Financial Performance - For the three months ended August 31, 2023, the company reported a net income of $116,225, with formation and operating costs of $307,548 and interest earned on investments of $423,773 [104]. - For the nine months ended August 31, 2023, the company achieved a net income of $798,474, consisting of formation and operating costs of $791,818 and interest earned on investments of $1,590,292 [106]. Investments and Cash Position - As of August 31, 2023, the company had investments of $32,914,283 held in Trust Accounts, intended for the initial business combination [109]. - As of August 31, 2023, the company had cash of $39,475 outside of Trust Accounts, primarily for identifying and evaluating target businesses [110]. - Cash used in operating activities for the nine months ended August 31, 2023, was $701,818 [108]. Initial Public Offering - The company completed its Initial Public Offering on January 20, 2022, raising gross proceeds of $115,000,000 from 11,500,000 Units at $10.00 per Unit [107]. Going Concern and Operational Status - The company is within 12 months of mandatory liquidation, raising substantial doubt about its ability to continue as a going concern [113]. - The company has not engaged in any operations or generated revenues to date, only incurring expenses related to being a public company [103]. - The company may need additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient [112]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities [116].
Technology & Telecommunication Acquisition .(TETE) - 2023 Q3 - Quarterly Report