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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended March 31, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ______to______
Commission
File Number: 001-40696
PHP
Ventures Acquisition Corp.
(Exact
name of registrant as specified in its charter)
Delaware |
|
86-3368971 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
Number) |
|
|
|
CT
10-06, Level 10
Corporate
Tower Subang Square
Jalan
SS15/4G
Subang
Jaya
Selangor,
Malaysia |
|
47500 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: +60 3 5888 8485
Not
applicable
(Former
name or former address, if changed since last report)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate
by check mark whether the registrant has submitted electronically, if any, every Interactive Date File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
|
Emerging growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units, each consisting of one share of Class A Common
Stock, one-half of one redeemable warrant, and one right to acquire one-tenth of one share of Class A common stock |
|
PPHPU |
|
The
Nasdaq Stock Market LLC |
Class A Common Stock, $0.0001 par value per share |
|
PPHP |
|
The
Nasdaq Stock Market LLC |
Rights, exchangeable into one-tenth of one share of
Class A common stock |
|
PPHPR |
|
The
Nasdaq Stock Market LLC |
Redeemable warrants |
|
PPHPW |
|
The
Nasdaq Stock Market LLC |
As
of June 30, 2023, 1,772,750 shares of redeemable Class A common stock, 293,400 shares of non-redeemable Class A common stock, $0.0001
per share par value, and 1,437,500 shares of Class B common stock, $0.0001 par value, were issued and outstanding, respectively.
PHP
VENTURES ACQUISITION CORP.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
PHP
VENTURES ACQUISITION CORP.
BALANCE
SHEETs
| |
March 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
ASSETS | |
| | | |
| | |
Cash | |
$ | 1,327 | | |
$ | 24,927 | |
Prepaid expenses | |
| - | | |
| 24,670 | |
Cash and marketable securities held in trust account | |
| 18,768,721 | | |
| 59,805,199 | |
Total Current Assets | |
| 18,770,048 | | |
| 59,854,796 | |
| |
| | | |
| | |
Total assets | |
$ | 18,770,048 | | |
$ | 59,854,796 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,644,098 | | |
$ | 1,236,597 | |
Franchise tax payable | |
| 134,762 | | |
| 84,762 | |
Income tax payable | |
| 93,537 | | |
| 81,163 | |
Working Capital Loans – related party | |
| 662,787 | | |
| 662,787 | |
Deferred underwriter fee payable | |
| 2,012,500 | | |
| 2,012,500 | |
Extension loan – related party | |
| 1,371,594 | | |
| 1,150,000 | |
Amount due to redeemed public shareholders (including 3,977,250 shares for redemptions claimed as of 12/31/22 but not yet paid) | |
| - | | |
| 41,366,996 | |
Total current liabilities | |
| 5,919,278 | | |
| 46,594,805 | |
| |
| | | |
| | |
Total liabilities | |
| 5,919,278 | | |
| 46,594,805 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 6) | |
| - | | |
| - | |
Class A common stock subject to possible redemption; 1,772,750 shares, at redemption value of $10.59 at March 31, 2023 and 1,772,750 shares (excluding 3,977,250 shares for redemptions claimed as of 12/31/22 but not yet paid) at redemption value of $10.40 on December 31, 2022, respectively | |
| 18,768,721 | | |
| 18,438,203 | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |
| — | | |
| — | |
Class A common shares, $0.0001 par value; 100,000,000 shares authorized; 293,400 issued and outstanding (excluding 5,750,000 Class A shares subject to redemption) | |
| 29 | | |
| 29 | |
Class B common shares, par value $0.0001; 10,000,000 shares authorized; 1,437,500 issued and outstanding | |
| 144 | | |
| 144 | |
Additional paid-in capital | |
| — | | |
| — | |
Accumulated deficit | |
| (5,918,124 | ) | |
| (5,178,385 | ) |
Total Stockholders’ Deficit | |
| (5,917,951 | ) | |
| (5,178,212 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 18,770,048 | | |
$ | 59,854,796 | |
The
accompanying notes are an integral part of these unaudited financial statements
PHP
VENTURES ACQUISITION CORP.
STATEMENTS
OF OPERATIONS
| |
For the three | | |
For the three | |
| |
months ended | | |
months ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Formation and operating costs | |
$ | (455,771 | ) | |
$ | (451,725 | ) |
Franchise tax | |
| (50,000 | ) | |
| (50,000 | ) |
Loss from operations | |
| (505,771 | ) | |
| (471,725 | ) |
| |
| | | |
| | |
Other income and expense: | |
| | | |
| | |
Unrealized Loss from marketable securities held in Trust Account | |
| - | | |
| (3,826 | ) |
Realized gain from marketable securities held in trust account | |
| 108,924 | | |
| - | |
Total other income and (expense) | |
| 108,924 | | |
| (3,826 | ) |
| |
| | | |
| | |
Provision for income taxes | |
| (12,374 | ) | |
| - | |
Net Loss | |
$ | (409,221 | ) | |
$ | (475,551 | ) |
| |
| | | |
| | |
Weighted average shares outstanding of Class A common stock | |
| 2,066,150 | | |
| 6,043,400 | |
Basic and diluted net loss per common stock | |
| (0.12 | ) | |
| (0.06 | ) |
Weighted average shares outstanding of Class B common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Weighted average shares outstanding | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per common stock | |
| (0.12 | ) | |
| (0.06 | ) |
The
accompanying notes are an integral part of these unaudited financial statements.
PHP
VENTURES ACQUISITION CORP.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THREE MONTHS ENDED MARCH 31, 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Class A | | |
Class B | | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Common Stock | | |
Paid in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance - January 1, 2023 | |
| 293,400 | | |
$ | 29 | | |
| 1,437,500 | | |
$ | 144 | | |
$ | — | | |
$ | (5,178,385 | ) | |
$ | (5,178,212 | ) |
Additional amount deposited into trust ($0.125 per common stock subject to possible redemption) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (221,594 | ) | |
| (221,594 | ) |
Accretion of Class A ordinary shares to redemption amount | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (108,924 | ) | |
| (108,924 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (409,221 | ) | |
| (409,221 | ) |
Balance – March 31, 2023 | |
| 293,400 | | |
$ | 29 | | |
| 1,437,500 | | |
$ | 144 | | |
$ | — | | |
$ | (5,918,124 | ) | |
$ | (5,917,951 | ) |
PHP
VENTURES ACQUISITION CORP.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THREE MONTHS ENDED MARCH 31, 2022
(UNAUDITED)
| |
Class A | | |
Class B | | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Common Stock | | |
Paid in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance - January 1, 2022 | |
| 293,400 | | |
$ | 29 | | |
| 1,437,500 | | |
$ | 144 | | |
$ | — | | |
$ | (1,600,063 | ) | |
$ | (1,599,890 | ) |
Balance | |
| 293,400 | | |
$ | 29 | | |
| 1,437,500 | | |
$ | 144 | | |
$ | — | | |
$ | (1,600,063 | ) | |
$ | (1,599,890 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (475,551 | ) | |
| (475,551 | ) |
Balance – March 31, 2022 | |
| 293,400 | | |
$ | 29 | | |
| 1,437,500 | | |
$ | 144 | | |
$ | — | | |
$ | (2,075,614 | ) | |
$ | (2,075,441 | ) |
Balance | |
| 293,400 | | |
$ | 29 | | |
| 1,437,500 | | |
$ | 144 | | |
$ | — | | |
$ | (2,075,614 | ) | |
$ | (2,075,441 | ) |
The accompanying notes are an integral part of these unaudited financial statements
PHP
VENTURES ACQUISITION CORP.
STATEMENTS
OF CASH FLOWS
| |
For the Three Months Ended March 31, 2023 | | |
For the Three Months Ended March 31, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Cash flow from operating activities: | |
| | | |
| | |
Net loss | |
$ | (409,221 | ) | |
$ | (475,551 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Realized and Unrealized Gain from securities held in Trust Account | |
| (108,924 | ) | |
| 3,826 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| 24,670 | | |
| 3,801 | |
Franchise tax payable | |
| 50,000 | | |
| (144,160 | ) |
Income tax payable | |
| 12,374 | | |
| - | |
Accounts payable and accrued expenses | |
| 407,501 | | |
| 297,582 | |
Net cash used in operating activities | |
| (23,600 | ) | |
| (314,502 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash withdrawn from Trust Account to pay redeemed shares | |
| 41,366,996 | | |
| - | |
Investment of cash in Trust Account | |
| (221,594 | ) | |
| - | |
Net cash used in investing activities | |
| 41,145,402 | | |
| - | |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Payment to redeemed shareholders | |
| (41,366,996 | ) | |
| - | |
Proceeds from extension loan – related party | |
| 221,594 | | |
| - | |
Net cash provided by financing activities | |
| (41,145,402 | ) | |
| - | |
| |
| | | |
| | |
Net change in cash | |
| (23,600 | ) | |
| (314,502 | ) |
Cash at the beginning of the period | |
| 24,927 | | |
| 486,315 | |
Cash at the end of the period | |
$ | 1,327 | | |
$ | 171,813 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash financing activities: | |
| | | |
| | |
Re-measurement of ordinary shares subject to redemption | |
| 108,924 | | |
| - | |
Extension funds attributable to Class A common stock subject to possible redemption | |
| 221,594 | | |
| - | |
The
accompanying notes are an integral part of these unaudited financial statements
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations, Going Concern and Basis of Presentation
PHP
Ventures Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 13, 2021.
The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). While the Company may pursue a business combination target
in any business or industry, it intends to focus on consumer-facing companies with a significant Africa presence or a compelling Africa
potential, which complements the expertise of its management team.
As
of March 31, 2023, the Company had not commenced any operations. All activity for the period from April 13, 2021 (inception) through
March 31, 2023 relates to organizational activities and identifying a target company for a 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 Offering. The Company
has selected December 31 as its fiscal year end.
The
Company’s sponsor is Global Link Investment LLC, a Delaware limited liability company (the “Sponsor”). The registration
statement for the Company’s Initial Public Offering was declared effective on August 11, 2021.
On
August 16, 2021, the Company consummated its Initial Public Offering of 5,000,000 units (the “Units” and, with respect to
the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross
proceeds of $50,000,000, and incurring offering costs of $3,153,369, of which $1,750,000 was for deferred underwriting commissions (see
Note 6).
