Financial Performance - For the three months ended February 28, 2023, the company reported a net income of $483,228, compared to a net loss of $195,550 for the same period in 2022 [102]. - The company incurred formation and operating costs of $301,530 for the three months ended February 28, 2023 [102]. - Interest earned on investments held amounted to $784,758 for the three months ended February 28, 2023 [102]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit [103]. Investments and Cash Management - As of February 28, 2023, the company had investments of $32,811,107 held in Trust Accounts, which are intended to be used for the initial business combination [105]. - The company had cash of $207,763 outside of the Trust Accounts as of February 28, 2023, to fund operational activities and due diligence [106]. - Cash used in operating activities for the three months ended February 28, 2023, was $283,530 [104]. Going Concern and Financing - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern [109]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient [108]. - Up to $1,500,000 of loans from the sponsor may be convertible into units at a price of $10.00 per unit at the lender's option [107].
Technology & Telecommunication Acquisition .(TETE) - 2023 Q1 - Quarterly Report