Financial Performance - The company reported a net income of $617,298 for the year ended November 30, 2024, compared to $179,619 for the year ended November 30, 2023, reflecting an increase of approximately 243%[75][76]. - Interest income earned on cash and investments held was $1,675,709 for the year ended November 30, 2024, down from $2,024,071 for the year ended November 30, 2023, representing a decrease of about 17%[75][76]. - Cash used in operating activities was $731,569 for the year ended November 30, 2024, compared to $781,376 for the year ended November 30, 2023, indicating a decrease of approximately 6%[78][79]. - The company has incurred formation and operating costs of $1,058,411 for the year ended November 30, 2024, compared to $1,844,452 for the year ended November 30, 2023[75][76]. Initial Public Offering - The company completed its Initial Public Offering on January 20, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit[77]. Business Combination - The total consideration for the proposed Business Combination with Bradbury Capital Holdings Inc. is $1,100,000,000, payable in the form of 110,000,000 newly issued shares valued at $10.00 per share[71]. - The Business Combination is expected to close in the second quarter of 2025, pending shareholder approval and customary closing conditions[72]. Financial Position and Concerns - As of November 30, 2024, the company had cash and investments of $31,665,013 held in Trust Accounts, intended for the initial business combination[80]. - The company is within 12 months of mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[85]. - The company has no off-balance sheet financing arrangements or obligations[87][88].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2024 Q4 - Annual Report