Financial Performance - Net income for the six months ended May 31, 2024, was $532,642, compared to $459,053 for the same period in 2023, indicating a year-over-year growth of approximately 15.9%[86] - Basic and diluted net income per redeemable Class A ordinary share was $0.08 for the six months ended May 31, 2024, consistent with the previous year[86] - For the six months ended May 31, 2024, the company reported a net income of $523,642, consisting of interest earned on investments of $894,507, offset by formation and operating costs of $370,865[137] - For the three months ended May 31, 2023, the company had a net income of $199,021, with interest earned on investments of $381,761 and operating costs of $182,740[162] - For the six months ended May 31, 2023, the company reported a net income of $682,249, consisting of $1,166,519 in interest earned on investments, offset by formation and operating costs of $484,270[188] Assets and Liabilities - Total assets increased to $35,504,084 as of May 31, 2024, compared to $33,765,829 on November 30, 2023, reflecting a growth of approximately 5.15%[58] - Current liabilities rose to $4,343,003 as of May 31, 2024, up from $3,128,390 on November 30, 2023, representing an increase of about 38.8%[58] - The accumulated deficit increased to $(8,312,396) as of May 31, 2024, compared to $(7,137,819) on November 30, 2023, reflecting a deterioration of approximately 16.4%[59] - As of May 31, 2024, the Company had approximately $4,200 in cash and a working capital deficit of $4,287,055[99] - The Company has a working capital loan balance of $651,000 and $300,000 outstanding as of May 31, 2024, and November 30, 2023, respectively[92] Trust Account and Securities - Cash and marketable securities held in the trust account amounted to $35,448,136 as of May 31, 2024, compared to $33,749,917 on November 30, 2023[58] - The Trust Account held assets amounting to $35,448,136 as of May 31, 2024, compared to $33,749,917 as of November 30, 2023[106] - The company has agreed to hold at least $10.15 per Unit sold in the Trust Account, invested in U.S. government securities[93] - As of May 31, 2024, the company held investments of $35,448,136 in Trust Accounts, which are intended to be used for the initial business combination[139] Business Combination and Financing - The company has extended the deadline to consummate a business combination to January 20, 2025, allowing for up to seven one-month extensions[74] - The Company must complete a Business Combination with a fair market value equal to at least 80% of the net assets held in the Trust Account[93] - The Company has until July 20, 2024, to consummate a Business Combination, with a possibility of extending this period[100] - The company has the right to extend the period to complete a business combination up to twelve times for an additional month each time, with a cost of the lesser of $144,000 or $0.045 per Class A ordinary share outstanding after redemptions[130] - The company may need to obtain additional financing to complete its initial business combination or meet obligations if cash on hand is insufficient[166] Shareholder Activity - Shareholders redeemed an aggregate of 8,373,932 ordinary shares for $86,353,885 on January 18, 2023, and 149,359 ordinary shares for $1,626,736 on July 18, 2023[124] - The company has 2,976,709 Class A ordinary shares outstanding that are subject to possible redemption as of May 31, 2024[83] Loans and Promissory Notes - The company has borrowed a total of $2,020,474 from the Sponsor through various promissory notes as of June 14, 2024[73] - The Sponsor has promised to loan the Company a total of $2,458,183 as of May 31, 2024, with loans made on February 21, 2023, June 13, 2023, and August 10, 2023[119] Company Classification and Concerns - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[79] - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern until the consummation of a Business Combination or required liquidation[192] - The company does not expect to generate any operating revenues until after the completion of its initial business combination[187] Other Financial Information - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[193] - There have been no material changes to the risk factors disclosed in the Annual Report filed with the SEC on March 4, 2024[174] - The company has no obligations, assets, or liabilities considered off-balance sheet arrangements[168] - The company has authorized 1,000,000 preference shares with a par value of $0.0001 per share, but none were issued as of May 31, 2024[150] - The company completed a private placement of 532,500 units at a price of $10.00 per unit, generating gross proceeds of $5,325,000 on January 20, 2022[141] - The company has accrued $60,000 and $220,000 in administrative support fees to the Sponsor as of May 31, 2024, and November 30, 2023, respectively[145] - The company has converted 2,875,000 Class B ordinary shares to Class A ordinary shares for a par value of $288 as of May 31, 2024[125]
Technology & Telecommunication Acquisition .(TETE) - 2024 Q2 - Quarterly Report