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 270,900 units
(the “Private Placement Units”) to Global Link Investment LLC, the sponsor of the Company (the “Sponsor”), at
a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,709,000 (the “Private Placement”) (see
Note 4).
Subsequently,
on August 19, 2021, the Company consummated the closing of the sale of 750,000 additional units at a price of $10 per unit (the “Units”)
upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”),
generating additional gross proceeds of $7,500,000 and incurred additional offering costs of $412,500, of which 262,500 are for deferred
underwriting commissions. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class
A Common Stock”), one-half of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling
the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, and one Right (“Right”), with each
Right entitling the holder to receive one-tenth of one share of Class A Common Stock, subject to adjustment, pursuant to the Company’s
registration statement on Form S-1 (File No. 333-256840).
Simultaneously
with the exercise of the overallotment, the Company consummated the Private Placement of an additional Private Placement Units
to Global Link Investment LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $.
A
total of $58,075,000, comprised of the proceeds from the Offering and the proceeds of private placements that closed on August 16, 2021
and August 19, 2021, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust
Account”) which may 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 185 days or less or in any open-ended
investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as
determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust
Account to the Company’s stockholders, as described below.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $3,565,869 consisting of $1,150,000 of cash underwriting
fees, $2,012,500 of deferred underwriting fees and $403,369 of other costs.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Following
the closing of the Initial Public Offering $925,077 of cash was held outside of the Trust Account available for working capital purposes.
As of March 31, 2023, we have available to us $1,327 of cash on our balance sheet and a working capital of $12,850,770.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds 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 80% of the balance in the Trust Account (less any deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination.
The Company will only complete a Business Combination if the post-Business Combination 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. There is no assurance that the Company will be able to successfully effect
a Business Combination.
The
Company will provide its holders of the outstanding Public Shares (the “public stockholders”) 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 stockholder meeting
called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the
Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders 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 $5,000,001 either immediately prior to or upon such consummation
of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination.
On
August 15, 2022, the Company’s Sponsor has deposited into the Company’s trust account $575,000 (representing $0.10 per public
share) to extend the period of time it has to consummate its initial business combination by three months from August 16, 2022 to November
16, 2022 (the “Extension”). On November 16, 2022, the Company’s Sponsor has further deposited into the Company’s
trust account $575,000 (representing $0.10 per public share) to extend the period of time it has to consummate its initial business combination
by three months from November 16, 2022 to February 16, 2023 (the “Extension”). On December 30, 2022, the Company held a special
meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an
amendment to the Company’s Amended and Restated Certificate of Incorporation giving the Company the right to extend the date by
which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination involving the Company and one or more businesses (a “Business Combination”), (ii) cease its operations
if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s Class A common stock included
as part of the units sold in the Company’s Initial Public Offering that closed on August 16, 2021 (the “IPO”) from
February 16, 2023 (the “Termination Date”) by up to six (6) one-month extensions to August 16, 2023 at a price of $0.0625
per share per month, commencing February 16, 2023, our current Termination Date (which we refer to as the “Extension,” and
such later date, the “Extended Deadline”) (such proposal is the “Extension Amendment Proposal”). In connection
with such Extension Amendment Proposal, stockholders elected to redeem 3,977,250 shares of the Company’s Class A common stock,
par value $0.0001 per share (“Class A Common Stock”), which represents approximately 69% of the shares that were part of
the units that were sold in the Company’s IPO. Following such redemptions, $18,438,203 will remain in the trust account and 2,066,150
shares of Class A Common Stock will remain issued and outstanding.
If
the Company is unable to complete a Business Combination before August 16, 2023 (or as extended by the Company’s stockholders in
accordance with our certificate of incorporation), the Company will (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible but not more than ten business days thereafter, redeem the 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 on the funds held in the trust
account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by
the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate,
subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law. As such, our stockholders could potentially be liable for any claims to the extent of distributions
received by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Our
sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting
firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter
of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to
below the lesser of (i) $ per public share and (ii) the actual amount per public share held in the trust account as of the date
of the liquidation of the trust account, if less than $ per public share due to reductions in the value of the trust assets, less
taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed
a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply
to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether
our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor’s only assets are securities
of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or
directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
On
August 16, 2022, the Company issued a press release, announcing that on August 15, 2022, the Company’s Sponsor has deposited into
the Company’s trust account $ (representing $ per public share) to extend the period of time it has to consummate its
initial business combination by three months from August 16, 2022 to November 16, 2022 (the “Extension”). The Extension is
the first of two three-month extensions permitted under the Company’s governing documents.
Liquidity
and Management’s Plans
Prior
to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period
of time, which is considered to be one year from the issuance date of the financial statements. The Company has since completed its Initial
Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was
released to the Company for general working capital purposes. The Company have incurred and expect to continue to incur significant costs
in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during period leading up to the business
combination. However, there is no assurance that the Company’s plans to consummate an initial Business Combination will be successful
within the Combination Period.
Going
Concern Consideration
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing
of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises
substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working
capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated
in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity
with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of
the Company as a going concern.
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed
on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the
Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise
tax.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the U.S. Department of the Treasury. In addition, because the excise tax would be payable by the
Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing
could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete
a Business Combination.
Modulex
Business Combination
On
December 8, 2022, we entered into a Business Combination Agreement (the “Merger Agreement”) by and among (i) Modulex Modular
Buildings Plc, a company registered in England and Wales with company number 07291662 (“Modulex”), (ii) Modulex Merger Sub,
upon execution of a joinder agreement to become party to the Merger Agreement (a “Joinder”), a to-be-formed Cayman Islands
exempted company and wholly-owned subsidiary of the Company (“Merger Sub”), and (iii) PHP Ventures Acquisition Corp., a Delaware
corporation (“PHP Ventures”).
Pursuant
to the Merger Agreement, PHP Ventures and Merger Sub shall consummate the Merger, pursuant to which PHP Ventures shall be merged with
and into Merger Sub with Merger Sub being the surviving entity (the “Surviving Company”), following which the separate corporate
existence of PHP Ventures shall cease, and Merger Sub shall change its name to Modulex Cayman Limited and continue as the surviving entity
and a wholly owned subsidiary of Modulex.
As
consideration for the Merger, the holders of PHP common stock (“PHP Common Stock”), as of immediately prior to the effective
time of the Business Combination, shall be entitled to receive an equal number of Modulex Ordinary Shares. Modulex will assume all the
outstanding warrants of PHP, and each PHP warrant (the “PHP Warrants”) will become a warrant to purchase the same number
of Modulex Ordinary Shares (the “Modulex Warrants”) being assumed. Each PHP right to acquire one-tenth (1/10) of one share
of PHP Common Stock (the “PHP Rights”) shall become the right to receive one-tenth (1/10) of one Modulex Ordinary Share (the
“Modulex Rights”). In furtherance of the Business Combination, and in accordance with the terms of the Business Combination
Agreement, PHP shall provide an opportunity for PHP stockholders to have their outstanding shares of PHP Common Stock redeemed on the
terms and subject to the conditions set forth in the Business Combination Agreement and PHP’s certificate of incorporation and
bylaws, each as amended from time to time.
The
Transaction will be consummated subject to the deliverables and provisions as further described in the Merger Agreement.
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements
prepared in accordance with generally accepted accounting principles have been omitted pursuant to those rules and regulations, although
the Company believes that the disclosures made are adequate to make the information not misleading. The interim financial statements as
of March 31, 2023 and for the three months ended March 31, 2023 and March 31, 2022, respectively, are unaudited. In the opinion of management,
the interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair
statement of the results for the interim periods. The accompanying balance sheet as of December 31, 2022, is derived from the audited
financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with 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 financial statements and the
reported amounts of revenues and expenses during the reporting period.
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 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.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of costs incurred in connection with preparation for the Public Offering executed on August 16, 2021. These costs, together
with the underwriting discounts and commissions, were charged to additional paid-in capital upon completion of the Public Offering.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Public Offering,
and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $1,327 in cash and no cash equivalents as of March 31,
2023.
Cash
and Marketable Securities Held in Trust Account
At
March 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities Money Market Funds.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of March 31, 2023 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is subject to income tax examinations by major taxing authorities since inception.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
provision for income taxes was $12,374 for the period for the three months ended March 31, 2023 and was deemed to be immaterial for the
three months ended March 31, 2022.
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption
of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection
with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.
In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption
rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within
the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation
of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a
maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would
cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. On March 31, 2023, there were 1,772,750 shares
of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2023, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income Per Common Share
| |
For The Three Months Ended March 31, 2023 | | |
For The Three Months Ended March 31, 2022 | |
Class A common stock | |
| | | |
| | |
Numerator: net loss allocable to Class A common stock | |
| (241,323 | ) | |
| (384,171 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,066,150 | | |
| 6,043,400 | |
Basic and diluted net income per redeemable Class A common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
| |
| | | |
| | |
Class B common stock | |
| | | |
| | |
Numerator: net loss allocable to Class B common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class B common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class B common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
Numerator: net loss allocable to Class common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs
other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments
in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations
derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s
Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis,
with early adoption permitted beginning on January 1, 2021. The Company adopted as of inception of the Company. Management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect
on the Company’s financial statements.
Note
3 —Public Offering
Pursuant
to the Initial Public Offering and full exercise underwriter’s overallotment option, the Company sold 5,750,000 Units at a purchase
price of $10.00 per Unit. Each Unit consists of one Class A common stock and one-half of one redeemable warrant (“Public Warrant”)
and one right (“Public Right”). Each Public Warrant will entitle the holder to purchase one half of one Class A common stock
at an exercise price of $11.50 per whole share (see Note 7). Each Public Right entitles the holder to receive one-tenth (1/10) of one
Class A common stock upon consummation of our initial business combination, so you must hold rights in multiples of 10 in order to receive
shares for all of your rights upon closing of a business combination (see Note 7).
Note
4 — Private Placement
Simultaneously
with the Initial Public Offering and full exercise underwriter’s overallotment option, the Sponsor purchased an aggregate of 293,400
Private Placement Units at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $2,934,000.
The
proceeds from the sale of the Placement Units will be added to the net proceeds from the Proposed Offering held in the Trust Account.
The Placement Units are identical to the Units sold in the Proposed Offering, except for the placement warrants (“Placement Warrants”),
as described in Note 7. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the
sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law)
and the Placement Warrants and the rights underlying the Placement Units (“Private Rights”) will expire worthless.
