Financial Performance - The company had a net income of 1,196,341 from general and administrative expenses[63]. - The company has a working capital deficit of 10.00 per unit, generating gross proceeds of 2,300,000[74]. - The company incurred offering costs primarily related to underwriting, legal, accounting, and other expenses associated with the IPO, which were charged to stockholders' equity upon completion[81]. Trust Account and Securities - As of December 31, 2022, the company had marketable securities held in the Trust Account amounting to 1,150,000 into the Trust Account to extend the time to complete the business combination until April 22, 2023[58]. Business Combination Plans - The company plans to issue 17.5 million shares of common stock to the former security holders of the target company upon the closing of the business combination[55]. - The company expects to incur significant costs related to being a public company and pursuing a business combination[62]. - The company has a promissory note of $250,000 issued to the sponsor to meet working capital needs, maturing upon the closing of a business combination[59]. Accounting Standards - The Financial Accounting Standards Board issued ASU 2020-06 to simplify accounting for certain financial instruments, effective for smaller reporting companies for fiscal years beginning after December 15, 2023[83]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[83]. - Management does not believe that any other recently issued accounting pronouncements would have a material effect on the company's financial statements[84].
Yotta Acquisition Corporation(YOTAU) - 2022 Q4 - Annual Report