East Stone Acquisition Corp

CIK:0001760683|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating costs	$ 553,983	$ 966,456	$ 956,470	$ 1,076,393
Loss from operations	(553,983)	(966,456)	(956,470)	(1,076,393)
Other income:
Change in fair value of derivative warrant liabilities	(1,019,000)	18,900	(570,000)	35,600
Extension incentive paid by Founder Shares transferred			(1,900,800)
Change in fair value of Forward Purchase Agreement			2,069,000
Interest earned on investments held in the trust account	38,374	3,479	40,526	6,902
Total Other income, net	(980,626)	22,379	(361,274)	42,502
Net loss	$ (1,534,609)	$ (944,077)	$ (1,317,744)	$ (1,033,891)
Redeemable Ordinary Shares
Other income:
Weighted average shares outstanding (in Shares)	3,264,744	13,800,000	3,264,856	13,800,000
Basic and diluted net loss per share (in Dollars per share)	$ (0.21)	$ (0.05)	$ (0.18)	$ (0.06)
Non-Redeemable Ordinary Shares
Other income:
Weighted average shares outstanding (in Shares)	3,903,500	3,903,500	3,903,500	3,903,500
Basic and diluted net loss per share (in Dollars per share)	$ (0.21)	$ (0.05)	$ (0.18)	$ (0.06)

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net loss	$ (1,317,744)	$ (1,033,891)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative warrant liabilities	570,000	(35,600)
Change in fair value of forward purchase agreement	(2,069,000)
Extension incentive paid by Founder Shares transferred	1,900,800
Interest earned on investments held in the trust account	(40,526)	(6,902)
Changes in operating assets and liabilities:
Advance from related party		(8,598)
Accrued expenses	306,103	810,605
Prepaid expenses	(73,958)	67,737
Net cash used in operating activities	(724,325)	(206,649)
Cash Flows from Investing Activities:
Cash Withdrawn from trust account upon redemption of 361 ordinary shares	3,704
Investment of cash for extension into trust account		(1,380,000)
Net cash provided by (used in) investing activities	3,704	(1,380,000)
Cash Flows from Financing Activities:
Proceeds from promissory note		300,000
Redemption of 361 ordinary shares at redemption value	(3,704)
Proceeds from promissory note – Shareholder	194,283
Repayment of promissory note – Shareholder	(72,824)
Proceeds from promissory note - ICONIQ	568,000
Proceeds from extension loans - related party		1,380,000
Net cash provided by financing activities	685,755	1,680,000
Net Change in Cash	(34,866)	93,351
Cash - Beginning of period	38,585	23,486
Cash - End of period	$ 3,719	$ 116,837

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash	$ 3,719	$ 38,585
Prepaid expenses	99,708	25,750
Total current assets	103,427	64,335
Investments held in trust account	33,541,649	33,504,825
TOTAL ASSETS	33,645,076	33,569,160
Current Liabilities
Accrued expenses	1,813,796	1,507,691
Promissory note payable to shareholders	471,459	350,000
Promissory note payable	200,000	200,000
Promissory note payable to ICONIQ	568,000
Extension loan	2,760,000	2,760,000
Total current liabilities	5,813,255	4,817,691
Deferred underwriting commission	402,500	402,500
Derivative warrant liabilities	3,578,000	3,008,000
Derivative liabilities of forward share purchase, an option to sell 2,923,974 redeemable ordinary shares, no par value, at December 31, 2021		2,069,000
TOTAL LIABILITIES	9,793,755	10,297,191
Commitments and Contingencies
Ordinary shares subject to possible redemption, no par value, 3,264,744 and 3,265,105 at June 30, 2022 and December 31, 2021, at redemption value of approximately $10.27 and $10.26 per share, respectively	33,541,649	33,499,977
Shareholders’ Deficit
Class A, B, C, D, and E Preferred Shares, no par value; unlimited shares authorized, none issued and outstanding
Ordinary shares, no par value; unlimited shares authorized; 3,903,500 shares issued and outstanding (excluding 3,264,744 and 3,265,105 shares subject to redemption) at June 30, 2022 and December 31, 2021, respectively	3,838,301	3,838,301
Accumulated deficit	(13,528,629)	(14,066,309)
Total Shareholders’ Deficit	(9,690,328)	(10,228,008)
TOTAL LIABILITIES, ORDINARY SHARES SUBJECTION TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT	$ 33,645,076	$ 33,569,160