For the three months ended September 30, 2022, we had net loss of $769,128, which resulted primarily from an gain on investments held in Trust Account of $1,415,358, interest income of $2, and a change in fair value of convertible promissory note - related party of $17,200, partially offset by a loss on change in fair value of warrant liabilities for $450,000, income tax expense of $286,673, and a loss from operations for $1,465,015.
For the three months ended September 30, 2021, we had a net loss of $1,768,123, which resulted primarily from a gain on the change in fair value of warrant liabilities of $2,112,000 and interest income of $7,190, offset by a loss from operations of $351,067.
For the nine months ended September 30, 2022, we had a net income of $8,480,988, which primarily resulted from a gain in the change in fair value of warrant liabilities of $9,000,000, an gain on investments held in the trust account for $1,833,426, a gain in the change in fair value of the convertible promissory note to a related party for $33,400, and interest income of $3, partially offset by a loss from operations for $2,078,120 and income tax expense of $307,721.
For the nine months ended September 30, 2021, we had a net income of $5,558,941, which primarily resulted from a gain in the change in fair value of warrant liabilities of $6,975,006, an gain on investments held in the trust account for $20,871, interested income of $32,368, partially offset by a loss from operations for $1,469,304.
Factors That May Adversely Affect Our Results of Operations
Our results of operations and our ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic, including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine. We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial business combination.
Liquidity and Capital Resources
On January 12, 2021, we consummated an initial public offering of 27,600,000 units, including 3,600,000 units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating gross proceeds to the Company of $276,000,000. Simultaneously with the consummation of the initial public offering, we completed the private sale of 8,700,000 private placement warrants to the Sponsor at a purchase price of $1.00 per warrant (the “Private Placement Warrants”), generating gross proceeds of $8,700,000.
For the nine months ended September 30, 2022, net cash used in operating activities was $610,156, which was primarily due to change in fair value of warrant liabilities of $9,000,000, and an gain on investments held in the Trust Account of $1,833,426, offset by net income of $8,480,988, changes in operating assets and liabilities of $1,775,682, and a change in fair value of convertible promissory note - related party of $33,400.
For the nine months ended September 30, 2021, net cash used in operating activities was $901,635, which was primarily due to change in fair value of warrant liabilities of $6,975,006, gain on investments held in Trust Account of $20,871, interest income on investments held in Trust Account of $32,343, changes in operating assets and liabilities of $168,983, offset by net income of $5,558,941, and expensed offering costs on issuance of Public Warrants of $736,627.
For the nine months ended September 30, 2022, net cash provided by investing activities was $128,748, which resulted from proceeds from the trust account to pay for franchise taxes.
Net cash used in investing activities for the nine months ended September 30, 2021 was $278,760,000 which was a result of a cash deposited into the Trust Account.
For the nine months ended September 30, 2022, net cash provided from financing activities was $520,000 which was a result of proceeds from convertible promissory notes.
Net cash provided by financing activities for the nine months ended September 30, 2021 was $279,970,523 was comprised of $270,480,000 in proceeds from initial public offering, net of underwriter’s discount paid, $8,700,000 for proceeds from the sale of