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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/15/22 Achari Ventures Holdings Corp. I 10-Q 6/30/22 47:3.3M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 555K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 20K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 20K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 16K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 16K 11: R1 Cover Page HTML 79K 12: R2 Condensed Balance Sheets HTML 100K 13: R3 Condensed Balance Sheets (Parentheticals) HTML 43K 14: R4 Condensed Statements of Operations HTML 76K 15: R5 Condensed Statements of Changes In Stockholders' HTML 47K Equity (Deficit) 16: R6 Condensed Statements of Cash Flows HTML 69K 17: R7 Description of Organization and Business HTML 39K Operations 18: R8 Summary of Significant Accounting Policies HTML 54K 19: R9 Initial Public Offering HTML 18K 20: R10 Private Placement Warrants HTML 18K 21: R11 Related Party Transactions HTML 24K 22: R12 Commitments and Contingencies HTML 21K 23: R13 Stockholders' Deficit HTML 32K 24: R14 Warrant Liabilities HTML 21K 25: R15 Fair Value Measurements HTML 47K 26: R16 Subsequent Events HTML 18K 27: R17 Summary of Significant Accounting Policies HTML 81K (Policies) 28: R18 Summary of Significant Accounting Policies HTML 37K (Tables) 29: R19 Fair Value Measurements (Tables) HTML 49K 30: R20 Description of Organization and Business HTML 113K Operations - Additional Information (Details) 31: R21 Summary of Significant Accounting Policies HTML 32K -Schedule of the common stock subject to possible redemption reflected in the balance sheet is reconciled (Detail) 32: R22 Summary of Significant Accounting Policies - HTML 48K Schedule Of Earnings Per Share Basic And Diluted (Detail) 33: R23 Summary of Significant Accounting Policies - HTML 43K Additional Information (Details) 34: R24 Initial Public Offering - Additional Information HTML 32K (Details) 35: R25 Private Placement Warrants - Additional HTML 36K Information (Details) 36: R26 Related Party Transactions - Additional HTML 86K Information (Details) 37: R27 Commitments and Contingencies - Additional HTML 38K Information (Detail) 38: R28 Stockholders' Deficit - Additional Information HTML 66K (Detail) 39: R29 Warrant Liabilities - Additional Information HTML 35K (Detail) 40: R30 Fair Value Measurements - Schedule of Company's HTML 29K liabilities that are measured at fair value (Detail) 41: R31 Fair Value Measurements - Schedule of quantitative HTML 41K information regarding Level 3 fair value measurements (Detail) 42: R32 Fair Value Measurements - Schedule of changes in HTML 22K the fair value of Level 3 warrant liabilities (Detail) 45: XML IDEA XML File -- Filing Summary XML 77K 43: XML XBRL Instance -- d350589d10q_htm XML 577K 44: EXCEL IDEA Workbook of Financial Reports XLSX 84K 7: EX-101.CAL XBRL Calculations -- avhiu-20220630_cal XML 63K 8: EX-101.DEF XBRL Definitions -- avhiu-20220630_def XML 498K 9: EX-101.LAB XBRL Labels -- avhiu-20220630_lab XML 667K 10: EX-101.PRE XBRL Presentations -- avhiu-20220630_pre XML 596K 6: EX-101.SCH XBRL Schema -- avhiu-20220630 XSD 113K 46: JSON XBRL Instance as JSON Data -- MetaLinks 233± 364K 47: ZIP XBRL Zipped Folder -- 0001193125-22-220216-xbrl Zip 150K
Form 10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 86-1671207 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Units, each consisting of one share of common stock, par value $0.0001 per share, and one Redeemable Warrant |
i AVHIU |
i The Nasdaq Stock Market LLC | ||
i Common Stock, par value $0.0001 per share |
i AVHI |
i The Nasdaq Stock Market LLC | ||
i Redeemable Warrants |
i AVHIW |
i The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
i Non-accelerated filer |
☒ | Smaller reporting company | i ☒ | |||
Emerging growth company | i ☒ |
Item 1. |
Financial Statements |
(Unaudited) |
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ASSETS |
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CURRENT ASSETS |
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Cash |
$ | i 379,173 | $ | i 771,386 | ||||
Prepaid expenses -current |
i 258,125 | i 228,375 | ||||||
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Total current assets |
i 637,298 | i 999,761 | ||||||
Prepaid expenses - non current |
i 66,948 | i 180,197 | ||||||
Cash and marketable securities held in Trust Account |
i 101,649,481 | i 101,501,875 | ||||||
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TOTAL ASSETS |
$ | i 102,353,727 | $ | i 102,681,833 | ||||
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LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT |
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CURRENT LIABILITIES |
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Accounts payable and accrued expenses |
$ | i 178,932 | $ | i 84,608 | ||||
Franchise t ax payable |
i 96,379 | i 114,262 | ||||||
Income taxes payable |
i 2,000 | i — | ||||||
Due to affiliates |
i — | i 5,000 | ||||||
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Total current liabilities |
i 277,311 | i 203,870 | ||||||
Derivative warrant liabilities |
i 998,666 | i 2,354,000 | ||||||
Deferred underwriting fee payable |
i 3,500,000 | i 3,500,000 | ||||||
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Total liabilities |
i 4,775,977 | i 6,057,870 | ||||||
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COMMITMENTS AND CONTINGENCIES (Note 6) |
i | i | ||||||
REDEEMABLE COMMON STOCK |
