Financial Performance - For the nine months ended September 30, 2023, the company reported a net income of $7,453,331, which includes realized gains of $7,601,882 from investments held in the trust account[117]. - Cash used in operating activities for the nine months ended September 30, 2023, was $522,362, offset by a net income of $7,453,331[123]. - The company incurred general and administrative expenses of $928,551 for the nine months ended September 30, 2023[117]. - The company reported a net loss of $(438,683) for the three months ended September 30, 2022[120]. Cash and Working Capital - The company had working capital of $173,155,304 as of September 30, 2023, which includes cash placed in the trust account of $236,900,000[122]. - As of September 30, 2023, the company had cash of $182,243 available for working capital purposes[124]. - The Company anticipates that cash held outside of the Trust Account as of September 30, 2023, will not be sufficient to operate for at least the next 12 months if a Business Combination is not completed[127]. - The Company may rely on loans from the sponsor or affiliates to meet working capital needs, but there is no assurance these loans will be provided[127]. Business Combination and Operations - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination[116]. - 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[112]. - If the company fails to complete a business combination within 15 months from the IPO, it will cease operations and redeem public shares at a per-share price of $10.30[114]. - There is substantial doubt about the Company's ability to continue as a going concern for a period of one year after the issuance of the unaudited condensed financial statements[128]. Debt and Liabilities - The Company has no long-term debt, capital lease obligations, or long-term liabilities, but underwriters are entitled to a deferred fee of $8,050,000, which will be waived if the Business Combination is not completed[130]. Administrative and Reporting Matters - The Company incurred and paid $0 in administrative support fees for the three months ended September 30, 2023, compared to $30,000 for the same period in 2022[131]. - The Company executed an agreement to discontinue administrative fees to the Sponsor effective August 1, 2023[131]. - 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[135]. - The Company has not identified any critical accounting estimates that could materially differ from actual results[133]. - The Company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act[136]. - The Company plans to use funds held outside of the Trust Account for various operational expenses, including identifying and evaluating prospective Business Combination candidates[127]. Derivative Liabilities - The change in fair value of derivative warrant liabilities for the nine months ended September 30, 2023, was $780,000[117].
Patria Latin American Opportunity Acquisition Corp.(PLAOU) - 2023 Q3 - Quarterly Report