Malacca Straits Acquisition Co Ltd

CIK:0001807594|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating costs	$ 273,303	$ 189,342
Loss from operations	(273,303)	(189,342)
Other income (expense):
Interest and dividends earned on investments held in Trust Account		4,129
Change in fair value of derivative warrant liabilities	(693,750)	3,095,687
Net income (loss)	$ (967,053)	$ 2,910,474
Class A Ordinary Shares
Other income (expense):
Weighted-average shares outstanding (in Shares)	517,354	5,350,181
Basic net income (loss) per ordinary shares (in Dollars per share)	$ (0.24)	$ 0.33
Class B Ordinary Shares
Other income (expense):
Weighted-average shares outstanding (in Shares)	3,593,750	3,593,750
Basic net income (loss) per ordinary shares (in Dollars per share)	$ (0.24)	$ 0.33

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ (967,053)	$ 2,910,474
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest and dividends earned on marketable securities held in Trust Account		(4,129)
Change in fair value of derivative warrant liabilities	693,750	(3,095,687)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	7,500	(44,625)
Accounts payable and accrued expenses	62,528	11,860
Net cash used in operating activities	(203,275)	(222,107)
Cash Flows from Investing Activities:
Extension payments made into Trust Account	(51,218)	(423,500)
Withdrawal from Trust Account upon redemption of 9,669,449 Class A ordinary shares		96,761,060
Net cash provided by investing activities	(51,218)	96,337,560
Cash Flows from Financing Activities:
Proceeds from promissory notes – related party	328,000	567,334
Redemption of 9,669,449 Class A ordinary shares		(96,761,060)
Net cash provided by (used in) financing activities	328,000	(96,193,726)
Net Change in Cash	73,507	(78,273)
Cash – Beginning of period	34,262	112,687
Cash – Ending of period	$ 107,769	$ 34,414

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash	$ 107,769	$ 34,262
Prepaid expenses and other current assets	72,500	80,000
Total Current Assets	180,269	114,262
Cash held in Trust Account	5,449,007	5,397,789
TOTAL ASSETS	5,629,276	5,512,051
Current Liabilities
Accounts payable and accrued expenses	741,735	679,207
Promissory notes – related party	2,051,155	2,051,155
Promissory notes - working capital	1,328,000	1,000,000
Due to affiliate	180,895	180,895
Total Current Liabilities	4,301,785	3,911,257
Derivative warrant liabilities	925,103	231,353
Deferred underwriting fee payable	5,031,250	5,031,250
Total Liabilities	10,258,138	9,173,860
Commitments and Contingencies
Class A ordinary shares subject to possible redemption, 517,354 at $10.53 per share as of March 31, 2023, and $10.43 per share as December 31, 2022, respectively	5,449,007	5,397,789
Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized at March 31, 2023 and December 31, 2022
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 3,593,750 shares issued and outstanding at March 31, 2023 and December 31, 2022	359	359
Additional paid-in capital
Accumulated deficit	(10,078,228)	(9,059,957)
Total Shareholders’ Deficit	(10,077,869)	(9,059,598)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$ 5,629,276	$ 5,512,051