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Common stock subject to possible redemption, $ i i 0.0001 /
par value, i i 10,000,000 / shares at redemption value of $ i i 10.15 /
per share |
i 101,500,000 | i 101,500,000 | ||||||
STOCKHOLDERS’ DEFICIT |
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Preferred stock, $ i i 0.0001 /
par value; i i 1,000,000 / shares authorized; i i i i none / / /
issued and outstanding |
i — | i — | ||||||
Common stock; $ i i 0.0001 /
par value; i i 100,000,000 / shares authorized; i i i i 2,500,000 / / /
shares issued and outstanding (excluding i 10,000,000 shares subject to possible redemption) |
i 250 | i 250 | ||||||
Accumulated Deficit |
( i 3,922,500 | ) | ( i 4,876,287 | ) | ||||
Total stockholders’ deficit |
( i 3,922,250 | ) | ( i 4,876,037 | ) | ||||
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LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT |
$ | i 102,353,727 | $ | i 102,681,833 | ||||
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For the three months ended June 30, |
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2022 |
2021 |
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OPERATING EXPENSES |
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General and administrative |
$ | i 252,997 | $ | i 101 | $ | i 447,153 | $ | i 1,149 | ||||||||
Franchise tax |
i 50,000 | i — | i 100,000 | i — | ||||||||||||
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Total operating expenses |
i 302,997 | i 101 | i 547,153 | i 1,149 | ||||||||||||
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OTHER INCOME (EXPENSE) |
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Interest income on investments held in Trust Account |
i 109,271 | i — | i 124,277 | i — | ||||||||||||
Dividend income on investments held in Trust Account |
i 23,329 | i — | i 23,329 | i — | ||||||||||||
Change in fair value of warrants |
i 570,667 | i — | i 1,355,334 | i — | ||||||||||||
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Total other income |
i 703,267 | i — | i 1,502,940 | i — | ||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES |
i 400,270 | ( i 101 | ) | i 955,787 | ( i 1,149 | ) | ||||||||||
Income tax (expense) benefit |
( i 2,000 | ) | i — | ( i 2,000 | ) | i — | ||||||||||
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NET INCOME (LOSS) |
$ | i 398,270 | $ | ( i 101 | ) | $ | i 953,787 | $ | ( i 1,149 | ) | ||||||
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Weighted average shares outstanding of common stock |
i i 12,500,000 / | i i 2,500,000 / | i i 12,500,000 / | i i 2,500,000 / | ||||||||||||
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Basic and diluted net income (loss) per share, common stock |
$ | i i 0.03 / | $ | i i 0.00 / | $ | i i 0.08 / | $ | i i 0.00 / | ||||||||
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Common stock |
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Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ d eficit |
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Balance, December 31, 2021 |
i 2,500,000 | $ | i 250 | $ | i — | $ | ( i 4,876,287 | ) | $ | ( i 4,876,037 | ) | |||||||||
Net income |
— | — | — | i 555,517 | i 555,517 | |||||||||||||||
Balance, March 31, 2022 |
i 2,500,000 | i 250 | — | ( i 4,320,770 | ) | ( i 4,320,520 | ) | |||||||||||||
Net income |
— | — | — | i 398,270 | i 398,270 | |||||||||||||||
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Balance, June 30, 2022 |
i 2,500,000 | $ | i 250 | $ | i — | $ | ( i 3,922,500 | ) | $ | ( i 3,922,250 | ) | |||||||||
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Common stock |
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Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholder’s equity |
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Balance, January 25, 2021 (inception) |
i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||
Issuance of common stock to sponsor |
i 2,875,000 | i 287 | i 24,713 | — | i 25,000 | |||||||||||||||
Net loss |
— | — | — | ( i 1,048 | ) | ( i 1,048 | ) | |||||||||||||
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Balance, March 31, 2021 |
i 2,875,000 | i 287 | i 24,713 | ( i 1,048 | ) | i 23,952 | ||||||||||||||
Net loss |
— | — | — | ( i 101 | ) | ( i 101 | ) | |||||||||||||
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Balance, June 30, 2021 |
i 2,875,000 | $ | i 287 | $ | i 24,713 | $ | ( i 1,149 | ) | $ | i 23,851 | ||||||||||
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For the six months ended June 30, 2022 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income (loss) |
$ | i 953,787 | $ | ( i 1,149 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest and dividend income on investments held in Trust Account |
( i 147,606 | ) | i — | |||||
Changes in operating assets and liabilities: |
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Change in fair value of warrants |
( i 1,355,334 | ) | i — | |||||
Prepaid expenses and other assets |
i 83,499 | i — | ||||||
Accounts payable and accrued expenses |
i 94,324 | i 1,071 | ||||||
Franchise tax payable |
( i 17,883 | ) | i — | |||||
Income taxes payable |
i 2,000 | |
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Due to affiliate |
( i 5,000 | ) | i | |||||
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Net cash used in operating activities |
( i 392,213 | ) | ( i 78 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from issuance of common stock to Sponsor |
i — | i 25,000 | ||||||
