|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
6770
(Primary Standard Industrial
Classification Code Number) |
| |
86-2076743
(I.R.S. Employer
Identification No.) |
|
|
Andrew M. Tucker, Esq.
Larry W. Shackelford, Esq. Nelson Mullins Riley & Scarborough LLP 101 Constitution Avenue, NW Suite 900 Washington, DC 20001 (202) 689-2987 |
| |
Debbie A. Klis, Esq.
Debra Vernon, Esq. Rimon PC 1990 K Street, NW Suite 420 Washington, DC 20006 (202) 935-3390 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
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| | | | | 89 | | | |
| | | | | 95 | | | |
| | | | | 124 | | | |
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| | | | | 131 | | | |
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| | | | | 222 | | | |
| | | | | 222 | | | |
| | | | | 222 | | | |
| | | | | 223 | | | |
| | | | | F-1 | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | |
| | |
Share ownership in Data Knights
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemptions Scenario) |
| |
Pro Forma Combined
(Assuming 80% Redemptions Scenario) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions Scenario)(1) |
| |
Pro Forma Combined
(Assuming No Redemptions Scenario and Full Exercise of Options and Warrants) |
| ||||||||||||||||||||||||||||||||||||
Stockholder
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||
Former OneMedNet equityholders
|
| | | | 20,000,000 | | | | | | 57.2% | | | | | | 20,000,000 | | | | | | 77.6% | | | | | | 20,000,000 | | | | | | 85.3% | | | | | | 20,000,000 | | | | | | 42.5% | | |
Data Knights Public Stockholders(2)
|
| | | | 11,500,000 | | | | | | 32.9% | | | | | | 2,300,000 | | | | | | 8.9% | | | | | | — | | | | | | —% | | | | | | 23,000,000 | | | | | | 48.9% | | |
Data Knights Sponsor
and Insiders(3) |
| | | | 3,460,275 | | | | | | 9.9% | | | | | | 3,460,275 | | | | | | 13.4% | | | | | | 3,460,275 | | | | | | 14.7% | | | | | | 4,045,550 | | | | | | 8.6% | | |
Total Shares Outstanding
|
| | | | 34,960,275 | | | | | | 100.0% | | | | | | 25,760,275 | | | | | | 100.0% | | | | | | 23,460,275 | | | | | | 100.0% | | | | | | 47,045,550 | | | | | | 100.0% | | |
Stockholder
|
| |
Share ownership in Data Knights
|
| |||||||||||||||||||||||||||||||||
|
Pro Forma Combined
(Assuming No Redemptions Scenario) |
| |
Pro Forma Combined
(Assuming 80% Redemptions Scenario) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions Scenario)(1) |
| |||||||||||||||||||||||||||||
|
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||
Former OMN equity holders
|
| | | | 20,806,453 | | | | | | 40.2% | | | | | | 20,806,453 | | | | | | 51.6% | | | | | | 20,806,453 | | | | | | 55.6% | | |
OMN equity holders
|
| | | | 20,000,000 | | | | | | 38.6% | | | | | | 20,000,000 | | | | | | 49.6% | | | | | | 20,000,000 | | | | | | 53.4% | | |
Holders of Outstanding Options
|
| | | | 806,453 | | | | | | 1.6% | | | | | | 806,453 | | | | | | 2.0% | | | | | | 806,453 | | | | | | 2.2% | | |
Data Knights Public Stockholders
|
| | | | 15,652,778 | | | | | | 30.2% | | | | | | 6,452,778 | | | | | | 16.0% | | | | | | 4,152,778 | | | | | | 11.1% | | |
IPO Public Shares
|
| | | | 11,500,000 | | | | | | 22.2% | | | | | | 2,300,000 | | | | | | 5.7% | | | | | | — | | | | | | 0.0% | | |
Public Warrants
|
| | | | 4,152,778 | | | | | | 8.0% | | | | | | 4,152,778 | | | | | | 10.3% | | | | | | 4,152,778 | | | | | | 11.1% | | |
Data Knights Sponsor and Insiders
|
| | | | 9,773,237 | | | | | | 18.9% | | | | | | 7,473,237 | | | | | | 18.5% | | | | | | 6,898,237 | | | | | | 18.4% | | |
Shares
|
| | | | 9,411,888 | | | | | | 18.2% | | | | | | 7,111,888 | | | | | | 17.6% | | | | | | 6,536,888 | | | | | | 17.5% | | |
Private Placement Warrants
|
| | | | 211,349 | | | | | | 0.4% | | | | | | 211,349 | | | | | | 0.5% | | | | | | 211,349 | | | | | | 0.6% | | |
Warrants for conversion of working
capital loan |
| | | | 150,000 | | | | | | 0.3% | | | | | | 150,000 | | | | | | 0.4% | | | | | | 150,000 | | | | | | 0.4% | | |
PIPE
|
| | | | 3,000,000 | | | | | | 5.8% | | | | | | 3,000,000 | | | | | | 7.4% | | | | | | 3,000,000 | | | | | | 8.0% | | |
Name
|
| |
Age
|
| |
Position
|
|
Paul Casey | | |
76
|
| | Chief Executive Officer, Director(5) | |
Dr. Jeffrey Yu | | |
55
|
| | Chairman of the Board of Directors, Founder, Chief Medical Officer, Vice President(6) | |
Lisa Embree | | |
51
|
| | Interim Chief Financial Officer, Vice President — Finance | |
Erkan Akyuz | | |
53
|
| | Director(1)(2)(4) | |
Eric Casaburi | | |
48
|
| | Director(4) | |
Robert Golden | | |
60
|
| | Director(1)(2)(6) | |
Dr. Julianne Huh | | |
53
|
| | Director(3)(4) | |
Dr. Thomas Kosasa | | |
77
|
| | Director(1)(5) | |
Dr. Christoph Zindel | | |
61
|
| | Director(2)(3)(6) | |
| | |
(Unaudited)
For the Six Month Period ended June 30, 2022 |
| |
For the Period
from February 8, 2021 (Inception) through June 30, 2021 |
| ||||||
Formation and operating costs
|
| | | $ | 1,304,680 | | | | | $ | 71,339 | | |
Franchise tax expenses
|
| | | | 100,000 | | | | | | — | | |
Loss from Operations
|
| | | | (1,404,680) | | | | | | (71,339) | | |
Other Income (Expenses) | | | | | | | | | | | | | |
Realized and unrealized gain
|
| | | | 192,403 | | | | | | 794 | | |
Change in fair value of warrant liabilities
|
| | | | 4,357,722 | | | | | | 5,002,911 | | |
Non-operating expense
|
| | | | — | | | | | | (625,059) | | |
Net Income (loss)
|
| | | $ | 3,145,445 | | | | | $ | 4,307,307 | | |
Weighted average shares outstanding of Class A Common Stock subject to redemption
|
| | | | 11,500,000 | | | | | | 4,101,399 | | |
Basic and diluted net income per common stock
|
| | | $ | 0.21 | | | | | $ | 0.60 | | |
Weighted average shares outstanding of Class A and Class B non-redeemable common stock
|
| | | | 3,460,275 | | | | | | 3,083,734 | | |
Basic and diluted net income per common stock
|
| | | $ | 0.15 | | | | | $ | 0.60 | | |
| | |
(Unaudited)
For the Six- Month Period ended June 30, 2022 |
| |
For the Period
from February 8, 2021 (Inception) through June 30, 2021 |
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 3,145,445 | | | | | $ | 4,307,307 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Offering costs allocated to warrant liabilities
|
| | | | — | | | | | | 625,059 | | |
Realized and unrealized gain
|
| | | | (192,403) | | | | | | (794) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expense
|
| | | | 83,061 | | | | | | (10,000) | | |
Accrued expense
|
| | | | 939,956 | | | | | | 51,811 | | |
Franchise tax payable
|
| | | | (64,008) | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | (4,357,722) | | | | | | (5,002,911) | | |
Net cash used in operating activities
|
| | | | (445,671) | | | | | | (29,528) | | |
Investment of cash in Trust Account
|
| | | | (1,150,000) | | | | | | (117,300,000) | | |
Net cash used in investing activities
|
| | | | (1,150,000) | | | | | | (117,300,000) | | |
Proceeds from issuance of Class B Common Stock to Sponsor
|
| | | | — | | | | | | 25,000 | | |
Proceeds from sale of Public Units, net of underwriting discount
paid |
| | | | — | | | | | | 112,700,000 | | |
Proceeds from sale of Private Placement Units
|
| | | | — | | | | | | 5,852,750 | | |
Payment of offering costs
|
| | | | — | | | | | | (446,112) | | |
Proceeds from extension loan
|
| | | | 1,150,000 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 1,150,000 | | | | |
|
118,131,638
|
| |
Net change in cash
|
| | | | (445,671) | | | | | | 802,110 | | |
Cash at the beginning of the period
|
| | | | 453,151 | | | | | | — | | |
Cash at the end of the period
|
| | |
$
|
7,480
|
| | | | $ | 802,110 | | |
Supplemental disclosure of non-cash financing activities: | | | | | | | | | | | | | |
Initial classification of Class A common stock subject to possible redemption
|
| | | $ | — | | | | | $ | 117,300,000 | | |
Change in value of common stock subject to possible redemption
|
| | | $ | 1,150,000 | | | | | $ | — | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 4,025,000 | | |
Initial classification of the warrant liability
|
| | | $ | — | | | | |
$
|
11,176,949
|
| |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
ASSETS
|
| |
(Unaudited)
|
| | | | | | | |||
Current Assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 7,480 | | | | | $ | 453,151 | | |
Prepaid expense
|
| | | | — | | | | | | 21,215 | | |
Prepaid insurance
|
| | | | — | | | | | | 61,846 | | |
Total Current Assets
|
| | | $ | 7,480 | | | | | $ | 536,212 | | |
Investments held in Trust Account
|
| | | | 118,663,377 | | | | | | 117,320,973 | | |
Total Assets
|
| | | $ | 118,670,857 | | | | | $ | 117,857,185 | | |
LIABILITIES AND STOCKHOLDER’S EQUITY | | | | | | | | | | | | | |
Current liabilities
|
| | | | | | | | | | | | |
Accrued expense
|
| | | $ | 1,065,929 | | | | | $ | 125,972 | | |
Franchise tax payable
|
| | | | 100,000 | | | | | | 164,008 | | |
Total Current Liabilities
|
| | | | 1,165,929 | | | | | | 289,980 | | |
Warrant liabilities
|
| | | | 493,946 | | | | | | 4,851,668 | | |
Deferred underwriter fee payable
|
| | | | 4,025,000 | | | | | | 4,025,000 | | |
Extension loan
|
| | | | 1,150,000 | | | | | | — | | |
Total Liabilities
|
| | | | 6,834,875 | | | | | | 9,166,648 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A Common Stock subject to possible redemption; 11,500,000
shares at redemption value of $10.30 and $10.20 as of June 30, 2022 and December 31, 2021, respectively |
| | | | 118,450,000 | | | | | | 117,300,000 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none
issued and outstanding |
| | | | — | | | | | | — | | |
Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized; 585,275 issued and outstanding, excluding 11,500,000 shares subject to redemption
|
| | | | 59 | | | | | | 59 | | |
Class B Common Stock, par value $0.0001; 10,000,000 shares authorized; 2,875,000 shares issued and outstanding
|
| | | | 288 | | | | | | 288 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (6,614,365) | | | | | | (8,609,810) | | |
Total Stockholders’ Deficit
|
| | | | (6,614,018) | | | | | | (8,609,463) | | |
Total Liabilities and Stockholders’ Deficit
|
| | | $ | 118,670,857 | | | | | $ | 117,857,185 | | |
Statement of Operation Data:
|
| |
For the Three Months
Ended June 30, |
| |
For the Year Ended December 31,
|
| ||||||||||||
|
2022
|
| |
2021
|
| |
2020
|
| |||||||||||
| | |
(unaudited)
|
| |
(audited)
|
| ||||||||||||
Revenue, net
|
| | | $ | 279,912 | | | | | $ | 1,091,777 | | | | | $ | 824,034 | | |
Cost of goods sold
|
| | | | 368,883 | | | | | | 1,205,184 | | | | | | 611,662 | | |
Gross profit (loss)
|
| | | | (88,971) | | | | | | (113,407) | | | | | | 212,372 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Sales and marketing
|
| | | | 154,779 | | | | | | 605,235 | | | | | | 318,407 | | |
General and administrative
|
| | | | 819,175 | | | | | | 1,196,712 | | | | | | 2,064,206 | | |
Operations
|
| | | | 32,179 | | | | | | 152,461 | | | | | | 454,606 | | |
Research and development
|
| | | | 217,745 | | | | | | 642,765 | | | | | | 307,272 | | |
Total operating expenses
|
| | | | 1,223,878 | | | | | | 2,597,173 | | | | | | 3,144,491 | | |
Operating loss
|
| | | | (1,312,849) | | | | | | (2,710,580) | | | | | | (2,932,119) | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (89,444) | | | | | | (195,381) | | | | | | (193,549) | | |
Other income (expense)
|
| | | | (15,258 ) | | | | | | (34,905) | | | | | | 82,997 | | |
Income (Loss) before income tax
|
| | | | (104,702) | | | | | | 230,286 | | | | | | 110,552 | | |
Net loss
|
