Financial Performance - The Company reported a net income of 248,109 for the same period in 2022, reflecting an increase of approximately 248%[152] - For the nine months ended September 30, 2023, the Company achieved a net income of 227,889 in the same period of 2022, representing a growth of approximately 417%[153] Marketable Securities and Working Capital - As of September 30, 2023, the Company had marketable securities held in the Trust Account amounting to 1,140,505 withdrawn for tax payments[158] - The Company has a working capital deficit of 100,000,000 from the sale of 10,000,000 units at 76,322,364 withdrawn from the Trust Account[140] - Common stock subject to possible redemption is classified as temporary equity and presented at redemption value[169] Business Combination Plans - The Company extended the deadline for completing a business combination to August 22, 2024, without requiring additional funds to be deposited into the Trust Account[141] - The Company anticipates incurring significant costs in pursuing its acquisition plans and does not guarantee the success of completing a business combination[135] - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[150] - The Company expects to incur significant professional costs to remain publicly traded and significant transaction costs for a Business Combination[161] - If the Company cannot complete a Business Combination by August 22, 2024, it will cease operations except for liquidation purposes[162] Off-Balance Sheet Arrangements - As of September 30, 2023, the Company has no off-balance sheet arrangements[163] Administrative Services and Fees - The Company intends to pay the Sponsor 2,300,000, and a deferred fee of 3.5%, totaling $4,025,000[165] Future Offerings and Rights - The Company granted Chardan a right of first refusal for future public and private equity and debt offerings for 18 months post-Business Combination[166] Equity and Liability Classification - Warrants are assessed for equity or liability classification based on specific terms, with Public and Private Warrants qualifying for equity accounting treatment[171] - Net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, with redeemable and non-redeemable shares presented as one class[172] Offering Costs - Offering costs related to the IPO were charged to stockholders' equity upon completion, including underwriting and legal expenses[174]
Yotta Acquisition Corporation(YOTAU) - 2023 Q3 - Quarterly Report