Financial Performance - The Company had a net income of $233,436 for the three months ended June 30, 2024, compared to a net income of $238,896 for the same period in 2023 [135]. - For the six months ended June 30, 2024, the Company reported a net income of $191,856, down from $310,274 for the same period in 2023 [136]. IPO and Fundraising - The Company generated gross proceeds of $100,000,000 from its IPO of 10,000,000 units at an offering price of $10.00 per unit [137]. - An additional $15,000,000 was raised from the full exercise of the underwriters' over-allotment option, totaling $115,000,000 placed in a trust account [138]. Business Combination - The Company extended the deadline to complete a business combination to August 22, 2024, with stockholders approving the amendment at the September Special Meeting [125]. - The Company expects to incur increased expenses due to being a public company and for due diligence related to the Business Combination [134]. - The Company has not generated any operating revenues to date and does not expect to do so until after the completion of the initial Business Combination [134]. - The Company expects to incur significant professional and transaction costs in pursuit of a Business Combination [142]. - If a Business Combination is not completed by August 22, 2024, the Company will face mandatory liquidation and dissolution [143]. - The Company may need additional financing to complete its Business Combination or to redeem public shares [142]. Trust Account and Financial Position - As of June 30, 2024, the Trust Account held marketable securities amounting to $8,127,916, which may be used for tax payments [140]. - The Company had cash of $68,525 outside the Trust Account and reported a working capital deficit of $3,894,187 [141]. - The Company extended the deadline for completing a Business Combination to August 22, 2024, without additional deposits to the Trust Account [141]. - Approximately $76,322,364 was withdrawn from the Trust account to pay stockholders who tendered 7,414,905 shares for redemption [124]. Shareholder Agreements and Transactions - The Company entered into Non-Redemption Agreements, transferring 299,340 shares valued at approximately $446,735 to third parties in exchange for not redeeming shares [146]. - Upon closing a Business Combination, underwriters will receive a cash underwriting discount of 2.0% of the IPO gross proceeds, totaling $2,300,000 [148]. Accounting and Financial Arrangements - The Company has no off-balance sheet arrangements as of June 30, 2024 [145]. - The Company has not identified any critical accounting estimates that would materially differ from actual results [150]. - As of June 30, 2024, the Company had $2,177,000 outstanding under all Promissory Notes and Convertible Notes [131].
Yotta Acquisition (YOTA) - 2024 Q2 - Quarterly Report