| | | $ | (1,417,551) | | | | | $ | (2,940,866) | | | | | $ | (2,821,567) | | |
Balance Sheet Data:
|
| |
As of
June 30, |
| |
As of
December 31, |
| ||||||||||||
|
2022
|
| |
2021
|
| |
2020
|
| |||||||||||
| | |
(unaudited)
|
| |
(audited)
|
| ||||||||||||
Total assets
|
| | | $ | 547,583 | | | | | $ | 883,060 | | | | | $ | 327,914 | | |
Total liabilities
|
| | | $ | 8,583,074 | | | | | $ | 6,585,672 | | | | | $ | 3,187,531 | | |
Total stockholders’ deficit
|
| | | $ | (8,035,491) | | | | | $ | (5,702,612) | | | | | $ | (2,859,617) | | |
| | |
OneMedNet
(Historical) |
| |
Data Knights
(Historical) |
| |
Pro Forma
Adjustments Assuming Minimum and Maximum Redemption |
| | | | | | | |
Pro Forma
Combined Assuming Minimum and Maximum Redemption |
| ||||||||||||
Revenue
|
| | | $ | 514 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 514 | | |
Cost of revenue
|
| | | | 632 | | | | | | — | | | | | | — | | | | | | | | | | | | 632 | | |
Gross profit (loss)
|
| | | | (118) | | | | | | — | | | | | | — | | | | | | | | | | | | (118) | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Selling, general and administrative expenses
|
| | | | 2,053 | | | | | | 1,405 | | | | | | | | | | | | AA | | | | | | 3,458 | | |
Total operating costs and expenses
|
| | | | 2,053 | | | | | | 1,405 | | | | | | | | | | | | | | | | | | 3,458 | | |
Loss from operations
|
| | |
|
(2,171)
|
| | | |
|
(1,405)
|
| | | | | | | | | | | | | | | | | (3,576) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Interest expense
|
| | | | (164) | | | | | | — | | | | | | — | | | | | | | | | | | | (164) | | |
Change in fair value of derivative liability
|
| | | | — | | | | | | 4,358 | | | | | | — | | | | | | | | | | | | 4,358 | | |
Other income (expense)
|
| | | | (20) | | | | | | — | | | | | | — | | | | | | | | | | | | (20) | | |
Realized and unrealized gains on Trust Account
|
| | | | — | | | | | | 192 | | | | | | (192) | | | | | | BB | | | | | | — | | |
Total other income (expense)
|
| | |
|
(184)
|
| | | |
|
4,550
|
| | | |
|
(192)
|
| | | | | | | | | | | 4,174 | | |
Net income (loss) before income tax provision
|
| | | | (2,355) | | | | | | 3,145 | | | | | | (192) | | | | | | | | | | | | (598) | | |
Income tax provision
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net income (loss)
|
| | | $ | (2,355) | | | | | $ | 3,145 | | | | | $ | (192) | | | | | | | | | | | $ | (598) | | |
| | |
OneMedNet
(Historical) |
| |
Data Knights
(Historical) |
| |
Assuming
Minimum Redemption |
| |
Assuming
Maximum Redemption |
| ||||||||||||
Weighted average shares outstanding – Common
stock |
| | | | 4,342,666 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Basic and diluted net income per share – Common stock
|
| | | $ | (0.54) | | | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| |
Weighted average shares outstanding – Class A and Class B common stock subject to redemption
|
| | | | — | | | | | | 11,500,000 | | | | | | 34,960,275 | | | | | | 23,460,275 | | |
Basic and diluted net income per share – Class A
and Class B common stock subject to redemption |
| | | $ | — | | | | | $ | 0.21 | | | | | $ | 0.02 | | | | | $ | 0.03 | | |
Weighted average shares outstanding – Class A and Class B non-redeemable common stock
|
| | | | — | | | | | | 3,460,275 | | | | | | — | | | | | | — | | |
Basic and diluted net income per share – Class A
and Class B non-redeemable common stock |
| | | $ | — | | | | | $ | 0.21 | | | | | $ | — | | | | | $ | — | | |
| | |
OneMedNet
(Historical) |
| |
Data Knights(1)
(Historical) |
| |
Pro Forma
Adjustments Assuming Minimum and Maximum Redemption |
| | | | | | | |
Pro Forma
Combined Assuming Minimum and Maximum Redemption |
| ||||||||||||
Revenues
|
| | | $ | 1,092 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 1,092 | | |
Cost of revenue
|
| | | | 1,205 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,205 | | |
Gross profit (loss)
|
| | | | (113) | | | | | | — | | | | | | — | | | | | | | | | | | | (113) | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Selling, general and administrative expenses
|
| | | | 2,597 | | | | | | 585 | | | | | | 3,300 | | | | | | AA | | | | | | 6,482 | | |
Total operating costs and expenses
|
| | | | 2,597 | | | | | | 585 | | | | | | 3,300 | | | | | | | | | | | | 6,482 | | |
Loss from operations
|
| | |
|
(2,710)
|
| | | |
|
(585)
|
| | | |
|
(3,300)
|
| | | | | | | | | | | (6,595) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Interest expense
|
| | | | (195) | | | | | | — | | | | | | — | | | | | | | | | | | | (195) | | |
Change in fair value of derivative liability
|
| | | | — | | | | | | 6,325 | | | | | | — | | | | | | | | | | | | 6,325 | | |
Offering costs allocated to the warrant liability
|
| | | | — | | | | | | (625) | | | | | | — | | | | | | | | | | | | (625) | | |
Other income (expense)
|
| | | | (35) | | | | | | — | | | | | | — | | | | | | | | | | | | (35) | | |
Realized and unrealized gains on Trust Account
|
| | | | — | | | | | | 19 | | | | | | (19) | | | | | | CC | | | | | | — | | |
Interest income on Trust Account
|
| | | | — | | | | | | 2 | | | | | | (2) | | | | | | BB | | | | | | — | | |
Total other income (expense)
|
| | |
|
(230)
|
| | | |
|
5,721
|
| | | |
|
(21)
|
| | | | | | | | | | | 5,470 | | |
Net income (loss) before income tax provision
|
| | |
|
(2,940)
|
| | | |
|
5,136
|
| | | |
|
(3,321)
|
| | | | | | | | | |
|
(1,125)
|
| |
Income tax provision
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
—
|
| |
Net income (loss)
|
| | | | (2,940) | | | | | | 5,136 | | | | | | (3,321) | | | | | | | | | | | | (1,125) | | |
| | |
OneMedNet
(Historical) |
| |
Data Knights
(Historical) |
| |
Assuming
Minimum Redemption |
| |
Assuming
Maximum Redemption |
| ||||||||||||
Weighted average shares outstanding – Common stock
|
| | | | 4,342,666 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Basic and diluted net income per share – Common
stock |
| | | $ | (0.68) | | | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| |
Weighted average shares outstanding – Class A and Class B common stock subject to redemption
|
| | | | — | | | | | | 8,264,526 | | | | | | 34,960,275 | | | | | | 23,460,275 | | |
Basic and diluted net income per share – Class A and Class B common stock subject to redemption
|
| | | $ | — | | | | | $ | 0.44 | | | | | $ | (0.03) | | | | | $ | (0.05) | | |
Weighted average shares outstanding – Class A and Class B non-redeemable common stock
|
| | | | — | | | | | | 3,295,610 | | | | | | — | | | | | | — | | |
Basic and diluted net income per share – Class A and Class B non-redeemable common stock
|
| | | $ | — | | | | | $ | 0.44 | | | | | $ | — | | | | | $ | — | | |
| | |
OneMedNet
Historical |
| |
Data
Knights Historical |
| |
Minimum
Redemption |
| |
33.33% of
Maximum Redemption |
| |
50% of
Maximum Redemption |
| |
66.67% of
Maximum Redemption |
| |
Maximum
Redemption |
| |||||||||||||||||||||
June 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares
outstanding – Class A and Class B common stock subject to redemption |
| | | | 4,342,666 | | | | | | 11,500,000 | | | | | | 34,960,275 | | | | | | 31,127,325 | | | | | | 29,210,275 | | | | | | 27,293,225 | | | | | | 23,460,275 | | |
Basic and diluted net
income per share – Class A and Class B common stock subject to redemption |
| | | $ | (0.54) | | | | | $ | 0.21 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.03 | | |
Weighted average shares
outstanding – Class A and Class B non- redeemable common stock |
| | | | — | | | | | | 3,460,275 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Basic and diluted net income per share – Class A and Class B non-redeemable common stock
|
| | | $ | — | | | | | $ | 0.21 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
OneMedNet
Historical |
| |
Data
Knights Historical |
| |
Minimum
Redemption |
| |
33.33% of
Maximum Redemption |
| |
50% of
Maximum Redemption |
| |
66.67% of
Maximum Redemption |
| |
Maximum
Redemption |
| |||||||||||||||||||||
December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding – Class A and Class B common stock subject to redemption
|
| | | | 4,342,666 | | | | | | 8,264,526 | | | | | | 34,960,275 | | | | | | 31,127,325 | | | | | | 29,210,275 | | | | | | 27,293,225 | | | | | | 23,460,275 | | |
Basic and diluted net income per share – Class A and Class B common stock subject to redemption
|
| | | $ | (0.68) | | | | | $ | 0.44 | | | | | $ | (0.03) | | | | | $ | (0.04) | | | | | $ | (0.04) | | | | | $ | (0.04) | | | | | $ | (0.05) | | |
Weighted average shares outstanding – Class A and Class B non-redeemable common stock
|
| | | | — | | | | | | 3,295,610 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Basic and diluted net
income per share – Class A and Class B non-redeemable common stock |
| | | $ | — | | | | | $ | 0.44 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Share ownership in Data Knights
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemptions Scenario) |
| |
Pro Forma Combined
(Assuming 80% Redemptions Scenario) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions Scenario)(1) |
| |
Pro Forma Combined
(Assuming No Redemptions Scenario and Full Exercise of Options and Warrants) |
| ||||||||||||||||||||||||||||||||||||
Stockholder
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||
Former OneMedNet equityholders
|
| | | | 20,000,000 | | | | | | 57.2% | | | | | | 20,000,000 | | | | | | 77.6% | | | | | | 20,000,000 | | | | | | 85.3% | | | | | | 20,000,000 | | | | | | 42.5% | | |
Data Knights Public Stockholders(2)
|
| | | | 11,500,000 | | | | | | 32.9% | | | | | | 2,300,000 | | | | | | 8.9% | | | | | | — | | | | | | — | | | | | | 23,000,000 | | | | | | 48.9% | | |
Data Knights
Sponsor(3) |
| | | | 3,460,275 | | | | | | 9.9% | | | | | | 3,460,275 | | | | | | 13.4% | | | | | | 3,460,275 | | | | | | 14.7% | | | | | | 4,045,550 | | | | | | 8.6% | | |
| | | | | 34,960,275 | | | | | | 100.0% | | | | | | 25,760,275 | | | | | | 100.0% | | | | | | 23,460,275 | | | | | | 100.0% | | | | | | 47,045,550 | | | | | | 100.0% | | |
Name
|
| |
Age
|
| |
Position
|
|
Paul Casey | | | 76 | | | Chief Executive Officer, Director(4) | |
Dr. Jeffrey Yu | | | 55 | | |
Chairman of the Board of Directors, Founder,
Chief Medical Officer, Vice President(6) |
|
Lisa Embree | | | 51 | | |
Interim Chief Financial Officer, Vice President — Finance
|
|
Erkan Akyuz | | | 53 | | | Director(1)(2)(4) | |
Eric Casaburi | | | 48 | | | Director(5) | |
Robert Golden | | | 60 | | | Director(1)(2)(4) | |
Dr. Julianne Huh | | | 53 | | | Director(3)(5) | |
Dr. Thomas Kosasa | | | 77 | | | Director(1)(5) | |
Dr. Christoph Zindel | | | 61 | | | Director(2)(3)(6) | |
AOP
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |
2031
|
| |
2032
|
| ||||||||||||||||||||||||||||||||||||
Bookings | | | | $ | 1,346.4 | | | | | $ | 4,612.0 | | | | | $ | 11,409.8 | | | | | $ | 23,811.5 | | | | | $ | 44,274.4 | | | | | $ | 61,554.1 | | | | | $ | 85,745.7 | | | | | $ | 120,043.9 | | | | | $ | 168,061.5 | | | | | $ | 235,286.1 | | | | | $ | 329,400.6 | | | | | $ | 461,160.8 | | |
YoY Growth Assumptions
|
| | |
|
29%
|
| | | |
|
243%
|
| | | |
|
147%
|
| | | |
|
109%
|
| | | |
|
86%
|
| | | |
|
39%
|
| | | |
|
39%
|
| | | |
|
40%
|
| | | |
|
40%
|
| | | |
|
40%
|
| | | |
|
40%
|
| | | |
|
40%
|
| |
Revenue | | | | $ | 1,091.8 | | | | | $ | 3,799.0 | | | | | $ | 8,620.9 | | | | | $ | 18,610.8 | | | | | $ | 35,693.2 | | | | | $ | 57,745.1 | | | | | $ | 88,177.2 | | | | | $ | 126,066.6 | | | | | $ | 167,938.7 | | | | | $ | 207,151.7 | | | | | $ | 233,941.6 | | | | | $ | 240,229.0 | | |
YoY Revenue Growth
