Yotta Acquisition (YOTA) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the Company reported a net income of $248,109, with interest earned on marketable securities of approximately $519,818[114]. - For the nine months ended September 30, 2022, the Company had a net income of $227,889, offset by general and administrative expenses of approximately $303,472[115]. - The Company had cash of $354,737 outside the Trust Account and a working capital of $467,153 as of September 30, 2022[120]. - Net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding, with 11,843,500 shares from warrants not included in diluted income calculations[130]. IPO and Capital Raising - The Company generated gross proceeds of $100 million from the IPO of 10,000,000 units at an offering price of $10.00 per unit[116]. - The underwriters fully exercised the over-allotment option, purchasing an additional 1,500,000 units, generating gross proceeds of $15 million[117]. - Offering costs related to the IPO were charged to stockholders' equity and allocated between public shares and public rights based on their relative fair values[131]. Business Combination and Future Plans - The Company plans to issue 17.5 million shares of common stock to former security holders of NaturalShrimp upon the closing of the merger[110]. - The proposed business combination with NaturalShrimp is expected to close in the first quarter of 2023, subject to customary closing conditions[111]. - If the Company cannot complete a Business Combination by January 27, 2023, it may proceed to voluntary liquidation[121]. Accounting and Compliance - The company has issued or modified warrants that qualify for equity accounting treatment, recorded as additional paid-in capital upon issuance[129]. - The company is assessing the impact of ASU 2020-06, effective for smaller reporting companies after December 15, 2023, which simplifies accounting for certain financial instruments[132]. - Management believes that no other recently issued accounting pronouncements will materially affect the company's financial statements[133]. - As a smaller reporting company, the company is not required to disclose market risk information[134]. Costs and Expenses - The Company has incurred significant professional costs and expects to continue incurring costs related to being a publicly traded company[121].