Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $70,160, primarily due to operating expenses of $271,992 and franchise taxes of $50,000, offset by interest income of $260,681 [132]. - For the three months ended March 31, 2023, the company had a net loss of $230,201, with operating expenses of $858,322 and franchise taxes of $50,000, offset by interest and dividend income of $845,090 [133]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [131]. Cash and Financing - As of March 31, 2024, the company had cash held in the trust account amounting to $24,029,910, which is intended for completing a business combination [142]. - The company incurred cash used in operating activities of $373,737 for the three months ended March 31, 2024, with net cash provided by financing activities also at $373,737 [140]. - The company raised gross proceeds of $75,000,000 from its IPO, along with an additional $3,475,000 from the sale of private placement units [135][136]. - The company issued a promissory note on March 20, 2024, in the principal amount of $373,737 to the Sponsor for working capital [130][155]. - The company may need to raise additional capital to complete its business combination or to meet working capital needs, with no assurance that new financing will be available [146]. - The Company issued Working Capital Notes totaling $1.5 million, with individual notes including $84,000, $378,000, $22,000, $50,000, $15,000, and $373,737 issued between July 2023 and March 2024 [166][168]. - The underwriters received a cash underwriting discount of $1,545,537 and are entitled to deferred underwriting commissions of $2,704,690 from the IPO closing [162]. Debt and Obligations - As of March 31, 2024, the outstanding amount under the Convertible Promissory Notes was $2,296,371, and under the Working Capital Notes was $922,837, compared to $549,100 as of December 31, 2023 [159][169]. - The Company has no long-term debt, capital lease obligations, or operating lease obligations as of March 31, 2024 [161]. - The Company does not have any off-balance sheet arrangements or obligations as of March 31, 2024 [161]. Going Concern and Risks - The company faces substantial doubt about its ability to continue as a going concern through August 30, 2023, if it does not complete a business combination [147]. - Various factors, including economic uncertainty and geopolitical instability, may adversely affect the Company's results of operations and ability to complete an initial business combination [170]. Accounting and Compliance - The Company has not identified any critical accounting estimates that could materially differ from actual results as of the end of the reporting period [175]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [171]. - The Company does not expect the adoption of ASU 2023-09 to have a material impact on its financial statements and disclosures [176]. - The Company entered into a Backstop Agreement with Welsbach Holdings Pte Ltd to guarantee any deficiency of restricted cash as of March 31, 2024 [160].
Welsbach Technology Metals Acquisition Corp.(WTMAU) - 2024 Q1 - Quarterly Report