Thu, Jul 18, 8:05 PM (51 days ago)
Inception Growth Acquisition Limited filed an amendment to its Q1 2023 10-Q report to correct errors in deferred underwriting compensation and non-redemption agreement expenses. The deferred underwriting compensation was overstated by $337,500, and non-redemption agreement expenses were reclassified. These adjustments did not impact cash, revenues, or liquidity but required restating financial statements for the period. Key financials: - Cash: $81,400 (March 31, 2023), $680,812 (December 31, 2022) - Total assets: $107.76M (March 31, 2023), $106.90M (December 31, 2022) - Net income: $34,989 (Q1 2023), net loss: $217,899 (Q1 2022) Significant changes include the recognition of $452,026 in non-redemption agreement expenses and adjustments to deferred underwriting compensation. The company extended its business combination deadline to September 13, 2023, without additional payments. Liquidity concerns remain if a business combination is not completed by this date.