| ● | Net loss per share |
The
Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. In order to determine the net income
(loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss)
allocable to both the redeemable common stock and non-redeemable common stock and the undistributed income (loss) is calculated using
the total net loss less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted
average number of shares outstanding between the redeemable and non-redeemable ordinary share. Any remeasurement of the accretion to
redemption value of the ordinary share subject to possible redemption was considered to be dividends paid to the public shareholders.
As of June 30, 2022, the Company has not considered the effect of the warrants sold in the Initial Public Offering in the calculation
of diluted net income (loss) per share, since the exercise of the warrants is contingent upon the occurrence of future events and the
inclusion of such warrants would be anti-dilutive and the Company did not have any other dilutive securities and other contracts that
could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted income
(loss) per share is the same as basic (income) loss per share for the period presented.
| For the Three Months ended | ||||||||
| June 30, 2022 | June 30, 2021 | |||||||
| Net loss | $ | (65,554 | ) | $ | (10,729 | ) | ||
| Accretion of carrying value to redemption value | (3,098,092 | ) | ||||||
| Net loss including accretion of carrying value to redemption value | $ | (3,163,646 | ) | $ | (10,729 | ) | ||
| For the Six Months ended | ||||||||
| June 30, 2022 | June 30, 2021 | |||||||
| Net loss | $ | (289,923 | ) | $ | (36,659 | ) | ||
| Accretion of carrying value to redemption value | (5,942,740 | ) | ||||||
| Net loss including accretion of carrying value to redemption value | $ | (6,232,663 | ) | $ | (36,659 | ) | ||
HHG
CAPITAL CORPORATION
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
| For the Three Months Ended | ||||||||||||||||
| June 30, 2022 | June 30, 2021 | |||||||||||||||
| Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
| Ordinary Share | Ordinary Share | Ordinary Share | Ordinary Share | |||||||||||||
| Basic and diluted net loss per share: | ||||||||||||||||
| Numerators: | ||||||||||||||||
| Allocation of net loss including carrying value to redemption value | $ | (2,432,923 | ) | $ | (730,723 | ) | $ | $ | (10,729 | ) | ||||||
| Accretion of carrying value to redemption value | 3,098,092 | |||||||||||||||
| Allocation of net income (loss) | $ | 665,169 | $ | (730,723 | ) | $ | $ | (10,729 | ) | |||||||
| Denominators: | ||||||||||||||||
| Weighted-average shares outstanding | 5,750,000 | 1,727,000 | 1,437,500 | |||||||||||||
| Basic and diluted net income (loss) per share | $ | 0.12 | $ | (0.42 | ) | $ | $ | (0.01 | ) | |||||||
| For the Six Months Ended | ||||||||||||||||
| June 30, 2022 | June 30, 2021 | |||||||||||||||
| Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
| Ordinary Share | Ordinary Share | Ordinary Share | Ordinary Share | |||||||||||||
| Basic and diluted net loss per share: | ||||||||||||||||
| Numerators: | ||||||||||||||||
| Allocation of net loss including carrying value to redemption value | $ | (4,793,074 | ) | $ | (1,439,589 | ) | $ | $ | (36,659 | ) | ||||||
| Accretion of carrying value to redemption value | 5,942,740 | |||||||||||||||
| Allocation of net income (loss) | $ | 1,149,666 | $ | (1,439,589 | ) | $ | $ | (36,659 | ) | |||||||
| Denominators: | ||||||||||||||||
| Weighted-average shares outstanding | 5,750,000 | 1,727,000 | 1,403,315 | |||||||||||||
| Basic and diluted net income (loss) per share | $ | 0.20 | $ | (0.83 | ) | $ | $ | (0.03 | ) | |||||||
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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