Assumptions |
| | |
|
32%
|
| | | |
|
248%
|
| | | |
|
127%
|
| | | |
|
116%
|
| | | |
|
92%
|
| | | |
|
62%
|
| | | |
|
53%
|
| | | |
|
43%
|
| | | |
|
33%
|
| | | |
|
23%
|
| | | |
|
13%
|
| | | |
|
3%
|
| |
% of Bookings turned
to Revenue |
| | |
|
81%
|
| | | |
|
82%
|
| | | |
|
76%
|
| | | |
|
78%
|
| | | |
|
81%
|
| | | |
|
94%
|
| | | |
|
103%
|
| | | |
|
105%
|
| | | |
|
100%
|
| | | |
|
88%
|
| | | |
|
71%
|
| | | |
|
52%
|
| |
Cost of Sales
|
| | | $ | 1,205.1 | | | | | $ | 2,638.5 | | | | | $ | 3,352.9 | | | | | $ | 6,547.5 | | | | | $ | 11,791.9 | | | | | $ | 16,796.4 | | | | | $ | 25,648.2 | | | | | $ | 36,417.0 | | | | | $ | 48,030.5 | | | | | $ | 58,623.9 | | | | | $ | 64,333.9 | | | | | $ | 64,861.8 | | |
Cost of sales as % of Revenue
|
| | |
|
110%
|
| | | |
|
69%
|
| | | |
|
39%
|
| | | |
|
35%
|
| | | |
|
33%
|
| | | |
|
29%
|
| | | |
|
29%
|
| | | |
|
29%
|
| | | |
|
29%
|
| | | |
|
28%
|
| | | |
|
27%
|
| | | |
|
27%
|
| |
| | |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |
2031
|
| |
2032
|
| ||||||||||||||||||||||||||||||||||||
SG&A
|
| | | $ | 1,801.9 | | | | | $ | 2,131.4 | | | | | $ | 5,359.0 | | | | | $ | 7,635.0 | | | | | $ | 9,468.3 | | | | | $ | 11,189.8 | | | | | $ | 17,086.9 | | | | | $ | 25,213.3 | | | | | $ | 33,587.7 | | | | | $ | 43,087.5 | | | | | $ | 49,595.6 | | | | | $ | 50,688.3 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |
2031
|
| |
2032
|
| ||||||||||||||||||||||||||||||||||||
YoY Revenue Growth
Assumptions |
| | | | | | | | |
|
18%
|
| | | |
|
151%
|
| | | |
|
42%
|
| | | |
|
24%
|
| | | |
|
18%
|
| | | |
|
53%
|
| | | |
|
48%
|
| | | |
|
33%
|
| | | |
|
28%
|
| | | |
|
15%
|
| | | |
|
2%
|
| |
R&D, Ops
|
| | | | 795.226 | | | | | $ | 1,496.7 | | | | | $ | 2,301.5 | | | | | $ | 2,700.4 | | | | | $ | 3,102.4 | | | | | $ | 3,451.4 | | | | | $ | 5,270.3 | | | | | $ | 6,933.7 | | | | | $ | 9,236.6 | | | | | $ | 10,357.6 | | | | | $ | 11,697.1 | | | | | $ | 12,011.5 | | |
YoY Revenue Growth
Assumptions |
| | | | | | | | |
|
88%
|
| | | |
|
54%
|
| | | |
|
17%
|
| | | |
|
15%
|
| | | |
|
11%
|
| | | |
|
53%
|
| | | |
|
32%
|
| | | |
|
33%
|
| | | |
|
12%
|
| | | |
|
13%
|
| | | |
|
3%
|
| |
| | |
Charter
|
| |
Proposed Amended Charter
|
|
Name Change
|
| | Data Knights Acquisition Corp. | | | OneMedNet Corporation | |
Purpose
|
| | The Data Knights Charter provides that the purpose of Data Knights Acquisition Corp. is to engage in any lawful act or activity for which corporations may be organized under the DGCL. In addition to the powers and privileges conferred upon the Corporation by law and those incidental thereto, the Corporation shall possess and may exercise all the powers and privileges that are necessary or convenient to the conduct, promotion or attainment of the business or purposes of the Corporation, including, but not limited to, effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Corporation and one or more businesses. | | | The Proposed Amended Charter provides that the purpose of OneMedNet Corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware. | |
Capitalization
|
| | The Data Knights Charter authorized 111,000,000 shares, consisting of 100,000,000 shares of Class A Common Stock, 10,000,000 shares of Class B Common Stock, and 1,000,000 shares of preferred stock, each with a par value of $0.0001. | | | The Proposed Amended Charter eliminates the Class B common stock, so that the total number of shares of all classes of capital stock is 101,000,000 shares, consisting of 100,000,000 shares of common stock and 1,000,000 shares of preferred stock, each with a par value of $0.0001. | |
Reclassification of Class A and Class B Common Stock
|
| | The Data Knights Charter authorized Class A common stock and Class B common stock. | | | The Proposed Amended Charter eliminates the Class A common stock and Class B common stock in place of common stock | |
Composition of the Board
|
| | The Data Knights Charter provides that the number of directors of the Corporation, other than those who may be elected by the holders of one or more | | | The Proposed Amended Charter provides that number of directors of the Corporation shall be nine, which number may be increased or decreased by one or | |
| | |
Charter
|
| |
Proposed Amended Charter
|
|
| | | series of the preferred stock voting separately by class or series, shall be fixed from time to time exclusively by the Board pursuant to a resolution adopted by a majority of the Board. | | | more adopted from time to time by the Board of Directors. The Board of Directors shall be classified, with respect to the term for which the directors hold office, into three classes, one class serving for a term expiring at the annual meeting of stockholders to be held in 2023, the second class serving for a term expiring at the annual meeting of stockholders to be held in 2024, and the third class serving for a term expiring at the annual meeting of stockholders to be held in 2025. At each annual meeting of stockholders, directors elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders after their election. Notwithstanding the foregoing, the directors elected to each class shall hold office until their successors are duly elected and qualified or until their earlier resignation, death, or removal. If the number of directors is hereafter changed, any newly created directorships or decrease in directorships shall be so apportioned among the classes as to make all classes as nearly equal in number as is practicable, provided that no decrease in the number of directors constituting the entire Board shall shorten the term of any incumbent director. No reduction in the number of directors shall cause the removal of any director from office prior to the expiration of his or her term. This classification of the Board may have the effect of delaying or preventing changes in New OneMedNet’s control or management by requiring, in most circumstances, a person to successfully engaging in a proxy contest at two or more annual meetings in order to gain control of the Board. | |
Amendment of By-Laws
|
| | The Data Knights Charter provides that the affirmative vote of a majority of the Board shall be required to adopt, amend, alter or repeal the By-Laws. The By-Laws also may be adopted, amended, altered or repealed by the stockholders; provided, however, that in addition to any vote of the holders of any class or | | | The Proposed Amended Charter provides that the Board of Directors is expressly authorized to adopt, amend, alter, or repeal the Bylaws of the Corporation. In addition to any vote of the holders of any class or series of stock of the Corporation required by applicable law or by this Third Amended | |
| | |
Charter
|
| |
Proposed Amended Charter
|
|
| | | series of capital stock of the Corporation required by law or by this Amended and Restated Certificate (including any Preferred Stock Designation), the affirmative vote of the holders of at least a majority of the voting power of all then outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required for the stockholders to adopt, amend, alter or repeal the By-Laws; and provided further, however, that no By-Laws hereafter adopted by the stockholders shall invalidate any prior act of the Board that would have been valid if such By-Laws had not been adopted. | | | and Restated Certificate (including any Certificate of Designation in respect of one or more classes or series of Preferred Stock), the adoption, amendment or repeal of the Bylaws of the Corporation by the stockholders of the Corporation shall require the affirmative vote of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all the then-outstanding shares of the Voting Stock, voting together as a single class; provided that no Bylaws hereafter adopted by the stockholders of the Corporation shall invalidate any prior act of the Board of Directors that would have been valid if such Bylaws had not been adopted. This higher approval requirement may have the effect of delaying or preventing changes in New OneMedNet’s Bylaws, and may have the effect of delaying or preventing changes in New OneMedNet’s control or management. | |
Charter Amendment
|
| | The Data Knights Charter provides that the Corporation reserves the right at any time and from time to time to amend, alter, change or repeal any provision contained therein, and other provisions authorized by the laws of the State of Delaware at the time in force that may be added or inserted, in the manner now or hereafter prescribed by the Data Knights Acquisition Corp. Charter and the DGCL; and, except as set forth in Article VIII therein, all rights, preferences and privileges of whatever nature conferred upon stockholders, directors or any other persons by and pursuant to the Data Knights Acquisition Corp. are granted subject to the right reserved in Article XI (Corporate Opportunity); provided, however, that Article IX (Business Combination Requirements; Existence) may be amended only as provided therein. | | | The Proposed Amended Charter provides that the affirmative vote of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all of the then-outstanding shares of the Voting Stock, voting together as a single class, shall be required to alter, amend, or repeal Articles V (Board of Directors), VI (Stockholders), VII (Liability and Indemnification; Corporate Opportunity), VIII (Business Combinations), IX (Exclusive Forum), and Article X (Amendments). This higher approval requirement may have the effect of delaying or preventing changes in these provisions of New OneMedNet’s Charter, and thereby have the effect of delaying or preventing changes in New OneMedNet’s control or management. | |
Provisions Specific to a Blank Check Company
|
| | The Data Knights Charter sets forth various provisions related to our operations as a blank check company prior to the consummation of an initial business combination. | | | The Proposed Amended Charter deletes these provisions previously included in the Data Knights Acquisition Corp. Charter in their entirety because, upon consummation of the Business Combination, Data Knights Acquisition | |
| | |
Charter
|
| |
Proposed Amended Charter
|
|
| | | | | | Corp. will cease to be a blank check company. In addition, the provisions requiring that the proceeds from the Offering be held in a Trust Account until a business combination or liquidation of Data Knights Acquisition Corp. and the terms governing consummation of a proposed business combination will not be applicable following consummation of the Business Combination and thus will be deleted. | |
Duration of Existence
|
| | The Data Knights Charter provides that if Data Knights does not consummate the Business Combination and fails to complete an initial business combination within 12 months from the closing of the IPO or during any extension period (subject to the requirements of law), it will be required to dissolve and liquidate its Trust Account by returning the then-remaining funds in such account to the Public Stockholders, subject to the ability of the Data Knights Sponsor to extend the duration in certain circumstances. | | | The Proposed Amended Charter deletes the liquidation provision in the Data Knights Charter and retains the default of perpetual existence under the DGCL | |
Name
|
| |
Age
|
| |
Position
|
|
Barry Anderson | | | 45 | | | Chairman, Chief Executive Officer and Director | |
Firdauz Edmin Bin Mokhtar | | | 49 | | | Chief Financial Officer and Secretary | |
