Financial Performance - As of August 31, 2024, the company reported a net income of $2,573,492 for the three months and $5,785,828 for the nine months, primarily from interest income of $2,858,440 and $6,291,934 respectively[98]. - The company incurred administrative service fees of $20,000 per month, totaling $60,000 and $135,172 for the three and nine months ended August 31, 2024 respectively[113]. - Diluted net income per share is the same as basic net income per share for the period due to unmet contingencies[125]. Financial Position - The company had cash of $1,738,180 and working capital of $1,978,209 as of August 31, 2024[100]. - The company has no long-term debt or off-balance sheet arrangements as of August 31, 2024[104][105]. - The company has not raised additional capital and may need to conserve liquidity if unable to do so[103]. Operations - The company has not engaged in any operations or generated revenues to date, with expenses incurred primarily for legal and compliance activities[97]. - The company plans to utilize substantially all funds in the Trust Account for acquiring target businesses and covering related expenses[102]. Shareholder Equity - The company issued 5,031,250 Founder Shares for a total of $25,000, with a potential forfeiture of up to 656,250 shares based on the over-allotment option[111]. - The company accounts for its ordinary shares subject to possible redemption as temporary equity, with 20,125,000 Public Shares classified accordingly[122]. Accounting Policies - The company adopted ASU 2020-06 and ASU 2016-13, which did not materially affect its financial position or results of operations[107][109]. - The Company complies with FASB ASC Topic 260 for earnings per share calculations[125]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[126].
Legato Merger Corp. III(LEGT) - 2024 Q3 - Quarterly Report