EXEE NETW Item 2.02 Results of Operations and Financial Condition
The ENPC's information regarding its financial statements for the three and nine
months ended
Item 7.01 Regulation FD Disclosure
An investment in ENPC's securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risk factors included in our Annual Report on Form 10-K for the year endedDecember 31, 2021 and our subsequent quarterly reports, before deciding whether to invest in ENPC securities. The occurrence of any of the adverse developments described in such risk factors could materially and adversely harm our business, financial condition, results of operations or prospects. In that case, the trading price of our securities could decline, and you may lose all or part of your investment.
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PART I - FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
EXECUTIVE NETWORK PARTNERING CORPORATION
CONDENSED BALANCE SHEETS
September 30, December 31,
2022 2021
(Unaudited)
Assets:
Current assets:
Cash $ 103,949 $ 93,862
Prepaid expenses - 206,980
Total current assets 103,949 300,842
Investments held in Trust Account 416,329,383 414,052,978
Total Assets $ 416,433,332 $ 414,353,820
Liabilities, Class A Common Stock Subject to Possible
Redemption and Stockholders' Deficit:
Current liabilities:
Accounts payable $ 126,086 $ 68,735
Accounts payable - related party 160,000 -
Accrued expenses 8,551,883 953,135
Franchise tax payable 68,389 174,603
Income tax payable 407,567 -
Convertible note - related party 1,548,481 -
Total current liabilities 10,862,406 1,196,473
Convertible note - related party, long term -
430,000
Derivative warrant liabilities 9,771,325 7,135,560 Total Liabilities 20,633,731 8,762,033 Commitments and Contingencies Class A common stock subject to possible redemption;$0.0001 par value; 41,400,000 shares issued and outstanding at$10.03 and$10.00 per share redemption value as ofSeptember 30, 2022 andDecember 31, 2021 , respectively 415,433,227
414,000,000
Stockholders' Deficit: Preferred stock,$0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of September 30, 2022 and December 31, 2021 - -
Class A common stock,
61 61
Class B common stock,
30 30
Class F common stock, $0.0001 par value; 50,000,000
shares authorized; 828,000 shares issued and
outstanding as of September 30, 2022 and December 31,
2021 83 83
Accumulated deficit (19,633,800 ) (8,408,387 )
Total stockholders' deficit (19,633,626 ) (8,408,213 )
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit
$ 416,433,332
The accompanying notes are an integral part of these unaudited condensed
financial statements.
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EXECUTIVE NETWORK PARTNERING CORPORATION
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
Operating expenses
General and administrative expenses $ 204,115 $ 308,210 $ 8,719,899 $ 849,209
Administrative fee - related party 60,000 60,000 180,000 180,000
Franchise tax expense 50,411 50,411 125,360 149,589
Loss from operations (314,526 ) (418,621 ) (9,025,259 ) (1,178,798 )
Change in fair value of derivative
warrant liabilities (211,605 ) 1,482,770 (2,635,765 ) 2,421,945
Income from investments held in Trust
Account 1,775,512 1,134 2,276,405 30,970
Income (loss) before income tax
expense 1,249,381 1,065,283 (9,384,619 ) 1,274,117
Income tax expense 362,272 - 407,567 -
Net income (loss) $ 887,109 $ 1,065,283 Weighted average shares outstanding of Class A common stock, basic and diluted 42,014,000 42,014,000
42,014,000 42,014,000
Basic and diluted net income (loss) per share of Class A common stock$ 0.02 $ 0.02
Weighted average shares outstanding of Class B common stock, basic and diluted 300,000 300,000 300,000 300,000 Basic and diluted net income (loss) per share of Class B common stock$ 0.02 $ 0.02
Weighted average shares outstanding of Class F common stock, basic and diluted 828,000 828,000 828,000 828,000 Basic and diluted net income (loss) per share of Class F common stock$ 0.02 $ 0.02
The accompanying notes are an integral part of these unaudited condensed
financial statements.
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EXECUTIVE NETWORK PARTNERING CORPORATION
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
For the Three and Nine Months Ended September 30, 2022
Common Stock Additional Total
Class A Class B Class F Paid-In Accumulated Stockholders'
Shares Amount Shares Amount Shares Amount Capital Deficit Deficit
Balance -
30 828,000$ 83 $ -$ (8,408,387 ) $ (8,408,213 ) Net income - - - - - - - 3,322,933 3,322,933 Balance -March 31, 2022 (unaudited) 614,000 61 300,000 30 828,000 83 - (5,085,454 ) (5,085,280 ) Increase in redemption value of Class A common stock subject to possible redemption - - - - - - - (70,397 ) (70,397 ) Net loss - - - - - - - (14,002,228 ) (14,002,228 ) Balance -June 30, 2022 (unaudited) 614,000 61 300,000 30 828,000 83 - (19,158,079 ) (19,157,905 ) Increase in redemption value of Class A common stock subject to possible redemption - - - - - - - (1,362,830 ) (1,362,830 ) Net income - - - - - - - 887,109 887,109 Balance -September 30, 2022 (unaudited) 614,000$ 61 300,000$ 30 828,000$ 83 $ -$ (19,633,800 ) $ (19,633,626 ) For the Three and Nine Months Ended September 30, 2021 Common Stock Additional Total Class A Class B Class F Paid-In Accumulated Stockholders' Shares Amount Shares Amount Shares Amount Capital Deficit Deficit Balance - December 31, 2020 614,000$ 61 300,000$ 30 828,000$ 83 $ -$ (9,880,718 ) $ (9,880,544 ) Net income - - - - - - - 1,621,543 1,621,543 Balance -March 31, 2021 (unaudited) 614,000 61 300,000 30 828,000 83 - (8,259,175 ) (8,259,001 ) Net loss - - - - - - - (1,422,012 ) (1,422,012 ) Balance -June 30, 2021 (unaudited) 614,000 61 300,000 30 828,000 83 - (9,681,187 ) (9,681,013 ) Net income - - - - - - - 1,074,586 1,074,586 Balance -September 30, 2021 (unaudited) 614,000$ 61 300,000$ 30 828,000$ 83 $ -$ (8,606,601 ) $ (8,606,427 )
The accompanying notes are an integral part of these unaudited condensed
financial statements.
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EXECUTIVE NETWORK PARTNERING CORPORATION
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 30,
2022 2021
Cash Flows from Operating Activities:
Net income (loss) $ (9,792,186 ) $ 1,274,117
Adjustments to reconcile net income (loss) to net cash
used in operating activities:
Change in fair value of derivative warrant liabilities 2,635,765 (2,421,945 )
Interest income from investments held in Trust Account (2,276,405 ) (30,970 )
Changes in assets and liabilities:
Prepaid expenses 206,980 150,417
Accounts payable 57,351
157,199
Accounts payable - related party 160,000 - Accrued expenses 7,598,748 (94,681 ) Franchise tax payable (106,214 ) 86,359 Income tax payable 407,567 - Net cash used in operating activities (1,108,394 )
(879,504 )
Cash Flows from Financing Activities: Proceeds from convertible note - related party 1,118,481
180,000
Net cash provided by financing activities 1,118,481 180,000 Net change in cash 10,087 (699,504 ) Cash - beginning of the period 93,862 888,097 Cash - end of the period$ 103,949 $ 188,593
The accompanying notes are an integral part of these unaudited condensed
financial statements.
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EXECUTIVE NETWORK PARTNERING CORPORATION NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTSSEPTEMBER 30, 2022
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