Syed Musheer Ahmed | | | 38 | | | Director | |
Dr. Julianne Huh | | | 53 | | | Director | |
Annie Damit Undikai | | | 60 | | | Director | |
Patent
Number |
| |
Jurisdiction
|
| |
Anticipated
Expiration Date |
| |
Brief Description
|
|
8065166 | | |
USA
|
| |
02/21/2030
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from a source medical facility to a destination medical facility | |
8090596 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from a source computing system to a destination computing system, or from a first medical facility to a second medical facility | |
8099307 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from a source facility computing system to a destination facility computing system | |
8108228 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from at least one of a radiology information system, a hospital information system, a picture archiving and communication system, an image server, and other medical system of the medical facility to a storage facility, storage computing system, or a destination facility | |
Patent
Number |
| |
Jurisdiction
|
| |
Anticipated
Expiration Date |
| |
Brief Description
|
|
8121870 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for verifying and approving a government required release form | |
8131569 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from a source computing system to a destination facility or destination computing system | |
8195483 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for controlling a permission-based workflow process for transferring medical files from a source facility to a destination facility | |
8386278 | | |
USA
|
| |
09/12/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from a source medical facility to a destination medical facility | |
9171344 | | |
USA
|
| |
03/11/2033
|
| | Computer-implemented methods for accessing one or more electronic medical data sources in response to inputs received from a user via an interactive user interface in order to transfer one or more medical files from a source facility to a destination facility over a computer network | |
9760677 | | |
USA
|
| |
04/23/2030
|
| | Electronic methods and processes for medical informatics device component tracking for providing access to one or more electronic medical data sources in response to instructions received via an interactive user interface in order to transfer and route medical data | |
2008318772 | | |
AUS
|
| |
10/29/2028
|
| | Computer-implemented methods, computer systems, and computer-readable storage for electronically transferring medical files from a source computing system to a destination computing system | |
|
Unit Tiers
|
| |
Reseller Transfer Fee
|
| |
Annual Studies Volume
|
| ||||||||||||||||||||||||||||||
|
Unit
Tier |
| |
Min
|
| |
Max
|
| |
Unit Fee
|
| |
Set-up Fee
|
| |
Min Volume
|
| |
Max Volume
|
| ||||||||||||||||||
|
1
|
| | | | 0 | | | | | | 25 | | | | | $ | 714 | | | | | $ | 3,571 | | | | | | 0 | | | | | | 250,000 | | |
|
2
|
| | | | 26 | | | | | | 50 | | | | | $ | 696 | | | | | $ | 6,964 | | | | | | 260,000 | | | | | | 500,000 | | |
|
3
|
| | | | 51 | | | | | | 75 | | | | | $ | 679 | | | | | $ | 10,179 | | | | | | 510,000 | | | | | | 750,000 | | |
|
4
|
| | | | 76 | | | | | | 100 | | | | | $ | 661 | | | | | $ | 13,214 | | | | | | 760,000 | | | | | | 1,000,000 | | |
|
5
|
| | | | 101 | | | | | | 125 | | | | | $ | 643 | | | | | $ | 16,071 | | | | |
|
1,010,000
|
| | | | | 1,250,000 | | |
|
6
|
| | | | 126 | | | | | | 150 | | | | | $ | 625 | | | | | $ | 18,750 | | | | | | 1,260,000 | | | |
1,5(K),000
|
| |||
|
7
|
| | | | 151 | | | | | | 175 | | | | | $ | 607 | | | | | $ | 21,250 | | | | | | 1,510,000 | | | | | | 1,750,000 | | |
|
Unit Tiers
|
| |
Reseller Transfer Fee
|
| |
Annual Studies Volume
|
| ||||||||||||||||||||||||||||||
|
Unit
Tier |
| |
Min
|
| |
Max
|
| |
Unit Fee
|
| |
Set-up Fee
|
| |
Min Volume
|
| |
Max Volume
|
| ||||||||||||||||||
|
8
|
| | | | 176 | | | | | | 200 | | | | | $ | 589 | | | | | $ | 23,571 | | | | | | 1,760,000 | | | | | | 2,000,000 | | |
|
9
|
| | | | 201 | | | | | | 225 | | | | | $ | S71 | | | | | $ | 25,714 | | | | | | 2,010,000 | | | | | | 2,250,000 | | |
|
10
|
| | | | 226 | | | | | | 250 | | | | | $ | 554 | | | | | $ | 27,679 | | | | | | 2,260,000 | | | | | | 2,500,000 | | |
|
11
|
| | | | 251 | | | | | | 275 | | | | | $ | 536 | | | | | $ | 29,464 | | | | | | 2,510,000 | | | | | | 2,750,000 | | |
|
12
|
| | | | 276 | | | | | | 300 | | | | | $ | 518 | | | | | $ | 31,071 | | | | | | 2,760,000 | | | | | | 3,000,000 | | |
|
13
|
| | | | 301 | | | | | | 325 | | | | | $ | 500 | | | | | $ | 32,500 | | | | | | 3,010,000 | | | | | | 3,250,000 | | |
|
14
|
| | | | 326 | | | | | | 350 | | | | | $ | 482 | | | | | $ | 33,750 | | | | | | 3,260,000 | | | | | | 3,500,000 | | |
|
15
|
| | | | 351 | | | | | | 375 | | | | | $ | 464 | | | | | $ | 34,821 | | | | | | 3,510,000 | | | | | | 3,750,000 | | |
|
16
|
| | | | 376 | | | | | | 400 | | | | | $ | 446 | | | | | $ | 35,714 | | | | | | 3,760,000 | | | | | | 4,000,000 | | |
|
17
|
| | | | 401 | | | | | | 425 | | | | | $ | 429 | | | | | $ | 36,429 | | | | | | 4,010,000 | | | | | | 4,250,000 | | |
|
18
|
| | | | 426 | | | | | | 450 | | | | | $ | 411 | | | | | $ | 36,964 | | | | | | 4,260,000 | | | | | | 4,500,000 | | |
|
19
|
| | | | 451 | | | | | | 475 | | | | | $ | 393 | | | | | $ | 37,321 | | | | | | 4,510,000 | | | | | | 4,750,000 | | |
|
20
|
| | | | 476 | | | | | | 500 | | | | | $ | 375 | | | | | $ | 37,500 | | | | | | 4,760,000 | | | | | | 5,000,000 | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Paul Casey | | |
76
|
| | Chief Executive Officer, Director | |
Dr. Jeffrey Yu | | |
55
|
| | Founder, Chief Medical Officer, Vice President, Chairman of the Board of Directors | |
Lisa Embree | | |
51
|
| | Vice President — Finance, Interim Chief Financial Officer | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Contract
Income |
| |
RSUs
($) |
| |
Stock
Options ($) |
| |
Bonus
($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||||||||
Paul Casey
|
| | | | 2021 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2020 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 2019 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Doug Arent
|
| | | | 2021 | | | | | $ | 155,000(1) | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | $ | 165,000 | | |
| | | 2020 | | | | | $ | 109,792(2) | | | | | | — | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | $ | 209,792 | | | ||
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Saurabh Mathur
|
| | | | 2021 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2020 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 2019 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Cash
($) |
| |
Equity
($) |
| |
Pension/
NQDC ($) |
| |
Perquisites/
Benefits ($) |
| |
Tax
Reimbursements ($) |
| |
Other
($)(1) |
| |
Total
($) |
| |||||||||||||||||||||
Paul Casey
|
| | | | 144,000 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | $ | | | | | $ | | |
Name
|
| |
Cash
($) |
| |
Equity
($) |
| |
Pension/
NQDC ($) |
| |
Perquisites/
Benefits ($) |
| |
Tax
Reimbursements ($) |
| |
Other
($)(1) |
| |
Total
($) |
| |||||||||||||||||||||
Doug Arent
|
| | | | 155,000 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | $ | | | | | | $ | | | |
Name
|
| |
Cash
($) |
| |
Equity
($) |
| |
Pension/
NQDC ($) |
| |
Perquisites/
Benefits ($) |
| |
Tax
Reimbursements ($) |
| |
Other
($)(1) |
| |
Total
($) |
| |||||||||||||||||||||
Saurabh Mathur
|
| | | | 250,000 | | | | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | | | | $ | | | | | $ | | |
Name
|
| |
Age
|
| |
Position
|
|
Paul Casey | | | 76 | | | Chief Executive Officer, Director(4) | |
Dr. Jeffrey Yu | | | 55 | | | Chairman of the Board of Directors, Founder, Chief Medical Officer, Vice President(6) | |
Lisa Embree | | | 51 | | | Interim Chief Financial Officer, Vice President — Finance | |
Erkan Akyuz | | | 53 | | | Director(1)(2)(4) | |
Eric Casaburi | | | 48 | | | Director(5) | |
Robert Golden | | | 60 | | | Director(1)(2)(4) | |
Dr. Julianne Huh | | | 53 | | | Director(3)(5) | |
Dr. Thomas Kosasa | | | 77 | | | Director(1)(5) | |
Dr. Christoph Zindel | | | 61 | | | Director(2)(3)(6) | |
Name
|
| |
Age
|
| |
Position
|
|
Paul Casey | | | 76 | | | Chief Executive Officer, Director | |
Dr. Jeffrey Yu
|
| | 55 | | |
Chairman of the Board of Directors, Founder, Chief Medical Officer, Vice President
|
|
Lisa Embree | | | 51 | | | Interim Chief Financial Officer, Vice President — Finance | |
| | | | | |
After the Business Combination
|
| ||||||||||||||||||||||||||||||
| | |
Before the Business
Combination |
| |
Assuming No
Redemption(1) |
| |
Assuming
Maximum Redemption(2) |
| |||||||||||||||||||||||||||
Name and Address of Beneficial Owner
|
| |
Number of
shares of Data Knights Common Stock |
| |
%
|
| |
Number of
shares of Data Knights Common Stock |
| |
%
|
| |
Number of
shares of Data Knights Common Stock |
| |
%
|
| ||||||||||||||||||
Directors and Executive Officers Pre-Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barry Anderson
|
| | | | 15,000 | | | | | | * | | | | | | 15,000 | | | | | | * | | | | | | 15,000 | | | | | | * | | |
Firdauz Edmin bin Mokhtar
|
| | | | 15,000 | | | | | | * | | | | | | 15,000 | | | | | | * | | | | | | 15,000 | | | | | | * | | |
Syed Musheer Ahmed
|
| | | | 5,000 | | | | | | * | | | | | | 5,000 | | | | | | * | | | | | | 5,000 | | | | | | * | | |
Dr. Julianne Huh
|
| | | | 5,000 | | | | | | * | | | | | | 5,000 | | | | | | * | | | | | | 5,000 | | | | | | * | | |
Annie Damit Undikai
|
| | | | 5,000 | | | | | | * | | | | | | 5,000 | | | | | | * | | | | | | 5,000 | | | | | | * | | |
All pre-Business Combination directors and executive officers as a group (5 individuals)
|
| | | | 45,000 | | | | | | | | | | | | 45,000 | | | | | | | | | | | | 45,000 | | | | | | | | |
Directors and Executive Officers Post-Business
Combination |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dr. Julianne Huh
|
| | | | 5,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | |
Paul Casey
|
| | | | | | | | | | | | | | | | 599,172 | | | | | | 11.9% | | | | | | 599,172 | | | | | | 2.6% | | |
Dr. Jeffrey Yu
|
| | | | | | | | | | | | | | | | 3,713,753 | | | | | | 10.6% | | | | | | 3,713,753 | | | | | | 15.8% | | |
Lisa Embree
|
| | | | | | | | | | | | | | | | 45,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | |
Erkan Akyuz
|
| | | | | | | | | | | | | | | | 45,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | |
Eric Casaburi
|
| | | | | | | | | | | | | | | | 45,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | |
Robert Golden
|
| | | | | | | | | | | | | | | | 45,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | |
Dr. Thomas Kosasa(1)
|
| | | | | | | | | | | | | | | | 4,952,409 | | | | | | 14.2% | | | | | | 4,952,409 | | | | | | 21.0% | | |
Dr. Christoph Zindel
|
| | | | | | | | | | | | | | | | 45,000 | | | | | | * | | | | | | 45,000 | | | | | | * | | |
All post-Business Combination directors and executive officers as a group (10 individuals)
|
| | | | 5,000 | | | | | | * | | | | | | 9,535,334 | | | | | | 27.3% | | | | | | 9,535,334 | | | | | | 40.6% | | |
Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data Knights, LLC(2)(3)
|
| | | | 3,415,275 | | | | | | 22.8% | | | | | | 3,415,275 | | | | | | 9.8% | | | | | | 3,415,275 | | | | | | 14.6% | | |
Jerry Hiatt
|
| | | | | | | | | | | | | | | | 1,329,058 | | | | | | 3.8% | | | | | | 1,329,058 | | | | | | 5.7% | | |
| | |
Page No.
