Financial Performance - The company reported a net loss of $195,550 for the three-month period ended February 28, 2022, consisting of formation and operating costs of $196,096 and interest earned of $546[91]. - Cash used in operating activities for the three-month period ended February 28, 2022, was $162,238[93]. - The company does not expect to generate operating revenues until after the completion of its initial Business Combination[90]. Initial Public Offering - 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[92]. Investments and Cash Position - As of February 28, 2022, the company had investments of $116,725,546 held in Trust Accounts, intended for the initial Business Combination[94]. - The company had cash of $730,020 outside of the Trust Accounts as of February 28, 2022, to fund operations and evaluate target businesses[95]. Liabilities and Financing - The company has no long-term debt or significant liabilities, except for a monthly fee of up to $10,000 to the Sponsor for administrative support[98]. - A deferred fee of $4,025,000 is payable to underwriters from the Trust Accounts upon completion of a Business Combination[99]. - The company may need additional financing to complete its initial Business Combination or to meet obligations if cash on hand is insufficient[97]. Accounting Policies - The company has not identified any critical accounting policies that could materially affect reported financial results[100].
Technology & Telecommunication Acquisition .(TETE) - 2022 Q1 - Quarterly Report