$HWH
HWH International Inc.

2022 Q2 Form 10-Q Financial Statement

#000149315222019170 Filed on July 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $128.8K $45.87K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $128.8K $45.87K $5.000K
YoY Change
Operating Profit
YoY Change
Interest Expense $66.85K $360.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $66.85K $364.00
YoY Change
Pretax Income -$61.97K -$45.51K -$5.000K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$61.97K -$45.51K -$5.000K
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$5.506K -$4.044K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.620M $1.709M
YoY Change
Cash & Equivalents $1.620M $1.709M $50.00K
Short-Term Investments
Other Short-Term Assets $36.31K $49.95K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.656M $1.759M $135.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $87.18M $87.11M
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $87.18M $87.11M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.656M $1.759M $135.0K
Total Long-Term Assets $87.18M $87.11M $0.00
Total Assets $88.84M $88.87M $135.0K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.4K $94.81K
YoY Change
Accrued Expenses $15.00K $15.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $136.4K $109.8K $115.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.019M $3.019M
YoY Change
Total Long-Term Liabilities $3.019M $3.019M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $136.4K $109.8K $115.0K
Total Long-Term Liabilities $3.019M $3.019M
Total Liabilities $3.155M $3.129M $115.0K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.432M -$5.000K
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.432M -$1.370M $20.00K
YoY Change
Total Liabilities & Shareholders Equity $88.84M $88.87M $135.0K
YoY Change

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$61.97K -$45.51K -$5.000K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$88.63K $8.990K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$87.11M
YoY Change
Cash From Investing Activities $0.00 -$87.11M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 88.76M $50.00K
YoY Change
NET CHANGE
Cash From Operating Activities -88.63K 8.990K
Cash From Investing Activities 0.000 -87.11M
Cash From Financing Activities 0.000 88.76M $50.00K
Net Change In Cash -88.63K 1.659M $50.00K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$88.63K $8.990K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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ALSET CAPITAL ACQUISITION CORP.
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<p id="xdx_80C_eus-gaap--NatureOfOperations_zZevLwEXbJv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 — <span id="xdx_822_zsfU07TcTLn7">DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alset Capital Acquisition Corp. (the “Company”) was incorporated in Delaware on October 20, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of May 31, 2022, the Company has not commenced any operations. All activity for the period from October 20, 2021 (inception) through May 31, 2022 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. 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 from the proceeds derived from the Initial Public Offering. The Company has selected November 30 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registration statement for the Company’s Initial Public Offering was declared effective on January 31, 2022. On February 3, 2022, the Company consummated the Initial Public Offering of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20220201__20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRPdAuHEf6Eg" title="Stock issued during period shares new issues">8,625,000</span> units (“Units” and, with respect to the shares of common stock included in the Units being offered, the “Public Shares”), generating gross proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20220201__20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zozQRov0Fpsg" title="Proceeds from issuance initial public offering">86,250,000</span>, which includes the full exercise of the underwriters’ option to purchase an additional <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220201__20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zZzsr580EiMh" title="Stock issued during period shares new issues">1,125,000</span> Units generating additional gross proceeds to the Company of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20220201__20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z3r1id8Jhvh7" title="Proceeds from issuance initial public offering">11,250,000</span>, which is described in Note 3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20220201__20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--AlsetAcquisitionSponsorLLCMember_z9zkgqLINIu1" title="Stock issued during period shares new issues">473,750</span> units (the “Private Placement Units”) at a price of $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--AlsetAcquisitionSponsorLLCMember_z5L1H5OijDOc" title="Shares issued price per share">10.00</span> per Private Placement Unit in private placement to Alset Acquisition Sponsor, LLC (the “Sponsor”) generating gross proceeds to the Company in the amount of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220201__20220203__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--AlsetAcquisitionSponsorLLCMember_zECyhEB5MHF4" title="Proceeds from issuance initial public offering">4,737,500</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least <span id="xdx_90E_ecustom--PercentageOfAggregateFairMarketValueOfAsset_iI_dp_uPure_c20220531_zmc73sEsVjSe" title="Aggregate market fair