|
| |||
Audited Financial Statements of Data Knights Acquisition Corp. | | | | | | | |
| | | | F-2 | | | |
Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Financial Statements of Data Knights Acquisition Corp. as of and for the Quarter Ended June 30, 2022
|
| | | | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
Audited Financial Statements of OneMedNet Corporation | | | | | | | |
| | | | F-44 | | | |
| | | | F-45 | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
| | | | F-49 | | |
| | |
December 31,
2021 |
| |||
| | | | | | | |
ASSETS | | | | | | | |
Current assets | | | | | | | |
Cash
|
| | | $ | 453,151 | | |
Prepaid expense
|
| | | | 21,215 | | |
Prepaid insurance
|
| | | | 61,846 | | |
Total Current Assets
|
| | | | 536,212 | | |
Investments in cash held in Trust Account
|
| | | | 117,320,973 | | |
Total assets
|
| | | $ | 117,857,185 | | |
LIABILITIES AND STOCKHOLDER’S EQUITY | | | | | | | |
Current Liabilities | | | | | | | |
Accrued expense
|
| | | $ | 125,972 | | |
Franchise tax payable
|
| | | | 164,008 | | |
Total Current Liabilities
|
| | | | 289,980 | | |
Warrant liability
|
| | | | 4,851,668 | | |
Deferred underwriter fee payable
|
| | | | 4,025,000 | | |
Total liabilities
|
| | | | 9,166,648 | | |
Commitments and Contingencies | | | | | | | |
Class A Common Stock subject to possible redemption; 11,500,000 shares at redemption value of $10.20
|
| | | | 117,300,000 | | |
Stockholders’ Deficit | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized; 585,275 issued and outstanding, excluding 11,500,000 shares subject to redemption
|
| | | | 59 | | |
Class B Common Stock, par value $0.0001; 10,000,000 shares authorized; 2,875,000 issued and outstanding
|
| | | | 288 | | |
Additional paid-in capital
|
| | | | — | | |
Accumulated deficit
|
| | | | (8,609,810) | | |
Total Stockholders’ Deficit
|
| | | | (8,609,463) | | |
Total Liabilities and Stockholders’ Deficit
|
| | | $ | 117,857,185 | | |
| | |
For the Period
from February 8, 2021 (Inception) Through December 31, 2021 |
| |||
Formation and operating costs
|
| | | $ | 421,397 | | |
Franchise tax expense
|
| | | | 164,008 | | |
Loss from operation costs
|
| | | | (585,405) | | |
Other income (expense): | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 1,876 | | |
Realized and Unrealized gain
|
| | | | 19,097 | | |
Change in Fair value of warrant liability
|
| | | | 6,325,281 | | |
Offering costs allocated to warrant liability
|
| | | | (625,059) | | |
Net income
|
| | | $ | 5,135,790 | | |
Weighted average shares outstanding of Class A Common Stock subject to redemption
|
| | | | 8,264,526 | | |
Basic and diluted net income per common stock
|
| | | $ | 0.44 | | |
Weighted average shares outstanding of Class A and Class B non-redeemable common stock
|
| | | | 3,295,610 | | |
Basic and diluted net income per common stock
|
| | | $ | 0.44 | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid in Capital |
| |
Accumulative
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amounts
|
| |
Shares
|
| |
Amounts
|
| ||||||||||||||||||||||||||||||
Balance – February 8, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B Common Stock to Sponsor
|
| | | | — | | | | | | — | | | | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | — | | | | | | 25,000 | | |
Sale of non-redeemable private placement units to Sponsor
|
| | | | 585,275 | | | | | | 59 | | | | | | — | | | | | | — | | | | | | 5,290,242 | | | | | | — | | | | | | 5,290,301 | | |
Re-measurement of Class A Common Stock Subject to Possible Redemption
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,314,954) | | | | | | (13,745,600) | | | | | | (19,060,554) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,135,790 | | | | | | 5,135,790 | | |
Balance – December 31, 2021
|
| | | | 585,275 | | | | | $ | 59 | | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | — | | | | | $ | (8,609,810) | | | | | $ | (8,609,463) | | |
| Cash flow from operating activities: | | | | | | | |
|
Net income
|
| | | $ | 5,135,790 | | |
|
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | |
|
Interest earned on securities held in Trust Account
|
| | | | (1,876) | | |
|
Realized and Unrealized gain
|
| | | | (19,097) | | |
|
Offering costs allocated to warrant liability
|
| | | | 625,059 | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expense
|
| | | | (83,061) | | |
|
Accrued expense
|
| | | | 125,972 | | |
|
Franchise tax payable
|
| | | | 164,008 | | |
|
Change in fair value of warrant liability
|
| | | | (6,325,281) | | |
|
Net cash used in operating activities
|
| | | | (378,487) | | |
| Cash flows from investing activities: | | | | | | | |
|
Investment of cash held in Trust Account
|
| | | | (117,300,000) | | |
|
Net cash used in investing activities
|
| | | | (117,300,000) | | |
| Cash flow from financing activities: | | | | | | | |
|
Proceeds from issuance of Class B Common Stock to Sponsor
|
| | | | 25,000 | | |
|
Proceeds from sale of Units, net of underwriting discount paid
|
| | | | 112,700,000 | | |
|
Proceeds from sale of private placement units
|
| | | | 5,852,750 | | |
|
Payment of offering costs
|
| | | | (446,112) | | |
|
Proceeds from promissory note
|
| | | | 78,925 | | |
|
Repayment of promissory note
|
| | | | (78,925) | | |
|
Net cash provided by financing activities
|
| | | | 118,131,638 | | |
|
Net change in cash
|
| | | | 453,151 | | |
|
Cash at the beginning of the period
|
| | |
|
—
|
| |
|
Cash at the end of the period
|
| | | $ | 453,151 | | |
| Supplemental disclosure of non-cash financing activities: | | | | | | | |
|
Deferred underwriting fee payable
|
| | | $ | 4,025,000 | | |
|
Initial classification of the warrant liability
|
| | | $ | 11,176,949 | | |
| | |
As of December 31,
2021 |
| |||
Gross Proceeds
|
| | | $ | 115,000,000 | | |
Less: | | | | | | | |
Proceeds allocated to public warrants and private warrants
|
| | | | (10,614,500) | | |
Issuance costs related to Class A Common Stock
|
| | | | (6,146,054) | | |
Plus: | | | | | | | |
Re-measurement of carrying value to redemption value
|
| | | | 19,060,554 | | |
Contingently redeemable Class A Common Stock
|
| | | | 117,300,000 | | |
| | |
For the period of
February 8, 2021 (inception) Through December 31, 2021 |
| |||
Redeemable Class A common shares | | | | | | | |
Numerator: | | | | | | | |
Net income allocable to common stock subject to possible redemption
|
| | | $ | 3,671,658 | | |
Denominator: weighted average number of redeemable common share
|
| | | | 8,264,526 | | |
Basic and diluted net income per redeemable common share
|
| | | $ | 0.44 | | |
Non-redeemable Class A and Class B common shares | | | | | | | |
Numerator: | | | | | | | |
Net income allocable to common stock not subject to redemption
|
| | | $ | 1,464,132 | | |
Denominator: weighted average number of non-redeemable common shares
|
| | | | 3,295,610 | | |
Basic and diluted net loss per non-redeemable private placement and common share
|
| | | $ | 0.44 | | |
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Investments in cash held in Trust Account
|
| | | $ | 117,320,974 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 4,600,000 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 251,668 | | |
| | |
Warrant Liability
|
| |||
Fair value as of February 8, 2021 (inception)
|
| | | $ | — | | |
Initial measurement on May 11, 2021 (Level 3)
|
| | | | 11,176,949 | | |
Transfer to Level 1
|
| | | | (4,600,000) | | |
Change in Fair value
|
| | | | (6,325,281) | | |
Fair value as of December 31, 2021
|
| | | $ | 251,668 | | |
| | |
December 31,2021
|
| |
May 11, 2021
(Initial Measurement) |
| ||||||
| | |
(Private
Warrants) |
| |
(Public Warrants and
Private Warrants) |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Share price
|
| | | $ | 10.10 | | | | | $ | 10.00 | | |
Expected term (years)
|
| | | | 5.36 | | | | | | 5.75 | | |
Probability of Acquisition
|
| | | | 100.0% | | | | | | 75.0% | | |
Volatility
|
| | | | 7.4% | | | | | | 17.0% | | |
Risk-free rate
|
| | | | 1.28% | | | | | | 0.97% | | |
Dividend yield (per share)
|
| | | | 0.00% | | | | | | 0.00% | | |
| | |
Private
Warrants |
| |
Public
Warrants |
| |
Total Warrant
Liability |
| |||||||||
Fair value as of May 11, 2021 (Initial Public Offering)
|
| | | $ | 562,449 | | | | | $ | 10,614,500 | | | | | $ | 11,176,949 | | |
Change in valuation inputs or other assumptions(1)
|
| | | | (281,517) | | | | | | (6,014,500) | | | | | | (6,325,281) | | |
Fair value as of December 31, 2021
|
| | | $ | 251,668 | | | | | $ | 4,600,000 | | | | | $ | 4,851,668 | | |
| | |
Years Ended
December 31, 2021 |
| |||
Federal | | | | | | | |
Current
|
| | | $ | — | | |
Deferred
|
| | | | (118,531) | | |
State and Local | | | | | | | |
Current
|
| | | $ | — | | |
Deferred
|
| | | | — | | |
Change in valuation allowance
|
| | | | 118,531 | | |
Income tax provision
|
| | | $ | — | | |
| | |
Years Ended
December 31, 2021 |
| |||
Deferred Tax Assets | | | | | | | |
Net Operating Loss
|
| | | $ | 31,892 | | |
Sec. 195 Start-up Costs
|
| | | | 88,493 | | |
Total Deferred Tax Assets
|
| | | | 120,385 | | |
Deferred Tax Liability | | | | | | | |
Unrealized gain on Investment in Trust Account
|
| | | | (1,855) | | |
Total Deferred Tax Liabilities
|
| | | | (1,855) | | |
Less: Valuation allowance
|
| | | | (118,531) | | |
Deferred Tax Assets, net of allowance
|
| | | $ | — | | |
| | |
Years Ended
December 31, 2021 |
| |||
Statutory federal income tax rate
|
| | | | 21.00% | | |
State taxes, net of federal tax benefit
|
| | | | —% | | |
Change in fair value of derivative liabilities
|
| | | | (25.89)% | | |
Transaction costs allocated to warrant issuance
|
| | | | 2.57% | | |
Change in valuation allowance
|
| | | | 2.32% | | |
Income tax provision
|
| | | | —% | | |
| | |
June 30,
2022 |
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 7,480 | | | | | $ | 453,151 | | |
Prepaid expense
|
| | | | — | | | | | | 21,215 | | |
Prepaid insurance
|
| | | | — | | | | | | 61,846 | | |
Total Current Assets
|
| | |
|
7,480
|
| | | |
|
536,212
|
| |
Investments held in Trust Account
|
| | | | 118,663,377 | | | | | | 117,320,973 | | |
Total assets
|
| | | $ | 118,670,857 | | | | | $ | 117,857,185 | | |
LIABILITIES AND STOCKHOLDER’S EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accrued expense
|
| | | $ | 1,065,929 | | | | | $ | 125,972 | | |
Franchise tax payable
|
| | | | 100,000 | | | | | | 164,008 | | |
Total Current Liabilities
|
| | | | 1,165,929 | | | | | | 289,980 | | |
Warrant liabilities
|
| | | | 493,946 | | | | | | 4,851,668 | | |
Deferred underwriter fee payable
|
| | | | 4,025,000 | | | | | | 4,025,000 | | |
Extension loan
|
| | | | 1,150,000 | | | | | | — | | |
Total liabilities
|
| | | | 6,834,875 | | | | | | 9,166,648 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A Common Stock subject to possible redemption; 11,500,000 shares
at redemption value of $10.30 and $10.20 as of June 30, 2022 and December 31, 2021, respectively |
| | | | 118,450,000 | | | | | | 117,300,000 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized; 585,275 issued and outstanding, excluding 11,500,000 shares subject to redemption
|
| | | | 59 | | | | | | 59 | | |
Class B Common Stock, par value $0.0001; 10,000,000 shares authorized; 2,875,000 issued and outstanding
|
| | | | 288 | | | | | | 288 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (6,614,365) | | | | | | (8,609,810) | | |
Total Stockholders’ Deficit
|
| | | | (6,614,018) | | | | | | (8,609,463) | | |
Total Liabilities and Stockholders’ Deficit
|
| | | $ | 118,670,857 | | | | | $ | 117,857,185 | | |
| | |
For the Three Months Ended
June 30, |
| |
For the
Six Months Ended June 30, 2022 |
| |
For the Period
from February 8, 2021 (Inception) Through June 30, 2021 |
| |||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Formation and operating costs
|
| | | $ | 744,495 | | | | | $ | 70,494 | | | | | $ | 1,304,680 | | | | | $ | 71,339 | | |
Franchise tax expense
|
| | | | 50,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | |
Loss from operation costs
|
| | | | (794,495) | | | | | | (70,494) | | | | | | (1,404,680) | | | | | | (71,339) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Realized and unrealized gain
|
| | | | 149,350 | | | | | | 794 | | | | | | 192,403 | | | | | | 794 | | |
Change in fair value of warrant liabilities
|
| | | | 1,595,082 | | | | | | 5,002,911 | | | | | | 4,357,722 | | | | | | 5,002,911 | | |
Non-operating expense
|
| | | | — | | | | | | (625,059) | | | | | | — | | | | | | (625,059) | | |
Net income (loss)
|
| | | $ | 949,937 | | | | | $ | 4,308,152 | | | | | $ | 3,145,445 | | | | | $ | 4,307,307 | | |
Weighted average shares outstanding of Class A Common Stock subject to redemption
|
| | | | 11,500,000 | | | | | | 6,445,055 | | | | | | 11,500,000 | | | | | | 4,101,399 | | |
Basic and diluted net income per common stock
|
| | | $ | 0.06 | | | | | $ | 0.45 | | | | | $ | 0.21 | | | | | $ | 0.60 | | |
Weighted average shares outstanding of Class A and Class B non-redeemable common stock
|
| | | | 3,460,275 | | | | | | 3,203,011 | | | | | | 3,460,275 | | | | | | 3,083,734 | | |
Basic and diluted net income per common stock
|
| | | $ | 0.06 | | | | | $ | 0.45 | | | | | $ | 0.21 | | | | | $ | 0.60 | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amounts
|
| |
Shares
|
| |
Amounts
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2022
|
| | | | 585,275 | | | | | $ | 59 | | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | — | | | | | $ | (8,609,810) | | | | | $ | (8,609,463) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,195,508 | | | | | | 2,195,508 | | |
Balance – March 31, 2022 Unaudited)