Proceeds from Sponsor note |
i — | i 10,000 | ||||||
Payment of offering costs |
i — | ( i 30,877 | ) | |||||
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Net cash provided by financing activities |
i — | i 4,123 | ||||||
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NET CHANGE IN CASH |
( i 392,213 | ) | i 4,045 | |||||
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CASH, BEGINNING OF PERIOD |
i 771,386 | i — | ||||||
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CASH, END OF PERIOD |
$ | i 379,173 | $ | i 4,045 | ||||
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Supplemental disclosure of noncash activities: |
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Deferred offering costs included in accrued offering costs and due to affiliates |
$ | i — | $ | i 38,351 | ||||
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Gross proceeds |
$ | i i 100,000,000 / | ||
Less: |
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Proceeds allocated to Public Warrants |
( i i 11,900,000 / | ) | ||
Common stock issuance costs |
( i i 5,322,219 / | ) | ||
Plus: Remeasurement of carrying value to redemption value |
i i 18,722,219 / | |||
Common stock subject to possible redemption |
$ | i i 101,500,000 / |
For the three months ended June 30, |
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2021 |
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Common Stock |
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Basic and diluted net income per share: |
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Numerator: |
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Allocation of net income, including remeasurement of temporary equity |
$ | i 398,270 | $ | ( i 101 | ) | |||
Denominator: |
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Weighted average shares outstanding |
i i 12,500,000 / | i i 2,500,000 / | ||||||
Basic and dilution net income per share |
$ | i i 0.03 / | $ | ( i i 0.00 / | ) |
For the six months ended June 30, |
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2021 |
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Common Stock |
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Basic and diluted net income per share: |
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Numerator: |
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Allocation of net income, including remeasurement of temporary equity |
$ | i 953,787 | $ | ( i 1,149 | ) | |||
Denominator: |
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Weighted average shares outstanding |
i i 12,500,000 / | i i 2,500,000 / | ||||||
Basic and dilution net income per share |
$ | i i 0.08 / | $ | ( i i 0.00 / | ) |
• | in whole and not in part; |
• | at a price of $ i 0.01 per warrant; |
• | at any time after the warrants become exercisable; |
• | upon not less than i 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the reported last sale price of the Public Shares equals or exceeds $ i 16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any i 20
trading days within a i 30-trading day period commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders. |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Marketable Securities |
1 | $ | i 101,649,481 | — | — | |||||||||||
Warrant Liability-Private Placement Warrants |
3 | — | — | $ | i 998,666 |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Marketable Securities |
1 | $ | i 101,501,875 | — | — | |||||||||||
Warrant Liability-Private Placement Warrants |
3 | — | — | $ | i 2,354,000 |
Dec’ 31, 2021 |
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Stock Price |
$ | i 9.99 | $ | i 9.87 | ||||
Exercise Price |
$ | i 11.50 | $ | i 11.50 | ||||
Term (years) |
i 5.54 | i 6 | ||||||
Volatility |
i 0.3 | % | i 8 | % | ||||
Risk Free Rate |
i 3.02 | % | i 1.35 | % | ||||
Dividend Yield |
i 0 | % | i 0 | % |
Private Placement Warrants |
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Fair value as of December 31, 2021 |
$ | i 2,354,000 | ||
Change in fair value |
( i 784,667 | ) | ||
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Fair value as of March 31, 2022 |
$ | i 1,569,333 | ||
Change in fair value |
( i 570,667 | ) | ||
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Fair value as of June 30, 2022 |
$ | i 998,666 | ||
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. |
CONTROLS AND PROCEDURES |
ITEM 1. |
LEGAL PROCEEDINGS |
ITEM 1A. |
RISK FACTORS |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. |
MINE SAFETY DISCLOSURES |
ITEM 5. |
OTHER INFORMATION |
ITEM 6. |
EXHIBITS |
32.2* | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
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104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
ACHARI VENTURES HOLDINGS CORP. I | ||||||
Date: August 12, 2022 | By: | /s/ Vikas Desai | ||||
Name: | Vikas Desai | |||||
Title: | Chief Executive Officer and Director (Principal Executive Officer) | |||||
Date: August 12, 2022 | By: | /s/ Mitchell Hara | ||||
Name: | Mitchell Hara | |||||
Title: | Chief Operating Officer and Chief Financial Officer (Principal Financial and Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/19/23 | ||||
1/19/23 | ||||
10/19/22 | ||||
Filed as of: | 8/15/22 | |||
Filed on: | 8/12/22 | |||
For Period end: | 6/30/22 | |||
5/16/22 | 10-K/A, 10-Q | |||
3/31/22 | 10-Q | |||
12/31/21 | 10-K, 10-K/A | |||
10/19/21 | ||||
10/14/21 | 3, 8-K, CERT, EFFECT | |||
6/30/21 | ||||
3/31/21 | ||||
1/25/21 | ||||
4/5/12 | ||||
List all Filings |