For the three months ended June 30, 2022, we had net loss of approximately $163,000, which consisted of general and administrative expenses of approximately $342,000, income tax expense of approximately $40,000, and franchise tax expenses of approximately $50,000, partially offset by income from investments held in the Trust Account of approximately $270,000 and by income from investments held in the operating account of approximately $1,000.
For the three months ended June 30, 2021, we had a net loss of approximately $50,000, which consisted of general and administrative expenses of approximately $1,000 and franchise tax expenses of approximately $50,000.
For the six months ended June 30, 2022, we had net loss of approximately $2.0 million, which consisted of general and administrative expenses of approximately $2.1 million, income tax expense of approximately $40,000, and franchise tax expenses of approximately $102,000, partially offset by income from investments held in the Trust Account of approximately $290,000 and by income from investments held in the operating account of approximately $3,000.
For the period from February 12, 2021 (inception) through June 30, 2021, we had a net loss of approximately $78,000, which consisted of general and administrative expenses of approximately $2,000 and franchise tax expenses of approximately $76,000.
Administrative Support Agreement
On September 22, 2021, we entered into an agreement with an affiliate of the Sponsor, pursuant to which we agreed to pay such affiliate a total of $15,000 per month for utilities and secretarial and administrative support through the earlier of consummation of our initial Business Combination and our liquidation.
The Sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any
expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers, directors or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of
expenses incurred by such persons in connection with activities on our behalf.
The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans, if any, (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement signed upon the consummation of our Initial Public Offering. The holders of at least $25 million in value of these securities were entitled to demand that we file a registration statement covering such securities and to require us to effect up to an aggregate of three underwritten offerings of such securities, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of our initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration statements.
We granted the underwriters a
45-day
option from the date of the underwriting agreement for our Initial Public Offering to purchase up to 3,000,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On November 8, 2021, the over-allotment option expired unexercised.
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