Financial Performance - For the three months ended May 31, 2024, the company reported a net income of $303,423, an increase of 52.5% compared to a net income of $199,021 for the same period in 2023[107]. - For the six months ended May 31, 2024, the company had a net income of $523,642, a decrease of 23.4% from $682,249 for the same period in 2023[108]. - Cash used in operating activities for the six months ended May 31, 2024, was $356,717, a decrease of 15.9% from $424,270 for the same period in 2023[109]. Investments and Financing - As of May 31, 2024, the company had investments of $35,448,136 held in Trust Accounts, intended for the initial business combination[110]. - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit[108]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient[113]. Operational Status - The company has not engaged in any operations or generated revenues to date, relying on interest income from marketable securities[106]. - As of May 31, 2024, the company had cash of $4,200 outside of Trust Accounts, primarily for identifying and evaluating target businesses[111]. - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[114]. Future Plans and Risks - The company expects to incur significant costs in pursuing its initial business combination and cannot assure the success of these plans[105].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2024 Q2 - Quarterly Report