|
| | | | 585,275 | | | | | $ | 59 | | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | — | | | | | $ | (6,414,302) | | | | | $ | (6,413,955) | | |
Re-measurement of carrying value of Class A redeemable stock to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,150,000) | | | | | | (1,150,000) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 949,937 | | | | | | 949,937 | | |
Balance – June 30, 2022 (unaudited)
|
| | | | 585,275 | | | | | $ | 59 | | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | — | | | | | $ | (6,614,365) | | | | | $ | (6,614,018) | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amounts
|
| |
Shares
|
| |
Amounts
|
| ||||||||||||||||||||||||||||||
Balance – February 8, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B Common Stock to Sponsor
|
| | | | — | | | | | | — | | | | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (845) | | | | | | (845) | | |
Balance – March 31, 2021 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (845) | | | | | $ | 24,155 | | |
Sale of units in Initial Public Offering, net
of offering costs |
| | | | 12,085,275 | | | | | | 1,209 | | | | | | — | | | | | | — | | | | | | 118,730,487 | | | | | | — | | | | | | 118,731,696 | | |
Deferred underwriting commission
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,025,000) | | | | | | — | | | | | | (4,025,000) | | |
Initial fair value of warrant liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,176,949) | | | | | | — | | | | | | (11,176,949) | | |
Subsequent shares subject to possible redemption
|
| | | | (11,500,000) | | | | | | (1,150) | | | | | | — | | | | | | — | | | | | | (103,553,250) | | | | | | (13,745,600) | | | | | | (117,300,000) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,308,152 | | | | | | 4,308,152 | | |
Balance – June 30, 2021 (unaudited)
|
| | | | 585,275 | | | | | $ | 59 | | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | — | | | | | $ | (9,438,293) | | | | | $ | (9,437,946) | | |
| | |
For the
Six Months Ended June 30, 2022 |
| |
For the
Period from February 8, 2021 (Inception) Through June 30, 2021 |
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Cash flow from operating activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 3,145,445 | | | | | $ | 4,307,307 | | |
Adjustments to reconcile net income (loss) to net cash used in operating
activities: |
| | | | | | | | | | | | |
Offering costs allocated to warrant liabilities
|
| | | | — | | | | | | 625,059 | | |
Realized and unrealized gain
|
| | | | (192,403) | | | | | | (794) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expense
|
| | | | 83,061 | | | | | | (10,000)— | | |
Accrued expense
|
| | | | 939,956 | | | | | | 51,811 | | |
Franchise tax payable
|
| | | | (64,008) | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | (4,357,722) | | | | | | (5,002,911) | | |
Net cash used in operating activities
|
| | | | (445,671) | | | | | | (29,528) | | |
Cash flow from investing activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account
|
| | | | (1,150,000) | | | | | | (117,300,000) | | |
Net cash provided by financing activities
|
| | | | (1,150,000) | | | | | | (117,300,000) | | |
Cash flow from financing activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B common stock
|
| | |
|
—
|
| | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting discount paid
|
| | | | — | | | | | | 112,700,000 | | |
Proceeds from sale of Private units
|
| | | | — | | | | | | 5,852,750 | | |
Payment of offering costs
|
| | | | — | | | | | | (446,112) | | |
Proceeds from extension loan
|
| | | | 1,150,000 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 1,150,000 | | | | | | 118,131,638 | | |
Net change in cash
|
| | | | (445,671) | | | | | | 802,110 | | |
Cash at the beginning of the period
|
| | | | 453,151 | | | | |
|
—
|
| |
Cash at the end of the period
|
| | | $ | 7,480 | | | | | $ | 802,110 | | |
Supplemental disclosure of non-cash financing activities: | | | | | | | | | | | | | |
Initial classification of Class A commonstock subject to possible
redemption |
| | | $ | — | | | | | $ | 117,300,000 | | |
Change in value of common stock subject to possible redemption
|
| | | $ | 1,150,000 | | | | | $ | — | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 4,025,000 | | |
Initial Classification of Warrant Liability
|
| | | $ | — | | | | | $ | 11,176,949 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months
Ended June 30, 2022 |
| |
For the
Period from 8-Feb-21 (inception) Through June 30, 2021 |
| |||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||
Redeemable Class A Common Stock subject to possible redemption
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: earnings allocable to redeemable
Class A Common Stock subject to possible redemption |
| | | $ | 730,219 | | | | | $ | 2,877,910 | | | | | $ | 2,417,911 | | | | | $ | 2,458,686 | | |
Denominator: weighted average number of redeemable Class A Common Stock
|
| | | | 11,500,000 | | | | | | 6,445,055 | | | | | | 11,500,000 | | | | | | 4,101,399 | | |
Basic and diluted net income per redeemable Class A Common Stock
|
| | | $ | 0.06 | | | | | $ | 0.45 | | | | | $ | 0.21 | | | | | $ | 0.6 | | |
Non-redeemable Class A and Class B common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: net income (loss) allocable to non-redeemable Class A and Class B common stock
|
| | | $ | 219,718 | | | | | $ | 1,430,241 | | | | | $ | 727,534 | | | | | $ | 1,848,621 | | |
Denominator: weighted average number of non-redeemable Class A and Class B common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-redeemable Class A private placement and Class B common shares, basic and diluted
|
| | | | 3,460,275 | | | | | | 3,203,011 | | | | | | 3,460,275 | | | | | | 3,083,734 | | |
Basic and diluted net income per non-redeemable Class and Class B common stock
|
| | | $ | 0.06 | | | | | $ | 0.45 | | | | | $ | 0.21 | | | | | $ | 0.6 | | |
| | |
For the
Six Months Ended June 30, 2022 |
| |
For the
Period from February 8, 2021 (inception) Through March 31, 2021 |
| ||||||
Redeemable Class A Common Stock subject to possible redemption | | | | | | | | | | | | | |
Numerator: earnings allocable to redeemable Class A Common Stock subject to possible redemption
|
| | | $ | 1,687,692 | | | | | $ | — | | |
Denominator: weighted average number of redeemable Class A Common Stock
|
| | | | 11,500,000 | | | | | | — | | |
Basic and diluted net income per redeemable Class A Common Stock
|
| | | $ | 0.15 | | | | | $ | — | | |
Non-redeemable Class A and Class B common stock | | | | | | | | | | | | | |
Numerator: net income (loss) allocable to non-redeemable Class A and Class B common stock
|
| | | $ | 507,816 | | | | | $ | (845) | | |
Denominator: weighted average number of non-redeemable Class A and Class B common stock
|
| | | | | | | | | | | | |
Non-redeemable Class A private placement and Class B common shares, basic and diluted
|
| | | | 3,460,275 | | | | | | 2,875,000 | | |
Basic and diluted net income per non-redeemable Class and Class B common stock
|
| | | $ | 0.15 | | | | | $ | 0.00 | | |
| | |
June 30, 2022
|
| |||||||||||||||
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 118,663,377 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 460,000 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 33,946 | | |
| | |
December 31, 2021
|
| |||||||||||||||
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 117,320,973 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 4,600,000 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 251,668 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Private Warrants)
|
| |
(Private Warrants)
|
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Share price
|
| | | $ | 10.25 | | | | | $ | 10.10 | | |
Expected term (years)
|
| | | | 5.11 | | | | | | 5.36 | | |
Probability of Acquisition
|
| | | | 10.0% | | | | | | 100.0% | | |
Volatility
|
| | | | 4.1% | | | | | | 7.4% | | |
Risk-free rate
|
| | | | 2.97% | | | | | | 1.28% | | |
Dividend yield (per share)
|
| | | | 0.00% | | | | | | 0.00% | | |
| | |
Private Placement
|
| |
Public Warrant
|
| |
Warrant Liability
|
| |||||||||
Fair value as of December 31, 2021
|
| | | $ | 251,668 | | | | | $ | 4,600,000 | | | | | $ | 4,851,668 | | |
Change in valuation inputs or other assumptions(1)
|
| | | | (217,722) | | | | | | (4,140,000) | | | | | | (4,357,722) | | |
Fair value as of June 30, 2022
|
| | | $ | 33,946 | | | | | $ | 460,000 | | | | | $ | 493,946 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 699,320 | | | | | $ | 79,183 | | |
Accounts receivable, net of allowance
|
| | | ||||||||||
(2021 – $22,533 & 2020 – $0)
|
| | | | 91,742 | | | | | | 195,367 | | |
Prepaid expenses and other assets
|
| | | | 42,231 | | | | | | 19,067 | | |
Total current assets
|
| | | | 833,293 | | | | | | 293,617 | | |
Non-Current assets: | | | | | | | | | | | | | |
Property and Equipment, Net
|
| | | | 49,767 | | | | | | 34,297 | | |
Total assets
|
| | | $ | 883,060 | | | | | $ | 327,914 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable & accrued expenses
|
| | | $ | 758,815 | | | | | $ | 391,119 | | |
Deferred revenues
|
| | | | 642,350 | | | | | | 106,373 | | |
Convertible promissory notes
|
| | | | 3,350,000 | | | | | | 1,050,000 | | |
Total current liabilities
|
| | | | 4,751,165 | | | | | | 1,547,492 | | |
Long Term liabilities: | | | | | | | | | | | | | |
Convertible promissory notes
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Canada Emergency Business Loan Act
|
| | | | 46,897 | | | | | | 46,850 | | |
Accrued interest, related party
|
| | | | 287,610 | | | | | | 93,189 | | |
Total liabilities
|
| | | | 6,585,672 | | | | | | 3,187,531 | | |
Commitments and contingencies – see Note 12 | | | | | | | | | | | | | |
Shareholders’ Equity (Deficit) | | | | | | | | | | | | | |
Preferred Series A-2, par value $0.0001, 4,200,000 shares authorized as of both December 31, 2021 and 2020, 3,853,797 shares issued and outstanding as of both December 31, 2021 and 2020
|
| | | | 385 | | | | | | 385 | | |
Preferred Shares A-1, par value $0.0001, 4,400,000 shares authorized
as of both December 31, 2021 and 2020, 3,204,000 shares issued and outstanding as of both December 31, 2021 and 2020 |
| | | | 320 | | | | | | 320 | | |
Common Stock, par value $0.0001, 30,000,000 shares authorized as of December 31, 2021 and 2020, 4,342,666 and 3,834,666 shares issued and outstanding as of December 31, 2021 and 2020, respectively
|
| | | | 434 | | | | | | 383 | | |
Additional paid in capital
|
| | | | 19,607,173 | | | | | | 19,509,353 | | |
Accumulated deficit
|
| | | | (25,310,924) | | | | | | (22,370,058) | | |
Total stockholders’ equity (deficit)
|
| | | | (5,702,612) | | | | | | (2,859,617) | | |
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 883,060 | | | | | $ | 327,914 | | |
| | |
2021
|
| |
2020
|
| ||||||
Revenues
|
| | | $ | 1,091,777 | | | | | $ | 824,034 | | |
Costs of Goods Sold
|
| | | | 1,205,184 | | | | | | 611,662 | | |
Gross Margin
|
| | | | (113,407) | | | | | | 212,372 | | |
Operating expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,196,712 | | | | | | 2,064,206 | | |
Operations
|
| | | | 152,461 | | | | | | 454,606 | | |
Sales and Marketing
|
| | | | 605,235 | | | | | | 318,407 | | |
Research and Development
|
| | | | 642,765 | | | | | | 307,272 | | |
Total operating expenses
|
| | | | 2,597,173 | | | | | | 3,144,491 | | |
Operating loss
|
| | | | (2,710,580) | | | | | | (2,932,119) | | |
Other Income (expense) | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (195,381) | | | | | | (193,549) | | |
Other income (expense)
|
| | | | (34,905) | | | | | | (82,997) | | |
| | | | $ | 230,286 | | | | | $ | 110,552 | | |
Net Loss
|
| | | $ | (2,940,866) | | | | | $ | (2,821,567) | | |
| | |
Series A-2
|
| |
Series A-1
|
| | | | | | | | | | | | | |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Stockholders’
Equity |
| |||||||||||||||||||||||||||
| | |
Preferred Stock
|
| |
Preferred Stock
|
| |
Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balances, December 31, 2019
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 3,734,666 | | | | | $ | 373 | | | | | $ | 18,902,854 | | | | | $ | (19,548,191) | | | | | $ | (644,559) | | |
Issuance of common shares
in exchange for services |
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 100,000 | | | | | | 10 | | | | | | 99,990 | | | | |
|
—
|
| | | | | 100,000 | | |
Stock-based compensation
expense |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 506,509 | | | | | | — | | | | | | 506,509 | | |
2020 net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,821,567) | | | | | | (2,821,567) | | |
Balances at December 31, 2020
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 3,834,666 | | | | | $ | 383 | | | | | $ | 19,509,353 | | | | | $ | (22,370,058) | | | | | $ | (2,859,617) | | |
Issuance of common shares in exchange for services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 508,000 | | | | | | 51 | | | | | | 50,749 | | | | | | | | | | | | 50,800 | | |
Stock-based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 47,071 | | | | | | | | | | | | 47,071 | | |
2021 net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | (2,940,866) | | | | | | (2,940,866) | | |
Balance, December 31, 2021
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 4,3242,666 | | | | | $ | 433 | | | | | $ | 19,607,173 | | | | | $ | (25,310,924) | | | | | $ | (5,702,612) | | |
| | |
2021
|
| |
2020
|
| ||||||
Cash Flows From Operating Activities: | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (2,940,866) | | | | | $ | (2,821,567) | | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 14,466 | | | | | | 13,920 | | |
