Patria Latin American Opportunity Acquisition (PLAO) - 2023 Q3 - Quarterly Report

Financial Performance - For the nine months ended September 30, 2023, the company reported a net income of $7,453,331, which includes realized gains of $7,601,882 from investments held in the trust account [119]. - The company reported a net loss of $(438,683) for the three months ended September 30, 2022 [122]. - Cash used in operating activities for the nine months ended September 30, 2023, was $522,362, offset by a net income of $7,453,331 [124]. - The company incurred general and administrative expenses of $928,551 for the nine months ended September 30, 2023 [119]. Cash and Working Capital - The company had working capital of $173,155,304 as of September 30, 2023, which includes cash placed in the trust account of $236,900,000 [123]. - As of September 30, 2023, the company had cash of $182,243 available for working capital purposes [125]. - The Company anticipates that cash held outside of the Trust Account as of September 30, 2023, will not be sufficient to operate for at least the next 12 months if a Business Combination is not completed [128]. Business Operations and Future Plans - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination [118]. - The company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses [125]. - The company may need to obtain additional financing to complete an initial business combination or to redeem a significant number of public shares [127]. - Management plans to address the uncertainty regarding the Company's ability to continue as a going concern through a Business Combination [128]. Accounting and Regulatory Matters - 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 [135]. - The Company has not identified any critical accounting estimates that could materially differ from actual results [133]. - The Company may rely on reduced reporting requirements under the JOBS Act, which could exempt it from certain disclosures for five years post-IPO [136]. - The Company is in the process of evaluating the benefits of relying on the reduced reporting requirements provided by the JOBS Act [136]. Fees and Obligations - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $8,050,000, which will be waived if the Company does not complete a Business Combination [130]. - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities [130]. - The Company incurred and paid $0 and $60,000 in administrative support fees for the three and nine months ended September 30, 2023, compared to $30,000 and $65,484 for the same periods in 2022 [131]. - The holders of Founder Shares and Private Placement Warrants are entitled to registration rights, but the Company is not required to effect any registration until the lock-up period ends [132]. Derivative Liabilities - The change in fair value of derivative warrant liabilities for the nine months ended September 30, 2023, was $780,000 [119].