Financial Performance - The Company reported a net loss of $151 for the nine months ended September 30, 2023, primarily due to operating costs[95]. - The Company has not generated any revenues to date and has only engaged in organizational activities and identifying a target company for a Business Combination[94]. Cash and Capital - As of September 30, 2023, the Company had $844 in cash and a working capital of $158,225[97]. - The Initial Public Offering (IPO) generated gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit, with offering costs amounting to $2,723,448[98]. - The Company also completed a private placement of 277,750 units at $10.00 per unit, generating total gross proceeds of $2,777,500[99]. - The underwriter received a cash underwriting fee of 1.4% of gross proceeds, totaling $837,500, and deferred underwriting commissions of $1,200,000[108]. Business Combination Plans - The Company expects to incur significant costs in pursuit of its initial Business Combination plans and does not anticipate generating operating revenues until after the completion of such a combination[94]. - The Company may extend the period to consummate a Business Combination by up to 18 months, subject to additional funds being deposited into the Trust Account[103]. - The Company plans to use funds held outside of the Trust Account for evaluating acquisition candidates and related due diligence expenses[101]. Debt and Financing - The Company has no long-term debt or off-balance sheet financing arrangements[105][106].
AI Transportation Acquisition(AITR) - 2023 Q3 - Quarterly Report