Stock-based compensation expense
|
| | | | 97,871 | | | | | | 606,509 | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | 81,092 | | | | | | (91,892) | | |
Allowance bad debt
|
| | | | 22,533 | | | | | | — | | |
Other current assets
|
| | | | (23,164) | | | | | | (22,642) | | |
Forgiveness of Paycheck Protection Program Loan
|
| | | | — | | | | | | (234,500) | | |
Accounts payable and accrued expenses
|
| | | | 367,696 | | | | | | 410,824 | | |
Deferred revenue
|
| | | | 535,977 | | | | | | (30,984) | | |
Net cash provided by operating activities
|
| | | $ | (1,844,395) | | | | | $ | (2,125,048) | | |
Cash Flows From Financing Activities | | | | | | | | | | | | | |
Proceeds from Canada Emergency Business Loan Act
|
| | | $ | 47 | | | | | $ | 46,850 | | |
Proceeds from Paycheck Protection Program Loan
|
| | | | — | | | | | | 234,500 | | |
Proceeds from issuance of convertible promissory note payable
|
| | | | 2,494,421 | | | | | | 1,050,000 | | |
Net cash flows from financing activities
|
| | | | 2,494,468 | | | | | | 1,331,350 | | |
Net change in cash and cash equivalents
|
| | | | (620,137) | | | | | | (816,051) | | |
Cash and Cash Equivalents, Beginning
|
| | | | 79,183 | | | | | | 895,234 | | |
Cash and Cash Equivalents, Ending
|
| | | $ | 699,320 | | | | | $ | 79,183 | | |
| | |
2021
|
| |
2020
|
| ||||||
Salaries and consultants
|
| | | | 692,415 | | | | | | 309,253 | | |
Hosting and Data
|
| | | | 508,588 | | | | | | 299,752 | | |
Other
|
| | | | 4,181 | | | | | | 2,657 | | |
| | | | | 1,205,184 | | | | | | 611,662 | | |
| General and administrative | | | | | | | | | | | | | |
|
Salaries and consultants
|
| | | | 708,814 | | | | | | 873,905 | | |
|
Depreciation and amortization
|
| | | | 14,466 | | | | | | 13,813 | | |
|
Insurance
|
| | | | 37,429 | | | | | | 21,927 | | |
|
Professional fees (Legal and audit)
|
| | | | 250,504 | | | | | | 289,021 | | |
|
Recruitment
|
| | | | — | | | | | | 15,750 | | |
|
Rent, telecom and office supplies
|
| | | | 84,187 | | | | | | 186,475 | | |
|
Stock compensation
|
| | | | 47,071 | | | | | | 606,509 | | |
|
Other
|
| | | | 54,241 | | | | | | 56,806 | | |
| | | | | | 1,196,712 | | | | | | 2,064,206 | | |
| Operations | | | | | | | | | | | | | |
|
Salaries and consultants
|
| | | | 152,461 | | | | | | 454,606 | | |
| Sales and marketing | | | | | | | | | | | | | |
|
Salaries and consultants
|
| | | | 472,129 | | | | | | 280,545 | | |
|
Tradeshows
|
| | | | 106,806 | | | | | | 22,755 | | |
|
Other
|
| | | | 26,300 | | | | | | 15,107 | | |
| | | | | | 605,235 | | | | | | 318,407 | | |
| Research and development | | | | ||||||||||
|
Salaries and consultants
|
| | | | 642,765 | | | | | | 302,059 | | |
| Other | | | | | — | | | | | | 5,213 | | |
| | | | | | 642,765 | | | | | | 307,272 | | |
| | |
2021
|
| |
2020
|
| ||||||
Computers
|
| | | $ | 202,777 | | | | | $ | 172,873 | | |
Furniture and equipment
|
| | | | 3,785 | | | | | | 3,785 | | |
Total Property and Equipment
|
| | | | 206,562 | | | | | | 176,658 | | |
Less: accumulated depreciation
|
| | | | (156,794) | | | | | | (142,361) | | |
Net Property and Equipment
|
| | | $ | 49,767 | | | | | $ | 34,297 | | |
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 5,604,237 | | | | | $ | 4,842,529 | | |
Stock compensation
|
| | | | 467,925 | | | | | | 445,731 | | |
Other
|
| | | | 51,617 | | | | | | 76,640 | | |
Gross deferred tax assets
|
| | | | 6,123,778 | | | | | | 5,358,900 | | |
Less valuation allowance
|
| | | | (6,123,778) | | | | | | (5,358,900) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
Options
Outstanding |
| |
Weighted-
Average Exercise Price |
| |
Aggregate
Intrinsic Value |
| |||||||||
Outstanding as of December 31, 2019
|
| | | | 2,146,000 | | | | | $ | 1.00 | | | | | $ | 2,146,000 | | |
Granted – under the Plan
|
| | | | 811,000 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | |
Cancelled
|
| | | | (962,000) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2020
|
| | | | 1,995,000 | | | | | $ | 1.00 | | | | | $ | 1,995,000 | | |
Granted – under the Plan
|
| | | | 25,000 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | |
Cancelled
|
| | | | (1,072,813) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2021
|
| | | | 947,187 | | | | | | | | | | | | | | |
Options exercisable as of December 31, 2021
|
| | | | 723,431 | | | | | $ | 1.00 | | | | | $ | 723,431 | | |
Weighted Average Assumptions
|
| |
2021
|
| |
2010
|
| ||||||
Expected Life in Years
|
| | | | 6.08 | | | | | | 6.08% | | |
Risk-Free Interest Rate
|
| | | | 0.49% | | | | | | 0.49% | | |
Expected Dividend Yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Expected Volatility
|
| | | | 60% | | | | | | 60% | | |
Weighted Average Assumptions
|
| |
2021
|
|
Expected Life in Years
|
| |
7.00
|
|
Risk-Free Interest Rate
|
| |
0.41% to 0.44%
|
|
Expected Dividend Yield
|
| |
0.00%
|
|
Expected Volatility
|
| |
60%
|
|
| | |
June 30, 2022
|
| |||
Assets | | | | | | | |
Current Assets | | | | | | | |
Cash and cash equivalents
|
| | | $ | 192,746 | | |
Accounts receivable, net of allowance
|
| | | | | | |
(2022 – $22,533)
|
| | | | 188,696 | | |
Prepaid expenses and other assets
|
| | | | 96,062 | | |
Total current assets
|
| | | | 477,504 | | |
Property and Equipment, Net
|
| | | | 70,079 | | |
Total assets
|
| | | $ | 547,583 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | |
Current Liabilities | | | | | | | |
Accounts payable & accrued expenses
|
| | | $ | 662,237 | | |
Deferred revenues
|
| | | | 572,291 | | |
Convertible promissory notes
|
| | | | 5,350,000 | | |
Total current liabilities
|
| | | | 6,584,528 | | |
Long Term Liabilities | | | | | | | |
Convertible promissory notes
|
| | | | 1,500,000 | | |
Canada Emergency Business Loan Act
|
| | | | 46,824 | | |
Accrued interest, related party
|
| | | | 451,722 | | |
Total liabilities
|
| | | | 8,583,074 | | |
Stockholders’ Equity (Deficit) | | | | | | | |
Preferred Series A-2, par value $0.0001, 4,200,000 shares authorized and 3,853,797 shares
issued and outstanding as of June 30, 2022 |
| | | | 385 | | |
Preferred Shares A-1, par value $0.0001, 4,400,000 shares authorized and, 3,204,000 shares issued and outstanding as of June 30, 2022
|
| | | | 320 | | |
Common Stock, par value $0.0001, 30,000,000 shares authorized, and 4,342,666 shares issued and outstanding as of June 30, 2022
|
| | | | 434 | | |
Additional paid in capital
|
| | | | 19,630,638 | | |
Accumulated deficit
|
| | | | (27,667,268) | | |
Total stockholders’ equity (deficit)
|
| | | | (8,035,491) | | |
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 547,583 | | |
| | |
For the
Six Months Ended |
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
Revenue
|
| | | $ | 495,987 | | | | | $ | 513,878 | | |
Cost of Revenue
|
| | | | 577,771 | | | | | | 632,336 | | |
Gross Margin
|
| | | | (61,784) | | | | | | (118,458) | | |
Operating Expenses | | | | | | | | | | | | | |
General and administrative
|
| | | | 556,580 | | | | | | 1,286,291 | | |
Operations
|
| | | | 88,834 | | | | | | 61,722 | | |
Sales & Marketing
|
| | | | 231,958 | | | | | | 331,061 | | |
Research and development
|
| | | | 319,952 | | | | | | 374,355 | | |
Total Operating Expenses
|
| | | | 1,197,324 | | | | | | 2,053,429 | | |
Operating loss
|
| | | | (1,259,108) | | | | | | (2,171,887) | | |
Other Income (expense) | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (73,659) | | | | | | (164,157) | | |
Other income (expense)
|
| | | | (19,645) | | | | | | (20,300) | | |
| | | | | (93,305) | | | | | | (184,457) | | |
Net loss
|
| | | $ | (1,352,413) | | | | | $ | (2,356,344) | | |
| | |
Series A-2
Preferred Stock |
| |
Series A-1
Preferred Stock |
| |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Stockholders’
Equity |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balances, December 31, 2020
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 3,834,666 | | | | | $ | 383 | | | | | $ | 19,509,353 | | | | | $ | (22,370,058) | | | | | $ | (2,859,617) | | |
Issuance of common shares in exchange for services
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 508,000 | | | | | | 51 | | | | | | 50,749 | | | | | | — | | | | | | 50,800 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 96,158 | | | | | | — | | | | | | 96,158 | | |
2021 net loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,352,413) | | | | | | (1,352,413) | | |
Balances, June 30, 2021
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 4,342,666 | | | | | $ | 434 | | | | | $ | 19,656,260 | | | | | $ | (23,722,471) | | | | | $ | (4,065,072) | | |
Issuance of common shares in exchange for services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (49,089) | | | | | | | | | | | | (49,089) | | |
2021 net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,588,451) | | | | | | (1,588,451) | | |
Balances, December 31, 2021
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 4,342,666 | | | | | $ | 434 | | | | | $ | 19,607,171 | | | | | $ | (25,310,922) | | | | | $ | (5,702,612) | | |
Issuance of common shares in exchange for services
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,465 | | | | | | — | | | | | | 23,465 | | |
Q2 FY22 net loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,356,344) | | | | | | (2,356,344) | | |
Balances, June 30, 2022
|
| | | | 3,853,797 | | | | | $ | 385 | | | | | | 3,204,000 | | | | | $ | 320 | | | | | | 4,342,666 | | | | | $ | 434 | | | | | $ | 19,630,636 | | | | | $ | (27,667,266) | | | | | $ | (8,035,491) | | |
| | |
For the
Six Months Ended June 30 |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flow from Operating Activities | | | | | | | | | | | | | |
Net Loss
|
| | | $ | (2,356,344) | | | | | | (1,352,413) | | |
Adjustments to reconcile net loss to net cash flows from operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 9,693 | | | | | | 6,631 | | |
Stock-based compensation expense
|
| | | | 23,465 | | | | | | 146,958 | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | |
Accounts Receivable
|
| | | | (96,954) | | | | | | (138,818) | | |
Allowance Bad Debt
|
| | | | | | | | | | | | |
Other current assets
|
| | | | (53,831) | | | | | | (12,294) | | |
Forgiveness of Paycheck Protection Program Loan
|
| | | | | | | | | | | | |
Accounts payable & accrued expenses
|
| | | | (96,578) | | | | | | 132,661 | | |
Deferred revenue
|
| | | | (70,059) | | | | | | 217,449 | | |
Net cash flows from operating activities
|
| | | | (2,640,608) | | | | | | (999,826) | | |
Cash used for Investing Activities | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (30,005) | | | | | | (17,673) | | |
Cash flow from Financing Activities | | | | | | | | | | | | | |
Proceeds from Canada Emergency Business Loan Act
|
| | | | (73) | | | | | | 2,254 | | |
Proceeds from issuance of convertible promissory note payable
|
| | | | 2,164,112 | | | | | | 973,237 | | |
Net cash flows from financing activities
|
| | | | 2,164,039 | | | | | | 975,491 | | |
Net change in cash and cash equivalents
|
| | | | (506,574) | | | | | | (42,008) | | |
Cash and Cash Equivalents, Beginning
|
| | | | 699,320 | | | | | | 79,183 | | |
Cash and Cash Equivalents, Ending
|
| | | $ | 192,746 | | | | | | 37,175 | | |
|
Computers
|
| | | $ | 232,738 | | |
|
Furniture and equipment
|
| | | | 3,785 | | |
|
Total Property and Equipment
|
| | | | 236,523 | | |
|
Less: accumulated depreciation
|
| | | | (166,444) | | |
|
Net Property and Equipment
|
| | | $ | 70,079 | | |
| Deferred Tax Assets | | | | | | | |
|
Net operating loss carryforwards
|
| | | $ | 5,800,666 | | |
|
Stock Compensation
|
| | | $ | 469,915 | | |
|
Other
|
| | | | 69,571 | | |
|
Gross Deferred tax assets
|
| | | | 6,340,152 | | |
|
Less valuation allowance
|
| | | | (6,340,152) | | |
|
Net deferred tax assets
|
| | | $ | — | | |
| | |
Options
Outstanding |
| |
Weighted-
Average Exercise Price |
| |
Aggregate
Intrinsic Value |
| |||||||||
Outstanding as of December 31, 2020
|
| | | | 1,995,000 | | | | | $ | 1.00 | | | | | $ | 1,995,000 | | |
Granted – under the Plan
|
| | | | — | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | |
Cancelled
|
| | | | (574,000) | | | | | | | | | | | | | | |
Outstanding as of June 30, 2021
|
| | | | 1,421,000 | | | | | $ | 1.00 | | | | | $ | 1,421,000 | | |
Granted – under the Plan
|
| | | | 25,000 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | |
Cancelled
|
| | | | (498,816) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2021
|
| | | | 947,184 | | | | | $ | 1.00 | | | | | $ | 947,184 | | |
Granted – under the Plan
|
| | | | 340,000 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | |
Cancelled
|
| | | | (202,406) | | | | | | | | | | | | | | |
Outstanding as of June 30, 2022
|
| | | | 1,084,778 | | | | | $ | 1.00 | | | | | | 1,084,778 | | |
| | |
2022
|
| |
2021
|
| ||||||
Expected life in years
|
| | | | 6.08 | | | | | | 6.08 | | |
Risk-free interest rate
|
| | | | 0.49% | | | | | | 0.49% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Expected volatility
|
| | | | 60% | | | | | | 60% | | |
| | |
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Exhibit
|
| |
Description
|
|
Exhibit A | | | Form of Voting Agreement | |
Exhibit B | | | Form of Sponsor Support Agreement | |
Exhibit C | | | Form of Lock-Up Agreement | |
Exhibit D | | | Form of Non-Competition and Non-Solicitation Agreement | |
Exhibit E | | | Form of Letter of Transmittal | |
Exhibit F | | | Form of Equity Incentive Plan | |
Exhibit G | | | Form of Registration Rights Agreement | |
Exhibit H | | | Extension Escrow Agreement | |
|
If to the Purchaser or Merger Sub at or prior to the Closing, to:
Data Knights Acquisition Corp.
