Financial Performance - The Company reported a net loss of $74,009 for the three months ended June 30, 2025, and a net loss of $1,350,520 for the six months ended June 30, 2025[111]. - For the three months ended June 30, 2024, the Company had a net income of $231,029, driven by interest earned on marketable securities of $129,724[112]. - The Company has not generated any operating revenues to date and relies on non-operating income from interest on cash and cash equivalents[110]. Capital Structure and Funding - The total proceeds from the initial public offering amounted to $230,000,000, with an additional $10,750,000 raised from the sale of private placement warrants[105]. - The Business Combination Agreement includes the issuance of 560,835,633 shares of Common Stock at the closing of the Business Combination[104]. - As of June 30, 2025, the Company had cash of $9,728, indicating a need for additional funds to support operations and business combination efforts[114]. - The Company has no long-term debt obligations or off-balance sheet financing arrangements as of June 30, 2025[119][120]. - The 2023 Promissory Note was amended to increase the borrowing limit to $2,000,000 and extend the maturity to June 30, 2025[115]. Business Operations and Future Outlook - The Company expects to incur significant costs related to identifying a target business and conducting due diligence prior to the initial business combination[117]. - The Company assessed going concern considerations and raised substantial doubt about its ability to continue operations within one year from the issuance of the financial statements[118]. - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act, thus exempt from certain disclosures required by Item 305(e) of Regulation S-K[124].
TKB Critical Technologies 1(USCT) - 2025 Q2 - Quarterly Report