as being financially literate and independent under the SEC and Nasdaq Rules have been appointed to the Audit Committee to serve until their successors are qualified and appointed with such appointment subject to the mailing of that certain Schedule 14F Information Statement. Mr. Khurshid chairs the audit committee. (ii) Mr. Siegel, Mr. Shuss and Craig Marshak each have been identified as being independent under the SEC and Nasdaq Rules were appointed to the Compensation Committee to serve until their successors are qualified and appointed with such appointment subject to the mailing of that certain Schedule 14F Information Statement. (iii) Messrs. Davis and Marshak have been appointed as Class III directors, Subash Menon has been appointed as a Class I director and, subject to the mailing of the Schedule 14F Information Statement, Messrs. Khurshid, Siegel and Shuss have been appointed as the Class II directors. The Schedule 14F Information Statement was mailed on or about November 15, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The registration statements for the Company’s IPO were declared effective on September 9, 2021 and September 10, 2021 (the “Effective Date”). On September 14, 2021, the Company consummated its IPO of 6,900,000 units at $10.00 per unit (the “Units”), which is discussed in Note 2. Each Unit consists of one share of common stock (the “Public Shares”), one redeemable warrant to purchase one share of common stock at a price of $11.50 per share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Concurrent with the IPO, the Company consummated the issuance of 406,000 private placement units (the “Private Placement Units”) as follows: the Company sold 181,000 Private Placement Units to certain investors for aggregate cash proceeds of $2,460,000 and issued an additional 225,000 private placement units to the Sponsor in exchange for the cancellation of $1,105,000 in loans and a promissory note due to them (see Note 5). Each Private Placement Unit consists of one share of common stock, one redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of the Business Combination. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private Placement Units, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Trust Account</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Following the closing of the IPO on September 14, 2021, an amount of $69,690,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the IPO and Private Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from this offering and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 15 months from the closing of this offering, or within any period of extension, subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On December 13, 2022, the Company issued an unsecured promissory note in favor of Instant Fame, in the principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20221213__us-gaap--LongtermDebtTypeAxis__custom--UnsecuredPromissoryNoteMember_zyYBy0tODuPj" title="Principal amount">690,000</span>. The proceeds of the Note were utilized by the Company to obtain the first three-month extension of the period for the Company to consummate a Business Combination. In March and April 2023 the Company issued additional unsecured promissory notes to Instant Fame for $<span id="xdx_90E_eus-gaap--ProceedsFromUnsecuredNotesPayable_c20230301__20230331__us-gaap--LongtermDebtTypeAxis__custom--UnsecuredPromissoryNoteMember_zkSu2uDd6zXi" title="Issued additional unsecured promissory notes"><span id="xdx_901_eus-gaap--ProceedsFromUnsecuredNotesPayable_c20230401__20230430__us-gaap--LongtermDebtTypeAxis__custom--UnsecuredPromissoryNoteMember_z3fpS3sv1npg" title="Issued additional unsecured promissory notes">75,000</span></span> for each promissory note. The proceeds of the March and April promissory notes were utilized by the Company to obtain the second and third monthly extensions of the period for the Company to consummate a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company held a Special Meeting of Stockholders on March 8, 2023 at 12:00 p.m. Eastern Time (the “Special Meeting”). At the Special Meeting, the stockholder approved the filing of an amendment to its Amended and Restated Certificate of Incorporation with the Delaware Secretary of State (the “Extension Amendment”), to extend the date (the “Extension”) by which the Company must (1) complete a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination involving the Company and one or more businesses (an “initial business combination”), (2) cease its operations except for the purpose of winding up if it fails to complete such initial business combination, and (3) redeem 100% of the Company’s common stock (“common stock”) included as part of the units sold in the Company’s initial public offering that was consummated on September 14, 2021 (the “IPO”), from March 14, 2023, and to allow the Company, without another stockholder vote, to further extend the date to consummate a Business Combination on a monthly basis up to twelve (12) times by an additional one (1) month each time after March 14, 2023 or later extended deadline date, by resolution of the Company’s board of directors (the “Board”), if requested by Instant Fame upon five days’ advance notice prior to the applicable deadline date, until March 14, 2024, or a total of up to twelve (12) months after March 14, 2023 (such date as extended, the “Deadline Date”), unless the closing of a Business Combination shall have occurred prior thereto.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">For the three and six months ended June 30, 2023, the Company has deposited $<span id="xdx_902_ecustom--DepositedInTrustAccount_c20230401__20230630__srt--ProductOrServiceAxis__us-gaap--DepositAccountMember_zAs7tLRv8EG3" title="Deposited in trust account">225,000</span> and $<span id="xdx_90B_ecustom--DepositedInTrustAccount_c20230101__20230630__srt--ProductOrServiceAxis__us-gaap--DepositAccountMember_zgMGeyZbsKjl" title="Deposited in trust account">300,000</span> into the Trust Account to extend the Deadline Date to July 14, 2023. For the three and six months ended June 30, 2022, $<span id="xdx_90D_ecustom--DepositedInTrustAccount_c20220401__20220630__srt--ProductOrServiceAxis__us-gaap--DepositAccountMember_zm60dX8NiIb9" title="Deposited in trust account"><span id="xdx_906_ecustom--DepositedInTrustAccount_c20220101__20220630__srt--ProductOrServiceAxis__us-gaap--DepositAccountMember_zKOIMHkyAeI5" title="Deposited in trust account">0</span></span> was deposited in the trust account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Initial Business Combination</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company had until December 13, 2022 to consummate the initial Business Combination. Pursuant to the terms of the bylaws and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order to extend the time available for the Company to consummate the initial Business Combination, the new Sponsors, upon five days advance notice prior to the applicable deadline, must deposit into the Trust Account for each three-month extension, $690,000 ($0.10 per share