Unit G6, Frome Business Park, Manor Road, Frome, BA11 4FN United Kingdom Attn: Barry Anderson Telephone No.: 44 203 833 4000 E-mail: barry@dataknightsacuk.com |
| |
with a copy (which will not constitute notice) to:
Nelson Mullins Riley & Scarborough LLP
101 Constitution Avenue, NW, Suite 900 Washington, DC 20001 Attn: Andrew M. Tucker, Esq. Facsimile No.: (202) 689-2860 Telephone No.: (202) 689-2987 E-mail: andy.tucker@nelsonmullins.com |
|
|
If to the Purchaser Representative, to:
Data Knights, LLC
c/o Data Knights Acquisition Corp. Unit G6, Frome Business Park, Manor Road, Frome, BA11 4FN United Kingdom Attn: Barry Anderson Telephone No.: 44 203 833 4000 E-mail: barry@dataknightsacuk.com |
| |
with a copy (which will not constitute notice) to:
Nelson Mullins Riley & Scarborough LLP
101 Constitution Avenue, NW, Suite 900 Washington, DC 20001 Attn: Andrew M. Tucker, Esq. Facsimile No.: (202) 689-2860 Telephone No.: (202) 689-2987 E-mail: andy.tucker@nelsonmullins.com |
|
|
If to the Company or the Surviving Corporation, to:
OneMedNet Corporation
6385 Old Shady Oak Road Suite 250 Eden Prairie, Minnesota 55344 Attn: Paul Casey Telephone No.: 800-918-7189 E-mail: paul.casey@onemednet.com |
| |
with a copy (which will not constitute notice) to:
Rimon, P.C.
1990 K Street, NW Suite 420 Washington, D.C. 20006 Attn: Debbie Klis; Debra Vernon Telephone No.: 202-971-9494
E-mail:
debbie.klis@rimonlaw.com; debra.vernon@rimonlaw.com
|
|
|
If to the Seller Representative to:
Paul Casey
c/o OneMedNet Corporation 6385 Old Shady Oak Road Suite 250 Eden Prairie, Minnesota 55344 Telephone No.: 800-918-7189 E-mail: paul.casey@onemednet.com |
| |
with a copy (which will not constitute notice) to:
Rimon, P.C.
1990 K Street, NW Suite 420 Washington, D.C. 20006 Attn: Debbie Klis; Debra Vernon Telephone No.: 202-971-9494
E-mail:
debbie.klis@rimonlaw.com; debra.vernon@rimonlaw.com
|
|
|
If to the Purchaser after the Closing, to:
OneMedNet Corporation
6385 Old Shady Oak Road Suite 250 Eden Prairie, Minnesota 55344 Attn: Paul Casey Telephone No.: 800-918-7189 E-mail: paul.casey@onemednet.com and the Purchaser Representative |
| |
with a copy (which will not constitute notice) to:
Rimon, P.C.
1990 K Street, NW Suite 420 Washington, D.C. 20006 Attn: Debbie Klis; Debra Vernon Telephone No.: 202-971-9494 E-mail: debbie.klis@rimonlaw.com; debra.vernon@rimonlaw.com and Nelson Mullins Riley & Scarborough LLP 101 Constitution Avenue, NW, Suite 900 Washington, DC 20001 Attn: Andrew M. Tucker, Esq. Facsimile No.: (202) 689-2860 Telephone No.: (202) 689-2987 E-mail: andy.tucker@nelsonmullins.com |
|
Term
|
| |
Section
|
|
Accounts Receivable | | | 4.7(f) | |
Acquisition Proposal | | | 5.6(a) | |
Agreement | | | Preamble | |
Alternative Transaction | | | 5.6(a) | |
Amended Purchaser Certificate of Incorporation | | | 1.19 | |
Antitrust Laws | | | 5.9(b) | |
Audited Company Financials | | | 4.7(a) | |
Business Combination | | | 9.1 | |
Certificate of Merger | | | 1.2 | |
CFO | | | 1.15(a) | |
Term
|
| |
Section
|
|
Closing | | | 2.1 | |
Closing Date | | | 2.1 | |
Closing Filing | | | 5.14(b) | |
Closing Press Release | | | 5.14(b) | |
Closing Statement | | | 1.15(a) | |
Company | | | Preamble | |
Company Benefit Plan | | | 4.19(a) | |
Company Certificates | | | 1.12(a) | |
Company Directors | | | 5.17(a) | |
Company Disclosure Schedules | | | Article IV | |
Company Financials | | | 4.7(a) | |
Company IP | | | 4.13(d) | |
Company IP Licenses | | | 4.13(a) | |
Company Material Contracts | | | 4.12(a) | |
Company Permits | | | 4.10 | |
Company Personal Property Leases | | | 4.16 | |
Company Real Property Leases | | | 4.15 | |
Company Registered IP | | | 4.13(a) | |
Company Special Meeting | | | 5.13 | |
Controlled Person | | | Article XI | |
Conversion | | | 1.8 | |
D&O Indemnified Persons | | | 5.18(a) | |
D&O Tail Insurance | | | 5.18(b) | |
DGCL | | | 3.2 | |
Effective Time | | | 1.2 | |
Enforceability Exceptions | | | 3.2 | |
Environmental Permits | | | 4.20(a) | |
Estimated Closing Statement | | | 1.14 | |
Exchange Agent | | | 1.12(a) | |
Expenses | | | 8.3 | |
Extension | | | 5.3(a) | |
Extension Expenses | | | 5.3(a)(iv) | |
Federal Securities Laws | | | 5.7 | |
Incentive Plan | | | 5.12(a) | |
Independent Expert | | | 1.15(b) | |
Independent Expert Notice Date | | | 1.15(b) | |
Interim Balance Sheet Date | | | 4.7(a) | |
Interim Period | | | 5.1(a) | |
Letter of Transmittal | | | 1.12(a) | |
Lock-Up Agreement | | | Recitals | |
Lost Certificate Affidavit | | | 1.12(d) | |
Merger | | | Recitals | |
Merger Consideration | | | 1.7 | |
Term
|
| |
Section
|
|
Merger Sub | | | Preamble | |
Nelson Mullins | | | 2.1 | |
Non-Competition Agreement | | | Recitals | |
Objection Statement | | | 1.15(b) | |
OFAC | | | 3.19(c) | |
Off-the-Shelf Software | | | 4.13(a) | |
Outbound IP License | | | 4.13(c) | |
Outside Date | | | 8.1(b) | |
Party(ies) | | | Preamble | |
PIPE Investment | | | 5.20 | |
Post-Closing Purchaser Board | | | 5.17(a) | |
Proxy Statement | | | 5.12(a) | |
Public Certifications | | | 3.6(a) | |
Public Stockholders | | | 9.1 | |
Purchaser | | | Preamble | |
Purchaser Director | | | 5.17(a) | |
Purchaser Disclosure Schedules | | | Article III | |
Purchaser Financials | | | 3.6(b) | |
Purchaser Material Contract | | | 3.13(a) | |
Purchaser Representative | | | Preamble | |
Purchaser Stockholder Approval Matters | | | 5.12(a) | |
Purchaser Special Meeting | | | 5.12(a) | |
Purchaser Termination Fee | | | 8.4 | |
Redemption | | | 5.12(a) | |
Registration Statement | | | 5.12(a) | |
Related Person | | | 4.21 | |
Released Claims | | | 9.1 | |
Representative Party | | | 1.15(b) | |
Required Company Stockholder Approval | | | 7.1(b) | |
Required Purchaser Stockholder Approval | | | 7.1(a) | |
SEC Reports | | | 3.6(a) | |
Section 409A Plan | | | 4.19(j) | |
Seller Representative | | | Preamble | |
Signing Filing | | | 5.14(b) | |
Signing Press Release | | | 5.14(b) | |
Sponsor Support Agreement | | | Recitals | |
Stockholder Merger Consideration | | | 1.7 | |
Surviving Corporation | | | 1.1 | |
Top Customers | | | 4.24 | |
Top Suppliers | | | 4.24 | |
Transmittal Documents | | | 1.12(b) | |
Voting Agreements | | | Recitals | |
| |
Company Stockholder
|
| | |
Company Securities
|
| |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| If to the Purchaser before the Closing, to: | | |
with copies to (which shall not constitute notice):
|
|
|
Data Knights Acquisition Corp.
Unit G6, Frome Business Park, Manor Road, Frome, BA11 4FN, United Kingdom Tel: +44 203 833 4000 Email: barry@dataknightsacuk.com |
| |
Nelson Mullins Riley & Scarborough LLP
101 Constitution Avenue, NW, Suite 900 Washington, D.C. 20001 Attn: Andrew M. Tucker, Esq. Facsimile No.: (202) 689-2860 Telephone No.: (202) 689-2987 Email: andy.tucker@nelsonmullins.com |
|
|
If to the Company (or to the Purchaser after the Closing), to:
|
| |
with copies to (which shall not constitute notice):
|
|
|
OneMedNet Corporation
6385 Old Shady Oak Road Suite 250 Eden Prairie, Minnesota 55344 Attn: Paul Casey Telephone No.: (808) 228-5998 E-mail: paul.casey@onemednet.com |
| |
Rimôn, P.C.
1990 K Street NW, Suite 420 Washington, D.C. 20006 Attn: Debbie Klis; Debra Vernon Telephone: (202) 971-9494; (650) 292-5910 E-mail: debbie.klis@rimonlaw.com; debra.vernon@rimonlaw.com |
|
By: |
|
|
If to the Purchaser after the Closing, to:
|
| | with copies to (which shall not constitute notice): | |
|
Data Knights Acquisition Corp.
Unit G6, Frome Business Park, Manor Road, Frome, BA11 4FN, United Kingdom Tel: +44 203 833 4000 Email: barry@dataknightsacuk.com |
| |
Nelson Mullins Riley & Scarborough LLP
101 Constitution Avenue, NW, Suite 900 Washington, D.C. 20001 Attn: Andrew M. Tucker, Esq. Telephone No.: (202) 689-2987 Email: andy.tucker@nelsonmullins.com |
|
Name of Holder: |
|
| If to the Company: | | |
OneMedNet Corporation
6385 Old Shady Oak Road Suite 250 Eden Prairie, Minnesota 55344 Attn: Paul Casey
Telephone No.: (800) 918-7189
|
|
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: 1 | | | Notes: | | | Notes: | |
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: 1 | | | Notes: | | | Notes: | |
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: 1 | | | Notes: | | | Notes: | |
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: | | | Notes: | | | Notes: | |
NOTE
|
| |
SPECIAL INSTRUCTIONS (e.g., Limitations of Authority)
|
|
1
|
| | Authorized to perform all Client actions contemplated under the governing documents. | |
2
|
| | | |
3
|
| | | |
|
|
| |
Signature
|
| |
Title
|
|
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: 1 | | | Notes: | | | Notes: | |
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: 1 | | | Notes: | | | Notes: | |
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: 1 | | | Notes: | | | Notes: | |
| Name: | | | Phone #1: | | | Phone #2: | |
| Title: | | | Email #1: | | | Email #2: | |
| Sign: | | | Fax: | | | Account View Access (Y/N): | |
| Notes: | | | Notes: | | | Notes: | |
NOTE
|
| |
SPECIAL INSTRUCTIONS (e.g., Limitations of Authority)
|
|
1
|
| | Authorized to perform all Client actions contemplated under the governing documents. | |
2
|
| | | |
3
|
| | | |
|
|
| |
Signature
|
| |
Title
|
|
Exhibit No.
|
| |
Description
|
| |||
| | 2.1 | | | | | |
| | 3.1 | | | | | |
| | 3.2 | | | | Form of Third Amended and Restated Certificate of Incorporation (included as Annex B to the proxy statement/prospectus). | |
| | 3.3 | | | | | |
| | 3.4** | | | | Form of Certificate of Merger | |
| | 4.1 | | | | | |
| | 4.2 | | | | | |
| | 4.3 | | | | | |
| | 4.4 | | | | | |
| | 5.1* | | | | | |
| | 8.1 | | | | | |
| | 10.1 | | | | | |
| | 10.2 | | | | | |
| | 10.3 | | | | | |
| | 10.4 | | | | | |
| | 10.5 | | | | | |
| | 10.6 | | | | | |
| | 10.7 | | | | | |
| | 10.8 | | | | | |
| | 10.9 | | | | | |
| | 10.10 | | | | | |
| | 10.11 | | | | Form of Lock-Up Agreement (included as Exhibit C to Annex A to the proxy statement/prospectus). | |
| | 10.12 | | | | | |
| | 10.13 | | | | | |
| | 10.14 | | | | | |
| | 10.15** | | | | Executive Employment Agreement with Paul Casey | |
| | 10.16** | | | | Employment Agreement with Doug Arent | |
| | 10.17** | | | | Employment Agreement with Saurabh Mathur | |
| | 14.1 | | | | | |
| | 21.1* | | | | | |
| | 23.1 | | | | | |
| | 23.2* | | | | | |
| | 23.3 | | | | | |
| | 23.4 | | | | |
Exhibit No.
|
| |
Description
|
| |||
| | 24.1* | | | | | |
| | 99.1** | | | | Form of Proxy Card for Stockholders. | |
| | 99.2* | | | | | |
| | 99.3* | | | | | |
| | 99.4* | | | | | |
| | 99.5* | | | | | |
| | 99.6* | | | | | |
| | 99.7* | | | | | |
| | 107* | | | | |
|
Name
|
| |
Position
|
| |
Date
|
|
|
/s/ Barry Anderson
Barry Anderson
|
| |
Chief Executive Officer, Director
(Principal Executive Officer) |
| |
November 10, 2022
|
|
|
/s/ Firdauz Edmin Bin Mokhtar
Firdauz Edmin Bin Mokhtar
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
November 10, 2022
|
|
|
/s/ Julianne Hu*
Julianne Hu
|
| | Director | | |
November 10, 2022
|
|
|
/s/ Syed Musheer Ahmed*
Syed Musheer Ahmed
|
| | Director | | |
November 10, 2022
|
|
|
/s/ Annie Damit Undikai*
Annie Damit Undikai
|
| | Director | | |
November 10, 2022
|
|
|
*By:
/s/ Barry Anderson
Barry Anderson
Attorney-in-fact |
| | |