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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/16/22 Achari Ventures Holdings Corp. I 10-Q 3/31/22 53:3.5M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 395K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 21K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 21K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 17K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 17K 11: R1 Cover Page HTML 81K 12: R2 Condensed Balance Sheets HTML 101K 13: R3 Condensed Balance Sheets (Parentheticals) HTML 44K 14: R4 Condensed Statements of Operations HTML 59K 15: R5 Condensed Statements of Changes In Stockholders' HTML 40K Deficit 16: R6 Condensed Statements of Cash Flows HTML 66K 17: R7 Description of Organization and Business HTML 42K Operations 18: R8 Summary of Significant Accounting Policies HTML 50K 19: R9 Income Taxes HTML 52K 20: R10 Initial Public Offering HTML 19K 21: R11 Private Placement Warrants HTML 19K 22: R12 Related Party Transactions HTML 25K 23: R13 Commitments and Contingencies HTML 22K 24: R14 Stockholders' Deficit HTML 33K 25: R15 Warrant Liabilities HTML 22K 26: R16 Fair Value Measurements HTML 51K 27: R17 Subsequent Events HTML 20K 28: R18 Summary of Significant Accounting Policies HTML 78K (Policies) 29: R19 Summary of Significant Accounting Policies HTML 36K (Tables) 30: R20 Income Taxes (Tables) HTML 53K 31: R21 Fair Value Measurements (Tables) HTML 53K 32: R22 Description of Organization and Business HTML 110K Operations - Additional Information (Details) 33: R23 Summary of Significant Accounting Policies HTML 33K -Schedule of the common stock subject to possible redemption reflected in the balance sheet is reconciled (Detail) 34: R24 Summary of Significant Accounting Policies - HTML 35K Schedule Of Earnings Per Share Basic And Diluted (Detail) 35: R25 Summary of Significant Accounting Policies - HTML 40K Additional Information (Details) 36: R26 Income Taxes - Schedule Of Components Of Income HTML 34K Tax Expense Benefit (Detail) 37: R27 Income Taxes - Schedule Of Deferred Tax Assets And HTML 30K Liabilities (Detail) 38: R28 Income Taxes - Schedule Of Effective Income Tax HTML 31K Rate Reconciliation (Detail) 39: R29 Income Taxes - Additional Information (Detail) HTML 20K 40: R30 Initial Public Offering - Additional Information HTML 34K (Details) 41: R31 Private Placement Warrants - Additional HTML 37K Information (Details) 42: R32 Related Party Transactions - Additional HTML 88K Information (Details) 43: R33 Commitments and Contingencies - Additional HTML 39K Information (Detail) 44: R34 Stockholders' Deficit - Additional Information HTML 67K (Detail) 45: R35 Warrant Liabilities - Additional Information HTML 36K (Detail) 46: R36 Fair Value Measurements - Schedule of Company's HTML 30K liabilities that are measured at fair value (Detail) 47: R37 Fair Value Measurements - Schedule of quantitative HTML 43K information regarding Level 3 fair value measurements (Detail) 48: R38 Fair Value Measurements - Schedule of changes in HTML 23K the fair value of Level 3 warrant liabilities (Detail) 51: XML IDEA XML File -- Filing Summary XML 89K 49: XML XBRL Instance -- d333556d10q_htm XML 609K 50: EXCEL IDEA Workbook of Financial Reports XLSX 60K 7: EX-101.CAL XBRL Calculations -- avhiu-20220331_cal XML 77K 8: EX-101.DEF XBRL Definitions -- avhiu-20220331_def XML 500K 9: EX-101.LAB XBRL Labels -- avhiu-20220331_lab XML 718K 10: EX-101.PRE XBRL Presentations -- avhiu-20220331_pre XML 629K 6: EX-101.SCH XBRL Schema -- avhiu-20220331 XSD 125K 52: JSON XBRL Instance as JSON Data -- MetaLinks 250± 370K 53: ZIP XBRL Zipped Folder -- 0001193125-22-152017-xbrl Zip 111K
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 |
March 31, |
||||||||
2022 (Unaudited) |
2021 (Audited) |
|||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash |
$ | i 615,277 | $ | i 771,386 | ||||
Prepaid expenses -Current |
i 216,892 | i 228,375 | ||||||
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|
|
|
|||||
Total current assets |
i 832,169 | i 999,761 | ||||||
Prepaid expenses - Non current |
