Financial Performance - The Company reported a net loss of $20,219 for both the three and six months ended June 30, 2022, primarily due to general and administrative expenses[103]. - The Company had cash of $386,487 outside the Trust Account and a working capital of $609,470 as of June 30, 2022[108]. - The Company expects to incur significant costs related to being a public company and pursuing a Business Combination[109]. - The Company has substantial doubt about its ability to continue as a going concern if a Business Combination is not completed by January 27, 2023[109]. IPO and Fundraising - The Company generated gross proceeds of $100,000,000 from the IPO of 10,000,000 units at an offering price of $10.00 per unit[104]. - An additional $15,000,000 was raised from the full exercise of the underwriters' over-allotment option, totaling $115,000,000 placed in a trust account[105]. - As of June 30, 2022, the Company had marketable securities held in the Trust Account amounting to $115,139,177[107]. - Upon closing of a Business Combination, underwriters will receive a cash underwriting discount of 2.0% of the gross proceeds, totaling $2,300,000[112]. Accounting Standards - The Financial Accounting Standards Board issued ASU 2020-06 to simplify accounting for certain financial instruments, effective for smaller reporting companies for fiscal years beginning after December 15, 2023[119]. - ASU 2020-06 eliminates the separation of beneficial conversion and cash conversion features from convertible instruments[119]. - The new standard introduces additional disclosures for convertible debt and freestanding instruments indexed to an entity's own equity[119]. - The amendments to diluted earnings per share guidance require the use of the if-converted method for all convertible instruments[119]. - Management does not believe that any other recently issued accounting pronouncements would have a material effect on the Company's financial statement[120]. - As a smaller reporting company, the Company is not required to make disclosures about market risk[121]. Administrative Expenses - The Company plans to pay the Sponsor a total of $10,000 per month for administrative services, with payments deferred until the consummation of a Business Combination[111]. - The Company has no off-balance sheet arrangements as of June 30, 2022[110].
Yotta Acquisition Corporation(YOTAU) - 2022 Q2 - Quarterly Report