$MLGO
MicroAlgo Inc. Stock $mlgo

$mlgo Overview Financials Valuation SEC Filings Company Website

2022 Q4 Form 10-Q Financial Statement

#000182912622019444 Filed on November 21, 2022

Income Statement

Concept	2022 Q4	2022 Q3	2021 Q3
Revenue	$619.2M	$0.00	$0.00
YoY Change
Cost Of Revenue	$484.5M
YoY Change
Gross Profit	$134.7M	$433.3K	-$333.6K
YoY Change		-229.88%
Gross Profit Margin	21.75%
Selling, General & Admin	$40.50M
YoY Change
% of Gross Profit	30.07%
Research & Development	$99.00M
YoY Change
% of Gross Profit	73.5%
Depreciation & Amortization	$9.250M
YoY Change	-3.64%
% of Gross Profit	6.87%
Operating Expenses	$137.0M	$100.1K	$334.3K
YoY Change	89325.59%	-70.07%	601.81%
Operating Profit	-$2.300M	$333.3K	-$668.0K
YoY Change		-149.89%
Interest Expense	-$3.000M	$533.4K	$710.00
YoY Change	15590.38%	75023.94%
% of Operating Profit		160.05%
Other Income/Expense, Net	$2.247M	$533.4K	$714.00
YoY Change		74602.8%
Pretax Income	-$54.90M	$433.3K	-$333.6K
YoY Change	31759.33%	-229.88%	600.31%
Income Tax	-$4.000M
% Of Pretax Income
Net Earnings	-$51.20M	$433.3K	-$333.6K
YoY Change	29612.16%	-229.88%	600.31%
Net Earnings / Revenue	-8.27%
Basic Earnings Per Share
Diluted Earnings Per Share	-$1.28	$71.62K	-$55.15K
COMMON SHARES
Basic Shares Outstanding	6.050M shares	6.050M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2022 Q4	2022 Q3	2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$294.8M	$18.24K	$2.640K
YoY Change	918566.25%	590.91%	-86.8%
Cash & Equivalents	$42.75M	$18.24K	$2.643K
Short-Term Investments
Other Short-Term Assets	$65.30M	$14.88K	$41.87K
YoY Change	390450.24%	-64.46%	318.7%
Inventory	$130.5K
Prepaid Expenses	$3.723M	$14.88K
Receivables	$2.602M
Other Receivables	$1.900M
Total Short-Term Assets	$55.21M	$33.11K	$44.51K
YoY Change	113020.36%	-25.61%	122.55%
LONG-TERM ASSETS
Property, Plant & Equipment	$145.3K
YoY Change	97.62%
Goodwill	$15.26M
YoY Change	-30.47%
Intangibles
YoY Change
Long-Term Investments	$172.3K	$48.13M	$46.47M
YoY Change	-99.63%	3.59%
Other Assets	$16.73M	$220.00	$220.00
YoY Change	7604790.45%	0.0%	-99.83%
Total Long-Term Assets	$16.88M	$48.14M	$46.47M
YoY Change	-63.68%	3.59%	33091.8%
TOTAL ASSETS
Total Short-Term Assets	$55.21M	$33.11K	$44.51K
Total Long-Term Assets	$16.88M	$48.14M	$46.47M
Total Assets	$72.09M	$48.17M	$46.51M
YoY Change	54.96%	3.56%	28970.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$14.10M
YoY Change
Accrued Expenses	$1.000M	$76.06K	$76.06K
YoY Change	968.83%	0.0%	660.6%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$2.113M	$233.4K
YoY Change	-100.0%	805.42%	55.61%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$4.803M	$2.189M	$309.5K
YoY Change	928.62%	607.47%	62.88%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$200.0K	$1.160M	$1.540M
YoY Change	-87.18%	-24.68%
Total Long-Term Liabilities	$200.0K	$1.160M	$1.540M
YoY Change	-87.18%	-24.68%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.803M	$2.189M	$309.5K
Total Long-Term Liabilities	$200.0K	$1.160M	$1.540M
Total Liabilities	$5.075M	$3.349M	$1.849M
YoY Change	150.39%	81.1%	873.41%
SHAREHOLDERS EQUITY
Retained Earnings	$19.14M	-$3.409M
YoY Change	-1067.05%
Common Stock	$43.86K	$1.450K
YoY Change	2924.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$66.76M	-$3.316M	$44.66M
YoY Change
Total Liabilities & Shareholders Equity	$72.09M	$48.17M	$46.51M
YoY Change	54.96%	3.56%	28970.64%