i 180,158 | i 180,197 | ||||||
Cash and marketable securities held in Trust Account |
i 101,516,880 | i 101,501,875 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ | i 102,529,207 | $ | i 102,681,833 | ||||
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|
|||||
LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable and accrued expenses |
$ | i 116,132 | $ | i 84,608 | ||||
Franchise tax payable |
i 164,262 | i 114,262 | ||||||
Due to affiliates |
i — | i 5,000 | ||||||
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|
|
|
|||||
Total current liabilities |
i 280,394 | i 203,870 | ||||||
Derivative warrant liabilities |
i 1,569,333 | i 2,354,000 | ||||||
Deferred underwriting fee payable |
i 3,500,000 | i 3,500,000 | ||||||
|
|
|
|
|||||
Total liabilities |
$ | i 5,349,727 | $ | i 6,057,870 | ||||
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|
|
|||||
COMMITMENTS AND CONTINGENCIES (Note 7) |
i | |||||||
REDEEMABLE COMMON STOCK |
||||||||
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 |
||||||||
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 | ||||||
Additional paid-in capital |
i — | i — | ||||||
Accumulated Deficit |
( i 4,320,770 | ) | ( i 4,876,287 | ) | ||||
Total stockholders’ deficit |
( i 4,320,520 | ) | ( i 4,876,037 | ) | ||||
|
|
|
|
|||||
LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT |
$ | i 102,529,207 | $ | i 102,681,833 | ||||
|
|
|
|
For the three months ended March 31, 2022 |
For the period January 25, 2021(inception) to March 31, 2021 |
|||||||
OPERATING EXPENSES |
||||||||
General and administrative |
$ | i 194,156 | $ | i 1,048 | ||||
Franchise tax |
i 50,000 | i — | ||||||
|
|
|
|
|||||
Total expenses |
i 244,156 | i 1,048 | ||||||
OTHER INCOME (EXPENSE) |
||||||||
Income on investments held in Trust Account |
i 15,006 | i — | ||||||
Change in fair value of warrants |
i 784,667 | i — | ||||||
|
|
|
|
|||||
Total other income |
$ | i 799,673 | $ | — | ||||
|
|
|
|
|||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES |
i 555,517 | ( i 1,048 | ) | |||||
|
|
|
|
|||||
Income tax (expense) benefit |
i 0.00 | i 0.00 | ||||||
NET INCOME (LOSS) |
i 555,517 | ( i 1,048 | ) | |||||
Weighted average shares outstanding of common stock |
i 12,500,000 | i 2,500,000 | ||||||
Basic and diluted net income per share, common stock |
$ | i 0.04 | $ | ( i 0.00 | ) | |||
|
|
|
|
Common stock |
Total |
|||||||||||||||||||
Additional |
Accumulated |
stockholder’s |
||||||||||||||||||
Shares |
Amount |
paid-in capital |
deficit |
deficit |
||||||||||||||||
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 | ) | |||||||||
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|
|
|
|
|
|
|
|
Common stock |
Total |
|||||||||||||||||||
Additional |
Accumulated |
stockholder’s |
||||||||||||||||||
Shares |
Amount |
paid-in capital |
deficit |
deficit |
||||||||||||||||
Balance, January 25, 2021 |
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 | |||||||||
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|
|
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|
|
|
For the three months ended March 31, 2022 |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net income/(loss) |
$ | i 555,517 | $ | ( i 1,048 | ) | |||
Adjustments to reconcile net income to net cash provided by ( used in) operating activities: |
||||||||
Interest income on investments held in Trust Account |
( i 15,006 | ) | i — | |||||
Changes in operating assets and liabilities: |
||||||||
Change in fair value of warrants |
( i 784,667 | ) | ||||||
Prepaid expenses and other assets |
i 11,523 | i — | ||||||
Accounts payable and accrued expenses |
i 31,524 | i 1,000 | ||||||
Franchise Tax Payable |
i 50,000 | i — | ||||||
Accrued Offering costs |
— | i 351 | ||||||
Due to Affiliate |
( i 5,000 | ) | i — | |||||
|
|
|
|
|||||
Net cash flows provided by ( used in) operating activities |
( i 156,109 | ) | i 303 | |||||
|
|
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Proceeds from issuance of common stock to Sponsor |
i — | i 25,000 | ||||||
Proceeds from note Payable to Related Party |
— | i 10,000 | ||||||
