Wed, Oct 9, 10:01 AM (24 days ago)
Technology & Telecommunication Acquisition Corporation (TETE) reported a net income of $200,474 for Q3 2024, a significant increase from $116,225 in Q3 2023. Revenue primarily stemmed from interest on marketable securities, totaling $408,457, while operating costs decreased to $207,983 from $307,548. For the nine months ending August 31, 2024, net income was $724,116, down from $798,474 in the prior year. The company's total assets decreased to $31,239,880, with current liabilities rising to $4,750,838, leading to a working capital deficit of $4,649,132. TETE continues to seek a business combination, having $31,138,174 in trust accounts to support this effort. However, liquidity concerns persist, as the company must complete a business combination by October 20, 2024, or face mandatory liquidation. The firm is classified as a smaller reporting company and remains an emerging growth entity, navigating significant operational uncertainties. Future performance hinges on successful identification and acquisition of a target company.