Fintech Ecosystem Development Corp.

CIK:0001852407|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Formation and operating expenses	$ 1,667,031	$ 324,041	$ 2,283,771	$ 529,984
Total operating expenses	1,667,031	324,041	2,283,771	529,984
Other income (expense)
Interest expense	(16,212)		(27,120)
Income from investments held in trust account	871,211	156,845	2,140,337	168,541
Change in fair value of derivative forward purchase liability	167,724	110,823	162,280	(50,208)
Change in fair value of derivative warrant liabilities	239,005	876,323	551,513	2,585,063
Total other income (expense), net	1,261,728	1,143,991	2,827,010	2,703,396
(Loss) income before income taxes	(405,303)	819,950	543,239	2,173,412
Income tax expense	172,455		428,471
Net (loss) income	$ (577,758)	$ 819,950	$ 114,768	$ 2,173,412
Class A common stock
Net (loss) income per common share
Basic, earnings per common share (in Dollars per share)	$ (0.06)	$ 0.06	$ 0.01	$ 0.15
Diluted, earnings per common share (in Dollars per share)	$ (0.06)	$ 0.06	$ 0.01	$ 0.15
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in Shares)	6,759,436	11,557,500	9,145,214	11,557,500
Weighted average common shares outstanding, diluted (in Shares)	6,759,436	11,557,500	9,145,214	11,557,500
Class B common stock
Net (loss) income per common share
Basic, earnings per common share (in Dollars per share)	$ (0.06)	$ 0.06	$ 0.01	$ 0.15
Diluted, earnings per common share (in Dollars per share)	$ (0.06)	$ 0.06	$ 0.01	$ 0.15
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in Shares)	2,875,000	2,875,000	2,875,000	2,875,000
Weighted average common shares outstanding, diluted (in Shares)	2,875,000	2,875,000	2,875,000	2,875,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 114,768

$ 2,173,412

Adjustments to reconcile net income to net cash used in operating activities:

Change in fair value of warrant liabilities

(551,513)

(2,585,063)

Change in fair value of derivative forward purchase liability

(162,280)

50,208

Income from investments held in trust account

(2,140,337)

(168,541)

Prepaid expenses

(903)

26,693

Accounts payable and accrued liabilities

579,139

(110,943)

Related party accrued interest

(5,627)

Income tax payable

428,471

Excise tax payable

789,396

Net cash used in operating activities

(948,886)

(614,234)

CASH FLOWS FROM INVESTING ACTIVITIES

Cash withdrawal from trust account for redemption of Class A common stock

78,939,613

Cash deposited in trust account

(1,480,000)

Net cash provided by investing activities

77,459,613

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of warrants to Sponsor

1,150,000

Proceeds from working capital loans and promissory note from related parties*

^[1]

437,000

20,000

Repayment of promissory notes

(250,000)

Cash distributed to investors for redemption of Class A common stock

(78,939,613)

Proceeds from sale of investments in trust account

1,082,576

Net cash (used in) provided by financing activities

(76,520,037)

20,000

NET DECREASE IN CASH

(9,310)

(594,234)

CASH, BEGINNING OF PERIOD

10,335

612,750

CASH, END OF PERIOD

1,025

18,516

Non-cash - investing and financing activities

Share issuance obligation

45,000

Remeasurement of Class A common stock subject to possible redemption

$ (136,891)

[1]	Due to related party cash inflow of $20,000 presented in operating activities for the six months ended June 30, 2022 has been reclassified to financing activities to conform with the current year’s presentation.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash	$ 1,025	$ 10,335
Prepaid expenses	39,854	38,951
Total Current Assets	40,879	49,286
Investments held in trust account	42,583,196	118,985,048
Total Assets	42,624,075	119,034,334
Current Liabilities:
Accounts payable and accrued liabilities	1,569,744	990,605
Income tax payable	718,813	290,342
Excise tax payable	789,396
Promissory notes and working capital loans from related parties	706,957	519,957
Accrued interest – related parties	1,918	7,545
Total Current Liabilities	3,786,828	1,808,449
Long Term Liabilities:
Derivative forward purchase liability	123,287	285,567
Derivative warrant liability	239,005	756,018
Deferred underwriter fee payable	3,737,500	3,737,500
Total Liabilities	7,886,620	6,587,534
Commitments and Contingencies (Note 6)
Class A common stock subject to redemption; 3,972,003 shares and 11,500,000 shares at redemption value of $10.46 and $10.29 per share at June 30, 2023 and December 31, 2022, respectively	41,557,941	118,392,240
Stockholders’ Deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 57,500 representative shares issued and outstanding (excludes 3,972,003 shares and 11,500,000 shares, subject to redemption at June 30, 2023 and December 31, 2022, respectively)	6	6
Class B Common Stock, par value $0.0001; 20,000,000 shares authorized; 2,875,000 issued and outstanding	288	288
Additional paid-in capital
Accumulated deficit	(6,820,780)	(5,945,734)
Total Stockholders’ Deficit	(6,820,486)	(5,945,440)
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders’ Deficit	$ 42,624,075	$ 119,034,334