UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 001-41357

Yotta Acquisition Corporation

(Exact name of registrant as specified in its charter)

Delaware

86-3374167

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

1185 Avenue of the Americas, Suite 301
New York, NY 10036

(Address of principal executive offices)

(212) 612-1400

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units	YOTAU	The Nasdaq Stock Market LLC
Common Stock	YOTA	The Nasdaq Stock Market LLC
Warrants	YOTAW	The Nasdaq Stock Market LLC
Rights	YOTAR	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of ~~November~~May 1419, ~~2024~~2025, there were 3,682,604 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding.

YOTTA ACQUISITION CORPORATION

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

TABLE OF CONTENTS

		Page
Part I. Financial Information		1
Item 1. Financial Statements		1
Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023		1
Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024		1
Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and September 30, 2023		2
Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and March 31, 2024		2
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the Three and Nine Months ended September 30, 2024 and September 30, 2023		3
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the Three Months Ended March 31, 2025 and March 31, 2024		3
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 30, 2023		4
Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2025 and March 31, 2024		4
Notes to Unaudited Condensed Consolidated Financial Statements		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		2326
Item 3. Quantitative and Qualitative Disclosures About Market Risk		3034
Item 4. Controls and Procedures		3035
Part II. Other Information		3237
Item 1. Legal Proceedings		3237
Item 1A. Risk Factors		3237
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		3237
Item 3. Defaults Upon Senior Securities		3338
Item 4. Mine Safety Disclosures		3338
Item 5. Other Information		3338
Item 6. Exhibits		3439
Signatures		3540

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

YOTTA ACQUISITION CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2024			December 31, 2023
	March 31, 2025			December 31, 2024
	(Unaudited)			(Audited)
Assets
Current Assets
Cash	$	~~404~~73,~~404~~434		$	~~652~~194,~~395~~779
Prepaid expenses		614,~~477~~081			-22,450
Total Current Assets		~~465~~77,~~881~~515			~~652~~217,~~395~~229
Investments held in Trust Account		5,~~300~~585,~~199~~178			75,~~921~~417,~~818~~489
Total Assets	$	5,~~766~~662,~~080~~693		$	85,~~574~~634,~~213~~718
Liabilities, Redeemable Common Stock, and Stockholders’ Deficit
Current Liabilities
Accounts payable and accrued expenses	$	~~905~~765,~~324~~053		$	1721,~~256,576~~828
Franchise tax payable		28,721			43,600
Accrued expenses – related party		345,000			145,000
Income tax payable		122,602			450,960
Due to DRIVEiT (target company)		74,016			-
Excise tax payable		1,150,768			1,121,204
Franchise tax payable		44,121			36,421
Promissory notes - related party		1,137,000			1,660,000
Income tax payable		159,292			148,939
Promissory note - DRIVEiT (target company)		1,100,000			-
Excise tax payable		1,476,819			1,279,513
Total Current Liabilities		4,444,415			4,532,340
Promissory notes - related party		1,137,000			1,137,000
Promissory note - DRIVEiT (target company)		1,100,000			1,100,000
Total Current Liabilities		5,101,301			4,568,701
Deferred underwriting fee payable		4,025,000			4,025,000
Total Liabilities		89,~~469~~126,~~415~~301			8,~~557~~593,~~340~~701
Commitments and Contingencies (Note 6)
Common stock subject to possible redemption, 464,105 shares at redemption value of $11.42 and $10.91 per share as of September 30, 2024 and December 31, 2023, respectively		5,300,199			7,921,818
Common stock subject to possible redemption, 464,105 shares at redemption value of $12.03 and $11.67 per share as of March 31, 2025 and December 31, 2024, respectively		5,585,178			5,417,489
Stockholders’ Deficit
Common stock, $0.0001 par value; 50,000,000 shares authorized; 3,218,499 shares issued and outstanding (excluding 464,105 shares subject to possible redemption)		321			321
Accumulated deficit		(89,~~003~~049,~~855~~107	)		(78,~~905~~376,~~266~~793	)
Total Stockholders’ Deficit		(89,~~003~~048,~~534~~786	)		(78,~~904~~376,~~945~~472	)
Total Liabilities, Redeemable Common Stock, and Stockholders’ Deficit	$	5,~~766~~662,~~080~~693		$	85,~~574~~634,~~213~~718