Cashflow Statement

Concept	2022 Q4	2022 Q3	2021 Q3
OPERATING ACTIVITIES
Net Income	-$51.20M	$433.3K	-$333.6K
YoY Change	29612.16%	-229.88%	600.31%
Depreciation, Depletion And Amortization	$9.250M
YoY Change	-3.64%
Cash From Operating Activities	$15.63M	-$82.66K	-$260.4K
YoY Change	-13853.96%	-68.26%	551.1%
INVESTING ACTIVITIES
Capital Expenditures	$1.080M
YoY Change	365.52%
Acquisitions
YoY Change
Other Investing Activities	$28.79M	-$1.380M	-$3.080K
YoY Change	934640.26%	44705.19%
Cash From Investing Activities	$27.71M	-$1.380M	-$3.080K
YoY Change	899575.32%	44705.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-27.79M	1.470M	232.5K
YoY Change	-19950.0%	532.26%	-162.84%
NET CHANGE
Cash From Operating Activities	15.63M	-82.66K	-260.4K
Cash From Investing Activities	27.71M	-1.380M	-3.080K
Cash From Financing Activities	-27.79M	1.470M	232.5K
Net Change In Cash	15.55M	7.340K	-31.02K
YoY Change	52719.29%	-123.66%	-92.43%
FREE CASH FLOW
Cash From Operating Activities	$15.63M	-$82.66K	-$260.4K
Capital Expenditures	$1.080M
Free Cash Flow	$14.55M
YoY Change	-4309.58%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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	dei	Entity File Number EntityFileNumber	001-40024
	dei	Entity Registrant Name EntityRegistrantName	VENUS ACQUISITION CORPORATION
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	E9
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	00-0000000
	dei	Entity Address Address Line1 EntityAddressAddressLine1	477 Madison Avenue
	dei	Entity Address Address Line2 EntityAddressAddressLine2	6th Floor
	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
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	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	91646	usd
	us-gaap	Net Income Loss NetIncomeLoss	235888	usd
CY2022Q3	us-gaap	Stockholders Equity StockholdersEquity	-3316141	usd
CY2020Q4	us-gaap	Stockholders Equity StockholdersEquity	-103662	usd
	vena	Sale Of Units In Initial Public Offering SaleOfUnitsInInitialPublicOffering	43537233	usd
	vena	Fair Value Of Underwriters Unit Purchase Option FairValueOfUnderwritersUnitPurchaseOption	75	usd
	vena	Sale Of Ordinary Shares Value Founder In Private Placement SaleOfOrdinarySharesValueFounderInPrivatePlacement	1870000	usd
	vena	Initial Classification Of Ordinary Shares Subject To Possible Redemption Amount InitialClassificationOfOrdinarySharesSubjectToPossibleRedemptionAmount	-45249794	usd
	vena	Allocation Of Offering Costs To Common Stock Subject To Redemption AllocationOfOfferingCostsToCommonStockSubjectToRedemption	2422602	usd
	vena	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	-3632808	usd
	us-gaap	Net Income Loss NetIncomeLoss	-640090	usd
CY2021Q3	us-gaap	Stockholders Equity StockholdersEquity	-1796444	usd
	us-gaap	Profit Loss ProfitLoss	235888	usd
	us-gaap	Profit Loss ProfitLoss	-640090	usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest	194110	usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest	1802	usd
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-400000	usd
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	10000	usd
	us-gaap	Repayments Of Notes Payable RepaymentsOfNotesPayable	228483	usd
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-1870	usd
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	38786	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-17500	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	36086	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-373852	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-634592	usd
	vena	Payments For Investment Of Cash In Trust Account PaymentsForInvestmentOfCashInTrustAccount	1379997	usd
	vena	Payments For Investment Of Cash In Trust Account PaymentsForInvestmentOfCashInTrustAccount	46466500	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-1379997	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-46466500	usd
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	75	usd
	us-gaap	Proceeds From Issuance Initial Public Offering ProceedsFromIssuanceInitialPublicOffering	44875234	usd
	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement	2250000	usd
	us-gaap	Proceeds From Repayments Of Related Party Debt ProceedsFromRepaymentsOfRelatedPartyDebt	360000	usd
	us-gaap	Proceeds From Repayments Of Related Party Debt ProceedsFromRepaymentsOfRelatedPartyDebt	206670	usd
	us-gaap	Proceeds From Notes Payable ProceedsFromNotesPayable	1379997	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	1739997	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	47103496	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-13852	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	2404	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	32090	usd
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	239	usd
CY2022Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	18238	usd
CY2021Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2643	usd
	vena	Initial Classification Of Ordinary Shares Subject To Possible Redemption InitialClassificationOfOrdinarySharesSubjectToPossibleRedemption	45249794	usd
	vena	Allocation Of Offering Costs To Ordinary Shares Subject To Possible Redemption AllocationOfOfferingCostsToOrdinarySharesSubjectToPossibleRedemption	2422602	usd
	vena	Accretion Of Carrying Value To Redemption AccretionOfCarryingValueToRedemption	-1665725	usd
	vena	Accretion Of Carrying Value To Redemption AccretionOfCarryingValueToRedemption	-3602808	usd
	vena	Deferred Underwriting Fee Payable DeferredUnderwritingFeePayable	1150000	usd
	vena	Initial Recognition Of Warrant Liabilities InitialRecognitionOfWarrantLiabilities	380000	usd
