Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $2,278,938, driven by realized gains on investments held in the Trust Account amounting to $2,569,175[109]. - Cash used in operating activities for the three months ended March 31, 2023, was $146,024, with a net income of $2,278,938 offset by changes in operating assets and liabilities[112]. - The company incurred general and administrative expenses of $279,837 for the three months ended March 31, 2023[109]. - The Company incurred and paid $30,000 in administrative support fees for the three months ended March 31, 2023, compared to $5,484 for the same period in 2022, reflecting a significant increase of approximately 447%[119]. Cash and Working Capital - The company had working capital of $669,897 as of March 31, 2023, excluding marketable securities held in the Trust Account and other liabilities[111]. - As of March 31, 2023, the company held cash of $561,725 outside the Trust Account, intended for identifying and evaluating target businesses[113]. - The company placed $236,900,000 of cash in the Trust Account from the IPO proceeds, which is designated for funding shareholder redemptions or business combinations[111]. - The Company anticipates that cash held outside of the Trust Account as of March 31, 2023, will not be sufficient to operate for at least the next 12 months if a Business Combination is not consummated[116]. - The company has no outstanding amounts under any Working Capital Loans as of March 31, 2023[114]. Business Combination - The company has not generated any revenues to date and does not expect to do so until after completing an initial Business Combination[108]. - 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[102]. - 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[106]. - There is no assurance that the Company's plans to consummate the Business Combination will be successful within the Combination Period[116]. Debt and Liabilities - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[118]. - As of March 31, 2023, the Company did not have any off-balance sheet arrangements as defined in Regulation S-K[121]. Regulatory and Compliance - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[124]. - The holders of Founder Shares and Private Placement Warrants are entitled to registration rights, but the Company is not required to effect any registration until the termination of the applicable lock-up period[120]. - The Company has not identified any critical accounting estimates that could materially differ from actual results[122].
Patria Latin American Opportunity Acquisition Corp.(PLAOU) - 2023 Q1 - Quarterly Report