$PET
Wag! Group Co.

2022 Q3 Form 10-Q Financial Statement

#000141057822002629 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $15.38M $0.00 $0.00
YoY Change
Cost Of Revenue $3.877M $2.024M $820.0K
YoY Change
Gross Profit $11.50M $20.43M $8.850M
YoY Change
Gross Profit Margin 74.79%
Selling, General & Admin $35.07M $1.570M $2.182M
YoY Change 33541.25% 9789.73%
% of Gross Profit 304.91% 7.68% 24.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $134.0K $297.0K $152.0K
YoY Change 9.84%
% of Gross Profit 1.17% 1.45% 1.72%
Operating Expenses $35.07M $1.570M $2.182M
YoY Change 33541.25% 9789.73%
Operating Profit -$23.57M -$1.570M -$2.182M
YoY Change 22508.37% 36925.27% 18656.65%
Interest Expense -$735.0K $177.5K $10.20K
YoY Change -8266.67%
% of Operating Profit
Other Income/Expense, Net -$13.71M $177.5K $10.20K
YoY Change
Pretax Income -$40.93M -$1.392M -$2.172M
YoY Change 39162.35% 8671.01%
Income Tax $0.00 $13.00K $0.00
% Of Pretax Income
Net Earnings -$40.93M -$1.392M -$2.172M
YoY Change 39162.73% 32737.08% 18568.96%
Net Earnings / Revenue -266.15%
Basic Earnings Per Share -$1.67 -$0.18 -$0.38
Diluted Earnings Per Share -$1.67 -$88.73K -$138.5K
COMMON SHARES
Basic Shares Outstanding 37.92M 15.69M 15.69M
Diluted Shares Outstanding 24.53M shares 6.129M shares 6.121M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.02M $168.3K $335.2K
YoY Change 3021.34% 736.65%
Cash & Equivalents $28.02M $168.2K $335.2K
Short-Term Investments $0.00
Other Short-Term Assets $28.27M $317.3K $332.1K
YoY Change 9734.09%
Inventory
Prepaid Expenses
Receivables $6.336M
Other Receivables $0.00
Total Short-Term Assets $62.63M $554.1K $735.9K
YoY Change 4895.02% 2655.3%
LONG-TERM ASSETS
Property, Plant & Equipment $67.00K
YoY Change
Goodwill $1.427M
YoY Change
Intangibles $2.517M
YoY Change
Long-Term Investments $125.2M $125.0M
YoY Change
Other Assets $78.00K $48.05K $119.7K
YoY Change -70.4% -73.41%
Total Long-Term Assets $4.352M $125.2M $125.1M
YoY Change -96.53% 69215.24%
TOTAL ASSETS
Total Short-Term Assets $62.63M $554.1K $735.9K
Total Long-Term Assets $4.352M $125.2M $125.1M
Total Assets $66.99M $125.8M $125.9M
YoY Change -47.05% 62548.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.961M $81.51K $52.50K
YoY Change 4367.2% 1864.17%
Accrued Expenses $5.556M $3.621M $2.334M
YoY Change 6457.99%
Deferred Revenue $2.186M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.169M
YoY Change
Total Short-Term Liabilities $34.60M $3.703M $2.387M
YoY Change 22361.6% 1831.98%
LONG-TERM LIABILITIES
Long-Term Debt $24.49M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $651.0K $4.375M $4.375M
YoY Change -85.12%
Total Long-Term Liabilities $24.49M $4.375M $4.375M
YoY Change 459.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.60M $3.703M $2.387M
Total Long-Term Liabilities $24.49M $4.375M $4.375M
Total Liabilities $59.75M $8.078M $6.762M
YoY Change 1219.22% 4114.67%
SHAREHOLDERS EQUITY
Retained Earnings -$154.2M -$7.476M -$5.893M
YoY Change 5019.66%
Common Stock $4.000K $318.00 $318.00
YoY Change 1157.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.237M -$7.476M -$5.893M
YoY Change
Total Liabilities & Shareholders Equity $66.99M $125.8M $125.9M
YoY Change -47.05% 62548.97%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$40.93M -$1.392M -$2.172M
YoY Change 39162.73% 32737.08% 18568.96%
Depreciation, Depletion And Amortization $134.0K $297.0K $152.0K
YoY Change 9.84%
Cash From Operating Activities -$3.059M -$166.9K -$352.4K
YoY Change 395.76% 1322.93% 2929.22%
INVESTING ACTIVITIES
Capital Expenditures $36.00K $5.000K
YoY Change
Acquisitions $0.00
YoY Change
Other Investing Activities $1.988M -$6.720M
YoY Change -101.59%
Cash From Investing Activities $1.952M -$6.720M
YoY Change -101.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $110.0K
YoY Change
Cash From Financing Activities 51.52M 0.000 0.000
YoY Change -59.27% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -3.059M -166.9K -352.4K
Cash From Investing Activities 1.952M -$6.720M
Cash From Financing Activities 51.52M 0.000 0.000
Net Change In Cash 50.42M -166.9K -352.4K
YoY Change 5644.19% -929.99% -1844.3%
FREE CASH FLOW
Cash From Operating Activities -$3.059M -$166.9K -$352.4K
Capital Expenditures $36.00K $5.000K
Free Cash Flow -$3.095M -$357.4K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
dei Entity Central Index Key
EntityCentralIndexKey
0001842356
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3187500
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3187500
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-40764
dei Entity Registrant Name
EntityRegistrantName
Wag! Group Co.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
88-3590180
dei Entity Address Address Line1
EntityAddressAddressLine1
55 Francisco Street
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 360
dei Entity Address City Or Town
EntityAddressCityOrTown
San Francisco
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94133
dei City Area Code
CityAreaCode
707
dei Local Phone Number
LocalPhoneNumber
324-4219
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
true
CY2022Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
37923530
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
168249