in either case) on or prior to the date of the applicable deadline, up to an aggregate of $1,380,000, or approximately $0.20 per share. On December 13, 2022, the Company issued an unsecured promissory note (the “December 2022 Note”) in favor of Instant Fame, in the principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20221213__us-gaap--LongtermDebtTypeAxis__custom--UnsecuredPromissoryNoteMember_zGXU1m40w9A8" title="Principal amount">690,000</span>. The proceeds of the December 2022 Note were utilized by the Company to obtain the first three-month extension of the period for the Company to consummate a business combination. As a result, the Deadline Date was extended until March 14, 2023. The Company, as approved at the stockholder meeting on March 8, 2023, without another stockholder vote, may further extend the date to consummate a Business Combination on a monthly basis up to twelve (12) times by an additional one (1) month each time after March 14, 2023 or later extended deadline date, by resolution of the Board, if requested by Instant Fame upon five days’ advance notice prior to the applicable deadline date, until March 14, 2024, or a total of up to twelve (12) months after March 14, 2023, unless the closing of a business combination shall have occurred prior thereto. If an Extension is implemented, Instant Fame will deposit into the Trust Account, as a loan, the lesser of (x) $<span id="xdx_904_eus-gaap--PaymentsForProceedsFromDepositOnLoan_c20221212__20221213__us-gaap--BusinessAcquisitionAxis__custom--DepositTrustAccountMember_zwKx6feWPrw8" title="Deposits into trust account">75,000</span> or (y) $<span id="xdx_90D_eus-gaap--BusinessAcquisitionSharePrice_iI_c20221213__us-gaap--BusinessAcquisitionAxis__custom--DepositTrustAccountMember_zh7GgebMttHb" title="Business acquisition share price">0.07</span> per public share multiplied by the number of public shares outstanding (the “Contribution”), in connection with each Extension. On March 13, 2023, the Board, at the request of Instant Fame, determined to implement a first Extension and to extend the Deadline Date for an additional month to April 14, 2023. In connection with Instant Fame’s contribution for the Extension, which was funded on March 10, 2023, on March 13, 2023, the Company issued an unsecured promissory note to Instant Fame with a principal amount equal to $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20230313__us-gaap--LongtermDebtTypeAxis__custom--FirstExtensionNoteMember_zwmW0pFnHwRi" title="Principal amount">75,000</span> (the “First Extension Note”). The December 2022 Note and the First Extension Note bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of Bannix’s initial Business Combination, or (b) the date of Bannix’s liquidation. If Bannix does not consummate an initial Business Combination by the Deadline Date, the First Extension Note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In the event that the Company receives notice from Instant Fame five days prior to the applicable deadline of its wish for the Company to effect an extension, the Company intends to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition, the Company intends to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited. Instant Fame and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination. If the Company is unable to consummate the initial Business Combination within the applicable time period, the Company will, promptly but not more than ten business days thereafter, redeem the Public Shares for a pro rata portion of the funds held in the Trust Account and promptly following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. In such event, the rights and warrants will be worthless. Additionally, pursuant to Nasdaq rules, any initial Business Combination must be approved by a majority of the independent directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company anticipates structuring the initial Business Combination so that the post-transaction company in which the public stockholders’ own shares will own or acquire substantially all of the equity interests or assets of the target business or businesses. The Company may, however, structure the initial Business Combination such that the post-transaction company owns or acquires less than substantially all of such interests or assets of the target business in order to meet certain objectives of the target management team or stockholders or for other reasons, but the Company will only complete such Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, the stockholders prior to the initial Business Combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and the Company in the Business Combination transaction. For example, the Company could pursue a transaction in which the Company issue a substantial number of new shares in exchange for all of the outstanding capital stock of shares or other equity interests. In this case, the Company would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, the stockholders immediately prior to the initial Business Combination could own less than a majority of the outstanding shares subsequent to the initial Business Combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test. If the initial Business Combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses even if the acquisitions of the target businesses are not closed simultaneously.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Although the Company believes that the net proceeds of the offering will be sufficient to allow the Company to consummate a Business Combination the Company cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering prove to be insufficient, either because of the size of the Business Combination, the depletion of the available net proceeds in search of a target business, or because the Company becomes obligated to redeem a significant number of the Public Shares upon consummation of the initial Business Combination, the Company will be required to seek additional financing, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. Furthermore, the Company may issue a substantial number of additional shares of common or preferred stock to complete the initial Business Combination or under an employee incentive plan upon or after consummation of the initial Business Combination. The Company does not have a maximum debt leverage ratio or a policy with respect to how much debt the Company may incur. The amount of debt the Company will be willing to incur will depend on the facts and circumstances of the proposed Business Combination and market conditions at the time of the potential Business Combination. At this time, the Company is not party to any arrangement or understanding with any third party with respect to raising additional funds through the sale of the securities or the incurrence of debt. Subject to compliance with applicable securities laws, the Company would only consummate such financing simultaneously with the consummation of the initial Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Nasdaq rules require that the initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding advisory fees and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. If the board is not able to independently determine the fair market value of the target business or businesses, the Company will obtain an opinion from an independent investment banking firm or an independent accounting firm with respect to the satisfaction of such criteria. The Company does not intend to purchase multiple businesses in unrelated industries in connection with the initial Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely at its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations plus additional deposits to extend the Combination Period).