Workflow
Quetta Acquisition(QETA) - 2024 Q1 - Quarterly Report
QETAQuetta Acquisition(QETA)2024-05-03 20:30

Financial Performance - As of March 31, 2024, the company reported a net income of 611,704,primarilyfrominterestincomeof611,704, primarily from interest income of 925,989, offset by formation and operational costs of 77,029andincometaxexpenseof77,029 and income tax expense of 191,056 [92]. - The company has cash of 565,813andaworkingcapitalof565,813 and a working capital of 178,404 as of March 31, 2024 [96]. - The company has incurred 30,000inrelatedpartyadministrativefeesforthethreemonthsendedMarch31,2024,underanagreementwithitsSponsor[101].−Thecompanyhasnolong−termdebtoroff−balancesheetarrangementsasofMarch31,2024[99][100].−Thecompanyhasnotgeneratedanyoperatingrevenuestodateanddoesnotexpecttodosountilaftercompletingitsinitialbusinesscombination[90].IPOandFunding−ThecompanycompleteditsIPOonOctober11,2023,raisinggrossproceedsof30,000 in related party administrative fees for the three months ended March 31, 2024, under an agreement with its Sponsor [101]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024 [99][100]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [90]. IPO and Funding - The company completed its IPO on October 11, 2023, raising gross proceeds of 69,000,000 from the sale of 6,900,000 Public Units at 10.00perunit[93].−ThecompanyintendstousesubstantiallyallnetproceedsfromtheIPOandprivateplacementforitsinitialbusinesscombinationandrelatedexpenses,includingadeferredunderwritingfeeof10.00 per unit [93]. - The company intends to use substantially all net proceeds from the IPO and private placement for its initial business combination and related expenses, including a deferred underwriting fee of 2,415,000 [95][102]. - The company will invest funds in U.S. government treasury bills or money market funds, maintaining a trust account for the proceeds from the IPO [94]. Business Strategy and Concerns - The company expects to incur significant costs related to being a public company and pursuing a business combination, raising concerns about its ability to continue as a going concern [98]. - The company plans to focus on target businesses in the financial technology sector in Asia, excluding China, Hong Kong, and Macau [87].