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

YOTTA ACQUISITION CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2024			2023			2024			2023
	2025			2024
General and administrative expenses	$	~~244~~346,~~723~~266		$	~~297~~114,~~823~~435		$	~~510,336~~		$	~~1,548,552~~
Franchise tax expenses		7,900			(26,137	)		28,843			43,200
Franchise tax expense		7,700			10,372
Loss from operations		(~~252~~353,~~623~~966	)		(~~271~~124,~~686~~807	)		~~(539,179~~	)		~~(1,591,752~~	)
Interest income		9357,~~855~~000			~~562~~102,~~199~~594			~~300,329~~			~~2,607,489~~
Other income		400,000			635,100			710,899			635,100
Loss before income taxes		(296,966	)		(22,213	)
Income before income taxes		241,232			925,613			472,049			1,650,837
Income taxes provision		(10,353	)		(19,367	)
Income taxes provision		(167,339	)		(59,095	)		(206,300	)		(474,045	)
Net loss	$	(307,319	)	$	(41,580	)
Net income	$	73,893		$	866,518		$	265,749		$	1,176,792
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		464,105			726,336
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		626,574			3,789,819			692,839			6,930,461
Basic and diluted net loss per share, common stock subject to possible redemption	$	(0.08	)	$	(0.01	)
Basic and diluted net income per share, common stock subject to possible redemption	$	0.02		$	0.12		$	0.07		$	0.12
Basic and diluted weighted average shares outstanding, common stock		3,218,499			3,218,499
Basic and diluted weighted average shares outstanding, common stock		3,218,499			3,218,499			3,218,499			3,218,499
Basic and diluted net loss per share, common stock	$	(0.08	)	$	(0.01	)
Basic and diluted net income per share, non-redeemable common stock	$	0.02		$	0.12		$	0.07		$	0.12

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

YOTTA ACQUISITION CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ DEFICIT

For the Three ~~and Nine~~ Months Ended ~~September 30~~March 31, ~~2024~~2025

	Common Stock				Additional ~~paid~~Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		~~capital~~Capital		~~deficit~~Deficit			~~deficit~~Deficit
Balance as of January 1, 2024		3,218,499	$	321	$	-	$	(7,905,266	)	$	(7,904,945	)
Balance as of January 1, 2025		3,218,499	$	321	$	-	$	(8,376,793	)	$	(8,376,472	)
Accretion of common stock to redemption value		-		-		-		(102,444	)		(102,444	)
Remeasurement of common stock to redemption value		-		-		-		(56,305	)		(56,305	)
Net loss		-		-		-		(41,580	)		(41,580	)
Term extension fees deposited into the Trust Account		-		-		-		(111,384	)		(111,384	)
Balance as of March 31, 2024		3,218,499	$	321	$	-	$	(8,049,290	)	$	(8,048,969	)
Estimated interest and penalties on outstanding excise tax imposed on common stock redemptions		-		-		-		(197,306	)		(197,306	)
Accretion of common stock to redemption value		-		-		-		(103,654	)		(103,654	)
Net loss		-		-		-		(307,319	)		(307,319	)
Net income		-		-		-		233,436			233,436
Balance as of March 31, 2025		3,218,499	$	321	$	-	$	(9,049,107	)	$	(9,048,786	)
Balance as of June 30, 2024		3,218,499	$	321	$	-	$	(7,919,508	)	$	(7,919,187	)
Accretion of common stock to redemption value		-		-		-		(128,676	)		(128,676	)
Excise tax liability								(29,564	)		(29,564	)
Net income		-		-		-		73,893			73,893
Balance as of September 30, 2024		3,218,499	$	321	$	-	$	(8,003,855	)	$	(8,003,534	)