	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_809_eus-gaap--NatureOfOperations_zaVWXhUGGIo9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_824_zyoVofyox2Jl">ORGANIZATION AND BUSINESS BACKGROUND</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.05pt; text-align: justify; text-indent: -26.05pt"><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">Venus Acquisition Corporation (“Venus” or the “Company”) is a blank check company incorporated in the Cayman Islands on May 14, 2018. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 10, 2021, the Company, VIYI Algorithm Inc., a Cayman Islands exempted company (“VIYI”), Venus Merger Sub Corp., a Cayman Islands exempted company and wholly-owned subsidiary of the Company (the “Merger Sub”) and WiMi Hologram Cloud Inc., a Cayman Islands company and the legal and beneficial owner of a majority of the issued and outstanding voting securities of VIYI (“Majority Shareholder”), entered into a Merger Agreement (the “Merger Agreement”). Venus Merger Sub Corp. is a company incorporated in the Cayman Islands for the purpose of effecting the Business Combination and to serve as the vehicle for, and be subsumed by, VIYI Algorithm Inc., pursuant to the terms of the Merger Agreement Merger Sub is wholly owned by Venus. See the further description below regarding the proposed business combination with VIYI.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an early stage and an 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"><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">All activities through September 30, 2022 relate to the Company’s formation, completion of its initial public offering (the “Initial Public Offering”) which occurred on February 11, 2021 and negotiation and consummation of the proposed Business Combination with VIYI. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering, which proceeds are held in trust.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Financing</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registration statement for the Company’s Initial Public Offering became effective on February 8, 2021. On February 11, 2021, the Company consummated the Initial Public Offering of <span id="xdx_90B_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20210111__20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of Units, net of underwriting discounts (in shares)">4,600,000</span> units (the “Public Units”), which includes the full exercise by the underwriter of its over-allotment option in the amount of <span id="xdx_90C_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20210111__20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_pdd" title="Sale of Units, net of underwriting discounts (in shares)">600,000</span> Public Units, at $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_c20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Purchase price, per unit">10.00</span> per Public Unit, generating gross proceeds of $<span id="xdx_905_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20210111__20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Sale of units in initial public offering aggragate amount">46,000,000</span> which is described in Note 3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of, <span id="xdx_909_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20210111__20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Sale of Units, net of underwriting discounts (in shares)">225,000</span> units (the “Private Units”) at a price of $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_c20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Purchase price, per unit">10.00</span> per Private Unit in a private placement to Yolanda Management Corporation (the “Sponsor”), generating gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20210111__20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0" title="Proceeds from Initial Public Offering">2,250,000</span>, which is described in Note 4.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction costs amounted to $<span id="xdx_902_ecustom--TransactionCosts_c20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Transaction Costs">2,462,767</span>, consisting of $<span id="xdx_90C_ecustom--SaleOfStockUnderwritingFees_c20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Underwriting fees">805,000</span> of underwriting fees, $<span id="xdx_909_ecustom--DeferredOfferingCostsNoncurrent_c20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Deferred underwriting fee payable">1,150,000</span> of deferred underwriting fees and $<span id="xdx_907_ecustom--SaleOfStockOtherOfferingCosts_c20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Other offering costs">507,767</span> of other offering costs.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Trust Account</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering on February 11, 2021, the aggregate amount of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20210111__20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Proceeds from Initial Public Offering">46,460,000</span> ($<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_c20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Price per share">10.10</span> per Public Unit) was placed in a trust account (the “Trust Account”) with Wilmington Trust, National Association acting as trustee. The funds held in the Trust Account can be 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 185 days or less, or in any open-ended investment company that holds itself out as a money market fund 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 in the Trust Account to the Company’s shareholders, as described below, except that interest earned on the Trust Account can be released to the Company to pay its tax obligations. At closing of the Initial Public Offering, the sum of $<span id="xdx_90F_ecustom--WorkingCapitalFunds_c20210211__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pp0p0" title="Working Capital funds">418,430</span> was released to the Company to fund its working capital needs.