Financial Performance - For the three months ended May 31, 2023, the company reported a net income of $199,021, compared to a net income of $36,274 for the same period in 2022, representing an increase of 448%[102]. - For the six months ended May 31, 2023, the company achieved a net income of $682,249, a significant turnaround from a net loss of $159,276 in the same period of 2022[104]. Investments and Cash Position - As of May 31, 2023, the company had investments of $33,685,225 held in Trust Accounts, which are intended to be used for the initial business combination[107]. - The company had cash of $67,023 outside of the Trust Accounts as of May 31, 2023, which will be used for identifying and evaluating target businesses[108]. - Cash used in operating activities for the six months ended May 31, 2023, was $424,270[106]. 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[105]. Going Concern and Future Financing - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[111]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient[110]. - The company has not engaged in any operations or generated revenues to date, relying on interest income from marketable securities[101]. - The company has no off-balance sheet financing arrangements or obligations[113].
Technology & Telecommunication Acquisition .(TETE) - 2023 Q2 - Quarterly Report