Payment of offering costs |
i — | ( i 23,789 | ) | |||||
|
|
|
|
|||||
Net cash flows provided by financing activities |
i — | i 11,212 | ||||||
|
|
|
|
|||||
NET CHANGE IN CASH |
( i 156,109 | ) | i 11,515 | |||||
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|
|
|
|||||
CASH, BEGINNING OF PERIOD |
i 771,386 | i — | ||||||
|
|
|
|
|||||
CASH, END OF PERIOD |
$ | i 615,277 | $ | i 11,515 | ||||
|
|
|
|
Gross proceeds |
$ | i i 100,000,000 / | ||
Less: |
||||
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 / |
Common Stock |
||||
Basic and diluted net income per share: | ||||
Numerator: |
||||
Allocation of net income, including remeasurement of temporary equity |
$ | i 555,517 | ||
Denominator: |
||||
Weighted average shares outstanding |
i 12,500,000 | |||
Basic and dilution net income per share |
$ | i 0.04 |
Basic and diluted net income per share: |
Common Stock |
|||
Numerator: |
||||
Allocation of net income, including remeasurement of temporary equity |
($ | i 1,048 | ) | |
Denominator: |
||||
Weighted average shares outstanding |
i 2,500,000 | |||
Basic and dilution net income per share |
( i 0.00 | ) |
Federal |
||||
Current |
$ | i — | ||
Deferred |
( i 110,136 | ) | ||
State and Local |
||||
Current |
i — | |||
Deferred |
i — | |||
Change in valuation allowance |
i 110,136 | |||
Income tax provision |
$ | i — |
Federal |
||||
Current |
$ |
i — |
||
Deferred |
( i 62,014 |
) | ||
State and Local |
||||
Current |
i — |
|||
Deferred |
i — |
|||
Change in valuation allowance |
i 62,014 |
|||
Income tax provision |
$ |
i — |
2022 |
||||
Deferred tax assets |
||||
Start-up costs |
$ | i 75,641 | ||
Net operating loss |
i 34,495 | |||
Total deferred tax assets |
i 110,136 | |||
Deferred tax liabilities |
i — | |||
Valuation allowance for deferred tax assets |
( i 110,136 | ) | ||
Net deferred tax assets |
$ | i — | ||
2021 |
||||
Deferred tax assets |
||||
Start-up costs |
$ | i 38,019 | ||
Net operating loss |
i 23,995 | |||
Total deferred tax assets |
i 62,014 | |||
Deferred tax liabilities |
i — | |||
Valuation allowance for deferred tax assets |
( i 62,014 | ) | ||
Net deferred tax assets |
$ | i — |
Statutory federal income tax rate |
i i 21.0 / | % | ||
State taxes, net of federal tax benefit |
i i 0.0 / | % | ||
Change in fair value of warrants |
- i i 22.0 / |
% | ||
Warrant issuance costs |
i i 0.2 / | % | ||
Valuation allowance |
i i 0.8 / | % | ||
Income tax provision expense (benefit) |
i i 0.0 / | % |
• | 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) |
|||||||||||||
Assets: |
||||||||||||||||
Marketable Securities |
1 | $ | i 101,516,880 | — | — | |||||||||||
Warrant Liability-Private Placement Warrants |
3 | — | — | $ | i 1,569,333 |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Marketable Securities |
1 | $ | i 101,501,875 | — | — | |||||||||||
Warrant Liability-Private Placement Warrants |
3 | — | — | $ | i 2,354,000 |
Dec’31, 2021 |
||||||||
Stock Price |
$ | i 9.95 | $ | i 9.87 | ||||
Exercise Price |
$ | i 11.50 | $ | i 11.50 | ||||
Term (years) |
i 5.79 | i 6 | ||||||
Volatility |
i 5 | % | i 8 | % | ||||
Risk Free Rate |
i 2.41 | % | i 1.35 | % | ||||
Dividend Yield |
i 0 | % | i 0 | % |
Private Placement Warrants |
||||
Fair value as of December 31, 2021 |
$ | i 2,354,000 | ||
Change in fair value |
( i 784,667 | ) | ||
|
|
|||
Fair value as of March 31, 2022 |
$ | i 1,569,333 |
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 |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
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 | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
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: May 16, 2022 | By: | /s/ Vikas Desai | ||||
Name: | Vikas Desai | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: May 16, 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 | ||||
12/31/22 | ||||
10/19/22 | ||||
Filed on: | 5/16/22 | 10-K/A | ||
5/1/22 | ||||
For Period end: | 3/31/22 | |||
12/31/21 | 10-K, 10-K/A | |||
10/19/21 | ||||
10/14/21 | 3, 8-K, CERT, EFFECT | |||
3/31/21 | ||||
1/25/21 | ||||
4/5/12 | ||||
List all Filings |