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
687581
CY2022Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
68591
CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
68591
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
317250
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
286687
CY2022Q2 us-gaap Assets Current
AssetsCurrent
554090
CY2021Q4 us-gaap Assets Current
AssetsCurrent
1042859
CY2022Q2 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
48048
CY2021Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
191429
CY2022Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
125190736
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
125002997
CY2022Q2 us-gaap Assets
Assets
125792874
CY2021Q4 us-gaap Assets
Assets
126237285
CY2022Q2 wag Accrued And Other Expenses
AccruedAndOtherExpenses
3621318
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
81513
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
583331
CY2022Q2 us-gaap Liabilities Current
LiabilitiesCurrent
3702831
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
583331
CY2022Q2 wag Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
4375000
CY2021Q4 wag Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
4375000
CY2022Q2 us-gaap Liabilities
Liabilities
8077831
CY2021Q4 us-gaap Liabilities
Liabilities
4958331
CY2022Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12500000
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12500000
CY2022Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2021Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
125190736
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
125000000
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 Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
110000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
110000000
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3187500
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3187500
CY2022Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12500000
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12500000
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
318
CY2021Q4 us-gaap Common Stock Value
CommonStockValue
318
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7476011
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3721364
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-7475693
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-3721046
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
125792874
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
126237285
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1569501
CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4239
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3751650
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15873
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1569501
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4239
us-gaap Operating Income Loss
OperatingIncomeLoss
-3751650
us-gaap Operating Income Loss
OperatingIncomeLoss
-15873
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
177537
us-gaap Investment Income Interest
InvestmentIncomeInterest
187739
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
177537
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
187739
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1391964
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4239
us-gaap Net Income Loss
NetIncomeLoss
-3563911
us-gaap Net Income Loss
NetIncomeLoss
-15873
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-3721046
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2171947
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-5892993
CY2022Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
190736
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1391964
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-7475693
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
0
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25001
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-11634
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
13367
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4239
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
9128
us-gaap Profit Loss
ProfitLoss
-3563911
us-gaap Profit Loss
ProfitLoss
-15873
wag Investment Income Interest Held In Trust Account
InvestmentIncomeInterestHeldInTrustAccount
187739
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-112818
wag Accrued And Other Expense
AccruedAndOtherExpense
3621318
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-501818
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4145
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-519332
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11728
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
35162
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
67000
CY2022Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.03
CY2022Q3 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
96192551.15
wag Common Stock Equal To Exchange Ratio
CommonStockEqualToExchangeRatio
0.97
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
1100000
wag Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31838
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-519332
