Quetta Acquisition(QETA) - 2024 Q2 - Quarterly Report

Financial Performance - As of June 30, 2024, the company reported a net income of $1,156,121 for the six months ended, primarily from interest income of$1,860,734[86]. - The company has a working capital deficit of $207,095 as of June 30, 2024, with cash holdings of$334,332[90]. - The company has incurred related party administrative fees of $30,000 and$60,000 for the three and six months ended June 30, 2024, respectively[95]. - The company has no off-balance sheet arrangements or long-term liabilities as of June 30, 2024[93][94]. - The company has not generated any operating revenues to date and does not expect to until after completing its initial business combination[85]. IPO and Business Combination - The company completed its IPO on October 11, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at$10.00 per unit[87]. - The company entered into a non-binding letter of intent for a potential business combination with a clinical-stage therapeutics company, extending the deadline for the initial business combination to January 11, 2025[83]. - Upon completion of a business combination, underwriters will receive a deferred fee of 3.5% of the IPO gross proceeds, amounting to $2,415,000[96]. - The company intends to use net proceeds from the IPO and private placement for its initial business combination and related expenses[89]. Going Concern - 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[92].