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The initial carrying value of the common stock subject to redemption is recorded at an amount equal to the proceeds of the public offering less (i) the fair value of the public warrants and less (ii) offering costs allocable to the common stock sold as part of the units in the IPO. Such initial carrying value is classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company’s amended and restated certificate of incorporation provides that in no event will it redeem the public shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 both immediately before and after the consummation of the Business Combination (so that the Company is not subject to the SEC’s “penny stock” rules). Redemptions of the Company’s public shares may also be subject to a higher net tangible asset test or cash requirement pursuant to an agreement relating to the Business Combination. For example, the Business Combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the Business Combination. In the event the aggregate cash consideration the Company would be required to pay for all shares of common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the Business Combination exceed the aggregate amount of cash available to the Company, it will not complete the Business Combination or redeem any shares, and all shares of common stock submitted for redemption will be returned to the holders thereof.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The new Sponsors, officers and directors and Representative (as defined in Note 6) have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares (as defined below) and Public Shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within the Combination Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company’s new Sponsors have agreed that they will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.46 per Public Share (subject to increase of up to an additional $75,000 per month in the event that our sponsors elect to extend the period of time to consummate a business combination as set forth in the Extension Amendment) and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.46 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its new Sponsors to reserve for such indemnification obligations, nor has the Company independently verified whether its new Sponsors have sufficient funds to satisfy its indemnity obligations and believe that the Company’s new Sponsors’ only assets are securities of the Company. Therefore, the Company cannot assure that its new Sponsors would be able to satisfy those obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 8, 2023 the Company held the Special Meeting and approved the date by which the Company must consummate a business combination, up to March 14, 2024 with approval of the board of directors and additional deposits of funds in the Trust Account. In connection with the vote on the Extension Amendment (described below) at the Special Meeting, stockholders holding a total of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230307__20230308__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQqZaS4ylnhb" title="Number of shares exercised, shares">3,960,387</span> shares of the Company’s common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20230307__20230308__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zuLa0MdD5c42" title="Number of shares exercised, value">41,077,199</span> (approximately $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20230308__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zpgIdBTqgeOi" title="Share price">10.37201</span> per share) was removed from the Company’s Trust Account to pay such holders. Following redemptions, the Company has <span id="xdx_905_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20230308__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUMmbDEMzCge" title="Shares outstanding">5,463,613</span> shares outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As disclosed by the Company in its additional materials to its proxy statement filed on March 6, 2023 with respect to the remaining funds held in the Trust Account following the Special Meeting and the related redemptions, the Company stated it plans to maintain the remaining amount in its Trust Account in an interest-bearing demand deposit account at a bank.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On April 6, 2023, Continental Stock Transfer & Trust Company established and funded a bank account with Citibank for all remaining funds from the Trust Account, post-redemption, including interest accrued in the amount of $<span id="xdx_90E_ecustom--PostRedemptionIncludingAccruedInterest_iI_pp0p0_c20230406_zVU8RyKjpHca" title="Post redemption including accrued interest">30,744,828</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On April 13, 2023, the Company issued an unsecured promissory note to the new Sponsor with a principal amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20230413__us-gaap--LongtermDebtTypeAxis__custom--ExtensionNoteMember_zsjNk5oLBH23" title="Principal amount">75,000</span> (the “Extension Note”). The Extension Note bear no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the Company’s liquidation. If the Company does not consummate an initial Business Combination by the Deadline Date, the Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On April 19, 2023 and May 12, 2023, the Company issued unsecured promissory notes to Evie Autonomous LTD with a principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20230419__us-gaap--LongtermDebtTypeAxis__custom--EVIEExtensionNoteMember_zVgsQXsBnEGe" title="Principal amount"><span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20230512__us-gaap--LongtermDebtTypeAxis__custom--EVIEExtensionNoteMember_zNT5o9oSSLak" title="Principal amount">248,325</span></span> (the “Evie Autonomous Extension Notes”). The Evie Autonomous Extension Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the Company’s liquidation. If the Company does not consummate an initial Business Combination by the Deadline Date, the Evie Autonomous Extension Notes will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">With the draw down of the funds from the Extension Note and Evie Autonomous Extension Notes and deposits totaling $<span id="xdx_901_eus-gaap--PaymentsForOtherDeposits_c20230101__20230630_zSYkhzXbAg31" title="Payments for other deposits">300,000</span> as of June 30, 