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Business Combination</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"><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 sale of the Private Units, although substantially all of the net proceeds are held in trust and are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least <span id="xdx_906_ecustom--PercentageOfAssetHeldInTrustAccount_dp_c20220101__20220930_zql83qEJSlpl" title="Percentage of asset held in trust account">80</span>% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires <span id="xdx_90B_ecustom--BusinessCombinationPercentageOfVotingSecurities_iI_dp_c20220930_z9iWN9fQAjg9" title="Business combination, percentage of voting securities">50</span>% 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”). There is no assurance that the Company will be able to successfully effect a Business Combination.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with an Initial Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $<span id="xdx_900_eus-gaap--BusinessCombinationContingentConsiderationAsset_c20220930_pp0p0" title="Business Combination, minimum amount of net tangible assets">5,000,001</span> upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder 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 seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated memorandum and articles of association, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.10 per Public Share, subject to increase of up to an additional $<span id="xdx_90F_ecustom--AggregateProceedsHeldInTrustAccountPerPublicShare_c20220101__20220930_pdd" title="Per public share">0.30</span> per Public Share in the event that the Sponsor elects to extend the period of time to consummate a Business Combination (see below), 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). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s rights or warrants. The ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor and any of the Company’s officers or directors that may hold Founder Shares (as defined in Note 6) (the “shareholders”) and the underwriters will agree (a) to vote their Founder Shares, the ordinary shares included in the Private Units (the “Private Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s amended and restated memorandum and articles of association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares) and Private Shares into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the amended and restated Memorandum and Articles of Association relating to shareholders’ rights of pre-Business Combination activity and (d) that the Founder Shares and Private Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the shareholders will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 10, 2021, the Company entered into the Merger Agreement, which provides for a Business Combination between Venus and VIYI Algorithm Inc. Pursuant to the Merger Agreement, the Business Combination will be effected as a stock transaction and is intended to be qualified as a tax-free reorganization. The Merger Agreement is by and among Venus, Merger Sub, VIYI, and WiMi Hologram Cloud Inc, a Cayman Islands limited liability company as the representative of VIYI’s shareholders. The aggregate consideration for the Acquisition Merger is $<span id="xdx_909_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_c20210601__20210610__us-gaap--StatementEquityComponentsAxis__custom--MergerSubCommonStockMember_pp0p0" title="Aggregate of acquisition amount">400,000,000</span>, payable in the form of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210601__20210610__us-gaap--StatementEquityComponentsAxis__custom--MergerSubCommonStockMember_pdd" title="Aggregate of shares">39,600,000</span> newly issued ordinary shares of Merger Sub (“Merger Sub Ordinary Share”) valued at $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_c20210610__us-gaap--StatementEquityComponentsAxis__custom--MergerSubCommonStockMember_pdd" title="Price per share">10.10</span> per share.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the closing of the Business Combination, the former Venus shareholders will receive the consideration specified below and the former VIYI shareholders will receive an aggregate of <span id="xdx_90A_eus-gaap--SharesIssued_c20210610__us-gaap--StatementEquityComponentsAxis__custom--MergerSubCommonStockMember_pdd" title="Issuance of shares">39,600,000</span> shares of Merger Sub Ordinary Share.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will be seeking approval from its shareholders of the proposed Business Combination and Merger with VIYI. The Company has filed a Preliminary Proxy Statement on Schedule 14A with the SEC regarding the terms and conditions of the proposed Merger with VIYI and other matters. The Preliminary Proxy Statement was completed review by the SEC, and the Company will provide its shareholders with definitive materials to consider in connection with the solicitation for approval of the Merger with VIYI and other matters as described in the Proxy Statement.