Note
5 — Related Party Transactions
Class
B Common Stock
On
May 3, 2021, the Company issued an aggregate of shares of Class B common stock to the Sponsor for an aggregate purchase price
of $ in cash, or approximately $ per share. On May 26, 2021, our sponsor transferred shares to Mr. Ngoh, shares
to Mr. Stein, shares to Mr. Phoon, shares to Mr. Anih and shares to Legacy Royals, LLC an entity controlled by Mr.
Gordon.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
The
initial stockholders have agreed not to transfer, assign or sell any of these founder shares (or shares of common stock issuable upon
conversion thereof) until the earlier to occur of: (A) six months after the completion of our initial business combination and (B) subsequent
to our initial business combination, (x) if the reported last sale price of our Class A common stock equals or exceeds $12.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange
their shares of common stock for cash, securities or other property.
Promissory
Note — Related Party
On
May 3, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $, to be used for payment of costs related to the Proposed Offering. The note is non-interest bearing and
payable on the earlier of (i) or (ii) the consummation of the Proposed Offering. A total of $ under the promissory
note was repaid on September 1, 2021.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor,
or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans.
As
March 31, 2023, the Company has borrowed $662,787 under such loans.
Extension
Loan — Related Party
The
Company will have until 12 months (or up to 18 months if the Company extends the period of time to consummate a business combination)
from the closing of the Proposed Offering to consummate a Business Combination (the “Combination Period”). 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 five 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 $100,000), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (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 stockholders 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 amount initially deposited in the Trust Account per Unit ($10.10).
On
August 8, 2022, the Company entered into a loan and transfer agreement with the Sponsor, according to which on August 15, 2022, the Company’s
Sponsor has deposited into the Company’s trust account $ representing $ per public share) to extend the period of time
it has to consummate its initial business combination by three months from August 16, 2022 to November 16, 2022 (the “Extension”).
On November 16, 2022, the Company’s Sponsor has further deposited into the Company’s trust account $ (representing
$ per public share) to extend the period of time it has to consummate its initial business combination by three months from November
16, 2022 to February 16, 2023. On February 14, 2023, Company’s Sponsor has further deposited into the Company’s trust account
$, including $ (representing $ per public share) to extend the period of time it has to consummate its initial business
combination by one month from February 16, 2022 to March 16, 2023 and $ extra funds for further one month extension. On March 13,
2023, Company’s Sponsor has further deposited into the Company’s trust account $ to extend the period of time it has
to consummate its initial business combination by one month from March 16, 2022 to April 16, 2023 . As of December 31, 2022,
$1,150,000 were outstanding under such extension loan. As of March 31, 2023, $1,371,594 were outstanding under such extension loan.
This
extension loan is non-interest bearing and will be due upon consummation of the initial business combination. If the Company complete
the initial business combination, the Company will, at the option of the sponsor, repay such loaned amounts out of the proceeds of the
trust account released to the Company or convert a portion or all of the total loan amount into units at a price of $10.00 per unit,
which units will be identical to the Placement Units. If the Company does not complete a business combination, the Company will repay
such loans only from funds held outside of the trust account.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in
payment of working capital loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior
to or on the effective date of Proposed Public Offering. The holders of a majority of these securities are entitled to make up to two
demands that the Company register such securities. Notwithstanding anything to the contrary, the underwriters (and/or their designees)
may only make a demand registration (i) on one occasion and (ii) during the five-year period beginning on the effective date of the Proposed
Public Offering. The holders of the majority of the insider shares can elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the
Placement Units (and underlying securities) and securities issued in payment of working capital loans (or underlying securities) can
elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders
have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation
of a Business Combination. Notwithstanding anything to the contrary, the underwriters (and/or their designees) may participate in a “piggy-back”
registration only during the seven-year period beginning on the effective date of the Proposed Public Offering. The Company will bear
the expenses incurred in connection with the filing of any such registration statements. Notwithstanding anything to the contrary, under
FINRA Rule 5110, the underwriters and/or their designees may only make a demand registration (i) on one occasion and (ii) during the
five-year period beginning on the effective date of the registration statement relating to the Proposed Public Offering, and the underwriters
and/or their designees may participate in a “piggy-back” registration only during the seven-year period beginning on the
effective date of the registration statement relating to the Proposed Public Offering.
Underwriters
Agreement
The
Company granted the underwriter a 45-day option to purchase up to 750,000 additional Units to cover over-allotments at the Initial Public
Offering price, less the underwriting discounts and commissions. The aforementioned option was exercised in full on August 19, 2021.
The
underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $1,150,000.
In addition, the underwriter is entitled to a deferred fee of three point five percent (3.50%) of the gross proceeds of the Initial Public
Offering, or $2,012,500. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
Right
of First Refusal
Subject
to certain conditions, the Company has granted EF Hutton, division of Benchmark Investments, LLC, for a period of 12 months after the
date of the consummation of a business combination, a right of first refusal to act as sole book runner, and/or sole placement agent,
at the representative’s sole discretion, for each and every future public and private equity and debt offering, including all equity
linked financings for us or any of our successors or subsidiaries. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal
shall not have a duration of more than three years from the effective date of the registration statement of which this prospectus forms
a part.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity
Preferred
Stock — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation,
rights and preferences as may be determined from time to time by the Company’s Board of Directors. At March 31, 2023, there were
no preferred shares issued or outstanding.
Class
A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At March 31, 2023, there were
293,400 shares of Class A Common Stock issued and outstanding, excluding 1,772,750 shares of Class A Common Stock subject to possible
redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At March 31, 2023, there were
1,437,500 shares of Class B common stock issued and outstanding. Class B common stock will automatically convert into shares of Class
A common stock at the time of our initial business combination on a one-for-one basis.
Warrants
— Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the
Warrants. The Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12
months from the effective date of the registration statement relating to the Proposed Offering. No Warrants will be exercisable for cash
unless the Company has an effective and current registration statement covering the common stock issuable upon exercise of the Warrants
and a current prospectus relating to such common stock. Notwithstanding the foregoing, if a registration statement covering the common
stock issuable upon the exercise of the Warrants is not effective within 60 days from the consummation of a Business Combination, the
holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed
to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to an available exemption from registration
under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Warrants on
a cashless basis. The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity (Continued)
The
Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:
●
at any time while the Warrants are exercisable,
●
upon not less than 30 days’ prior written notice of redemption to each Warrant holder,
●
if, and only if, the reported last sale price of the common stock equals or exceeds $18 per share, for any 20 trading days within a 30-trading
day period ending on the third trading day prior to the notice of redemption to Warrant holders, and
●
if, and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the
time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
The
Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Offering, except that the
Placement Warrants and the common stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable or
salable until after the completion of a Business Combination, subject to certain limited exceptions.
If
the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants
to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of common stock issuable
upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend
or recapitalization, reorganization, merger, or consolidation. Additionally, in no event will the Company be required to net cash settle
the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the
funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they
receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly,
the warrants may expire worthless.
The
exercise price is $11.50 per share, subject to adjustment as described herein. In addition, if (x) if the Company issues additional shares
of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or
its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance)
(the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our
initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during
the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such
price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger
price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the greater
of the Market Value and the Newly Issued Price.
Rights
— Each holder of a right will receive one-tenth (1/10) of one Class A common stock upon consummation of a Business Combination,
even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will
be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive
its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the unit
purchase price paid for by investors in the Proposed Offering. If the Company enters into a definitive agreement for a Business Combination
in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the
same per share consideration the holders of the Class A common stock will receive in the transaction on an as-converted into Class A
common stock basis and each holder of a right will be required to affirmatively convert its rights in order to receive 1/10 share underlying
each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except
to the extent held by affiliates of the Company).
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “us,” “our” or “we” refer to PHP Ventures Acquisition Corp. The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial
statements and related notes included herein.
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward- looking statements. When used in this Form 10-Q,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s
management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors
detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting
on the Company’s behalf are qualified in their entirety by this paragraph.
Overview
The
Company is a blank check company formed under the laws of the State of Delaware on April 13, 2021 for the purpose of effecting a merger,
share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company
intends to effectuate its initial Business Combination using cash from the proceeds of Public Offering and the Private Placement, the
proceeds of the sale of our securities in connection with our initial Business Combination, our shares, debt or a combination of cash,
stock and debt.
The
issuance of additional shares in connection with an initial Business Combination to the owners of the target or other investors:
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may significantly dilute
the equity interest of investors, which dilution would increase if the anti-dilution provisions in the Class B common stock resulted
in the issuance of Class A common stock on a greater than one -to-one basis upon conversion of the Class B common stock; |
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may subordinate the rights
of holders of our common stock if preferred stock is issued with rights senior to those afforded our common stock; |
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could cause a change in
control if a substantial number of shares of our common stock is issued, which may affect, among other things, our ability to use
our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; |
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may have the effect of
delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control
of us; and |
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may adversely affect prevailing
market prices for our Class A common stock and/or warrants. |
Similarly,
if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:
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default and foreclosure
on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt obligations; |
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acceleration of our obligations
to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require
the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
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our immediate payment of
all principal and accrued interest, if any, if the debt security is payable on demand; |
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our inability to obtain
necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the
debt security is outstanding; |
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our inability to pay dividends
on our common stock; |
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using a substantial portion
of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock
if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes; |
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limitations on our flexibility
in planning for and reacting to changes in our business and in the industry in which we operate; |
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increased vulnerability
to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
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limitations on our ability
to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy;
and |
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other purposes and other
disadvantages compared to our competitors who have less debt. |
We
expect to continue to incur significant costs in the pursuit of our initial Business Combination plans. We cannot assure you that our
plans to raise capital or to complete our initial Business Combination will be successful.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to March 31, 2023 were
organizational activities, those necessary to prepare for the Initial Public Offering (“Initial Public Offering”) and identifying
a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business
combination. We expect to generate non-operating income in the form of interest income on cash and marketable securities held after the
Initial Public Offering. We expect that we will incur increased expenses as a result of being a public company (for legal, financial
reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing a business combination.
For
the three months ended March 31, 2023, we had a net loss of $409,221, which consisted of realized gain from marketable securities held
in the Trust Account of $108,924 offset by operating costs of $455,771, franchise tax of $50,000 and income tax provision of $12,374.
For
the three months ended March 31, 2022, we had a net loss of $475,551, which consisted of unrealized loss from marketable securities held
in the Trust Account of $3,826 offset by operating costs of $421,725 and franchise tax of $50,000.