2023, into the Trust Account, the Company has extended the date by which the Company must consummate a Business Combination to July 14, 2023. With additional funding of $<span id="xdx_907_ecustom--AdditionalFund_iI_c20230630_zhbgNi3HTQL3" title="Additional fund">225,000</span> to the Trust Account subsequent to June 30, 2023, and as of the filing date of this Form 10-Q, the Company has extended the date by which the Company must consummate a Business Combination to October 14, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On May 10, 2023, the Company engaged a law firm to assist with the proposed Business Combination with Evie Group. The Company has agreed to pay $<span id="xdx_906_eus-gaap--BusinessCombinationAcquisitionRelatedCosts_c20230509__20230510_zqCOco3S0mgj" title="Payment on agreement with EVIE">30,000</span> upon entering into the agreement, $<span id="xdx_90C_eus-gaap--BusinessCombinationAcquisitionRelatedCosts_c20230509__20230510__us-gaap--LongtermDebtTypeAxis__custom--EvieGroupSigningMember_zmtC2aYullk2" title="Payment on agreement with EVIE">70,000</span> upon Evie Group signing a definitive Business Combination agreement and the remaining $<span id="xdx_904_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_c20230510__us-gaap--LongtermDebtTypeAxis__custom--EvieGroupSigningMember_zpnNdDlrgs1c" title="Remaining contingent liability">500,000</span> is contingent upon the closing of the Business Combination with Evie Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On May 19, 2023, the Company entered into an Executive Retention Agreement with Mr. Davis, Chief Executive Officer and Co-Chairman of the Board of Directors, providing for an at-will employment arrangement that may be terminated by either party at any time, which provides for the payment of an annual salary of $<span id="xdx_90D_eus-gaap--SalariesWagesAndOfficersCompensation_c20230518__20230519__srt--TitleOfIndividualAxis__custom--MrDavisMember_zDsb10h1oiu9" title="Payment of annual salary">240,000</span> to Mr. Davis. Additionally, the Company entered into a letter agreement with Subash Menon, a director of the Company, for services in connection with the review and advice pertaining to the proposed acquisition of Evie Group providing for a payment in the amount of $<span id="xdx_901_ecustom--PaymentOnClosingOfBusinessCombination_c20230518__20230519__srt--TitleOfIndividualAxis__custom--SubashMenonMember_zjZstKq0QeAe" title="Payment on closing of business combination">200,000</span> upon the closing of a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Propose Business Combination</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On April 17, 2023, the Company entered into a binding letter of intent (the “Letter of Intent”) with Evie Autonomous Ltd. (“Evie”), and on May 8, 2023, Evie Autonomous Group Ltd (“Evie Group”) became a successor entity for the proposed Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">GBT Technologies Inc. is also a party to the Letter of Intent pursuant to which the Company agreed to acquire the Apollo System which is intellectual property covered by patent application (publication number 2022/0405966) filed with the US Patent and Trademark Office. This patent application describes a machine learning driven technology that controls radio wave transmissions, analyzes their reflections data, and constructs 2D/3D images of stationary and moving objects. The Apollo System is based on radio waves and can detect an entity’s moving and stationary positions, enabling imaging technology to show these movements and positions on a screen in real time. This includes an AI technology that controls the radio waves transmission and analyzes the reflections. The goal is to integrate the Apollo System as an efficient driver monitoring system, detecting impaired or distracted drivers, providing audible and visual alerts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On June 23, 2023, the Company, Evie Group, and the shareholder of the Evie Group (“Evie Group Shareholder”), entered into a Business Combination Agreement (the “Business Combination Agreement”), pursuant to which, subject to the satisfaction or waiver of certain conditions precedent in the Business Combination Agreement, the following transactions will occur: the acquisition by Bannix of all of the issued and outstanding share capital of Evie Group from the Evie Group Shareholder in exchange for the issuance of eighty-five million new shares of common stock of Bannix, $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_c20230623__us-gaap--TransactionTypeAxis__custom--BusinessCombinationAgreementMember_zl22IXsynYzk" title="Share price">0.01</span> par value per share (the “Common Stock”), pursuant to which Evie Group will become a direct wholly owned subsidiary of Bannix (the “Share Acquisition”) and (b) the other transactions contemplated by the Business Combination Agreement and the Ancillary Documents referred to therein (collectively, the “Transactions”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Representations and Warranties</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Under the Business Combination Agreement, Bannix has made customary representations and warranties to Evie Group, and the Evie Group Shareholder relating to, among other things, organization and standing, due authorization and binding agreement, governmental approvals, non-contravention, capitalization, Securities and Exchange Commission (the “SEC”) filings, financial statements, internal controls, absence of certain changes, compliance with laws, actions, orders and permits, taxes and returns, employees and employee benefit plans, properties, material contracts, transactions with related persons, the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and the Jumpstart Our Business Startups Act of 2012, finders’ and brokers’ fees, sanctions and certain business practices, private placements, insurance, no misleading information supplied, the Trust Account, acknowledgement of no further representations and warranties and receipt of a fairness opinion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Under the Business Combination Agreement, the Evie Group has made customary representations and warranties (on behalf of itself and its subsidiaries) to Bannix relating to, among other things, organization and standing, due authorization and binding agreement, capitalization, company subsidiaries, governmental approvals, non-contravention, financial statements, absence of certain changes, compliance with laws, permits, litigation, material contracts, intellectual property, taxes and returns, real property, personal property, employee matters, benefit plans, environmental matters, transactions with related persons, insurance, material customers and suppliers, data protection and cybersecurity, sanctions and certain business practices, the Investment Company Act, finders’ and brokers’ fees and no misleading information supplied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Under the Business Combination Agreement, the Evie Group Shareholder has made customary representations