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 11, 2022, March 11, 2022, April 11, 2022, May 11, 2022, June 11, 2022, July 11, 2022, August 11, 2022, September 11, 2022 and October 11, 2022, the Company issued an unsecured promissory note, each in an amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20221011__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20220211__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_c20220311__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20220411__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20220511__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20220611__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_c20220711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_c20220811__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20220911__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20221011__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount"><span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20221111__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_pp0p0" title="Note amount">153,333</span></span></span></span></span></span></span></span></span></span></span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the Sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination. On November 10, the Company issued an unsecured promissory note in the amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20221110__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JoyousJDLimitedMember_pp0p0" title="Note amount">500,000</span> to Joyous JD Limited and Joyous JD deposited extension fee to the trust account to extend the available time to complete the business combination to December 11, 2022. However, if the Company anticipates that it may not be able to consummate a Business Combination within 12 months (including the proposed Business combination with VIYI), the Company may extend the period of time to consummate a Business Combination up to nine times, each by an additional month (for a total of 21 months to complete a Business Combination (the “Combination Period”). On November 10, 2022, an extraordinary shareholder meeting was held and the proposal to extend the time to consummate a Business Combination of the Company to December 11, 2022 was approved by shareholders. In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $<span id="xdx_901_ecustom--InvestmentOfProceedsInTrustAccount_pp0p0_c20220101__20220930_zAC72e832d41">153,333 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(approximately $<span id="xdx_90E_ecustom--InvestmentOfProceedsInTrustAccountPerShares_c20220101__20220930_pdd">0.033 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per Public Share), on or prior to the date of the applicable deadline, for each one month extension. Any funds which may be provided to extend the time frame will be in the form of a loan to us from our sponsor. For the extensions that we have made, the loans are interest free and will not be repaid unless and until we complete a business combination. For the extensions that may be made in the future, the final and definitive terms of the loan in connection with any such loans have not yet been negotiated, but any such loan would be interest free and not repaid unless and until we complete a business combination.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of these unaudited condensed consolidated financial statements, the Company has extended the period of time to consummate a business combination six times by an additional one month each time (for a total of up to 6 months from the consummation of the Public Offering to complete a business combination). The insiders have received non-interest bearing, unsecured promissory notes equal to the amount of any such deposits (i.e., $153,333 for each of the six extensions since February 2022). Such notes would either be paid upon consummation of its initial business combination, or, at the lender’s discretion, converted upon consummation of its business combination into additional Private Units at a price of $10.00 per unit.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On each of February 11, 2022, March 11, 2022, April 11, 2022, May 11, 2022, June 11, 2022, July 11, 2022, August 11, 2022, September 11, 2022, October 11, 2022 and November 11, 2022, the Company issued an unsecured promissory note in an amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220211__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zaq2tTz9F87" title="Note amount"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220311__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zDvVeBpVmXUk" title="Note amount"><span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220411__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zzX3sHYfxOPf" title="Note amount"><span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220511__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zIuOxApE84Kh" title="Note amount"><span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220611__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zuDL6RanCWnj" title="Note amount"><span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220711__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zCeTcv54TSjg" title="Note amount"><span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220811__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_z8egDSOaraO5" title="Note amount"><span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220911__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zxWpDqAMxl4k" title="Note amount"><span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20221011__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zgvV4dzdb0mk" title="Note amount"><span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20221111__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zT64DGZ7If37">153,333</span></span></span></span></span></span></span></span></span></span> to the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until December 11, 2022. As of September 30, 2022 and December 31, 2021, the note payable balance of $<span id="xdx_906_eus-gaap--NotesPayable_c20220930_pp0p0" title="Note payable">1,379,997</span> and $<span id="xdx_90D_eus-gaap--NotesPayable_c20211231_pp0p0" title="Note payable">0</span>, respectively.