Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $664,018, with $803,730 in investment income and $139,712 in operating costs [83]. - For the nine months ended September 30, 2024, the company achieved a net income of $1,719,783, driven by $2,383,892 in investment income against $664,109 in operating costs [83]. Cash and Working Capital - As of September 30, 2024, the company had $50,470 in cash and a working capital deficit of $146,362 [85]. Initial Public Offering - The company completed its Initial Public Offering on November 10, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit [86]. - The company incurred offering costs of $2,723,448 related to the Initial Public Offering, including $1,200,000 for deferred underwriting commissions [86]. Business Operations and Future Plans - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination [82]. - The company plans to use funds held outside the Trust Account for evaluating acquisition candidates and related due diligence expenses [89]. - The company may extend the period to consummate a Business Combination by up to 18 months, requiring the Sponsor to deposit $199,800 for each one-month extension [91]. - The company expects to incur significant costs in pursuit of its acquisition plans, raising concerns about its ability to continue as a going concern if a Business Combination is not completed [93]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements [94][95].
AI Transportation Acquisition(AITR) - 2024 Q3 - Quarterly Report