IPO and Fundraising - The Company completed its IPO on April 22, 2022, raising gross proceeds of $100 million from the sale of 10,000,000 units at $10.00 per unit[108]. - An additional 1,500,000 units were sold through the underwriters' over-allotment option, generating an extra $15 million[109]. - The total amount placed in the Trust Account after the IPO and private placement was $115 million, intended for acquiring a target business and covering related expenses[110]. - The underwriters received a cash underwriting discount of 2.0% of the gross proceeds from the IPO, totaling $2 million[117]. Financial Position - As of March 31, 2022, the Company had cash of $150,991 and a working capital deficit of $136,378, which improved to cash of $929,798 and working capital of $706,818 post-IPO[111]. - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[105]. - The Company incurred no expenses from inception through March 31, 2022, resulting in no net loss for that period[107]. - A promissory note of $250,000 was outstanding as of March 31, 2022, which was repaid on April 22, 2022[114]. - The Company plans to pay the Sponsor $10,000 per month for administrative services, with payments deferred until the consummation of a business combination[115]. Accounting and Regulatory Compliance - The company complies with ASC 340 10 S99 1 and SEC Staff Accounting Bulletin Topic 5A regarding offering costs related to the IPO[123]. - Offering costs primarily include underwriting, legal, accounting, and other expenses directly related to the IPO, charged to stockholders' equity upon completion[123]. - The Financial Accounting Standards Board issued ASU 2020-06 to simplify accounting for certain financial instruments, effective for smaller reporting companies after December 15, 2023[125]. - ASU 2020-06 introduces additional disclosures for convertible debt and freestanding instruments indexed to an entity's own equity[125]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[125]. - Management does not believe that other recently issued accounting pronouncements would have a material effect on the company's financial statements[126]. - As a smaller reporting company, the company is not required to make disclosures about market risk[127]. Future Expectations - The Company expects to incur significant professional and transaction costs as it pursues a business combination[112].
Yotta Acquisition Corporation(YOTAU) - 2022 Q1 - Quarterly Report