Financial Performance - For the year ended December 31, 2023, the company reported a net income of $1,429,419, a significant increase from $145,189 in 2022, driven by interest income of $2,788,029[17]. Business Combination and Operations - The company issued unsecured promissory notes totaling $1,175,000 in 2023 to extend the deadline for completing a business combination and to meet working capital needs[11][13][14]. - The company has until August 22, 2024, to complete a business combination, or it will cease operations except for liquidation purposes, raising substantial doubt about its ability to continue as a going concern[20]. - The underwriters of the IPO were entitled to a cash underwriting discount of 2.0% of the gross proceeds, amounting to $2,300,000, and a deferred fee of 3.5%, totaling $4,025,000, contingent on completing a business combination[22]. - The company granted underwriters a 45-day option to purchase up to 1,500,000 additional units, which was fully exercised, generating gross proceeds of $15,000,000[18]. - The company intends to focus on target businesses in high technology, blockchain, and other general business industries globally for its initial business combination[10]. - The company has agreed to waive rights to amounts held in the trust account if unable to complete the initial business combination within the required timeframe[43]. Internal Controls and Compliance - The company has identified material weaknesses in its internal controls over financial reporting, which will not be considered remediated until fully implemented[31]. - The company is currently assessing the impact of ASU 2023-09 on its financial position and operations, which requires additional disclosures regarding income taxes[26]. Employment Agreements - The company has not entered into any employment agreements with its executive officers, nor made agreements for benefits upon termination[45].
Yotta Acquisition (YOTA) - 2023 Q4 - Annual Report