Financial Performance - The company had a net income of $179,619 for the year ended November 30, 2023, consisting of interest earned on investments of $2,024,071, offset by formation and operating costs of $1,844,452[52]. - The company reported a net income of $179,619 for the year ended 2023, compared to $646,487 in 2022, resulting in a basic and diluted net income per share of $0.03[205]. - The company reported a net income of $179,619 for the year ended November 30, 2023, compared to a net income of $826,045 for the previous year, indicating a decrease of about 78.3%[157]. - The company incurred formation and operating costs of $1,844,452 for the year ended November 30, 2023, compared to $500,952 for the previous year, reflecting an increase of approximately 267.5%[157]. - The company reported net cash used in operating activities of $(781,376) for the year ended November 30, 2023, compared to $(400,965) in the previous year, an increase in cash outflow of about 94.5%[162]. Liquidity and Going Concern - The company does not currently have adequate liquidity to sustain operations and faces substantial doubt about its ability to continue as a going concern[58]. - The financial statements indicate substantial doubt about the company's ability to continue as a going concern if a business combination is not completed[148]. - The company has a working capital deficit of $3,112,478 as of November 30, 2023[183]. - The company may need to obtain additional financing to complete its initial business combination or to redeem a significant number of its Public Shares[57]. - The company expects to incur significant costs in pursuit of its acquisition plans and anticipates negative cash flows from operations until the completion of its initial business combination[186]. Assets and Investments - As of November 30, 2023, the company had investments of $33,749,917 held in Trust Accounts, which are intended to be used for the initial business combination[54]. - As of November 30, 2023, the total assets of the company were $33,765,829, a significant decrease from $118,543,290 as of November 30, 2022, representing a decline of approximately 71.5%[153]. - Cash and marketable securities held in trust account decreased to $33,749,917 as of November 30, 2023, down from $118,051,997 as of November 30, 2022, a decline of about 71.4%[154]. - The company had $9,917 in cash and no cash equivalents as of November 30, 2023, compared to $491,293 in cash and no cash equivalents as of November 30, 2022[196]. Shareholder Information - The company raised gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit on January 20, 2022[53]. - The company had 3,407,500 Class A ordinary shares issued and outstanding, compared to 532,500 shares as of November 30, 2022[228]. - Shareholders redeemed an aggregate of 8,373,932 Class A ordinary shares for $86,353,885 on January 18, 2023, and 149,359 shares for $1,626,736 on July 18, 2023[228]. - The weighted average number of Class A ordinary shares outstanding decreased to 5,482,286 for the year ended November 30, 2023, from 10,351,247 in the previous year, a reduction of about 47.1%[157]. Internal Controls and Governance - As of November 30, 2023, the company concluded that its disclosure controls and procedures were not effective due to a material weakness in internal control related to inadequate segregation of duties[62]. - The company identified material weaknesses in recording of material accrued expenses, impacting the effectiveness of internal control over financial reporting as of November 30, 2023[68]. - Management has implemented remediation steps, including expanding the review process for complex securities and enhancing access to accounting literature[65]. - The Audit Committee is comprised solely of independent directors, including Kiat Wai Du as Chairperson, ensuring compliance with NASDAQ's listing standards[107]. - The company has a code of conduct and ethics applicable to its directors, officers, and employees, in accordance with federal securities laws[118]. Sponsor and Related Transactions - The company agreed to pay its sponsor a total of $10,000 per month for office space, utilities, and administrative support starting January 14, 2022[120]. - The company has not paid any compensation to the Sponsor or its affiliates for services rendered prior to the completion of an initial business combination[136]. - The company has borrowed a total of $2,020,474 across three loans from the Sponsor as of November 30, 2023[220]. - The Sponsor has promised to loan up to $500,000 to the Company as of August 10, 2023, with $300,000 outstanding under Working Capital Loans as of November 30, 2023[218]. - The company plans to repay up to an aggregate of $300,000 in loans made by the Sponsor for offering-related expenses[136].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2023 Q4 - Annual Report