Financial Performance - For the three months ended February 29, 2024, the company reported a net income of $220,219, consisting of interest earned on investments of $440,409, offset by formation and operating costs of $220,190[75]. - For the three months ended February 28, 2023, the company had a net income of $483,228, with interest earned on investments of $784,758, partially offset by formation and operating costs of $301,530[102]. - Cash used in operating activities for the three months ended February 29, 2024, was $188,792[112]. Investments and Financing - As of February 29, 2024, the company had investments of $34,592,182 held in Trust Accounts, which are intended to be used for the initial business combination[78]. - The company completed its Initial Public Offering on January 20, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit[77]. - The company does not currently anticipate needing to raise additional funds for operating expenditures prior to the initial business combination[79]. - The company may need to obtain additional financing to complete the initial business combination or to meet obligations if cash on hand is insufficient[79]. - As of February 29, 2024, the company had cash of $1,125 outside of the Trust Accounts, intended for identifying and evaluating target businesses[113]. Business Combination and Liquidation - The company has the right to extend the period to complete a business combination by up to six times for an additional month each time, with a deposit of $262,500 or $0.0525 for each Class A ordinary share outstanding[94]. - The Company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern until the consummation of the Business Combination or required liquidation[114]. Compliance and Risk Factors - The company incurred expenses related to being a public company, including legal, financial reporting, accounting, and auditing compliance costs[101]. - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K filed on March 4, 2024[119]. - The evaluation of disclosure controls and procedures concluded that they were not effective during the period covered by the report[116]. Shareholder Information - As of April 15, 2024, there are 6,384,209 Class A ordinary shares issued and outstanding, with no Class B ordinary shares[128]. - The Company has no off-balance sheet arrangements or relationships with unconsolidated entities[115].
Technology & Telecommunication Acquisition .(TETE) - 2024 Q1 - Quarterly Report