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20110
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
687581
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
168249
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20110
wag Payment Of Deferred Offering Costs By Related Party Note
PaymentOfDeferredOfferingCostsByRelatedPartyNote
40297
wag Payment Of Deferred Offering Costs Included In Accrued Offering Costs
PaymentOfDeferredOfferingCostsIncludedInAccruedOfferingCosts
55218
wag Deferred Offering Costs Paid In Exchange For Issuance Of Shares
DeferredOfferingCostsPaidInExchangeForIssuanceOfShares
25000
wag Remeasurement Of Ordinary Shares Subject To Possible Redemption
RemeasurementOfOrdinarySharesSubjectToPossibleRedemption
190736
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 1 — Description of Organization and Business Operations and Liquidity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">CHW Acquisition Corporation (the “Company”, “ CHW”) was incorporated in the Cayman Islands on January 12, 2021. The Company was formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses (a “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Business Combination</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On August 9, 2022 (the “Closing Date”), Wag Labs, Inc., a Delaware corporation (“Legacy Wag!” ), CHW and CHW Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of CHW (“Merger Sub”), consummated the closing of the transactions contemplated by the Business Combination Agreement, dated February 2, 2022, by and among Legacy Wag!, CHW, and Merger Sub (the “Business Combination Agreement”), following the approval at an extraordinary general meeting of CHW’s shareholders held on July 28, 2022 (the “Special Meeting”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the terms of the Business Combination Agreement, a business combination of Legacy Wag! and CHW was effected by the merger of Merger Sub with and into Legacy Wag!, with Legacy Wag! surviving the merger (the “Surviving Entity”) as a wholly owned subsidiary of CHW (the “Merger,” and, together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). In connection with the consummation of the Business Combination, on August 5, 2022, CHW was incorporated in State of Delaware and changed its name from CHW Acquisition Corporation to Wag! Group Co. (“Wag!”). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the Special Meeting and the Business Combination, the holders of 9,593,970 shares of CHW’s ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), exercised their right to redeem their shares for cash at a redemption price of approximately $10.03 per share, for an aggregate redemption amount of $96,192,551.15.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Conversion and Exchange of Equity in the Business Combination</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Upon the consummation of the Merger, the following transactions occurred (the “Conversion”): (i) all outstanding shares of Legacy Wag!’s preferred stock, except for Legacy Wag! Series P Shares (as described in part (vi) below), were converted into shares of Wag!’s common stock, par value $0.0001 per share (“Common Stock”), at the then-effective conversion rate as calculated pursuant to the Business Combination Agreement; (ii) the cancellation of each issued and outstanding share of Legacy Wag!’s common stock and the conversion into the right to receive a number of shares of Wag!’s common stock equal to the exchange ratio of 0.97 shares of Wag!’s common stock for each share of Legacy Wag! common stock; (iii) the conversion of 91,130 warrants issued and outstanding by Legacy Wag! in 2017 to two lenders (the “Legacy Wag! Common Warrants”) into warrants exercisable for shares of Wag!’s common stock with the same terms except for the number of shares exercisable and the exercise price, each of which were adjusted using an exchange ratio of 0.97 for Legacy Wag! Common Warrants; (iv) the conversion of all outstanding vested and unvested options to purchase shares of Legacy Wag! common stock (the “Legacy Wag! Options”) into options exercisable for shares of Wag!’s common stock with the same terms and conditions as were applicable to the Legacy Wag! Options immediately prior to the Conversion, except for the number of shares exercisable and the exercise price, each of which were adjusted using the exchange ratio of 0.97 for Legacy Wag! Options; (v) the conversion of the outstanding restricted stock unit award covering shares of Legacy Wag! common stock (each, a “Legacy Wag! RSU Award”) into awards covering a number of shares of Wag! common stock (rounded down to the nearest whole number) with the same terms and conditions as were applicable to the Legacy Wag! RSU Awards immediately prior to the Conversion, except for the number of shares subject to the award, which was adjusted using the exchange ratio of 0.97 for Legacy Wag! RSU Awards, (vi) the conversion of 1,100,000 shares of Legacy Wag! Series P Shares into Wag!’s common stock on a one-for-one basis; (vii) the issuance and sale of 500,000 CHW ordinary shares for a purchase price of $10.00 per share and an aggregate purchase price of $5,000,000 immediately prior to or