Liquidity
and Capital Resources
On
August 16, 2021, the Company consummated its Initial Public Offering of 5,000,000 units (the “Units” and, with respect to
the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross
proceeds of $50,000,000, and incurring offering costs of $3,153,369, of which $1,750,000 was for deferred underwriting commissions (see
Note 6).
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 270,900 units
(the “Private Placement Units”) to Global Link Investment LLC, the sponsor of the Company (the “Sponsor”), at
a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,709,000 (the “Private Placement”) (see
Note 4).
Subsequently,
on August 19, 2021, the Company consummated the closing of the sale of 750,000 additional units at a price of $10 per unit (the “Units”)
upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”),
generating additional gross proceeds of $7,500,000 and incurred additional offering costs of $412,500, of which 262,500 are for deferred
underwriting commissions. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class
A Common Stock”), one-half of one Class A redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling
the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, and one Right (“Right”), with each
Right entitling the holder to receive one-tenth of one share of Class A Common Stock, subject to adjustment, pursuant to the Company’s
registration statement on Form S-1 (File No. 333-256840).
Simultaneously
with the exercise of the overallotment, the Company consummated the Private Placement of an additional 22,500 Private Placement Units
to Global Link Investment LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $225,000.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $3,565,869 consisting of $1,150,000 of cash underwriting
fees, $2,012,500 of deferred underwriting fees and $403,369 of other costs.
As
of March 31, 2023, we had available to us $1,327 of cash on our balance sheet and a working capital of $12,850,770. We intend to use
the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due
diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses,
reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and
structuring, negotiating and consummating the Business Combination. The interest income earned on the investments in the Trust Account
are unavailable to fund operating expenses.
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor,
or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. As March 31, 2023, the Company has borrowed $662,787 under
such loans.
On
August 15, 2022, the Company’s Sponsor deposited into the Company’s trust account $575,000 (representing $0.10 per public
share) to extend the period of time it has to consummate its initial business combination by three months from August 16, 2022 to November
16, 2022 (the “Extension”), which extension was the first of two three-month extensions permitted under the Company’s
governing documents at the time. On November 7, 2022, the Company announced that it had caused to be deposited $575,000 into the Company’s
Trust account for its public stockholders, representing $0.10 per public share, allowing the Company to once again extend the period
of time it had to consummate its initial business combination by three months from November 16, 2022 to February 16, 2023, which extension
was the second of two three-month extensions permitted under the Company’s governing documents at the time. On December 30, 2022,
the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s
stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation giving the Company the right
to extend the date by which the Company must consummate its initial business combination from February 16, 2023 by up to six (6) one-month
extensions to August 16, 2023 at a price of $0.0625 per share per month. On April 17, 2023, the Company caused to be deposited $110,796.88
into the Company’s Trust account for its public stockholders, representing $0.0625 per public share, allowing the Company to extend
the period of time it has to consummate its initial business combination by one month from April 16, 2023 to May 16, 2023. The Extension
is the third of six one-month extensions permitted under the Company’s governing documents.
If
the Company completes its initial business combination, the Company will, at the option of our sponsor, repay such loaned amounts out
of the proceeds of the trust account released to us or convert a portion or all of the total loan amount into units at a price of $10.00
per unit, which units will be identical to the placement units. If the Company does not complete a business combination, the Company
will repay such loans only from funds held outside of the trust account. Furthermore, the letter agreement with our initial stockholders
contains a provision pursuant to which our sponsor has agreed to waive its right to be repaid for such loans to the extent there is insufficient
funds held outside of the trust account in the event that the Company does not complete a business combination. Our sponsor and its affiliates
or designees are not obligated to fund the trust account to extend the time for us to complete our initial business combination. In the
event the Company receives a notice from the sponsor 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.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company
is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the
requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial
doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the
outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs
of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s
amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted
accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going
concern.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements.
We
have not entered any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments
of other entities, or entered any non-financial assets.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. Commencing on the date
of the prospectus and until completion of the Company’s Business Combination or liquidation, the Company may reimburse ARC Group
Ltd., an affiliate of the Sponsor, up to an amount of $10,000 per month for office space, secretarial and administrative support.
The
Underwriter was paid a cash underwriting fee of 2.0% of gross proceeds of the Public Offering, or $1,150,000. In addition, the Underwriter
is entitled to aggregate deferred underwriting commissions of $2,012,500 consisting of 3.5% of the gross proceeds of the Public Offering.
The deferred underwriting commissions will become payable to the Underwriter from the amounts held in the Trust Account solely in the
event that the Company completes an initial Business Combination, subject to the terms of the underwriting agreement.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Following
the consummation of our Initial Public Offering, the net proceeds of our Initial Public Offering, including amounts in the Trust Account,
have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds
that invest solely in US treasuries. Due to the short-term nature of these investments, we do not believe that there will be an associated
material exposure to interest rate risk
Item
4. Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting
officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the fiscal quarter ended March
31, 2023, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive
officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls
and procedures were not effective.
Changes
in Internal Control over Financial Reporting
During
the most recently completed fiscal quarter ended March 31, 2023, there was no change in our internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
As
of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our final prospectus
dated August 11, 2021 filed with the SEC or our Annual Report on Form 10-K for the year ended December 31, 2022, except we may disclose
changes to such factors or disclose additional factors from time to time in our future filings with the SEC. Any of these factors could
result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently
known to us or that we currently deem immaterial may also impair our business or results of operations.
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds.
Unregistered
Sales of Equity Securities
On
August 16, 2021, simultaneously with the consummation of the closing of the Offering, the Company consummated the private placement of
an aggregate of 270,900 units (the “Private Placement Units”) to Global Link Investment LLC, the sponsor of the Company (the
“Sponsor”), at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,709,000 (the “Private
Placement”). Subsequently, on August 19, 2021, simultaneously with the exercise of the overallotment, the Company consummated the
Private Placement of an additional 22,500 Private Placement Units to the Sponsor, generating gross proceeds of $225,000. No underwriting
discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption
from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The
placement warrants included in the placement units are identical to the warrants sold as part of the units in this offering except that,
so long as they are held by our sponsor or its permitted transferees, (i) they will not be redeemable by us, (ii) they (including the
Class A common stock issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned
or sold by the holders until 30 days after the completion of our initial business combination, (iii) they may be exercised by the holders
on a cashless basis, and (iv) will be entitled to registration rights.
Use
of Proceeds from the Public Offering
On
August 16, 2021, the Company consummated its Initial Public Offering of 5,000,000 units (the “Units” and, with respect to
the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross
proceeds of $50,000,000, and incurring offering costs of $3,153,369, of which $1,750,000 was for deferred underwriting commissions.
Subsequently,
on August 19, 2021, the Company consummated the closing of the sale of 750,000 additional units at a price of $10 per unit (the “Units”)
upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”),
generating additional gross proceeds of $7,500,000 and incurred additional offering costs, of which $262,500 are for deferred underwriting
commissions of $412,500 in underwriting fees. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001
per share (“Class A Common Stock”), one-half of one redeemable warrant of the Company (“Warrant”), with each
whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, and one Right (“Right”),
with each Right entitling the holder to receive one-tenth of one share of Class A Common Stock, subject to adjustment, pursuant to the
Company’s registration statement on Form S-1 (File No. 333-256840).
The
securities sold in the Public Offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-256840).
The SEC declared the registration statement effective on August 11, 2021.
Of
the gross proceeds received from the Initial Public Offering and the Private Placement Units, $58,075,000 was placed in a Trust Account.
We paid a total of $1,150,000 in underwriting discounts and commissions and $403,369 for other costs and expenses related to the Initial
Public Offering. In addition, the underwriters agreed to defer $2,012,500 in underwriting discounts and commission.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
* |
Filed herewith. |
** |
Furnished. |
*** |
To be filed by amendment. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
PHP VENTURES ACQUISITION CORP. |
|
|
|
Date: June 30, 2023 |
By: |
/s/ |
|
|
Marcus Choo Yeow Ngoh |
|
|
Chief Executive Officer |
|
|
|
Date: June 30, 2023 |
By: |
/s/ |
|
|
Garry Richard Stein |
|
|
Chief Financial Officer |
Exhibit
31.1
CERTIFICATIONS
I,
Marcus Choo Yeow Ngoh, certify that:
1. |
I have reviewed this Quarterly
Report on Form 10-Q of PHP Ventures Acquisition Corp.; |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
|
a) |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
b) |
(Paragraph omitted pursuant
to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
c) |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
d) |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
|
(a) |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
(b) |
Any fraud, whether material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting. |
Date: June 30, 2023 |
By: |
/s/
|
|
|
Marcus Choo Yeow Ngoh |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Garry Richard Stein, certify that:
1. |
I have reviewed this Quarterly
Report on Form 10-Q of PHP Ventures Acquisition Corp.; |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
|
a) |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
b) |
(Paragraph omitted pursuant
to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
c) |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
d) |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
|
(a) |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
(b) |
Any fraud, whether material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting. |
Date: June 30, 2023 |
By: |
/s/
|
|
|
Garry Richard Stein |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of PHP Ventures Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period
ended March 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Marcus Choo Yeow Ngoh, Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002,
that:
1. |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
To my knowledge, the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company
as of and for the period covered by the Report. |
Date: June 30, 2023 |
By: |
/s/
|
|
|
Marcus Choo Yeow Ngoh |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of PHP Ventures Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period
ended March 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Garry Richard Stein, Chief
Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002,
that:
1. |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
To my knowledge, the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company
as of and for the period covered by the Report. |
Date: June 30, 2023 |
By: |
/s/
|
|
|
Garry Richard Stein |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2023 |
Jun. 30, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
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false
|
|
Document Period End Date |
Mar. 31, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40696
|
|
Entity Registrant Name |
PHP
Ventures Acquisition Corp.
