Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $468,703, primarily from interest income of $602,526 from investments held in the trust account[96]. - The company has not generated any operating revenues to date and expects to incur increased expenses as a public company[95]. - The company recorded a total net loss, with income (loss) per share calculated using the two-class method[124]. IPO and Fundraising - The company generated gross proceeds of $60,000,000 from its IPO of 6,000,000 units at $10.00 per unit, along with an additional $3,700,000 from the sale of 370,000 Private Placement Units[98]. - The company completed the sale of 370,000 Private Placement Units at a price of $10.00 per unit, generating total gross proceeds of $3,700,000[115]. - Offering costs associated with the IPO amounted to $3,868,701, with $3,781,346 allocated to public shares subject to redemption[123]. Financial Position - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $61,802,526, consisting of U.S. government treasury bills, bonds, or notes[100]. - The company had a cash balance of $116,187 and a working capital surplus of $129,024 as of June 30, 2023[101]. - The company accounts for ordinary shares subject to possible redemption at a redemption value of $10.20 per share, classified as temporary equity[121]. - As of June 30, 2023, there were no off-balance sheet arrangements or contractual obligations[126]. Business Operations and Future Plans - The company may extend the period to consummate a business combination up to three times, each by an additional three months, with a total potential extension of up to 21 months[111]. - The company has the option to convert up to $1,800,000 of loans from sponsors into working capital units at a price of $10.00 per unit upon consummation of the initial business combination[114]. - The company lacks sufficient financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[104]. Related Party Transactions - As of June 30, 2023, the company had $10,000 due to a related party for administration fees and $34,318 due from a related party for the purchase of Private Placement Units[117]. - An administration fee of $30,000 and $40,000 was recorded for the three and six months ended June 30, 2023, respectively[119]. Accounting and Compliance - The company has not identified any critical accounting policies that could materially affect its financial statements[120]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[127]. - The net proceeds from the IPO will be invested in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk[130].
TMT Acquisition p(TMTC) - 2023 Q2 - Quarterly Report