Financial Performance - For the three months ended December 31, 2023, the company reported a net income of $81,134, resulting from interest income of $307,533, offset by operating costs of $226,399[136]. - For the six months ended December 31, 2023, the company had a net income of $23,319, with interest income of $607,202 and operating costs of $583,883[138]. - The company had net cash used in operating activities of $405,550 for the six months ended December 31, 2023[142]. - For the three and six months ended December 31, 2023, the Company did not have any dilutive securities, resulting in diluted income per share being the same as basic income per share[156]. Liquidity and Capital Structure - As of December 31, 2023, the company had a working capital deficit of $2,505,351 and cash of $1,809, indicating insufficient liquidity to meet future obligations[145]. - The company issued unsecured promissory notes totaling $2,000,000 to extend the time available to complete a business combination[129]. - The deferred underwriting fee will be paid from the Trust Account if the balance exceeds $2,000,000, otherwise it will convert into ordinary shares at a rate of $10.00 per share[152]. - As of December 31, 2023, the Company did not have any off-balance sheet arrangements[158]. Business Combination and Operations - The company entered into a Business Combination Agreement on September 30, 2023, to merge with NR Instant Produce Public Company Limited and Bamboo Mart Limited[132]. - The company has incurred significant costs in pursuit of acquisition plans and does not expect to generate operating revenues until after completing its initial business combination[145]. - The company intends to use substantially all funds held in the Trust Account to complete an initial business combination[147]. - The company has not engaged in any operations or generated operating revenues to date, focusing solely on identifying a target company for a business combination[135]. Initial Public Offering - The company generated gross proceeds of $78,000,000 from its Initial Public Offering of 7,800,000 Units on December 16, 2021[141]. - The Company has 7,800,000 ordinary shares sold in the Initial Public Offering, which contain a redemption feature allowing for redemption in connection with liquidation or business combinations[154]. - The underwriter received a cash underwriting discount of $0.20 per Unit, totaling $1,559,900, and is entitled to a deferred fee of $0.35 per Unit, amounting to $2,730,000[151]. Risk Factors - The Company recognizes changes in redemption value immediately and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period[155]. - The Company was not subject to any market or interest rate risk as of December 31, 2023[159].
Kairous Acquisition (KACL) - 2024 Q2 - Quarterly Report