TenX Keane Acquisition(TENK) - 2023 Q2 - Quarterly Report
TenX Keane AcquisitionTenX Keane Acquisition(US:TENK)2023-08-16 18:44

Financial Performance - As of June 30, 2023, the company reported a net income of $616,296 for the three months ended June 30, 2023, primarily from investment income of $815,850, offset by operating expenses of $199,554[99]. - For the six months ended June 30, 2023, the company had a net income of $1,228,021, with investment income of $1,575,497 and operating expenses of $347,476[99]. - As of June 30, 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[125]. IPO and Trust Account - The company generated gross proceeds of $66,000,000 from its IPO of 6,600,000 Units on October 18, 2022[102]. - Following the IPO, $67,320,000 was placed in the trust account, with a per Unit value of $10.20[104]. Cash and Expenses - As of June 30, 2023, the company had cash of $370,095 available outside the trust account for operational expenses and due diligence[101]. - The company expects to incur approximately $92,000 for legal, accounting, and due diligence expenses, and $216,800 for working capital needs[108]. - The company anticipates increased expenses due to being a public company and conducting due diligence on potential business combinations[97]. Debt and Financing - The company has no long-term debt obligations or capital lease obligations[115]. - 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[112]. - The company may need to seek additional financing to complete its initial business combination if the costs exceed current estimates[111]. Derivative Financial Instruments - The company did not have any derivative financial instruments classified as liabilities as of June 30, 2023, indicating no market or interest rate risk exposure[126][127]. - The classification of derivative instruments is evaluated at the end of each reporting period, impacting their treatment as liabilities or equity[126].