Patria Latin American Opportunity Acquisition (PLAO) - 2023 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2023, the company reported a net income of $5,687,117, which includes a realized gain on investments held in the trust account of $5,241,005[117] - The company reported a net income of $3,408,179 for the three months ended June 30, 2023[119] Working Capital and Cash Position - The company had working capital of $171,389,090 as of June 30, 2023, including $236,900,000 of cash placed in the Trust Account[121] - As of June 30, 2023, the company had cash of $329,453 available for working capital purposes[123] - The Company anticipates that cash held outside of the Trust Account as of June 30, 2023, will not be sufficient to operate for at least the next 12 months if a Business Combination is not completed[126] Expenses - The company incurred general and administrative expenses of $687,488 for the six months ended June 30, 2023[117] - The company incurred general and administrative expenses of $407,651 for the three months ended June 30, 2023[119] - The Company incurred and paid $30,000 and $60,000 in administrative support fees for the three and six months ended June 30, 2023, compared to $30,000 and $35,484 for the same periods in 2022[130] Business Combination and Future Plans - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[116] - The company must complete one or more initial Business Combinations with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[112] - If the company fails to complete a Business Combination within 15 months from the closing of the IPO, it will redeem Public Shares at a per-share price equal to the amount in the Trust Account[114] - The company may need to obtain additional financing to complete an Initial Business Combination or to redeem a significant number of Public Shares[125] - There is no assurance that the Company's plans for a Business Combination will be successful or completed within the Combination Period[126] Going Concern and Regulatory Matters - Management plans to address the uncertainty regarding the Company's ability to continue as a going concern through a Business Combination[126] - 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[134] - The unaudited condensed financial statements do not include adjustments for asset recovery or liability classification if the Company cannot continue as a going concern[127] - The Company may rely on reduced reporting requirements under the JOBS Act, which could exempt it from certain disclosures for five years post-IPO[135] Liabilities - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[129] Accounting Estimates - The Company has not identified any critical accounting estimates that could materially differ from actual results[132] Underwriter Fees - 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[129]