Financial Performance - As of March 31, 2024, the company reported a net income of $611,704, primarily from interest income of $925,989, offset by formation and operational costs of $77,029 and income tax expense of $191,056 [92]. - The company has cash of $565,813 and a working capital of $178,404 as of March 31, 2024 [96]. - The company has incurred $30,000 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 $10.00 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].
Quetta Acquisition(QETA) - 2024 Q1 - Quarterly Report