and warranties (with respect to itself only) to Bannix relating to, among other things, organization and standing, due authorization and binding agreement, share ownership, governmental approvals, non-contravention, litigation, certain investment representations, finders’ and brokers’ fees and no misleading information supplied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Covenants</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Business Combination Agreement includes customary covenants of the parties including, among other things, (i) the conduct of their respective business operations prior to the consummation of the transactions, (ii) using commercially reasonable efforts to obtain relevant approvals and comply with all applicable listing requirements of The Nasdaq Stock Market LLC (“NASDAQ”) in connection with the transactions and (iii) using commercially reasonable efforts to consummate the transactions and to comply as promptly as practicable with all requirements of governmental authorities applicable to the transactions. The Business Combination Agreement also contains additional covenants of the parties, including covenants providing for Bannix and Evie Group to use commercially reasonable efforts to file, and to cooperate with each other to prepare the proxy statement of Bannix.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Conditions to Closing</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The respective obligations of each party to consummate the transactions, including the Share Acquisition, are subject to the satisfaction, or written waiver (where permissible), by Evie Group and Bannix of the following conditions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● Bannix’s shareholders having approved and adopted the Shareholder Approval Matters; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● the absence of any law or governmental order, inquiry, proceeding or other action that would prohibit the transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Conditions to the Obligations of Evie Group and the Evie Group Shareholder</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The obligations of Evie Group and the Evie Group Shareholder to consummate the transactions are subject to the satisfaction, or written waiver (by Evie Group, where permissible) of the following conditions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● the representations and warranties of Bannix being true and correct as determined in accordance with the Business Combination Agreement;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● Bannix having performed in all material respects all of its obligations and complied in all material respects with all of its agreements and covenants under the Business Combination Agreement to be performed or complied with by it on or prior to the Closing Date;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● Bannix having delivered to Evie Group a certificate dated as of the Closing Date, signed by an officer of Bannix, certifying as to the satisfaction of certain conditions specified in the Business Combination Agreement;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● no Material Adverse Effect shall have occurred with respect to Bannix that is continuing and uncured;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● Bannix having made all necessary and appropriate arrangements with the trustee to have all of the funds held in the Trust Account disbursed to Bannix on the Closing Date, and all such funds released from the Trust Account be available to the surviving company;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● Bannix having provided the public holders of Bannix shares of common stock with the opportunity to make redemption elections with respect to their Bannix shares of common stock pursuant to their Redemption Rights;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● the Evie Group Shareholder receiving confirmation from HM Revenue & Customs that in respect of the transactions contemplated by this Agreement (i) no counteraction notice under section 698 Income Tax Act 2007 will be given; and (ii) the provisions of section 137 of the Taxation of Chargeable Gains Act 1992 do not apply with the result that the provisions of section 135 of that Act would not be prevented from applying; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● the Ancillary Documents required to be executed by Bannix according to the Business Combination Agreement at or prior to the Closing Date shall have been executed and delivered to Evie Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Conditions to the Obligations of Bannix</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The obligations of Bannix to consummate the transactions are subject to the satisfaction, or written waiver (by Bannix where permissible) of the following conditions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● the representations and warranties of Evie Group and the Evie Group Shareholder being true and correct as determined in accordance with the Business Combination Agreement;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● each of Evie Group and the Evie Group Shareholder having performed in all material respects all of their respective obligations and complied in all material respects with all of their respective agreements and covenants under the Business Combination Agreement to be performed or complied with by them on or prior to the Closing Date;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● Evie Group having delivered to Bannix a certificate dated as of the Closing Date, signed by the Company certifying as to the satisfaction of certain conditions specified in the Business Combination Agreement but in each case, solely with respect to themselves;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● no Material Adverse Effect shall have occurred with respect to Evie Group that is continuing and uncured; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● the Ancillary Documents required to be executed by Evie Group and the Evie Group Shareholder according to the Business Combination Agreement at or prior to the Closing Date shall have been executed and delivered to Bannix.