|
|
Entity Central Index Key |
0001863460
|
|
Entity Tax Identification Number |
86-3368971
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
CT
10-06, Level 10
|
|
Entity Address, Address Line Two |
Corporate
Tower Subang Square
|
|
Entity Address, Address Line Three |
Jalan
SS15/4G
|
|
Entity Address, City or Town |
Subang
Jaya
|
|
Entity Address, Country |
MY
|
|
Entity Address, Postal Zip Code |
47500
|
|
City Area Code |
+60
|
|
Local Phone Number |
3 5888 8485
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
true
|
|
Units, Each Consisting of One Share of Class A Common Stock [Member] |
|
|
Title of 12(b) Security |
one share of Class A Common
Stock, one-half of one redeemable warrant, and one right to acquire one-tenth of one share of Class A common stock
|
|
Trading Symbol |
PPHPU
|
|
Security Exchange Name |
NASDAQ
|
|
Class A Common Stock, $0.0001 Par Value Per Share [Member] |
|
|
Title of 12(b) Security |
Class A Common Stock, $0.0001 par value per share
|
|
Trading Symbol |
PPHP
|
|
Security Exchange Name |
NASDAQ
|
|
Rights, Exchangeable into One-tenth of One Share of Class A Common Stock [Member] |
|
|
Title of 12(b) Security |
Rights, exchangeable into one-tenth of one share of
Class A common stock
|
|
Trading Symbol |
PPHPR
|
|
Security Exchange Name |
NASDAQ
|
|
Redeemable Warrants [Member] |
|
|
Title of 12(b) Security |
Redeemable warrants
|
|
Trading Symbol |
PPHPW
|
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Security Exchange Name |
NASDAQ
|
|
Redeemable Class A Common Stock [Member] |
|
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Entity Common Stock, Shares Outstanding |
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v3.23.2
Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Cash |
$ 1,327
|
$ 24,927
|
Prepaid expenses |
|
24,670
|
Cash and marketable securities held in trust account |
18,768,721
|
59,805,199
|
Total Current Assets |
18,770,048
|
59,854,796
|
Total assets |
18,770,048
|
59,854,796
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
1,644,098
|
1,236,597
|
Franchise tax payable |
134,762
|
84,762
|
Income tax payable |
93,537
|
81,163
|
Working Capital Loans – related party |
662,787
|
662,787
|
Deferred underwriter fee payable |
2,012,500
|
2,012,500
|
Extension loan – related party |
1,371,594
|
1,150,000
|
Amount due to redeemed public shareholders (including 3,977,250 shares for redemptions claimed as of 12/31/22 but not yet paid) |
|
41,366,996
|
Total current liabilities |
5,919,278
|
46,594,805
|
Total liabilities |
5,919,278
|
46,594,805
|
Commitments and Contingencies (Note 6) |
|
|
Class A common stock subject to possible redemption; 1,772,750 shares, at redemption value of $10.59 at March 31, 2023 and 1,772,750 shares (excluding 3,977,250 shares for redemptions claimed as of 12/31/22 but not yet paid) at redemption value of $10.40 on December 31, 2022, respectively |
18,768,721
|
18,438,203
|
Stockholders’ Deficit |
|
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(5,918,124)
|
(5,178,385)
|
Total Stockholders’ Deficit |
(5,917,951)
|
(5,178,212)
|
Total Liabilities and Stockholders’ Deficit |
$ 18,770,048
|
$ 59,854,796
|
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] |
Related Party [Member]
|
Related Party [Member]
|
Common Class A [Member] |
|
|
Stockholders’ Deficit |
|
|
Class B common shares, par value $0.0001; 10,000,000 shares authorized; 1,437,500 issued and outstanding |
$ 29
|
$ 29
|
Common Class B [Member] |
|
|
Stockholders’ Deficit |
|
|
Class B common shares, par value $0.0001; 10,000,000 shares authorized; 1,437,500 issued and outstanding |
$ 144
|
$ 144
|
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v3.23.2
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Temporary equity, redemption shares |
|
3,977,250
|
Temporary equity, redemption shares |
1,772,750
|
1,772,750
|
Temporary equity, redemption price per share |
$ 10.59
|
$ 10.40
|
Preferred stock par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
293,400
|
293,400
|
Common stock, shares outstanding |
293,400
|
293,400
|
Common stock, shares redemption |
5,750,000
|
5,750,000
|
Common Class B [Member] |
|
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares issued |
1,437,500
|
1,437,500
|
Common stock, shares outstanding |
1,437,500
|
1,437,500
|
X |
- DefinitionCommon stock, shares redemption.
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v3.23.2
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Formation and operating costs |
$ (455,771)
|
$ (451,725)
|
Franchise tax |
(50,000)
|
(50,000)
|
Loss from operations |
(505,771)
|
(471,725)
|
Other income and expense: |
|
|
Unrealized Loss from marketable securities held in Trust Account |
|
(3,826)
|
Realized gain from marketable securities held in trust account |
108,924
|
|
Total other income and (expense) |
108,924
|
(3,826)
|
Loss before provision for income taxes: |
(396,847)
|
(3,826)
|
Provision for income taxes |
(12,374)
|
|
Net Loss |
$ (409,221)
|
$ (475,551)
|
Common Class A [Member] |
|
|
Other income and expense: |
|
|
Weighted average shares outstanding |
2,066,150
|
6,043,400
|
Basic and diluted net loss per common stock |
$ (0.12)
|
$ (0.06)
|
Common Class B [Member] |
|
|
Other income and expense: |
|
|
Weighted average shares outstanding |
1,437,500
|
1,437,500
|
Basic and diluted net loss per common stock |
$ (0.12)
|
$ (0.06)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 29
|
$ 144
|
|
$ (1,600,063)
|
$ (1,599,890)
|
Balance, shares at Dec. 31, 2021 |
293,400
|
1,437,500
|
|
|
|
Net loss |
|
|
|
(475,551)
|
(475,551)
|
Balance at Mar. 31, 2022 |
$ 29
|
$ 144
|
|
(2,075,614)
|
(2,075,441)
|
Balance, shares at Mar. 31, 2022 |
293,400
|
1,437,500
|
|
|
|
Balance at Dec. 31, 2022 |
$ 29
|
$ 144
|
|
(5,178,385)
|
(5,178,212)
|
Balance, shares at Dec. 31, 2022 |
293,400
|
1,437,500
|
|
|
|
Additional amount deposited into trust ($0.125 per common stock subject to possible redemption) |
|
|
|
(221,594)
|
(221,594)
|
Accretion of Class A ordinary shares to redemption amount |
|
|
|
(108,924)
|
(108,924)
|
Net loss |
|
|
|
(409,221)
|
(409,221)
|
Balance at Mar. 31, 2023 |
$ 29
|
$ 144
|
|
$ (5,918,124)
|
$ (5,917,951)
|
Balance, shares at Mar. 31, 2023 |
293,400
|
1,437,500
|
|
|
|
X |
- DefinitionAdjustments to additional paid in capital accretion of shares to redemption amount.
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v3.23.2
Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Cash flow from operating activities: |
|
|
Net loss |
$ (409,221)
|
$ (475,551)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Realized and Unrealized Gain from securities held in Trust Account |
(108,924)
|
3,826
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
24,670
|
3,801
|
Franchise tax payable |
50,000
|
(144,160)
|
Income tax payable |
12,374
|
|
Accounts payable and accrued expenses |
407,501
|
297,582
|
Net cash used in operating activities |
(23,600)
|
(314,502)
|
Cash flows from investing activities: |
|
|
Cash withdrawn from Trust Account to pay redeemed shares |
41,366,996
|
|
Investment of cash in Trust Account |
(221,594)
|
|
Net cash used in investing activities |
41,145,402
|
|
Cash flow from financing activities: |
|
|
Payment to redeemed shareholders |
(41,366,996)
|
|
Proceeds from extension loan – related party |
221,594
|
|
Net cash provided by financing activities |
(41,145,402)
|
|
Net change in cash |
(23,600)
|
(314,502)
|
Cash at the beginning of the period |
24,927
|
486,315
|
Cash at the end of the period |
1,327
|
171,813
|
Supplemental disclosure of non-cash financing activities: |
|
|
Re-measurement of ordinary shares subject to redemption |
108,924
|
|
Extension funds attributable to Class A common stock subject to possible redemption |
$ 221,594
|
|
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v3.23.2
Description of Organization and Business Operations, Going Concern and Basis of Presentation
|
3 Months Ended |
Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Organization and Business Operations, Going Concern and Basis of Presentation |
Note
1 — Description of Organization and Business Operations, Going Concern and Basis of Presentation
PHP
Ventures Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 13, 2021.
The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). While the Company may pursue a business combination target
in any business or industry, it intends to focus on consumer-facing companies with a significant Africa presence or a compelling Africa
potential, which complements the expertise of its management team.
As
of March 31, 2023, the Company had not commenced any operations. All activity for the period from April 13, 2021 (inception) through
March 31, 2023 relates to organizational activities and identifying a target company for a 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 Offering. The Company
has selected December 31 as its fiscal year end.
The
Company’s sponsor is Global Link Investment LLC, a Delaware limited liability company (the “Sponsor”). The registration
statement for the Company’s Initial Public Offering was declared effective on August 11, 2021.
On
August 16, 2021, the Company consummated its Initial Public Offering of 5,000,000 units (the “Units” and, with respect to
the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross
proceeds of $50,000,000, and incurring offering costs of $3,153,369, of which $1,750,000 was for deferred underwriting commissions (see
Note 6).
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 270,900 units
(the “Private Placement Units”) to Global Link Investment LLC, the sponsor of the Company (the “Sponsor”), at
a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,709,000 (the “Private Placement”) (see
Note 4).
Subsequently,
on August 19, 2021, the Company consummated the closing of the sale of 750,000 additional units at a price of $10 per unit (the “Units”)
upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”),
generating additional gross proceeds of $7,500,000 and incurred additional offering costs of $412,500, of which 262,500 are for deferred
underwriting commissions. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class
A Common Stock”), one-half of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling
the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, and one Right (“Right”), with each
Right entitling the holder to receive one-tenth of one share of Class A Common Stock, subject to adjustment, pursuant to the Company’s
registration statement on Form S-1 (File No. 333-256840).
Simultaneously
with the exercise of the overallotment, the Company consummated the Private Placement of an additional Private Placement Units
to Global Link Investment LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $.
A
total of $58,075,000, comprised of the proceeds from the Offering and the proceeds of private placements that closed on August 16, 2021
and August 19, 2021, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust
Account”) which may 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 185 days or less or in any open-ended
investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as
determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust
Account to the Company’s stockholders, as described below.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $3,565,869 consisting of $1,150,000 of cash underwriting
fees, $2,012,500 of deferred underwriting fees and $403,369 of other costs.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Following
the closing of the Initial Public Offering $925,077 of cash was held outside of the Trust Account available for working capital purposes.