substantially concurrently with the Closing Date; (viii) immediately prior to the Effective Time, each CHW ordinary share (including any founder shares not forfeited) was converted into shares of Wag!’s common stock; (ix) the cancellation of 343,072 founder warrants held by CHW Acquisition Sponsor LLC (the “Sponsor”) in a maximum redemption scenario in connection with the Business Combination and in accordance with the terms of that certain letter agreement, dated February 2, 2022, by and among the Sponsor, Jonah Raskas, Mark Grundman and CHW (the “CHW Founders Stock Letter”) and the Business Combination Agreement; (x) the issuance of 300,000 Wag! Community Shares that Wag! may distribute to members of the pet wellness and welfare community </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">as identified by our officers and directors; and (xi) the cancellation of 20,000 founder shares held by Sponsor in connection with the Business Combination and in accordance with the CHW Founders Stock Letter and the Business Combination Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Prior to the Business Combination</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2022, the Company had not commenced any operations. All activity from January 12, 2021 (inception) through June 30, 2022, relates to the Company’s formation and initial public offering (“IPO”), which is described below, and, since the offering, the search for a prospective initial Business Combination which closed on August 9, 2022. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generated non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on August 30, 2021. On September 1, 2021, the Company consummated the IPO of 11,000,000 units (the “Units”) with respect to the ordinary shares (the “Ordinary Shares”) included in the units being offered (the “Public Shares”) at $10.00 per Unit generating gross proceeds of $110,000,000, which is discussed in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the IPO, the Company consummated the sale of 4,000,000 warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Company’s sponsor, CHW Acquisition Sponsor, LLC and underwriters generating gross proceeds of $4,000,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On August 30, 2021, the underwriters notified the Company of their intention to partially exercise their over-allotment option and partially exercised 1,500,000 Units and the remaining Units went un-exercised on expiry of 45 days. Accordingly, on September 1, 2021, the Company consummated the sale of an additional 1,500,000 Units to the public, at $10.00 per Unit, and the sale of an additional 238,636 Private Placement Warrants, at $1.00 per Private Placement Warrants, generating total gross proceeds of $15,238,636.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Offering costs for the IPO and underwriters’ partial exercise of the over-allotment option amounted to $13,130,743, consisting of $2,187,500 of underwriting fees, $4,375,000 of deferred underwriting fees payable (which are held in the Trust Account (defined below)), $5,975,625 for the fair value of shares issued to the anchor investors and representative shares (see Note 3 and Note 6) and $592,618 of other costs. As described in Note 6, the $4,375,000 of deferred underwriting fee payable is contingent upon the consummation of a Business Combination by December 1, 2022, subject to the terms of the underwriting agreement. The underwriters received the deferred underwriting fees on August 9, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the IPO on September 1, 2021, an amount of $125,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Warrants was placed in a trust account (“Trust Account”) and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) 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 Trust Account, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s management has had broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally 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 having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, 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 sufficient for it not to be required to register as an investment company under the Investment Company Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Risks and Uncertainties</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic which continues to spread throughout the United States and the world. As of the date the financial statements were issued, there was considerable uncertainty around the expected duration of this pandemic. Management continues to evaluate the impact of the COVID-19 pandemic and the Company has concluded that while it is reasonably possible that COVID-19 could have a negative effect on closing </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">a Business Combination, the specific impact is not readily determinable as of the date of the financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Liquidity and Capital Resources</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2022, the Company had $168,249 in its operating bank accounts, $125,190,736 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Ordinary Shares in connection therewith and working capital deficit of $3,148,741. As of June 30, 2022, approximately $190,736 of the amount deposit in the Trust Account represented interest income.