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Dt Cloud Acquisition Corporation(DYCQ) - 2023 Q4 - Annual Report
DYCQDt Cloud Acquisition Corporation(DYCQ)2024-03-28 20:05

Financial Position - As of December 31, 2023, the company had cash and cash in escrow totaling 494,818andaworkingcapitaldeficitof494,818 and a working capital deficit of 228,597[390]. - The principal amount due under the unsecured promissory note to the sponsor was 217,614asofDecember31,2023[401].−AsofDecember31,2023,thecompanyhadnooff−balancesheetarrangementsorcontractualobligations[410].FinancialPerformance−Thecompanyreportedanetlossof217,614 as of December 31, 2023[401]. - As of December 31, 2023, the company had no off-balance sheet arrangements or contractual obligations[410]. Financial Performance - The company reported a net loss of 87,271 for the year ended December 31, 2023, attributed to formation and operating costs[405]. - Cash provided by operating activities was 4,818fortheyearendedDecember31,2023,primarilyduetochangesinoperatingassetsandliabilities[399].−Thecompanyhasnotgeneratedanyrevenuestodateandwillnotdosountilthecompletionofaninitialbusinesscombination[404].CapitalRaisingActivities−TheinitialpublicofferingonFebruary23,2024,raisedgrossproceedsof4,818 for the year ended December 31, 2023, primarily due to changes in operating assets and liabilities[399]. - The company has not generated any revenues to date and will not do so until the completion of an initial business combination[404]. Capital Raising Activities - The initial public offering on February 23, 2024, raised gross proceeds of 69,000,000 from the sale of 6,900,000 units at 10.00perunit[397].−Aprivateplacementgeneratedanadditional10.00 per unit[397]. - A private placement generated an additional 2,345,000 from the sale of 234,500 units at 10.00perunit,totalingnetproceedsof10.00 per unit, totaling net proceeds of 69,345,000 deposited in the trust account[398]. - The underwriters received a cash underwriting discount of 2.5% of the gross proceeds from the initial public offering, amounting to $1,725,000[407]. Business Combination Plans - The company has until November 22, 2025, to complete a business combination, with the possibility of extending this period up to 24 months[391]. - The company incurred significant costs in pursuit of acquisition plans and expects to continue doing so[395]. - The company may incur additional working capital loans from sponsors or affiliates to finance transaction costs related to the business combination[403]. Regulatory and Compliance Matters - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[411]. - The company is exempt from providing an auditor's attestation report on internal controls over financial reporting for five years post-initial public offering[412]. - The company has not identified any critical accounting estimates that could materially affect its financial statements[409]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[414].