Financial Performance - As of March 31, 2024, the company reported a net income of $1,420,470, which includes realized gains of $2,436,139 from investments held in the trust account[113]. - For the three months ended March 31, 2023, the company reported a net income of $2,278,938, with realized gains of $2,569,175 from investments held in the trust account[115]. - The Company incurred $30,000 in administrative support fees for both the three months ended March 31, 2024, and 2023[125]. Working Capital and Cash Management - The company had working capital of $181,683,006, which includes $236,900,000 of cash placed in the trust account from the IPO proceeds[116]. - As of March 31, 2024, the company had cash of $2,999 available for working capital purposes[118]. - As of March 31, 2024, the cash held outside of the Trust Account is insufficient for the Company to operate for at least the next 12 months without a Business Combination[121]. Business Combination and Operations - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and searching for a target business for a business combination[112]. - 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[107]. - 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[111]. - The company may need to obtain additional financing to complete an initial business combination or to redeem a significant number of public shares[120]. - The Company plans to address its going concern uncertainty through a Business Combination[121]. Compliance and Regulatory Matters - The company is subject to compliance with Nasdaq listing criteria, having received a notice regarding the market value of its outstanding warrants being less than $1 million[106]. - 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[129]. Agreements and Fees - The underwriters are entitled to a deferred fee of $8,050,000, which will be waived if the Company does not complete a Business Combination[124]. - The Company has executed an agreement to discontinue the remittance of administrative fees to the Sponsor effective August 1, 2023[125]. - The holders of Founder Shares and Private Placement Warrants are entitled to registration rights, but the Company is not required to permit any registration until the lock-up period ends[126]. Trust Account Management - The Company has deposited $3,000,000 in total into the Trust Account to extend the termination date through May 14, 2024, with a subsequent deposit of $300,000 made on May 13, 2024, to extend it to June 14, 2024[121]. - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[123]. Accounting Estimates - The Company has not identified any critical accounting estimates that could materially differ from actual results[127].
Patria Latin American Opportunity Acquisition Corp.(PLAOU) - 2024 Q1 - Quarterly Report