in business combination related expenses incurred in current year as a result of the terminated business combination agreement on March 31, 2022.
For the six months ended June 30, 2022, we had a net income of $7,199,550, which consisted of a change in fair value of warrant liabilities of $7,582,350 and income earned on our marketable securities held in the Trust Account of $259,554, partially offset by operational costs of $642,354.
For the three months ended June 30, 2021, we had a net loss of $6,014,628, which consisted of a change in fair value of warrant liabilities of $5,155,300 and operational costs of $869,345, partially offset by income earned on our marketable securities held in the Trust Account of $10,017.
For the six months ended June 30, 2021, we had a net loss of $688,596, which consisted of transaction costs allocable to warrant liabilities of $727,230 and operational costs of $1,279,900, partially offset by a change in fair value of warrant liabilities of $1,298,200 and income earned on our marketable securities held in the Trust Account of $20,334.
Liquidity and Capital Resources
On February 4, 2021, we consummated the Initial Public Offering of 27,600,000 Units, at a price of $10.00 per Unit, which included the full exercise by the underwriters of their over-allotment option in the amount of 3,600,000 Units, generating gross proceeds of $276,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 6,550,000 Private Placement Warrants to the Sponsor at a price of $1.00 per Private Placement Warrant generating gross proceeds of $6,550,000.
For the six months ended June 30, 2022, cash used in operating activities was $362,474. Net income of $7,199,550 was affected by interest earned on marketable securities held in the Trust Account of $259,554 and the change in fair value of warrant liabilities of $7,582,350. Changes in operating assets and liabilities provided $279,880 of cash for operating activities, due primarily to an increase in accounts payable and accrued expenses.
For the six months ended June 30, 2021, cash used in operating activities was $310,945. Net loss of $688,596 was affected by interest earned on marketable securities held in the Trust Account of $20,334, the change in fair value of warrant liabilities of $1,298,200 and transaction costs incurred in connection with warrant liabilities of $727,230. Changes in operating assets and liabilities provided $968,955 of cash for operating activities, due primarily to an increase in accounts payable and accrued expenses.
Following the Initial Public Offering, the full exercise of the over-allotment option, and the sale of the Private Placement Warrants, a total of $276,000,000 was placed in the Trust Account. We incurred $15,612,362 in transaction costs, including $5,520,000 of underwriting fees, $9,660,000 of deferred underwriting fees and $432,362 of other offering costs.
As of June 30, 2022, we had $276,289,271 of marketable securities held in the Trust Account. We intend to use substantially all of the funds held in the Trust Account after any redemptions, including any amounts representing interest earned on the Trust Account (less deferred underwriting commissions and income taxes payable), to complete our Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
As of June 30, 2022, we had $25,021 of cash held outside of the Trust Account.
In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we may repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to a mutually agreed amount of such loans may be convertible into warrants, at a price of $1.00 per warrant, at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of June 30, 2022, the Sponsor advances amounted to $672,045 which are currently due on demand.