Focus Impact Acquisition Corp. Files Q2 2024 10-Q
Ticker: DEVS · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 1854480
Sentiment: neutral
Topics: 10-Q, SPAC, financials
TL;DR
FIAC 10-Q filed. Financials for Q2 2024 out.
AI Summary
Focus Impact Acquisition Corp. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its operations. Key financial figures and operational details are available in the filing.
Why It Matters
This filing provides investors with the latest financial performance and operational status of Focus Impact Acquisition Corp., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — As a SPAC, Focus Impact Acquisition Corp. faces inherent risks related to its acquisition strategy and timeline.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-08-19 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- Focus Impact Acquisition Corp. (company) — Filer of the 10-Q
- 2024-06-30 (date) — End of the reporting period
- 2024-08-19 (date) — Filing date
- 001-40977 (other) — SEC File Number
FAQ
What is the primary business of Focus Impact Acquisition Corp.?
Focus Impact Acquisition Corp. is a special purpose acquisition company (SPAC) with the objective of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
What period does this 10-Q filing cover?
This 10-Q filing covers the fiscal quarter ending on June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed with the SEC on August 19, 2024.
What is the SEC file number for Focus Impact Acquisition Corp.?
The SEC file number for Focus Impact Acquisition Corp. is 001-40977.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,706 words · 19 min read · ~16 pages · Grade level 18.7 · Accepted 2024-08-19 16:15:58
Key Financial Figures
- $0.0001 — g of one share of Class A common stock, $0.0001 par value, and one-half of one redeemab
- $11.50 — A common stock at an exercise price of $11.50 FIACW The Nasdaq Stock Market LLC
Filing Documents
- ef20029682_10q.htm (10-Q) — 1170KB
- ef20029682_ex31-1.htm (EX-31.1) — 12KB
- ef20029682_ex31-2.htm (EX-31.2) — 12KB
- ef20029682_ex32-1.htm (EX-32.1) — 5KB
- ef20029682_ex32-2.htm (EX-32.2) — 5KB
- 0001140361-24-037795.txt ( ) — 6026KB
- fiac-20240630.xsd (EX-101.SCH) — 52KB
- fiac-20240630_cal.xml (EX-101.CAL) — 29KB
- fiac-20240630_def.xml (EX-101.DEF) — 315KB
- fiac-20240630_lab.xml (EX-101.LAB) — 528KB
- fiac-20240630_pre.xml (EX-101.PRE) — 387KB
- ef20029682_10q_htm.xml (XML) — 871KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 1 Item 1.
Financial Statements
Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 33 Item 4. Control and Procedures 33
– OTHER INFORMATION
PART II – OTHER INFORMATION 34 Item 1.
Legal Proceedings
Legal Proceedings 34 Item 1A.
Risk Factors
Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35
SIGNATURES
SIGNATURES 36 Table of Contents PART I – FINANCIAL INFORMATION Item 1. Financial FOCUS IMPACT ACQUISITION CORP. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 (Unaudited) 2023 Assets: Current assets: Cash $ 7,075 $ 224,394 Restricted cash 25,843 75,773 Income tax receivable 212,491 13,937 Prepaid expenses 32,823 4,091 Total current asset 278,232 318,195 Cash held in Trust Account 19,069,365 62,418,210 Total assets $ 19,347,597 $ 62,736,405 Liabilities and Stockholders' Deficit Current liabilities: A ccounts payable and accrued expenses $ 6,217,326 $ 4,408,080 Due to Sponsor 300,000 240,000 Franchise taxes payable 19,896 40,030 Excise tax payable 2,235,006 2,235,006 Redemption payable — 43,640,022 Promissory note - related party 2,675,000 1,875,000 Total current liabilities 11,447,228 52,438,138 Warrant liability 908,000 454,000 Marketing agreement 150,000 150,000 Total liabilities 12,505,228 53,042,138 Commitments and Contingencies (Note 6) Class A common stock subject to possible redemption, 1,717,578 shares at redemption value of $ 11.23 and 10.98 per share as of June 30 , 2024 and December 31, 2023 , respectively 19,288,054 18,853,961 Stockholders' Deficit: Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Class A common stock, $ 0.0001 par value; 500,000,000 shares authorized; 5,000,000 issued and outstanding, (excluding 1,717,578 shares subject to possible redemption), as of June 30 , 2024 and December 31, 2023 , respectively 500 500 Class B common stock, $ 0.0001 par value; 50,000,000 shares authorized; 750,000 shares issued and outstanding as of June 30 , 2024 and December 31, 2023 , respectively 75 75 Additional paid-in capital — — Accumulated deficit ( 12,446,260 ) ( 9,160,269 ) Total stockholders' deficit ( 12,445,685
financial statements
financial statements. 4 Table of Contents FOCUS IMPACT ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 Note 1 - Organization and Business Operations Organization and General Focus Impact Acquisition Corp. (the "Company" or "FIAC") is a blank check company incorporated in Delaware on February 23, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the "Initial Business Combination"). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2024, the Company had not commenced any operations. All activity for the period from February 23, 2021 (inception) through June 30, 2024 relates to the Company's formation and the Initial Public Offering ("IPO") (as defined below), and since the closing of the IPO, the search for a prospective and consummation of an Initial Business Combination. The Company will not generate any operating revenues until after the completion of its Initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO. Sponsor and Financing The Company's sponsor is Focus Impact Sponsor, LLC, a Delaware limited liability company (the "Sponsor"). The registration statement for the Company's IPO was declared effective on October 27, 2021 (the "Effective Date"). On November 1, 2021, the Company consummated its IPO of 23,000,000 units (the "Units") which included the exercise of the underwriters' option to purchase an additional 3,000,000 Units at the IPO price to cover over-allotments. Each Unit consists of one share of Class A common stock, $ 0.0001 par value per share (the "Class A common stock"), and