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Termination</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Business Combination Agreement may be terminated, and the transactions may be abandoned at any time prior to the Closing Date, notwithstanding receipt of any requisite approval and adoption of the Business Combination Agreement and the transactions by the shareholders of Bannix or any party, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by mutual written consent of Bannix and Evie Group;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by either Bannix or Evie Group if any of the closing conditions set forth in the Business Combination Agreement have not been satisfied or waived by December 31, 2023; provided, however, that the Business Combination Agreement may not be terminated under such provision of the Business Combination Agreement by or on behalf of any party that either directly or indirectly through its affiliates (or with respect to Evie Group and the Evie Group Shareholder) is in breach or violation of any representation, warranty, covenant or obligation contained therein, with such breach or violation being the principal cause of the failure of a condition set forth in the Business Combination Agreement on or prior to the Outside Date;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by either Bannix or Evie Group if any governmental authority of competent jurisdiction will have issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by the Business Combination Agreement, and such order or other action has become final and non-appealable; provided, however, that the right to terminate the Business Combination Agreement pursuant to such section will not be available to a party if the failure by such party or its affiliates (or with respect to Evie Group and the Evie Group Shareholder) to comply with any provision of the Business Combination Agreement was the principal cause of such order, action or prohibition;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by Evie Group upon a breach of any representation, warranty, covenant or agreement on the part of Bannix set forth in the Business Combination Agreement, or if any representation, warranty of Bannix becomes untrue or inaccurate, in each case such that the related closing conditions contained in the Business Combination Agreement are not satisfied, subject to customary exceptions and cure rights;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by Bannix upon a breach of any warranty, covenant or agreement on the part of Evie Group and the Evie Group Shareholder set forth in the Business Combination Agreement, or if any warranty of such parties becomes untrue or inaccurate, in any case such that the related closing conditions contained in the Business Combination Agreement are not satisfied, subject to customary exceptions and cure rights;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by Evie Group if Bannix or the Bannix Securities are no longer listed on the NASDAQ or another national securities exchange; or</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify; background-color: white">● by either Bannix or Evie Group if the special meeting of shareholders is held and has concluded, Bannix shareholders have duly voted, and the Required Shareholder Approval is not obtained.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Sponsor Support Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Within thirty days after the execution of the Business Combination Agreement, Bannix, Instant Fame, and Evie Group shall enter into the sponsor letter agreement (the “Sponsor Letter Agreement”), pursuant to which Instant Fame will agree to, among other things, support and vote in favor of the Business Combination Agreement and use its reasonable best efforts to take all other actions necessary to consummate the transactions contemplated thereby, on the terms and subject to the conditions set forth in the Sponsor Letter Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Liquidity, Capital Resources, and Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of June 30, 2023, the Company had $<span id="xdx_90E_eus-gaap--Cash_c20230630_pp0p0" title="Cash">129,264</span> in cash and a working capital deficit of $<span id="xdx_907_ecustom--WorkingCaptial_c20230630_pp0p0" title="Working captial">2,319,706</span>, excluding taxes payable from the Trust Account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company’s liquidity needs through June 30, 2023, were satisfied through (1) a capital contribution from the Sponsors of $<span id="xdx_90C_eus-gaap--OtherLiabilitiesCurrent_iI_c20230630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z05fRBhYDxK" title="Due to related parties">28,750</span> for common stock (“Founder Shares”) and (2) loans from Sponsors and new Sponsors and related parties in order to pay offering costs and other working capital needs. In addition, in order to fund transaction costs in connection with a possible Business Combination, the Company’s new Sponsors, an affiliate of the new Sponsors, and/or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans. As of June 30, 2023, and December 31, 2022, there were no loans associated with the Working Capital Loans. As of June 30, 2023, the Company owed $<span id="xdx_905_eus-gaap--OtherLiabilitiesCurrent_iI_c20230630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorsNewSponsorsAndRelatedPartyMember_zf52iIECxWGi" title="Due to related parties current">1,182,850</span> to Sponsors, new Sponsors and related parties. See Note 5 for further disclosure of Sponsor, new Sponsors and related party loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Based on the foregoing, management believes that the Company may not have sufficient funds and borrowing capacity to meet its operating needs through the consummation of a Business Combination through the extended term of the Company which expires on October 14, 2023 (as extended). Over this time period, the Company will be utilizing the funds in the operating bank account to pay existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. As of the date of the filing of this report, management has indicated that it does intend to extend the term of the Company after its initial term expires.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company is within 12 months of its mandatory liquidation date as of the date of the filing of this report. In connection with the Company’s assessment of going concern considerations, the Company has until October 14, 2023 (as extended) to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by that time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company has determined that the insufficient funds to meet the operating needs of the Company through the liquidation date as well as the mandatory liquidation, should a business combination not occur, and potential subsequent dissolution raise substantial doubt about our ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">These unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Risks and Uncertainties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Management is currently evaluating the impact of the COVID-19 pandemic on the Company and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited condensed financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Consideration of Inflation Reduction Act Excise Tax</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On December 27, 2022, the Treasury published Notice 2023-2, which provided clarification on some aspects of the application of the excise tax. The notice generally provides that if a publicly traded U.S. corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax. Although such notice clarifies certain aspects of the excise tax, the interpretation and operation of aspects of the excise tax (including its application and operation with respect to SPACs) remain unclear and such interim operating rules are subject to change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Because the application of this excise tax is not entirely clear, any redemption or other repurchase effected by the Company, in connection with a Business Combination, extension vote or otherwise, may be subject to this excise tax. Because any such excise tax would be payable by the Company and not by the redeeming holders, it could cause a reduction in the value of the Company’s Class A common stock, cash available with which to effectuate a Business Combination or cash available for distribution in a subsequent liquidation. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination will depend on a number of factors, including (i) the structure of the Business Combination, (ii) the fair market value of the redemptions and repurchases in connection with the Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with the Business Combination (or any other equity issuances within the same taxable year of the Business Combination) and (iv) the content of any subsequent regulations, clarifications, and other guidance issued by the Treasury. Further, the application of the excise tax in respect of distributions pursuant to a liquidation of a publicly traded U.S. corporation is uncertain and has not been addressed by the Treasury in regulations, and it is possible that the proceeds held in the Trust Account could be used to pay any excise tax owed by the Company in the event the Company is unable to complete a Business Combination in the required time and redeem 100% of the remaining Class A common stock in accordance with the Company’s amended and restated certificate of incorporation, in which case the amount that would otherwise be received by the public stockholders in connection with the Company’s liquidation would be reduced.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Investment Company Act 1940</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Under the current rules and regulations of the SEC we are not deemed an investment company for purposes of the Investment Company Act; however, on March 30, 2022, the SEC proposed new rules (the “Proposed Rules”) relating, among other matters, to the circumstances in which SPACs such as the Company could potentially be subject to the Investment Company Act and the regulations thereunder. The Proposed Rules provide a safe harbor for companies from the definition of “investment company” under Section 3(a)(1)(A) of the Investment Company Act, provided that a SPAC satisfies certain criteria. To comply with the duration limitation of the proposed safe harbor, a SPAC would have a limited time period to announce and complete a de-SPAC transaction. Specifically, to comply with the safe harbor, the Proposed Rules would require a company to file a Current Report on Form 8-K announcing that it has entered into an agreement with a target company for an initial Business Combination no later than 18 months after the effective date of the SPAC’s registration statement for its IPO. The Company would then be required to complete its initial Business Combination no later than 24 months after the effective date of such registration statement. There is currently uncertainty concerning the applicability of the Investment Company Act to a SPAC, including this Company. Although the Company entered into a definitive Business Combination agreement within 18 months after the effective date of the registration statement relating to the IPO,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">there is a risk that the Company may not complete an initial Business Combination within 24 months of such date. As a result, it is possible that a claim could be made that the Company have been operating as an unregistered investment company. If the Company were deemed to be an investment company for purposes of the Investment Company Act, the Company may be forced to abandon its efforts to complete an initial Business Combination and instead be required to liquidate. If the Company is required to liquidate, the investors would not be able to realize the benefits of owning stock in a successor operating business, including the potential appreciation in the value of our stock and warrants following such a transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Investment Company Act defines an investment company as any issuer which (i) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; (ii) is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or (iii) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of Government securities and cash items) on an unconsolidated basis. The Company has assess its primary line of business and the value of its investment securities as compared to the value of total assets to determine whether the Company may be deemed an investment company. The longer that the funds in the Trust Account are held in money market funds, there is a greater risk that the Company may be considered an unregistered investment company. As a result, the Company has switched all funds to cash, will likely receive minimal interest, if any, on the funds held in the Trust Account after such time, which would reduce the dollar amount our public stockholders would receive upon any redemption or liquidation of our Company. Currently, the funds in the Trust Account are held in a demand deposit account and meeting certain conditions under Rule 2a-7 under the Investment Company Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>
CY2023Q2	binxu	Post Redemption Including Accrued Interest PostRedemptionIncludingAccruedInterest	30744828	usd
	us-gaap	Payments For Other Deposits PaymentsForOtherDeposits	300000	usd
CY2023Q2	binxu	Additional Fund AdditionalFund	225000	usd
CY2023Q2	us-gaap	Business Combination Acquisition Related Costs BusinessCombinationAcquisitionRelatedCosts	30000	usd
CY2023Q2	us-gaap	Cash Cash	129264	usd
CY2023Q2	binxu	Working Captial WorkingCaptial	2319706	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_840_eus-gaap--UseOfEstimates_zcECiQZMLPw" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><span id="xdx_86C_z2mI8nALNEje">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The preparation of these unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Significant estimates include assumptions made in the valuation of our Private Placement Warrants. Accordingly, the actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2023Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	0	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	0	usd
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zpVW9nDx3X1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><span id="xdx_86C_zQZ5U1MH4XHj">Concentration of Credit Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $<span id="xdx_909_eus-gaap--CashFDICInsuredAmount_iI_c20230630_zUKvlK4LNr9a" title="Federal depository insurance">250,000</span>. The Company has not experienced losses on these accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
CY2023Q2	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000	usd
