Yotta Acquisition Corp Files Q1 2024 10-Q

TL;DR

YOTAU Q1 24 10-Q filed. Financials updated. Check for deal progress.

AI Summary

Yotta Acquisition Corp filed its 10-Q for the period ending March 31, 2024. The company's financial statements show changes in common stock, additional paid-in capital, and retained earnings across various reporting periods. Specific financial figures for the first quarter of 2024 and comparative periods in 2023 and 2022 are detailed.

Why It Matters

This filing provides investors with an update on Yotta Acquisition Corp's financial position and performance for the first quarter of 2024, crucial for understanding the company's ongoing operations and potential future activities.

Risk Assessment

Risk Level: medium — As a SPAC, Yotta Acquisition Corp's risk is tied to its ability to complete a business combination within its specified timeframe.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-05-31 — Filing Date (The date the report was officially submitted to the SEC.)
• 001-41357 — SEC File Number (Unique identifier for the company's filings with the SEC.)

Key Players & Entities

• Yotta Acquisition Corp (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 20240531 (date) — Filing date
• 0001829126-24-003898 (filing_id) — Accession number for the filing

FAQ

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value, issued and outstanding. YOT
• $10.00 — st Account (initially anticipated to be $10.00 per Public Share, plus any pro rata int
• $1,150,000 — into the Trust Account $ 1,000,000 , or $1,150,000 if the underwriters' over-allotment opt
• $2,300,000 — case or an aggregate of $ 2,000,000 (or $2,300,000 if the over-allotment option is exercis
• $10.29 — value of approximately $ 76,322,364 (or $10.29 per share) of the Company's common stoc
• $10.66 — value of approximately $ 35,797,997 (or $10.66 per share) of the Company's common stoc
• $3 million — the Termination Letter a demand for the $3 million termination fee due to it under the ter

Filing Documents

• yottaacquisition_10q.htm (10-Q) — 473KB
• yottaacquisition_ex31-1.htm (EX-31.1) — 19KB
• yottaacquisition_ex31-2.htm (EX-31.2) — 19KB
• yottaacquisition_ex32-1.htm (EX-32.1) — 8KB
• yottaacquisition_ex32-2.htm (EX-32.2) — 8KB
• 0001829126-24-003898.txt ( ) — 2907KB
• yotau-20240331.xsd (EX-101.SCH) — 31KB
• yotau-20240331_cal.xml (EX-101.CAL) — 28KB
• yotau-20240331_def.xml (EX-101.DEF) — 110KB
• yotau-20240331_lab.xml (EX-101.LAB) — 184KB
• yotau-20240331_pre.xml (EX-101.PRE) — 161KB
• yottaacquisition_10q_htm.xml (XML) — 355KB

Financial Information

Part I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three Months Ended March 31, 2024 and March 31, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and March 31, 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

Other Information

Part II. Other Information 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. YOTTA ACQUISITION CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current Assets Cash $ 84,500 $ 652,395 Prepaid expenses 78,577 - Income tax receivable 64,331 - Total Current Assets 227,408 652,395 Investments held in Trust Account 8,024,262 7,921,818 Total Assets $ 8,251,670 $ 8,574,213 Liabilities, Redeemable Common Stock, and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 1,244,923 $ 1,256,576 Franchise tax payable 10,250 43,600 Income tax payable - 450,960 Excise tax payable 1,121,204 1,121,204 Promissory notes - related party 1,875,000 1,660,000 Total Current Liabilities 4,251,377 4,532,340 Deferred underwriting fee payable 4,025,000 4,025,000 Total Liabilities 8,276,377 8,557,340 Commitments and Contingencies (Note 6) Common stock subject to possible redemption, 726,336 shares at redemption value of $ 11.05 and $ 10.91 per share as of March 31, 2024 and December 31, 2023, respectively 8,024,262 7,921,818 Stockholders' Deficit Common stock, $ 0.0001 par value; 50,000,000 shares authorized; 3,218,499 shares issued and outstanding (excluding 726,336 shares subject to possible redemption) 321 321 Accumulated deficit ( 8,049,290 ) ( 7,905,266 ) Total Stockholders' Deficit ( 8,048,969 ) ( 7,904,945 ) Total Liabilities, Redeemable Common Stock, and Stockholders' Deficit $ 8,251,670 $ 8,574,213 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 YOTTA ACQUISITION CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2024 2023 General and administrative expenses $ 114,435 $ 886,227 Franchise tax expense 10,372 39,945 Loss from operations ( 124,807 ) ( 926,172 )

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View this 10-Q filing on SEC EDGAR