Financial Performance - As of March 31, 2024, the company reported a net income of $489,829, primarily from investment income of $758,258, offset by operating expenses of $268,429 [113]. - The change in cash for the period ended March 31, 2024, was an increase of $584, with cash used in operating activities of $191,690 [127]. Business Operations - The company has not generated any operating revenues to date and will not do so until the completion of its initial business combination [111]. - The company expects to incur approximately $300,000 for legal, accounting, and due diligence expenses related to business combinations [121]. - The company has less than 12 months to complete a business combination before mandatory liquidation requirements take effect [126]. - There is substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by June 18, 2024 [125]. - The company may need to seek additional financing to complete its initial business combination due to targeting larger businesses than its current capital can support [123]. Capital and Funding - The company raised gross proceeds of $66,000,000 from its IPO of 6,600,000 Units on October 18, 2022 [115]. - An amount of $67,320,000 from the IPO and Private Placement proceeds was placed in the trust account, which may be invested in U.S. government securities [117]. - As of March 31, 2024, the company had cash of $33,330 available outside the trust account for operational expenses and due diligence [119].
TenX Keane Acquisition(TENK) - 2024 Q1 - Quarterly Report