As of March 31, 2023, we have available to us $1,327 of cash on our balance sheet and a working capital of $12,850,770.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds 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 80% of the balance in the Trust Account (less any deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination.
The Company will only complete a Business Combination if the post-Business Combination 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. There is no assurance that the Company will be able to successfully effect
a Business Combination.
The
Company will provide its holders of the outstanding Public Shares (the “public stockholders”) 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 stockholder meeting
called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the
Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders 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 $5,000,001 either immediately prior to or upon such consummation
of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination.
On
August 15, 2022, the Company’s Sponsor has deposited into the Company’s trust account $575,000 (representing $0.10 per public
share) to extend the period of time it has to consummate its initial business combination by three months from August 16, 2022 to November
16, 2022 (the “Extension”). On November 16, 2022, the Company’s Sponsor has further deposited into the Company’s
trust account $575,000 (representing $0.10 per public share) to extend the period of time it has to consummate its initial business combination
by three months from November 16, 2022 to February 16, 2023 (the “Extension”). On December 30, 2022, the Company held a special
meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an
amendment to the Company’s Amended and Restated Certificate of Incorporation giving the Company the right to extend the date by
which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination involving the Company and one or more businesses (a “Business Combination”), (ii) cease its operations
if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s Class A common stock included
as part of the units sold in the Company’s Initial Public Offering that closed on August 16, 2021 (the “IPO”) from
February 16, 2023 (the “Termination Date”) by up to six (6) one-month extensions to August 16, 2023 at a price of $0.0625
per share per month, commencing February 16, 2023, our current Termination Date (which we refer to as the “Extension,” and
such later date, the “Extended Deadline”) (such proposal is the “Extension Amendment Proposal”). In connection
with such Extension Amendment Proposal, stockholders elected to redeem 3,977,250 shares of the Company’s Class A common stock,
par value $0.0001 per share (“Class A Common Stock”), which represents approximately 69% of the shares that were part of
the units that were sold in the Company’s IPO. Following such redemptions, $18,438,203 will remain in the trust account and 2,066,150
shares of Class A Common Stock will remain issued and outstanding.
If
the Company is unable to complete a Business Combination before August 16, 2023 (or as extended by the Company’s stockholders in
accordance with our certificate of incorporation), the Company will (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible but not more than ten business days thereafter, redeem the 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 on the funds held in the trust
account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by
the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate,
subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law. As such, our stockholders could potentially be liable for any claims to the extent of distributions
received by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Our
sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting
firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter
of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to
below the lesser of (i) $ per public share and (ii) the actual amount per public share held in the trust account as of the date
of the liquidation of the trust account, if less than $ per public share due to reductions in the value of the trust assets, less
taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed
a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply
to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether
our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor’s only assets are securities
of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or
directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
On
August 16, 2022, the Company issued a press release, announcing that on August 15, 2022, the Company’s Sponsor has deposited into
the Company’s trust account $ (representing $ per public share) to extend the period of time it has to consummate its
initial business combination by three months from August 16, 2022 to November 16, 2022 (the “Extension”). The Extension is
the first of two three-month extensions permitted under the Company’s governing documents.
Liquidity
and Management’s Plans
Prior
to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period
of time, which is considered to be one year from the issuance date of the financial statements. The Company has since completed its Initial
Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was
released to the Company for general working capital purposes. The Company have incurred and expect to continue to incur significant costs
in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during period leading up to the business
combination. However, there is no assurance that the Company’s plans to consummate an initial Business Combination will be successful
within the Combination Period.
Going
Concern Consideration
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing
of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises
substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working
capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated
in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity
with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of
the Company as a going concern.
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed
on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the
Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise
tax.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the U.S. Department of the Treasury. In addition, because the excise tax would be payable by the
Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing
could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete
a Business Combination.
Modulex
Business Combination
On
December 8, 2022, we entered into a Business Combination Agreement (the “Merger Agreement”) by and among (i) Modulex Modular
Buildings Plc, a company registered in England and Wales with company number 07291662 (“Modulex”), (ii) Modulex Merger Sub,
upon execution of a joinder agreement to become party to the Merger Agreement (a “Joinder”), a to-be-formed Cayman Islands
exempted company and wholly-owned subsidiary of the Company (“Merger Sub”), and (iii) PHP Ventures Acquisition Corp., a Delaware
corporation (“PHP Ventures”).
Pursuant
to the Merger Agreement, PHP Ventures and Merger Sub shall consummate the Merger, pursuant to which PHP Ventures shall be merged with
and into Merger Sub with Merger Sub being the surviving entity (the “Surviving Company”), following which the separate corporate
existence of PHP Ventures shall cease, and Merger Sub shall change its name to Modulex Cayman Limited and continue as the surviving entity
and a wholly owned subsidiary of Modulex.
As
consideration for the Merger, the holders of PHP common stock (“PHP Common Stock”), as of immediately prior to the effective
time of the Business Combination, shall be entitled to receive an equal number of Modulex Ordinary Shares. Modulex will assume all the
outstanding warrants of PHP, and each PHP warrant (the “PHP Warrants”) will become a warrant to purchase the same number
of Modulex Ordinary Shares (the “Modulex Warrants”) being assumed. Each PHP right to acquire one-tenth (1/10) of one share
of PHP Common Stock (the “PHP Rights”) shall become the right to receive one-tenth (1/10) of one Modulex Ordinary Share (the
“Modulex Rights”). In furtherance of the Business Combination, and in accordance with the terms of the Business Combination
Agreement, PHP shall provide an opportunity for PHP stockholders to have their outstanding shares of PHP Common Stock redeemed on the
terms and subject to the conditions set forth in the Business Combination Agreement and PHP’s certificate of incorporation and
bylaws, each as amended from time to time.
The
Transaction will be consummated subject to the deliverables and provisions as further described in the Merger Agreement.
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v3.23.2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements
prepared in accordance with generally accepted accounting principles have been omitted pursuant to those rules and regulations, although
the Company believes that the disclosures made are adequate to make the information not misleading. The interim financial statements as
of March 31, 2023 and for the three months ended March 31, 2023 and March 31, 2022, respectively, are unaudited. In the opinion of management,
the interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair
statement of the results for the interim periods. The accompanying balance sheet as of December 31, 2022, is derived from the audited
financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with 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 financial statements and the
reported amounts of revenues and expenses during the reporting period.
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 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.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of costs incurred in connection with preparation for the Public Offering executed on August 16, 2021. These costs, together
with the underwriting discounts and commissions, were charged to additional paid-in capital upon completion of the Public Offering.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Public Offering,
and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $1,327 in cash and no cash equivalents as of March 31,
2023.
Cash
and Marketable Securities Held in Trust Account
At
March 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities Money Market Funds.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of March 31, 2023 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is subject to income tax examinations by major taxing authorities since inception.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
provision for income taxes was $12,374 for the period for the three months ended March 31, 2023 and was deemed to be immaterial for the
three months ended March 31, 2022.
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption
of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection
with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.
In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption
rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within
the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation
of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a
maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would
cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. On March 31, 2023, there were 1,772,750 shares
of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2023, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income Per Common Share
| |
For The Three Months Ended March 31, 2023 | | |
For The Three Months Ended March 31, 2022 | |
Class A common stock | |
| | | |
| | |
Numerator: net loss allocable to Class A common stock | |
| (241,323 | ) | |
| (384,171 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,066,150 | | |
| 6,043,400 | |
Basic and diluted net income per redeemable Class A common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
| |
| | | |
| | |
Class B common stock | |
| | | |
| | |
Numerator: net loss allocable to Class B common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class B common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class B common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
Numerator: net loss allocable to Class common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs
other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments
in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations
derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s
Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis,
with early adoption permitted beginning on January 1, 2021. The Company adopted as of inception of the Company. Management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect
on the Company’s financial statements.
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v3.23.2
Public Offering
|
3 Months Ended |
Mar. 31, 2023 |
Public Offering |
|
Public Offering |
Note
3 —Public Offering
Pursuant
to the Initial Public Offering and full exercise underwriter’s overallotment option, the Company sold 5,750,000 Units at a purchase
price of $10.00 per Unit. Each Unit consists of one Class A common stock and one-half of one redeemable warrant (“Public Warrant”)
and one right (“Public Right”). Each Public Warrant will entitle the holder to purchase one half of one Class A common stock
at an exercise price of $11.50 per whole share (see Note 7). Each Public Right entitles the holder to receive one-tenth (1/10) of one
Class A common stock upon consummation of our initial business combination, so you must hold rights in multiples of 10 in order to receive
shares for all of your rights upon closing of a business combination (see Note 7).
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v3.23.2
Private Placement
|
3 Months Ended |
Mar. 31, 2023 |
Private Placement |
|
Private Placement |
Note
4 — Private Placement
Simultaneously
with the Initial Public Offering and full exercise underwriter’s overallotment option, the Sponsor purchased an aggregate of 293,400
Private Placement Units at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $2,934,000.
The
proceeds from the sale of the Placement Units will be added to the net proceeds from the Proposed Offering held in the Trust Account.
The Placement Units are identical to the Units sold in the Proposed Offering, except for the placement warrants (“Placement Warrants”),
as described in Note 7. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the
sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law)
and the Placement Warrants and the rights underlying the Placement Units (“Private Rights”) will expire worthless.
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v3.23.2
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 — Related Party Transactions
Class
B Common Stock
On
May 3, 2021, the Company issued an aggregate of shares of Class B common stock to the Sponsor for an aggregate purchase price
of $ in cash, or approximately $ per share. On May 26, 2021, our sponsor transferred shares to Mr. Ngoh, shares
to Mr. Stein, shares to Mr. Phoon, shares to Mr. Anih and shares to Legacy Royals, LLC an entity controlled by Mr.
Gordon.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
The
initial stockholders have agreed not to transfer, assign or sell any of these founder shares (or shares of common stock issuable upon
conversion thereof) until the earlier to occur of: (A) six months after the completion of our initial business combination and (B) subsequent
to our initial business combination, (x) if the reported last sale price of our Class A common stock equals or exceeds $12.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange
their shares of common stock for cash, securities or other property.
Promissory
Note — Related Party
On
May 3, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $, to be used for payment of costs related to the Proposed Offering. The note is non-interest bearing and
payable on the earlier of (i) or (ii) the consummation of the Proposed Offering. A total of $ under the promissory
note was repaid on September 1, 2021.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor,
or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation
of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans.
