Financial Performance - For the six months ended June 30, 2023, the company reported a net income of $5,687,117, which includes a realized gain of $5,241,005 from investments held in the trust account[116]. - The company incurred general and administrative expenses of $687,488 for the six months ended June 30, 2023, compared to $488,039 for the same period in 2022[116][117]. - The company reported a change in fair value of derivative warrant liabilities of $1,133,600 for the six months ended June 30, 2023[116]. Cash and Working Capital - As of June 30, 2023, the company had working capital of $171,389,090, including cash placed in the trust account of $236,900,000[121]. - As of June 30, 2023, the company had cash of $329,453 available for working capital purposes[123]. - The Company anticipates that cash held outside of the Trust Account as of June 30, 2023, will not be sufficient to operate for at least the next 12 months if a Business Combination is not completed[126]. Business Combination - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[115]. - The company must complete a business combination with an aggregate fair market value of at least 80% of the net assets held in the trust account[111]. - If the company fails to complete a business combination within 15 months from the IPO closing, it will redeem public shares at a per-share price equal to the amount in the trust account[113]. - The initial shareholders have agreed to waive their rights to liquidating distributions from the trust account if the company fails to complete a business combination within the specified period[114]. - The company may need to obtain additional financing to complete an initial business combination or to redeem a significant number of public shares[125]. - There is no assurance that the Company's plans to consummate the Business Combination will be successful within the Combination Period[126]. Administrative Expenses - The Company incurred and paid $30,000 and $60,000 in administrative support fees for the three and six months ended June 30, 2023, compared to $30,000 and $35,484 for the same periods in 2022[130]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $8,050,000, which will be waived if the Company does not complete a Business Combination[129]. Going Concern and Compliance - Management plans to address the uncertainty regarding the Company's ability to continue as a going concern through a Business Combination[126]. - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[129]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[134]. - The Company may not be required to provide certain disclosures related to executive compensation and internal controls due to its status as an emerging growth company[135]. - The unaudited condensed financial statements do not include adjustments for the recovery of recorded assets or liabilities if the Company cannot continue as a going concern[127]. - The Company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act[135].
Patria Latin American Opportunity Acquisition Corp.(PLAOU) - 2023 Q2 - Quarterly Report