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Subsequent to the consummation of the IPO, our liquidity needs had been satisfied through the use of funds held outside of the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Based on the foregoing, management believes that the cash on hand and the funds which the Company has available following the completion of the Business Combination was sufficient to meet the Company’s needs through the consummation of the Business Combination. The substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements, has been alleviated as a result of the Business Combination consummated subsequently to June 30, 2022.</p>
wag Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
9593970
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
wag Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
80
wag Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
168249
CY2022Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
125190736
wag Working Capital
WorkingCapital
3148741
CY2022Q2 wag Amount Deposited In Trust Account Represented As Income
AmountDepositedInTrustAccountRepresentedAsIncome
190736
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. 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 financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.</p>
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
wag Temporary Equity Proceeds Allocated To Warrants At Issuance
TemporaryEquityProceedsAllocatedToWarrantsAtIssuance
16548464
wag Redeemable Ordinary Share Issuance Costs
RedeemableOrdinaryShareIssuanceCosts
6647710
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
23196174
CY2022Q2 wag Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
592618
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;font-weight:normal;">Concentration of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At June 30, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
12500000
wag Proceeds From Issuance Of Temporary Equity
ProceedsFromIssuanceOfTemporaryEquity
125000000
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
125000000
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
190736
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
125190736
wag Number Of Classes Of Shares
NumberOfClassesOfShares
2
wag Number Of Classes Of Shares
NumberOfClassesOfShares
2
CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
16738636
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
wag Number Of Warrants Exercised
NumberOfWarrantsExercised
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16738636
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
wag Threshold Period For Filling Registration Statement After Business Combination
ThresholdPeriodForFillingRegistrationStatementAfterBusinessCombination
P15D
wag Threshold Period For Filling Registration Statement Within Number Of Days Of Business Combination
ThresholdPeriodForFillingRegistrationStatementWithinNumberOfDaysOfBusinessCombination
P60D
CY2022Q2 wag Class Of Warrant Or Right Redemption Of Warrants Or Rights Reference Price
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsReferencePrice
16.50
wag Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays
P20D
wag Warrant Redemption Measurement Period
WarrantRedemptionMeasurementPeriod
30
CY2022Q2 us-gaap Share Price
SharePrice
9.50
CY2022Q2 wag Percentage Of Gross Proceeds On Total Equity Proceeds
PercentageOfGrossProceedsOnTotalEquityProceeds
0.60
wag Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays
P20D
CY2022Q2 us-gaap Share Price
SharePrice
9.50
CY2022Q2 wag Class Of Warrant Or Right Adjustment Of Exercise Price Of Warrants Or Rights Percent Based On Market Value
ClassOfWarrantOrRightAdjustmentOfExercisePriceOfWarrantsOrRightsPercentBasedOnMarketValue
1.15
CY2022Q2 wag Class Of Warrant Or Right Redemption Of Warrants Or Rights Reference Price
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsReferencePrice
16.50
CY2022Q2 wag Class Of Warrant Or Right Adjustment Of Redemption Price Of Warrants Or Rights Percent Based On Market Value
ClassOfWarrantOrRightAdjustmentOfRedemptionPriceOfWarrantsOrRightsPercentBasedOnMarketValue
1.65
CY2021Q3 wag Fair Value Of Warrants Price
FairValueOfWarrantsPrice
1.32
CY2021Q4 us-gaap Professional Fees
ProfessionalFees
155082

Files In Submission

Name View Source Status
0001410578-22-002629-index-headers.html Edgar Link pending
0001410578-22-002629-index.html Edgar Link pending
0001410578-22-002629.txt Edgar Link pending
0001410578-22-002629-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
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tmb-20220630.xsd Edgar Link pending
tmb-20220630x10q.htm Edgar Link pending
tmb-20220630xex31d1.htm Edgar Link pending
tmb-20220630xex31d2.htm Edgar Link pending
tmb-20220630xex32d1.htm Edgar Link pending
tmb-20220630xex32d2.htm Edgar Link pending
tmb-20220630_def.xml Edgar Link unprocessable
tmb-20220630_pre.xml Edgar Link unprocessable
tmb-20220630_lab.xml Edgar Link unprocessable
tmb-20220630x10q_htm.xml Edgar Link completed
tmb-20220630_cal.xml Edgar Link unprocessable