As
March 31, 2023, the Company has borrowed $662,787 under such loans.
Extension
Loan — Related Party
The
Company will have until 12 months (or up to 18 months if the Company extends the period of time to consummate a business combination)
from the closing of the Proposed Offering to consummate a Business Combination (the “Combination Period”). 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 five 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 $100,000), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (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 stockholders 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 amount initially deposited in the Trust Account per Unit ($10.10).
On
August 8, 2022, the Company entered into a loan and transfer agreement with the Sponsor, according to which on August 15, 2022, the Company’s
Sponsor has deposited into the Company’s trust account $ representing $ per public share) to extend the period of time
it has to consummate its initial business combination by three months from August 16, 2022 to November 16, 2022 (the “Extension”).
On November 16, 2022, the Company’s Sponsor has further deposited into the Company’s trust account $ (representing
$ per public share) to extend the period of time it has to consummate its initial business combination by three months from November
16, 2022 to February 16, 2023. On February 14, 2023, Company’s Sponsor has further deposited into the Company’s trust account
$, including $ (representing $ per public share) to extend the period of time it has to consummate its initial business
combination by one month from February 16, 2022 to March 16, 2023 and $ extra funds for further one month extension. On March 13,
2023, Company’s Sponsor has further deposited into the Company’s trust account $ to extend the period of time it has
to consummate its initial business combination by one month from March 16, 2022 to April 16, 2023 . As of December 31, 2022,
$1,150,000 were outstanding under such extension loan. As of March 31, 2023, $1,371,594 were outstanding under such extension loan.
This
extension loan is non-interest bearing and will be due upon consummation of the initial business combination. If the Company complete
the initial business combination, the Company will, at the option of the sponsor, repay such loaned amounts out of the proceeds of the
trust account released to the Company or convert a portion or all of the total loan amount into units at a price of $10.00 per unit,
which units will be identical to the Placement Units. If the Company does not complete a business combination, the Company will repay
such loans only from funds held outside of the trust account.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in
payment of working capital loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior
to or on the effective date of Proposed Public Offering. The holders of a majority of these securities are entitled to make up to two
demands that the Company register such securities. Notwithstanding anything to the contrary, the underwriters (and/or their designees)
may only make a demand registration (i) on one occasion and (ii) during the five-year period beginning on the effective date of the Proposed
Public Offering. The holders of the majority of the insider shares can elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the
Placement Units (and underlying securities) and securities issued in payment of working capital loans (or underlying securities) can
elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders
have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation
of a Business Combination. Notwithstanding anything to the contrary, the underwriters (and/or their designees) may participate in a “piggy-back”
registration only during the seven-year period beginning on the effective date of the Proposed Public Offering. The Company will bear
the expenses incurred in connection with the filing of any such registration statements. Notwithstanding anything to the contrary, under
FINRA Rule 5110, the underwriters and/or their designees may only make a demand registration (i) on one occasion and (ii) during the
five-year period beginning on the effective date of the registration statement relating to the Proposed Public Offering, and the underwriters
and/or their designees may participate in a “piggy-back” registration only during the seven-year period beginning on the
effective date of the registration statement relating to the Proposed Public Offering.
Underwriters
Agreement
The
Company granted the underwriter a 45-day option to purchase up to 750,000 additional Units to cover over-allotments at the Initial Public
Offering price, less the underwriting discounts and commissions. The aforementioned option was exercised in full on August 19, 2021.
The
underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $1,150,000.
In addition, the underwriter is entitled to a deferred fee of three point five percent (3.50%) of the gross proceeds of the Initial Public
Offering, or $2,012,500. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
Right
of First Refusal
Subject
to certain conditions, the Company has granted EF Hutton, division of Benchmark Investments, LLC, for a period of 12 months after the
date of the consummation of a business combination, a right of first refusal to act as sole book runner, and/or sole placement agent,
at the representative’s sole discretion, for each and every future public and private equity and debt offering, including all equity
linked financings for us or any of our successors or subsidiaries. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal
shall not have a duration of more than three years from the effective date of the registration statement of which this prospectus forms
a part.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
Stockholders’ Equity
|
3 Months Ended |
Mar. 31, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 – Stockholders’ Equity
Preferred
Stock — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation,
rights and preferences as may be determined from time to time by the Company’s Board of Directors. At March 31, 2023, there were
no preferred shares issued or outstanding.
Class
A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At March 31, 2023, there were
293,400 shares of Class A Common Stock issued and outstanding, excluding 1,772,750 shares of Class A Common Stock subject to possible
redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At March 31, 2023, there were
1,437,500 shares of Class B common stock issued and outstanding. Class B common stock will automatically convert into shares of Class
A common stock at the time of our initial business combination on a one-for-one basis.
Warrants
— Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the
Warrants. The Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12
months from the effective date of the registration statement relating to the Proposed Offering. No Warrants will be exercisable for cash
unless the Company has an effective and current registration statement covering the common stock issuable upon exercise of the Warrants
and a current prospectus relating to such common stock. Notwithstanding the foregoing, if a registration statement covering the common
stock issuable upon the exercise of the Warrants is not effective within 60 days from the consummation of a Business Combination, the
holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed
to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to an available exemption from registration
under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Warrants on
a cashless basis. The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity (Continued)
The
Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:
●
at any time while the Warrants are exercisable,
●
upon not less than 30 days’ prior written notice of redemption to each Warrant holder,
●
if, and only if, the reported last sale price of the common stock equals or exceeds $18 per share, for any 20 trading days within a 30-trading
day period ending on the third trading day prior to the notice of redemption to Warrant holders, and
●
if, and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the
time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
The
Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Offering, except that the
Placement Warrants and the common stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable or
salable until after the completion of a Business Combination, subject to certain limited exceptions.
If
the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants
to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of common stock issuable
upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend
or recapitalization, reorganization, merger, or consolidation. Additionally, in no event will the Company be required to net cash settle
the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the
funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they
receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly,
the warrants may expire worthless.
The
exercise price is $11.50 per share, subject to adjustment as described herein. In addition, if (x) if the Company issues additional shares
of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or
its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance)
(the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our
initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during
the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such
price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger
price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the greater
of the Market Value and the Newly Issued Price.
Rights
— Each holder of a right will receive one-tenth (1/10) of one Class A common stock upon consummation of a Business Combination,
even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will
be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive
its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the unit
purchase price paid for by investors in the Proposed Offering. If the Company enters into a definitive agreement for a Business Combination
in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the
same per share consideration the holders of the Class A common stock will receive in the transaction on an as-converted into Class A
common stock basis and each holder of a right will be required to affirmatively convert its rights in order to receive 1/10 share underlying
each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except
to the extent held by affiliates of the Company).
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements
prepared in accordance with generally accepted accounting principles have been omitted pursuant to those rules and regulations, although
the Company believes that the disclosures made are adequate to make the information not misleading. The interim financial statements as
of March 31, 2023 and for the three months ended March 31, 2023 and March 31, 2022, respectively, are unaudited. In the opinion of management,
the interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair
statement of the results for the interim periods. The accompanying balance sheet as of December 31, 2022, is derived from the audited
financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with 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 financial statements and the
reported amounts of revenues and expenses during the reporting period.
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 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.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of costs incurred in connection with preparation for the Public Offering executed on August 16, 2021. These costs, together
with the underwriting discounts and commissions, were charged to additional paid-in capital upon completion of the Public Offering.
|
Risks and Uncertainties |
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the Public Offering,
and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $1,327 in cash and no cash equivalents as of March 31,
2023.
|
Cash and Marketable Securities Held in Trust Account |
Cash
and Marketable Securities Held in Trust Account
At
March 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities Money Market Funds.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of March 31, 2023 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is subject to income tax examinations by major taxing authorities since inception.
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
provision for income taxes was $12,374 for the period for the three months ended March 31, 2023 and was deemed to be immaterial for the
three months ended March 31, 2022.
|
Class A Common Stock Subject to Possible Redemption |
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption
of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection
with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.
