Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Net Loss per Common Share, Basic and Diluted

In accordance with the two-class method, the Company’s net loss is adjusted for net income that is attributable to common stock subject to redemption, net of tax, as these shares only participate in the income of the Trust Account and not the losses of the Company. Accordingly, net loss per common share, basic and diluted, is calculated as follows:

	Three Months Ended June 30,						Six Months Ended			Period from February 23, 2021 (Date of Inception) through
	2022			2021			June 30, 2022			June 30, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to common stock subject to redemption
Interest earned on marketable securities held in Trust Account, net of taxes	$	191,359		$	564		$	202,736		$	564
Net income attributable to common stock subject to possible redemption	$	191,359		$	564		$	202,736		$	564
Denominator: Weighted-average common shares subject to redemption
Basic and diluted weighted-average shares outstanding, common stock subject to possible redemption		20,900,000			9,347,253			20,900,000			6,645,313
Basic and diluted net income per share, common stock subject to possible redemption	$	0.01		$	0.00		$	0.01		$	0.00

Non-Redeemable common stock
Numerator: Net loss minus net earnings - Basic and diluted
Net loss	$	(306,001	)	$	(382,539	)	$	(865,757	)	$	(418,258	)
Less: net income attributable to common stock subject to redemption		(191,359	)		(564	)		(202,736	)		(564	)
Net loss attributable to non-redeemable common stock	$	(497,360	)	$	(383,103	)	$	(1,068,493	)	$	(418,822	)
Denominator: Weighted-average non-redeemable common shares
Weighted-average non-redeemable common shares outstanding, basic and diluted		6,179,000			5,504,956			6,179,000			5,315,711
Basic and diluted net loss per share, non-redeemable common stock	$	(0.08	)	$	(0.07	)	$	(0.17	)	$	(0.08	)

GigInternational1, Inc. 10-Q