Thu, Jul 18, 8:02 PM (51 days ago)
Inception Growth Acquisition Limited filed an amendment to its Q2 2022 10-Q to correct an overstatement of $337,500 in deferred underwriting compensation, which overstated accumulated deficit. The restatement does not affect cash, revenues, or liquidity. The updated financials show a corrected deferred underwriting compensation of $2,250,000 and an adjusted accumulated deficit of $1,523,588. The company reported a net loss of $163,932 for Q2 2022, primarily from formation and administrative expenses. Cash used in operating activities for the six months ended June 30, 2022, was $685,746, leaving a cash balance of $787,449. The company has sufficient cash to meet its needs for the next twelve months but raises substantial doubt about its ability to continue as a going concern if a business combination is not consummated.