In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption
rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within
the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation
of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a
maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would
cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. On March 31, 2023, there were 1,772,750 shares
of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2023, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
|
Net Loss Per Share |
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income Per Common Share
| |
For The Three Months Ended March 31, 2023 | | |
For The Three Months Ended March 31, 2022 | |
Class A common stock | |
| | | |
| | |
Numerator: net loss allocable to Class A common stock | |
| (241,323 | ) | |
| (384,171 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,066,150 | | |
| 6,043,400 | |
Basic and diluted net income per redeemable Class A common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
| |
| | | |
| | |
Class B common stock | |
| | | |
| | |
Numerator: net loss allocable to Class B common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class B common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class B common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
Numerator: net loss allocable to Class common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
PHP
VENTURES ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs
other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments
in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations
derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s
Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis,
with early adoption permitted beginning on January 1, 2021. The Company adopted as of inception of the Company. Management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect
on the Company’s financial statements.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Basic and Diluted Net Income Per Common Share |
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income Per Common Share
| |
For The Three Months Ended March 31, 2023 | | |
For The Three Months Ended March 31, 2022 | |
Class A common stock | |
| | | |
| | |
Numerator: net loss allocable to Class A common stock | |
| (241,323 | ) | |
| (384,171 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,066,150 | | |
| 6,043,400 | |
Basic and diluted net income per redeemable Class A common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
| |
| | | |
| | |
Class B common stock | |
| | | |
| | |
Numerator: net loss allocable to Class B common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class B common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class B common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
Numerator: net loss allocable to Class common stock | |
| (167,898 | ) | |
| (91,380 | ) |
Denominator: weighted average number of Class common stock | |
| 1,437,500 | | |
| 1,437,500 | |
Basic and diluted net loss per Class common stock | |
$ | (0.12 | ) | |
$ | (0.06 | ) |
|
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v3.23.2
Description of Organization and Business Operations, Going Concern and Basis of Presentation (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
|
|
|
|
|
Aug. 19, 2021 |
Aug. 16, 2021 |
Mar. 31, 2023 |
Aug. 16, 2023 |
Feb. 14, 2023 |
Dec. 31, 2022 |
Nov. 16, 2022 |
Aug. 16, 2022 |
Aug. 15, 2022 |
Public offering price per share |
|
|
$ 10.00
|
|
|
|
|
|
$ 10.00
|
Exercise price of warrants |
|
|
$ 0.01
|
|
|
|
|
|
|
Cash |
|
|
$ 1,327
|
|
|
$ 24,927
|
|
|
|
Working capital |
|
|
$ 12,850,770
|
|
|
|
|
|
|
Percentage of fair market value |
|
|
80.00%
|
|
|
|
|
|
|
Percentage of outstanding voting securities |
|
|
50.00%
|
|
|
|
|
|
|
Business acquisitions name of acquired entity |
|
|
On
August 15, 2022, the Company’s Sponsor has deposited into the Company’s trust account $575,000 (representing $0.10 per public
share) to extend the period of time it has to consummate its initial business combination by three months from August 16, 2022 to November
16, 2022 (the “Extension”). On November 16, 2022, the Company’s Sponsor has further deposited into the Company’s
trust account $575,000 (representing $0.10 per public share) to extend the period of time it has to consummate its initial business combination
by three months from November 16, 2022 to February 16, 2023 (the “Extension”). On December 30, 2022, the Company held a special
meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an
amendment to the Company’s Amended and Restated Certificate of Incorporation giving the Company the right to extend the date by
which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination involving the Company and one or more businesses (a “Business Combination”), (ii) cease its operations
if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company’s Class A common stock included
as part of the units sold in the Company’s Initial Public Offering that closed on August 16, 2021 (the “IPO”) from
February 16, 2023 (the “Termination Date”) by up to six (6) one-month extensions to August 16, 2023 at a price of $0.0625
per share per month, commencing February 16, 2023, our current Termination Date (which we refer to as the “Extension,” and
such later date, the “Extended Deadline”) (such proposal is the “Extension Amendment Proposal”). In connection
with such Extension Amendment Proposal, stockholders elected to redeem 3,977,250 shares of the Company’s Class A common stock,
par value $0.0001 per share (“Class A Common Stock”), which represents approximately 69% of the shares that were part of
the units that were sold in the Company’s IPO. Following such redemptions, $18,438,203 will remain in the trust account and 2,066,150
shares of Class A Common Stock will remain issued and outstanding
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
Public offering price per share |
|
|
|
|
|
|
$ 0.10
|
$ 10.10
|
$ 0.10
|
Forecast [Member] |
|
|
|
|
|
|
|
|
|
Interest to pay dissolution expenses |
|
|
|
$ 100,000
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
|
$ 5,000,001
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
Public offering price per share |
|
|
|
|
$ 0.0625
|
|
|
$ 0.10
|
|
Amount depost to trust acccount |
|
|
|
|
$ 150,938
|
|
|
$ 575,000
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
Cash available for working capital |
|
|
$ 925,077
|
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
Number of share units issued |
|
270,900
|
293,400
|
|
|
|
|
|
|
Public offering price per share |
|
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
Proceeds from initial public offering |
|
$ 2,709,000
|
|
|
|
|
|
|
|
Private Placement [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
Number of share units issued |
22,500
|
|
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
$ 225,000
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
Number of share units issued |
750,000
|
|
750,000
|
|
|
|
|
|
|
Public offering price per share |
$ 10
|
|
$ 10.00
|
|
|
|
|
|
|
Offering costs incurred |
$ 412,500
|
|
|
|
|
|
|
|
|
Deferred underwriting commission |
262,500
|
|
|
|
|
|
|
|
|
Proceeds from issuance of stock |
7,500,000
|
|
|
|
|
|
|
|
|
Exercise price of warrants |
|
|
$ 11.50
|
|
|
|
|
|
|
Transaction costs in connection with initial public offering |
|
|
$ 3,565,869
|
|
|
|
|
|
|
Cash underwriting fees |
|
|
1,150,000
|
|
|
|
|
|
|
Deferred underwriting fee |
|
|
2,012,500
|
|
|
|
|
|
|
Other offering costs |
|
|
$ 403,369
|
|
|
|
|
|
|
Offering and Private Placement [Member] |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of stock |
$ 58,075,000
|
|
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
|
Common Class A [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
Number of share units issued |
|
5,000,000
|
|
|
|
|
|
|
|
Public offering price per share |
|
$ 10.00
|
|
|
|
|
|
|
|
Proceeds from initial public offering |
|
$ 50,000,000
|
|
|
|
|
|
|
|
Offering costs incurred |
|
3,153,369
|
|
|
|
|
|
|
|
Deferred underwriting commission |
|
$ 1,750,000
|
|
|
|
|
|
|
|
Common Class A [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
Common stock par value |
$ 0.0001
|
|
|
|
|
|
|
|
|
Exercise price of warrants |
$ 11.50
|
|
|
|
|
|
|
|
|
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v3.23.2
Schedule of Basic and Diluted Net Income Per Common Share (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Common Class A [Member] |
|
|
Numerator: net loss allocable to Class common stock |
$ (241,323)
|
$ (384,171)
|
Denominator: weighted average number of Class common stock |
2,066,150
|
6,043,400
|
Basic and diluted net loss per Class common stock |
$ (0.12)
|
$ (0.06)
|
Common Class B [Member] |
|
|
Numerator: net loss allocable to Class common stock |
$ (167,898)
|
$ (91,380)
|
Denominator: weighted average number of Class common stock |
1,437,500
|
1,437,500
|
Basic and diluted net loss per Class common stock |
$ (0.12)
|
$ (0.06)
|
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Mar. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Cash |
$ 1,327
|
$ 1,327
|
|
$ 24,927
|
Cash equivalents |
0
|
0
|
|
|
Unrecognized tax benefits |
0
|
0
|
|
|
Unrecognized accrued interest and penalties |
0
|
0
|
|
|
Provision for income taxes |
|
12,374
|
|
|
Federal depository insurance amount |
$ 250,000
|
250,000
|
|
|
Common Class A [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of earning per share amount |
1,772,750
|
|
|
|
Minimum [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Property, plant and equipment, net |
$ 5,000,001
|
$ 5,000,001
|
|
|
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v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
|
|
|
|
|
|
Sep. 02, 2021 |
May 26, 2021 |
May 03, 2021 |
Mar. 31, 2023 |
Mar. 13, 2023 |
Feb. 14, 2023 |
Dec. 31, 2022 |
Nov. 16, 2022 |
Aug. 16, 2022 |
Aug. 15, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Offering price per share |
|
|
|
$ 10.00
|
|
|
|
|
|
$ 10.00
|
Business combination conversion of related party loans |
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
Working capital loan related party |
|
|
|
$ 662,787
|
|
|
$ 662,787
|
|
|
|
Outstanding public shares percentage |
|
|
|
100.00%
|
|
|
|
|
|
|
Tax payable |
|
|
|
$ 100,000
|
|
|
|
|
|
|
Outstanding loan amount |
|
|
|
$ 1,371,594
|
|
|
$ 1,150,000
|
|
|
|
Extension Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Offering price per share |
|
|
|
$ 10.10
|
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Working capital loan related party |
|
|
|
$ 662,787
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Offering price per share |
|
|
|
|
|
$ 0.0625
|
|
|
$ 0.10
|
|
Amount depost to trust acccount |
|
|
|
|
|
$ 150,938
|
|
|
$ 575,000
|
|
Fund invested to extend time |
|
|
|
|
|
110,797
|
|
|
|
|
Extra fund invested to extend time |
|
|
|
|
$ 70,656
|
$ 40,141
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related party transaction description |
|
|
|
as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange
their shares of common stock for cash, securities or other property
|
|
|
|
|
|
|
Common Class A [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Price per share |
|
|
|
$ 12.00
|
|
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Offering price per share |
|
|
|
|
|
|
|
$ 0.10
|
$ 10.10
|
$ 0.10
|
Related party deposits |
|
|
|
|
|
|
|
$ 575,000
|
|
$ 575,000
|
Sponsor [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 300,000
|
|
|
|
|
|
|
|
Maturity date |
|
|
Oct. 31, 2021
|
|
|
|
|
|
|
|
Repayments of related party debt |
$ 95,120
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
1,437,500
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
$ 25,000
|
|
|
|
|
|
|
|
Offering price per share |
|
|
$ 0.02
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] | Mr. Stein [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
6,000
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] | Mr. Phoon [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
2,500
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] | Mr. Anih [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
2,500
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] | Legacy Royals, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
3,000
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] | Mr. Ngoh [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
20,000
|
|
|
|
|
|
|
|
|
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
3 Months Ended |
Aug. 19, 2021 |
Mar. 31, 2023 |
Over-Allotment Option [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of shares issued |
750,000
|
750,000
|
IPO [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Percentage of underwriting cash discount |
|
2.00%
|
Initial public offering gross proceeds |
|
$ 1,150,000
|
Percentage of underwriting deferred fee |
|
3.50%
|
Deferred fees |
|
$ 2,012,500
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v3.23.2
Stockholders’ Equity (Details Narrative) - $ / shares
|
3 Months Ended |
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
Preferred stock shares authorized |
1,000,000
|
1,000,000
|
Preferred stock par value |
$ 0.0001
|
$ 0.0001
|
Warrants excercise price per share |
$ 0.01
|
|
Warrants description |
if, and only if, the reported last sale price of the common stock equals or exceeds $18 per share, for any 20 trading days within a 30-trading
day period ending on the third trading day prior to the notice of redemption to Warrant holders
|
|
Warrant [Member] |
|
|
Class of Stock [Line Items] |
|
|
Warrants excercise price per share |
$ 11.50
|
|
Common Class A [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common stock shares authorized |
100,000,000
|
100,000,000
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock voting rights |
Holders of the Company’s Class A common stock are entitled to one vote for each share
|
|
Common stock shares outstanding |
293,400
|
293,400
|
Common stock, shares redemption |
1,772,750
|
|
Effective price per share |
$ 9.20
|
|
Percentage of exercise price of warrants |
115.00%
|
|
Redemption of warrants price per share |
$ 18.00
|
|
Redemption price percentage of warrants |
180.00%
|
|
Common Class B [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common stock shares authorized |
10,000,000
|
10,000,000
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock voting rights |
Holders of the Company’s Class B common stock are entitled to one vote for each share
|
|
Common stock shares outstanding |
1,437,500
|
1,437,500
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PHP Ventures Acquisition (NASDAQ:PPHPU)
過去 株価チャート
から 8 2024 まで 9 2024
PHP Ventures Acquisition (NASDAQ:PPHPU)
過去 株価チャート
から 9 2023 まで 9 2024