value percentage">80</span>% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account). <span id="xdx_90B_eus-gaap--SaleOfStockDescriptionOfTransaction_c20211201__20220531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zo3ekFqoavNb" title="Description on sale of stock">The Company will only complete a 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 business 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”). Upon the closing of the Initial Public Offering, management has agreed that an amount equal to at least $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20220531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--RangeAxis__srt--MinimumMember_ziakqvcIh4W6" title="Shares issued price per share">10.10</span> per Unit sold in the Initial Public Offering, including proceeds from the Private Placement Units, will be held in a trust account (“Trust Account”)</span>, located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of <span id="xdx_90B_ecustom--TermOfRestrictedInvestments_dtD_c20220530__20220531_zDfyRw5ZM4S4" title="Term of restricted investments">185</span> days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20220531_zEm9SUX3p1K7" title="Shares issued price per share">10.10</span> per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “<i>Distinguishing Liabilities from Equity</i>.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s Certificate of Incorporation. In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and its guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares will be issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A common stock classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. The Class A common stock is subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes immediately. The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). The Public Shares are redeemable and will be classified as such on the balance sheet until such date that a redemption event takes place. Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $<span id="xdx_906_ecustom--MinimumNetTangibleAssetsRequiredToRedeemPublicShare_iI_c20220531__srt--RangeAxis__srt--MinimumMember_zLRhEDCzXk5f" title="Minimum net tangible assets required to redeem public share">5,000,001</span> (so that it does not then become subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to the Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the outstanding shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its second amended and restated certificate of incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of <span id="xdx_902_ecustom--AggregatePercentageOfPublicShares_pid_dp_uPure_c20220530__20220531_zgQDfCHKXlS3" title="Aggregate percentage of public shares">15</span>% of the Public Shares, without the prior consent of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the Founder Shares have agreed (a) to waive their redemption rights with respect to the Founder Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem <span id="xdx_906_ecustom--BusinessCombinationPercentageOfPublicShare_pid_dp_uPure_c20211201__20220531_zoQS5i9ypX02" title="Percentage of public share">100</span>% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company has not completed a Business Combination within 12 months from the closing of Initial Public Offering (or 15 months if we have filed a proxy statement, registration statement or similar filing for an initial Business Combination within 12 months from the consummation of Initial Public Offering but have not completed the initial Business Combination within such 12-month period, or up to 21 months if we extend the period of time to consummate a Business Combination, at the election of the Company by two separate three month extensions, subject to satisfaction of certain conditions, including the deposit of up to $<span id="xdx_909_eus-gaap--Deposits_iI_c20220531_z74hzSp34Vp3" title="Deposits">862,500</span> ($<span id="xdx_90D_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20220531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zt5mVrUJ6X85" title="Share price">0.10</span> per unit in either case) for each three month extension, into the trust account, or as extended by the Company’s stockholders in accordance with our amended and restated certificate of incorporation), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to pay taxes (less up to $<span id="xdx_902_ecustom--InterestOnDissolutionExpenses_pp0p0_c20211201__20220531_zmjljbYJgWl1" title="Interest on dissolution expenses">100,000</span> of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the Founders Shares have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the holders of Founder Shares acquire Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($<span id="xdx_901_ecustom--PerShareAmountToBeMaintainedInTheTrustAccount_iI_pid_uUSDPShares_c20220531__srt--RangeAxis__srt--MaximumMember_z6zPJRnnyNf5" title="Per share amount to be maintained in the trust account">10.00</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $<span id="xdx_900_ecustom--PerShareAmountToBeMaintainedInTheTrustAccount_iI_c20220531__srt--RangeAxis__srt--MaximumMember_zmJ36IWIqer7" title="Per share amount to be maintained in the trust account">10.00</span> per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $<span id="xdx_90D_ecustom--PerShareAmountToBeMaintainedInTheTrustAccount_iI_c20220531__srt--RangeAxis__srt--MaximumMember_zUZxnKCLgRJf" title="Per share amount to be maintained in the trust account">10.00</span> per Public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern and Management’s Plan</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial business combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial business combination target. