Wed, Jul 3, 9:24 PM (66 days ago)
Technology & Telecommunication Acquisition Corporation's Form 10-Q for the quarter ended May 31, 2024, highlights the following financial metrics and trends: 1. **Financial Health**: - Cash decreased to $4,200 from $9,917 at the end of the previous quarter. - Marketable securities in the trust account increased to $35,448,136 from $33,749,917. 2. **Performance Metrics**: - Quarterly net income was $303,423, up from $199,021 in the same quarter last year. - For the six months ended May 31, 2024, net income was $523,642, compared to $682,249 in the prior year period. 3. **Revenue**: - The company generated interest income of $454,098 for the quarter and $894,507 for the six months. 4. **Profit Margins**: - Operating costs were reduced to $150,675 for the quarter and $370,865 for the six months, down from $182,740 and $484,270 respectively in the previous year. 5. **Cash Flow**: - Operating activities used $356,717 in cash for the six months ended May 31, 2024. 6. **Earnings Changes**: - Basic and diluted net income per Class A ordinary share was $0.05 for the quarter and $0.08 for the six months. 7. **Quarterly Performance**: - Improved net income and reduced operating costs indicate better financial management. 8. **Trends and Uncertainties**: - The company is within 12 months of mandatory liquidation, raising concerns about its ability to continue as a going concern. 9. **Future Operations Impact**: - The company plans to extend the deadline for its business combination, but substantial doubt remains about its ability to continue operations if a combination is not completed by January 20, 2025.