Financial Performance - For the year ended November 30, 2022, the company reported a net income of $826,045, consisting of formation and operating costs of $500,952 and interest earned on investments of $1,326,997[43]. - Cash used in operating activities for the year ended November 30, 2022, was $664,685[45]. - The company incurred $100,000 in administrative service fees for the year ended November 30, 2022[55]. Investments and Financing - As of November 30, 2022, the company had investments of $118,051,997 held in Trust Accounts, which are intended to be used for the initial business combination[46]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if a significant number of Public Shares are redeemed[49]. - The company does not currently believe it will need to raise additional funds for operating expenditures prior to the initial business combination[49]. Initial Public Offering - The company completed its Initial Public Offering on January 20, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit[44]. - An underwriting discount of approximately $2,300,000 was paid at the closing of the Initial Public Offering, with a deferred underwriting discount of $4,025,000 payable upon completion of the initial business combination[57]. Liquidity and Going Concern - As of November 30, 2022, the company had cash of $491,293 outside of the Trust Accounts, which will be used for identifying and evaluating target businesses[47]. - The company is within 12 months of mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[50].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2022 Q4 - Annual Report