Global Consumer Acquisition Corp

CIK:0001846288|SEC Filings

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Condensed Statements of Operations - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Formation and operating costs	$ 1,236,030	$ 130,145	$ 3,280,686	$ 250,451
Franchise tax	50,000		150,000
Loss from operation costs	(1,286,030)	(130,145)	(3,430,686)	(250,451)
Other income and expense:
Realized and unrealized gain from marketable securities held in Trust Account	594,522	10,541	682,626	12,567
Interest expense	(20,971)		(47,557)
Change in fair value of warrant liability	634,077	5,259,822	4,543,560	5,376,037
Non-operating expense				(450,846)
Net income (loss)	$ (78,402)	$ 5,140,218	$ 1,747,943	$ 4,687,307
Common stock subject to possible redemption
Other income and expense:
Weighted average shares outstanding, basic	18,263,000	18,263,000	18,263,000	7,402,484
Weighted average shares outstanding, diluted	18,263,000	18,263,000	18,263,000	7,402,484
Basic net income (loss) per common stock	$ 0.00	$ 0.22	$ 0.08	$ 0.39
Diluted net income (loss) per common stock	$ 0.00	$ 0.22	$ 0.08	$ 0.39
Non-redeemable common stock
Other income and expense:
Weighted average shares outstanding, basic	5,019,363	5,019,363	5,019,363	4,678,059
Weighted average shares outstanding, diluted	5,019,363	5,019,363	5,019,363	4,678,059
Basic net income (loss) per common stock	$ 0.00	$ 0.22	$ 0.08	$ 0.39
Diluted net income (loss) per common stock	$ 0.00	$ 0.22	$ 0.08	$ 0.39

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
Condensed Statements of Cash Flows - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 1,747,943	$ 4,687,307
Adjustments to reconcile net loss to net cash used in operating activities:
Realized and unrealized gain from marketable securities held in Trust Account	(682,626)	(12,567)
Change in fair value of warrant liability	(4,543,560)	(5,376,037)
Offering costs allocated to warrants		450,846
Changes in operating assets and liabilities:
Prepaid expenses	65,294	(438,636)
Due to related parties	70,000
Accrued expenses	1,971,719	15,650
Franchise tax payable	(32,829)
Promissory note-interest	47,557
Net cash used in operating activities	(1,356,502)	(673,437)
Cash flows from investing activities:
Investment of cash in Trust Account	(3,652,600)	(183,543,150)
Withdraw from Trust Account for Franchise tax payment	68,160
Net cash used in investing activities	(3,584,440)	(183,543,150)
Cash flows from financing activities:
Proceeds from promissory note	1,040,000
Proceeds from Extension notes	3,652,600
Proceeds from issue of founder shares		25,000
Proceeds from sale of units, net underwriting discount paid		180,347,335
Proceeds from sale of private placement		4,536,125
Payment of offering costs		(440,195)
Net cash provided by financing activities	4,692,600	184,468,055
Net change in cash	(248,342)	251,468
Cash at beginning of period	257,271	0
Cash at end of period	8,929	251,468
Non-cash investing and financing activities:
Initial classification of common stock subject to possible redemption		164,909,883
Re-measurement of common stock subject to redemption	4,186,247	18,633,267
Deferred underwriting fee payable		5,935,475
Initial classification of warrant liability	$ 9,781,698	$ 9,781,698

Condensed Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash	$ 8,929	$ 257,271
Prepaid expense	14,875	80,169
Total Current Assets	23,804	337,440
Cash and Marketable Securities held in Trust Account	187,837,498	183,570,432
Total Assets	187,861,302	183,907,872
Current Liabilities
Due to related parties	70,000
Accrued expense	3,711,850	1,740,131
Franchise tax payable	80,819	113,648
Promissory notes	1,087,557
Extension note	3,652,600
Total Current Liabilities	8,602,826	1,853,779
Warrant Liability	1,230,188	5,773,748
Deferred underwriting fees	5,935,475	5,935,475
Total Liabilities	15,768,489	13,563,002
Commitments and Contingencies (NOTE 6)
Common stock subject to possible redemption, 18,263,000 shares, $0.0001 par value, at redemption value of $10.15 and $10.05 per share on September 30, 2022 and December 31, 2021, respectively	187,756,679	183,570,432
Stockholders' Deficit
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Accumulated deficit	(15,664,368)	(13,226,064)
Total Stockholders' Deficit	(15,663,866)	(13,225,562)
Total Liabilities and Stockholders' Deficit	187,861,302	183,907,872
Common stock subject to possible redemption
Current Liabilities
Common stock subject to possible redemption, 18,263,000 shares, $0.0001 par value, at redemption value of $10.15 and $10.05 per share on September 30, 2022 and December 31, 2021, respectively	187,756,679	183,570,432
Non-redeemable common stock
Stockholders' Deficit
Common stocks, $0.0001 par value; 100,000,000 shares authorized; 5,019,363 issued and outstanding (excluding 18,263,000 shares subject to possible redemption) at September 30, 2022 and December 31, 2021, respectively	$ 502	$ 502