Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $813,995, consisting of a realized gain on investments held in the trust account of $714,328 and general and administrative expenses of $194,881[140]. - For the nine months ended September 30, 2024, the company reported a net income of $4,283,432, primarily from a realized gain on investments held in the trust account of $5,404,525, offset by general and administrative expenses of $765,046[142]. - As of September 30, 2024, cash used in operating activities was $1,013,376, with a net income of $4,283,432[146]. - The company has incurred general and administrative expenses of $241,063 for the three months ended September 30, 2023, which included professional services fees of $75,095[141]. - The Company incurred $90,000 and $60,000 in administrative support fees for the nine months ended September 30, 2024 and 2023, respectively[155]. Cash and Working Capital - As of September 30, 2024, the company had working capital of $43,305,023, including cash placed in the Trust Account of $236,900,000[145]. - As of September 30, 2024, the Company had no amounts outstanding under any Working Capital Loans[148]. - The Company anticipates that cash held outside of the Trust Account will not be sufficient to operate for at least the next 12 months if a Business Combination is not consummated[150]. - The company intends to use cash held outside the Trust Account primarily for identifying and evaluating target businesses[147]. Business Combination and Compliance - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[139]. - The company must complete one or more initial Business Combinations with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[134]. - The Company has a deadline of September 14, 2025, to complete a Business Combination, or it will cease operations and redeem Public Shares[136]. - The company received a notice from Nasdaq indicating non-compliance due to the aggregate market value of its outstanding warrants being less than $1 million[131]. Trust Account and Extensions - The Company has deposited $3,872,484 in aggregate into the Trust Account to extend the termination date through October 14, 2024[150]. - Following September 30, 2024, the Company made additional deposits totaling $136,042 to extend the termination date to December 14, 2024[150]. Liabilities and Financial Obligations - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $8,050,000 in the aggregate, which will be waived if the Company does not complete a Business Combination[153]. - The Company received a waiver letter from J.P. Morgan Securities LLC regarding deferred underwriting fees, but this does not cover fees payable to Citigroup Global Market Inc., totaling $4,025,000[154]. - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[153]. Accounting and Reporting - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[159]. - The Company has not identified any critical accounting estimates that could materially differ from actual results[157].
Patria Latin American Opportunity Acquisition Corp.(PLAOU) - 2024 Q3 - Quarterly Report