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2023Q2	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2022Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2023Q2	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	7306000	shares
CY2022Q4	binxu	Private Placement Units Acquired PrivatePlacementUnitsAcquired	1453900	usd
CY2022Q4	binxu	Component Of Stockholders Equity ComponentOfStockholdersEquity	1253900	usd
	us-gaap	Temporary Equity Issue Period Increase Or Decrease TemporaryEquityIssuePeriodIncreaseOrDecrease	942346	usd
	binxu	Withdrawn Amount WithdrawnAmount	357010	usd
CY2022Q4	binxu	Common Stock Subject To Possible Redemption CommonStockSubjectToPossibleRedemption	70973384	usd
CY2023Q1	binxu	Redemption From Trust Account RedemptionFromTrustAccount	41077199	usd
CY2023Q1	binxu	Remeasurement Of Shares Subject To Redemption RemeasurementOfSharesSubjectToRedemption	497072	usd
CY2023Q1	binxu	Common Stock Subject To Possible Redemption CommonStockSubjectToPossibleRedemption	30393257	usd
CY2023Q2	binxu	Remeasurement Of Shares Subject To Redemption RemeasurementOfSharesSubjectToRedemption	445274	usd
CY2023Q2	binxu	Common Stock Subject To Possible Redemption CommonStockSubjectToPossibleRedemption	30838531	usd
CY2023Q2	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	0	usd
CY2022Q4	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	0	usd
CY2023Q2	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	7306000	shares
CY2022Q4	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	7306000	shares
CY2023Q2	us-gaap	Net Income Loss NetIncomeLoss	-239409	usd
CY2022Q2	us-gaap	Net Income Loss NetIncomeLoss	-146322	usd
	us-gaap	Net Income Loss NetIncomeLoss	-50696	usd
	us-gaap	Net Income Loss NetIncomeLoss	-236066	usd
CY2023Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	5463613	shares
CY2023Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	5463613	shares
CY2022Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	9424000	shares
CY2022Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	9424000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	6929613	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	6929613	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	9424000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	9424000	shares
CY2023Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.04
CY2023Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.04
CY2022Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.02
CY2022Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.02
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.01
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.01
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.03
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.03
CY2023Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	-0.556	pure
CY2022Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.000	pure
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	1.235	pure
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.000	pure
CY2023Q2	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2022Q2	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2021Q3	us-gaap	Shares Issued Price Per Share SharesIssuedPricePerShare	7.48
CY2021Q3	binxu	Aggregate Value AggregateValue	972400	usd
CY2021Q3	binxu	Founder Shares FounderShares	130000	shares
	us-gaap	Share Based Compensation ShareBasedCompensation	972400	usd
	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	2460000	usd
CY2022Q4	binxu	Private Placement Units Acquired PrivatePlacementUnitsAcquired	1453900	usd
CY2022Q4	binxu	Component Of Stockholders Equity ComponentOfStockholdersEquity	1253900	usd
CY2022Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2023Q2	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	6901113	shares
CY2023Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	2524000	shares
CY2022Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	2524000	shares
CY2023Q2	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	2939613	shares
CY2022Q4	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	6900000	shares
CY2023Q2	us-gaap	Long Term Debt Current LongTermDebtCurrent	0	usd
CY2022Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	0	usd
CY2023Q2	binxu	Due To Related Party Current DueToRelatedPartyCurrent	1182850	usd
CY2022Q4	binxu	Due To Related Party Current DueToRelatedPartyCurrent	1002850	usd
CY2023Q2	binxu	Due To Related Party Current DueToRelatedPartyCurrent	1182850	usd
CY2022Q4	binxu	Due To Related Party Current DueToRelatedPartyCurrent	1002850	usd
CY2023Q2	binxu	Promissory Notes Outstanding PromissoryNotesOutstanding	840000	usd
CY2022Q4	binxu	Promissory Notes Outstanding PromissoryNotesOutstanding	690000	usd
	us-gaap	Payment For Administrative Fees PaymentForAdministrativeFees	15000	usd
CY2022	us-gaap	Payment For Administrative Fees PaymentForAdministrativeFees	30000	usd
CY2023Q2	binxu	Deferred Underwriters Discount DeferredUnderwritersDiscount	225000	usd
CY2023Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2023Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2022Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2023Q2	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2023Q2	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2023Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2022Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2023Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2023Q2	us-gaap	Share Price SharePrice	9.20
CY2023Q2	binxu	Business Acquisitions Share Price BusinessAcquisitionsSharePrice	9.20
CY2023Q2	binxu	Redemption Price RedemptionPrice	18.00
CY2023Q2	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	0.01
CY2023Q2	us-gaap	Sale Of Stock Price Per Share SaleOfStockPricePerShare	18.00

Files In Submission

Name	View Source	Status
0001731122-23-001794-index-headers.html	Edgar Link	pending
0001731122-23-001794-index.html	Edgar Link	pending
0001731122-23-001794.txt	Edgar Link	pending
0001731122-23-001794-xbrl.zip	Edgar Link	pending
binxu-20230630.xsd	Edgar Link	pending
e5078_10-q.htm	Edgar Link	pending
e5078_ex31-1.htm	Edgar Link	pending
e5078_ex32-1.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
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R18.htm	Edgar Link	pending
R19.htm	Edgar Link	pending
R2.htm	Edgar Link	pending
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R27.htm	Edgar Link	pending
R28.htm	Edgar Link	pending
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R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
binxu-20230630_cal.xml	Edgar Link	unprocessable
binxu-20230630_def.xml	Edgar Link	unprocessable
binxu-20230630_pre.xml	Edgar Link	unprocessable
binxu-20230630_lab.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable
e5078_10-q_htm.xml	Edgar Link	completed

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$BNIX
Bannix Acquisition Corp. Stock $bnix

2023 Q4 Form 10-Q Financial Statement

#000173112223001794 Filed on October 04, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$BNIX Bannix Acquisition Corp. Stock $bnix

2023 Q4 Form 10-Q Financial Statement

#000173112223001794 Filed on October 04, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$BNIX
Bannix Acquisition Corp. Stock $bnix