Financial Performance - For the three months ended February 29, 2024, the company reported a net income of $220,219, down from $483,228 for the same period in 2023[104]. - Interest earned on investments held for the three months ended February 29, 2024, was $440,409, compared to $784,758 for the same period in 2023[104]. - Cash used in operating activities for the three months ended February 29, 2024, was $188,792, a decrease from $283,530 for the same period in 2023[105]. Investments and Cash Position - As of February 29, 2024, the company had investments of $34,592,182 held in Trust Accounts, intended for the initial business combination[106]. - As of February 29, 2024, the company had cash of $1,125 outside of the Trust Accounts, primarily for identifying and evaluating target businesses[107]. Business Operations and Concerns - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[110]. - The company has not engaged in any operations or generated revenues to date, relying on non-operating income from interest on marketable securities[103]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient[109]. IPO and Financial Controls - The company completed its Initial Public Offering on January 20, 2022, generating gross proceeds of $115,000,000 from 11,500,000 Units sold at $10.00 per Unit[104]. - There have been no changes in internal control over financial reporting that materially affected the company's controls during the fiscal quarter ended February 29, 2024[116].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2024 Q1 - Quarterly Report