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern” the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may raise additional capital through loans or additional investments from the Sponsor or its stockholders, officers, directors, or third parties. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through the earlier of consummation of a Business Combination or the deadline to complete a Business Combination pursuant to the Company’s Amended and Restated Certificate of Incorporation (unless otherwise amended by shareholders).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the economic effects of the pandemic 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 financial statements. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 ACAXU Percentage Of Aggregate Fair Market Value Of Asset
PercentageOfAggregateFairMarketValueOfAsset
0.80 pure
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
88836038 usd
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
135000 usd
CY2022Q2 ACAXU Administration Fee Related Party
AdministrationFeeRelatedParty
30000 usd
ACAXU Administration Fee Related Party
AdministrationFeeRelatedParty
40000 usd
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
98821 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
134695 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
128821 usd
us-gaap Operating Expenses
OperatingExpenses
174695 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2200348 usd
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
66849 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
67213 usd
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
66849 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
67213 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-61972 usd
us-gaap Net Income Loss
NetIncomeLoss
-107482 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
20000 usd
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
86250000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
-3018750 usd
CY2022Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
4737500 usd
CY2022Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
-87112500 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-45510 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-1369608 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-61972 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-1431580 usd
us-gaap Net Income Loss
NetIncomeLoss
-107482 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
67213 usd
ACAXU Formation And Organization Costs Paid By Related Parties
FormationAndOrganizationCostsPaidByRelatedParties
5000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
36314 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
126368 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-79641 usd
us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
87112500 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-87112500 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
84525000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
4737500 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
211153 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
289195 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
88762152 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1570011 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1620011 usd
ACAXU Deferred Underwriters Commissions Charged To Temporary Equity In Connection With Initial Public Offering
DeferredUnderwritersCommissionsChargedToTemporaryEquityInConnectionWithInitialPublicOffering
3018750 usd
ACAXU Class Common Stock Measurement Adjustment
ClassCommonStockMeasurementAdjustment
1319361 usd
ACAXU Initial Classification Of Class Common Stock Subject To Redemption
InitialClassificationOfClassCommonStockSubjectToRedemption
87112500 usd
CY2022Q2 ACAXU Term Of Restricted Investments
TermOfRestrictedInvestments
P185D
CY2022Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.10
CY2022Q2 ACAXU Aggregate Percentage Of Public Shares
AggregatePercentageOfPublicShares
0.15 pure
ACAXU Business Combination Percentage Of Public Share
BusinessCombinationPercentageOfPublicShare
1 pure
CY2022Q2 us-gaap Deposits
Deposits
862500 usd
ACAXU Interest On Dissolution Expenses
InterestOnDissolutionExpenses
100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zTtednRyLRTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_ztk5gjmLLme9">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the financial statements in conformity with US GAAP requires the Company’s 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 balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. 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 balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash
Cash
1620011 usd
CY2021Q4 us-gaap Cash
Cash
50000 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 ACAXU Investment Held In Treasury
InvestmentHeldInTreasury
87200000 usd
CY2022Q2 ACAXU Underwriter Discount
UnderwriterDiscount
4743750 usd
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
87112500 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zOtLWRfdXGYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zO4IxlRdnrFi">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
75000 usd
CY2022Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
40000 usd
CY2022Q2 us-gaap Share Price
SharePrice
10.00
CY2022Q2 ACAXU Working Capital Loans
WorkingCapitalLoans
0 usd
CY2021Q4 ACAXU Working Capital Loans
WorkingCapitalLoans
0 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01

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