IPO and Financial Overview - The Company completed its IPO on October 11, 2023, raising gross proceeds of $69 million from the sale of 6,900,000 units at $10.00 per unit[111]. - As of March 31, 2025, the Company reported a net loss of $193,671, with general and administrative expenses totaling $377,102 and interest income of $280,166[109]. - The Company has a working capital deficit of $1,227,519 as of March 31, 2025, with cash reserves of $243,921[114]. - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[107]. - The company has no off-balance sheet arrangements as of March 31, 2025, and does not engage in transactions with unconsolidated entities[116]. Trust Account and Business Combination - A total of $69,690,000 was placed in a trust account, which will be invested in U.S. government treasury bills or money market funds[112]. - The Company has extended the deadline to complete a business combination to October 10, 2026, with the option for monthly extensions[97]. - 5,199,297 shares were tendered for redemption, resulting in approximately $55,152,224 being removed from the trust account[98]. - The Company entered into a Merger Agreement with KM QUAD, with an aggregate consideration of $300 million payable in newly issued shares valued at $10.00 per share[105]. - The Merger Agreement includes provisions for KM QUAD to bear 50% of certain transaction costs, capped at $500,000[105]. - KM QUAD is responsible for extension fees totaling $540,000 for nine months if the Business Combination is extended[122]. - KM QUAD has wired the first installment of prepaid extension fees amounting to $250,000 and will wire a second installment of $290,000 by April 20, 2025[123]. Costs and Accounting Policies - The Company expects to incur significant costs related to being a public company and pursuing a business combination[115]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[117]. - The company incurred $30,000 in related party fees for administrative services for the three months ended March 31, 2025[120]. - Upon closing of a Business Combination, underwriters will receive a deferred fee of 3.5% of the gross proceeds of the IPO, totaling $2,415,000[121]. - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements[124]. - Management believes that recently issued accounting pronouncements will not have a material effect on the financial statements[125].
Quetta Acquisition Corp(QETAU) - 2025 Q1 - Quarterly Report