Financial Performance - The company had a net income of $145,189 for the year ended December 31, 2022, despite incurring a loss of approximately $1,196,341 from general and administrative expenses[63]. - The company has a working capital deficit of $301,331 as of December 31, 2022, excluding income tax and franchise tax payable[69]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination[60]. IPO and Capital Raising - The company completed an IPO of 10,000,000 units at an offering price of $10.00 per unit, generating gross proceeds of $100,000,000[65]. - The company incurred a cash underwriting discount of 2.0% of the gross proceeds of the IPO, totaling $2,300,000[74]. - The company incurred offering costs primarily related to underwriting, legal, accounting, and other expenses associated with the IPO, which were charged to stockholders' equity upon completion[81]. Trust Account and Securities - As of December 31, 2022, the company had marketable securities held in the Trust Account amounting to $116,651,461[68]. - The company has deposited $1,150,000 into the Trust Account to extend the time to complete the business combination until April 22, 2023[58]. Business Combination Plans - The company plans to issue 17.5 million shares of common stock to the former security holders of the target company upon the closing of the business combination[55]. - The company expects to incur significant costs related to being a public company and pursuing a business combination[62]. - The company has a promissory note of $250,000 issued to the sponsor to meet working capital needs, maturing upon the closing of a business combination[59]. 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[83]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[83]. - Management does not believe that any other recently issued accounting pronouncements would have a material effect on the company's financial statements[84].
Yotta Acquisition Corporation(YOTAU) - 2022 Q4 - Annual Report