Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $575,243, with investment income of $794,706 and operating costs of $219,463[76] - For the six months ended June 30, 2024, the company had a net income of $1,055,765, with investment income of $1,580,162 and operating costs of $524,397[76] - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination[75] Initial Public Offering - The company completed its Initial Public Offering on November 10, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit[77] - Offering costs incurred for the Initial Public Offering amounted to $2,723,448, including $1,200,000 for deferred underwriting commissions[95] - The underwriters have a 45-day option to purchase an additional 900,000 units, which has not yet been exercised[95] Cash and Working Capital - As of June 30, 2024, the company had $180,047 in cash and a working capital deficit of $6,650[77] Acquisition Plans - The company intends to use funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates and related due diligence[79] - The company expects to incur significant costs in pursuit of its acquisition plans, raising concerns about its ability to continue as a going concern if it fails to complete a Business Combination[83] - The company may extend the time to consummate a Business Combination by up to 18 months, requiring the Sponsor to deposit $199,800 for each one-month extension[81] Risk Factors - As of the date of the report, there have been no material changes to the risk factors previously disclosed, which could adversely affect the company's financial condition[91] - The company is subject to additional risk factors that may not currently be known or deemed immaterial, which could impact its business operations[91] Internal Controls and Legal Proceedings - The company has not experienced any changes in internal control over financial reporting that could materially affect its operations[90] - The company has not disclosed any legal proceedings as of the date of the report[90] Private Placement - The company also conducted a private placement of 277,750 units at $10.00 per unit, generating total gross proceeds of $2,777,500[92] - The placement shares from the private placement will not participate in any liquidating distribution if a business combination is not consummated[94] - The company has agreed to certain voting restrictions on placement shares in favor of any proposed business combination[94]
AI Transportation Acquisition(AITR) - 2024 Q2 - Quarterly Report