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding 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 (net of taxes payable and less interest to pay dissolution expenses up to $50,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission 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 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 ($10.00).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor 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 amounts in the Trust Account to below (i) $10.10 per 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 due to reductions in the value of the trust assets, 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”). 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, prospective target businesses or 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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Liquidity and going concern</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company initially had 12 months from the consummation of this offering to consummate the initial business combination. If the Company does not complete a business combination within 12 months from the consummation of the Public Offering, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the amended and restated memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a voluntary liquidation procedure under the Companies Law. Accordingly, no vote would be required from our shareholders to commence such a voluntary winding up, dissolution and liquidation. However, the Company may extend the period of time to consummate a business combination nine times (for a total of up to 21 months from the consummation of the Public Offering to complete a business combination). As of the date of this report, the Company has extended six times by an additional one month each time (for a total of up to 18 months from the consummation of the Public Offering to complete a business combination), and so it now has until December 11, 2022 to consummate a business combination. Pursuant to the terms of the current amended and restated memorandum and articles of association and the trust agreement between the Company and Wilmington Trust, National Association, in order to extend the time available for the Company to consummate our initial business combination, the Company’s insiders or their affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the Trust Account $0.033 per public share, on or prior to the date of the applicable deadline. The insiders have received non-interest bearing, unsecured promissory notes equal to the amount of any such deposits (i.e., $153,333 for each of the extensions since February 2022) that will not be repaid in the event that we are unable to close a business combination unless there are funds available outside the Trust Account to do so. Such notes would either be paid upon consummation of the Company’s initial business combination, or, at the lender’s discretion, converted upon consummation of our business combination into additional Private Units at a price of $10.00 per unit. The Company’s shareholders have approved the issuance of the Private Units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of the Company’s initial business combination. In the event that the Company receives notice from the Company’s insiders five days prior to the applicable deadline of their intent 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. If the Company is unable to consummate the Company’s initial business combination by December 11, 2022 (unless further extended), the Company will, as promptly as possible but not more than ten business days thereafter, redeem 100% of the Company’s outstanding public shares for a pro rata portion of the funds held in the Trust Account, including a pro rata portion of any interest earned on the funds held in the Trust Account and not necessary to pay taxes, and then seek to liquidate and dissolve. However, the Company may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of the Company’s public shareholders. In the event of dissolution and liquidation, the public rights will expire and will be worthless.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern if a business combination is not consummated by December 11, 2022 (unless further extended). These unaudited condensed consolidated 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.</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>
	vena	Percentage Of Asset Held In Trust Account PercentageOfAssetHeldInTrustAccount	0.80	pure
CY2022Q3	vena	Business Combination Percentage Of Voting Securities BusinessCombinationPercentageOfVotingSecurities	0.50	pure
CY2022Q3	us-gaap	Business Combination Contingent Consideration Asset BusinessCombinationContingentConsiderationAsset	5000001	usd
	vena	Aggregate Proceeds Held In Trust Account Per Public Share AggregateProceedsHeldInTrustAccountPerPublicShare	0.30
	vena	Investment Of Proceeds In Trust Account InvestmentOfProceedsInTrustAccount	153333	usd
	vena	Investment Of Proceeds In Trust Account Per Shares InvestmentOfProceedsInTrustAccountPerShares	0.033
CY2022Q3	us-gaap	Notes Payable NotesPayable	1379997	usd
