operating expenses of $765,866 (majorly consisting of legal and professional expenses, Insurance expense and General and administrative expenses).
For the three months ended September 30, 2021, we had a net income of $8,390,319 majorly consisting of decrease in fair value of warrants of $10,368,000, offering costs incurred for warrant issue of $757,003, fair value in excess of sale of private warrants of $1,000,000, investment income from trust account of $2,034, interest income from checking account of $10, a change in fair value of the derivative liability of $190,208, operating expenses of $412,930 (majorly consisting of Insurance expense and General and administrative expenses).
For the period from February 2, 2021 (inception) through September 30, 2021, we had a net loss of $8,382,899, which is primarily due to decrease in fair value of warrants of $10,368,000, offering costs incurred for warrant issue of $757,003, fair value in excess of sale of private warrants of $1,000,000, investment income from trust account of $2,034, interest income from checking account of $10, a change in fair value of the derivative liability of $190,208, operating expenses of $420,350 (majorly consisting of Insurance expense and General and administrative expenses).
Liquidity and Capital Resources
On July 20, 2021, we consummated our initial public offering of 20,000,000 Units at $10.00 per Unit, generating gross proceeds of $200,000,000. Simultaneously with the closing of the initial public offering, we consummated the private placement of an aggregate of 8,000,000 Private Placement Warrants to our Sponsor at a price of $1.00 per warrant, generating gross proceeds of $8,000,000. Following our IPO, a total of $202,000,000 was placed in the trust account. We incurred $13,577,812 in transaction costs, including $4,000,000 of underwriting fees, $9,000,000 of deferred underwriting fees and $577,812 of other offering costs in connection with the IPO and the sale of the Private Placement Warrants.
For the nine months ended September 30, 2022 cash used in operating activities was $498,983, which consisted of a net income of $8,631,943, investment income from trust account in the amount $1,204,892, change in the fair value of the warrant liability in the amount of $8,192,000, offset by the changes in prepaid expenses in the amount $227,669, due to affiliates in the amount of $90,000 and accounts payable in the amount $51,703.
For the period February 2, 2021 (inception) through September 30, 2021, net cash used in operating activities was $833,400, which consisted of net income of $8,382,899, investment income from trust account in the amount $2,034, offering costs related to warrant issuance of $757,003, Fair value in excess of sale of private warrants of $1,000,000, change in fair value of derivative liability of $190,208, decrease in the fair value of warrant liabilities of $10,368,000, offset by the changes in prepaid expenses in the amount $581,440 and accounts payable in the amount $168,380.
As of September 30, 2022, we had cash and marketable securities held in the trust account of $203,211,194. We intend to use substantially all of the funds held in the trust account, including any amounts representing dividend earned on the trust account to complete our business combination. To the extent that our capital share or debt is used, in whole or in part, as consideration to complete a business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
As of September 30, 2022, the Company had $171,539 in its operating bank accounts, $203,211,194 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Ordinary Shares in connection therewith and working capital of $63,489. As of September 30, 2022 $1,211,194 of the amount on deposit in the Trust Account represented dividend income. Management expects to incur significant costs in pursuit of its acquisition plans. The Company believes it will need to raise additional funds in order to meet the expenditures required for operating its business and to consummate a business combination. If the Company is unable to complete the Business Combination due to insufficient funds, the Company will be forced to cease operations and liquidate the Trust Account. In addition, following the Business combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations.
In connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standard Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that that if the Company is unable to raise additional funds to alleviate liquidity needs, obtain approval for an extension of the deadline or complete a Business Combination by October 20, 2022, then the Company will cease all operations except for the purpose of liquidating. The Company has until October 20, 2022, 15