Financial Performance - As of March 31, 2023, the company reported a net income of $611,725, primarily from investment income of $759,647, offset by operating expenses of $147,922[92]. - The company has not generated any operating revenues to date and will not do so until the completion of its initial business combination[89]. - As of March 31, 2023, the diluted net income per ordinary share is the same as the basic net income per ordinary share due to the absence of dilutive securities[116]. IPO and Trust Account - The IPO generated gross proceeds of $66,000,000 from the sale of 6,600,000 Units, including an over-allotment option[94]. - Following the IPO, $67,320,000 was placed in the trust account, which may be invested in U.S. government securities or money market funds[96]. Expenses and Financial Obligations - The company expects to incur approximately $92,000 for legal, accounting, and due diligence expenses, along with $216,800 for working capital needs[100]. - As of March 31, 2023, the company had approximately $120,376 in cash available outside the trust account for operational expenses[93]. - The company has no long-term debt obligations or capital lease obligations[106]. - The company anticipates increased expenses due to being a public entity and conducting due diligence on potential business combinations[91]. Going Concern and Risks - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[103]. - Deferred offering costs were recorded as $0 as of March 31, 2023, compared to $186,377 in the previous year[113]. - The company did not have any derivative financial instruments classified as liabilities that would affect the financial statements as of March 31, 2023[117]. - There were no market or interest rate risks identified as of March 31, 2023[118].
TenX Keane Acquisition(TENK) - 2023 Q1 - Quarterly Report