CY2021Q4	us-gaap	Notes Payable NotesPayable	0	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_842_eus-gaap--UseOfEstimates_zLgeVOnMKBob" 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"><i><span id="xdx_868_zjLzFWGdIOn7">Use of Estimates</span></i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. 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 consolidated financial statements and the reported amounts of income and expenses during the reporting period.</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"><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 unaudited condensed consolidated financial statements, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3	us-gaap	Cash Cash	0	usd
CY2021Q4	us-gaap	Cash Cash	0	usd
CY2022Q3	us-gaap	Temporary Equity Shares Outstanding TemporaryEquitySharesOutstanding	4600000	shares
CY2021Q4	us-gaap	Temporary Equity Shares Outstanding TemporaryEquitySharesOutstanding	4600000	shares
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zpJyqyICnXAl" 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"><i><span id="xdx_866_zMNZuqwKuTB4">Concentration of Credit Risk</span></i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and trust accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_905_eus-gaap--CashFDICInsuredAmount_c20220930_pp0p0" title="FDIC limit">250,000</span>. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</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>
CY2022Q3	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000	usd
CY2022Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2021Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2022Q3	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	0	usd
CY2021Q4	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	0	usd
CY2022Q3	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	0	usd
CY2021Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	0	usd
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	2412500	shares
	us-gaap	Gross Profit GrossProfit	235888	usd
	us-gaap	Gross Profit GrossProfit	-640090	usd
	vena	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	-1665725	usd
	vena	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	-3632808	usd
	vena	Net Loss NetLoss	-1429837	usd
	vena	Net Loss NetLoss	-4272898	usd
CY2022Q3	us-gaap	Gross Profit GrossProfit	433314	usd
CY2021Q3	us-gaap	Gross Profit GrossProfit	-333627	usd
CY2022Q3	vena	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	-828328	usd
CY2022Q3	vena	Net Loss NetLoss	-395014	usd
CY2021Q3	vena	Net Loss NetLoss	-333627	usd
	vena	Warrant Exercise Price WarrantExercisePrice	11.50
CY2022Q3	us-gaap	Liabilities Fair Value Disclosure LiabilitiesFairValueDisclosure	10000	usd
CY2021Q4	us-gaap	Liabilities Fair Value Disclosure LiabilitiesFairValueDisclosure	410000	usd
CY2022Q3	us-gaap	Cash Cash	0	usd
CY2021Q4	us-gaap	Cash Cash	0	usd
CY2022Q3	us-gaap	Notes Payable Current NotesPayableCurrent	733421	usd
CY2021Q4	us-gaap	Notes Payable Current NotesPayableCurrent	373421	usd
	vena	Investment Of Proceeds In Trust Account InvestmentOfProceedsInTrustAccount	153333	usd
	vena	Investment Of Proceeds In Trust Account Per Shares InvestmentOfProceedsInTrustAccountPerShares	0.033
CY2022Q3	vena	Related Party Extension Loans RelatedPartyExtensionLoans	1379997	usd
CY2021Q4	vena	Related Party Extension Loans RelatedPartyExtensionLoans	0	usd
CY2022Q3	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	50000000	shares
CY2022Q3	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
	us-gaap	Common Stock Voting Rights CommonStockVotingRights	Holders of the ordinary shares are entitled to one vote for each ordinary share.
CY2022Q3	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	1450000	shares
CY2022Q3	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	1450000	shares
CY2022Q3	us-gaap	Temporary Equity Shares Outstanding TemporaryEquitySharesOutstanding	4600000	shares
	us-gaap	Other Comprehensive Income Loss Before Reclassifications Net Of Tax OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax	91646	usd
CY2022Q3	us-gaap	Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax	91646	usd
	us-gaap	Payments For Rent PaymentsForRent	1130	usd
	us-gaap	Payments For Rent PaymentsForRent	6109	usd
	vena	Percentage Of Deferred Underwriting Fees PercentageOfDeferredUnderwritingFees	0.025	pure
	vena	Deferred Underwriting Fees DeferredUnderwritingFees	1150000	usd
CY2022Q3	us-gaap	Temporary Equity Shares Outstanding TemporaryEquitySharesOutstanding	4600000	shares

Files In Submission

Name	View Source	Status
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0001829126-22-019444-index.html	Edgar Link	pending
0001829126-22-019444.txt	Edgar Link	pending
0001829126-22-019444-xbrl.zip	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
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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
vena-20220930.xsd	Edgar Link	pending
venusacquisition_10q.htm	Edgar Link	pending
venusacquisition_ex31-1.htm	Edgar Link	pending
venusacquisition_ex31-2.htm	Edgar Link	pending
venusacquisition_ex32-1.htm	Edgar Link	pending
venusacquisition_ex32-2.htm	Edgar Link	pending
vena-20220930_def.xml	Edgar Link	unprocessable
vena-20220930_pre.xml	Edgar Link	unprocessable
vena-20220930_cal.xml	Edgar Link	unprocessable
vena-20220930_lab.xml	Edgar Link	unprocessable
venusacquisition_10q_htm.xml	Edgar Link	completed

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2022 Q4 Form 10-Q Financial Statement

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$MLGO MicroAlgo Inc. Stock $mlgo

2022 Q4 Form 10-Q Financial Statement

#000182912622019444 Filed on November 21, 2022

Income Statement

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Files In Submission

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MicroAlgo Inc. Stock $mlgo