For the Three ~~and Nine~~ Months Ended ~~September 30~~March 31, ~~2023~~2024

	Common Stock				Additional ~~Paid~~paid-in			Accumulated			Total Stockholders’
	Shares		Amount		~~Capital~~capital			~~Deficit~~deficit			~~Deficit~~deficit
Balance as of January 1, 2023		3,218,499	$	321	$	-		$	(4,822,763	)	$	(4,822,442	)
Balance as of January 1, 2024		3,218,499	$	321	$	-		$	(7,905,266	)	$	(7,904,945	)
Accretion of common stock to redemption value		-		-		-			(1,906,712	)		(1,906,712	)
Remeasurement of common stock to redemption value		-		-		-			(102,444	)		(102,444	)
Net income		-		-		-			71,378			71,378
Net loss		-		-		-			(41,580	)		(41,580	)
Balance as of March 31, 2023		3,218,499	$	321	$	-		$	(6,658,097	)	$	(6,657,776	)
Balance as of March 31, 2024		3,218,499	$	321	$	-		$	(8,049,290	)	$	(8,048,969	)
Accretion of common stock to redemption value		-		-		-			(726,532	)		(726,532	)
Excise tax liability		-		-		-			(763,224	)		(763,224	)
Net income		-		-		-			238,896			238,896
Balance as of June, 2023		3,218,499	$	321	$	-		$	(7,908,957	)	$	(7,908,636	)
Accretion of common stock to redemption value		-		-		-			(577,020	)		(577,020	)
Capital contribution made by Sponsor related to the stockholder non-redemption agreements		-		-		446,735			-			446,735
Cost of raising capital related to the stockholder non-redemption agreements		-		-		(446,735	)		-			(446,735	)
Excise tax liability		-		-		-			(357,980	)		(357,980	)
Net income		-		-		-			866,518			866,518
Balance as of September 30, 2023		3,218,499	$	321	$	-		$	(7,977,439	)	$	(7,977,118	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

YOTTA ACQUISITION CORPORATIONUNAUDITED CONDENSED ~~CONSOLIDATED~~ STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024			2023
	2025			2024
Cash flows from operating activities:
Net income	$	265,749		$	1,176,792
Net loss	$	(307,319	)	$	(41,580	)
Adjustments to reconcile net cash used in operating activities:
Adjustments to reconcile net (loss) income to cash used in operating activities:
Interest earned on investments held in Trust Account		(297,646	)		(2,600,668	)
Interest earned on investment held in Trust Account		(56,305	)		(102,444	)
Changes in current assets and current liabilities:
Changes in operating assets and liabilities:
Prepaid expenses		~~(61~~18,~~477~~369	)		66(78,~~985~~577	)
Other receivable		-			10,850
Accounts payable and accrued expenses		243,225			(11,653	)
Accrued expenses		(351,252	)		761,726
Income tax payable		10,353			(515,291	)
Income tax payable		(328,358	)		164,114
Franchise tax payable		7,700			(33,350	)
Franchise tax payable		(14,879	)		(142,980	)
Net cash used in operating activities		(83,977	)		(782,895	)
Net cash used in operating activities		(787,863	)		(563,181	)
Cash Flows from Investing Activities:
Cash deposited in Trust Account		(37111,~~128~~384	)		~~(1,750,100~~-	)
Cash withdrawn from Trust Account to pay taxes		-			1,140,505
Net cash used in investing activities		(111,384	)		-
Cash withdrawn from Trust Account to pay redeemed public stockholders		2,956,393			76,322,364
Net cash (used in) provided by investing activities		2,919,265			75,712,769
Cash Flows from Financing Activities:
Proceeds from promissory note- related party		~~577,000~~-			1215,~~625,~~000
Repayment of promissory note to related party		(1,100,000	)		-
Term extension fees paid by target company		74,016			-
Proceeds from promissory note - DRIVEiT		1,100,000			-
Net cash provided by financing activities		74,016			215,000
Payment to redeemed public stockholders		(2,956,393	)		(76,322,364	)
Net change in cash		(121,345	)		(567,895	)
Net cash provided by (used in) provided by financing activities		(2,379,393	)		(74,697,364	)
Cash, beginning of the period		194,779			652,395
Net change in cash		(247,991	)		452,224
Cash, end of the period	$	73,434		$	84,500
Cash, beginning of the period		652,395			235,864
Supplemental Disclosure of Non-cash Financing Activities
Cash, end of the period	$	404,404		$	688,088
Remeasurement of common stock to redemption value	$	167,689		$	102,444
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Excise tax payable	$	197,306		$	-
Accretion of common stock to redemption value	$	334,774		$	3,210,263
Excise tax payable	$	29,564		$	1,121,204
Stockholder redemption payable	$	-		$	35,797,997

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

YOTTA ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Description of Organization and Business Operations

Organization and General

Yotta Acquisition Corporation (the “Company”~~or “Yotta”~~) is a blank check company incorporated as a Delaware corporation on March 8, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). The Company intends to focus on target businesses in and around the high technology, blockchain and other general business industries globally.

As of ~~September~~March 3031, ~~2024~~2025, the Company had not commenced any operations. All activities through ~~September~~March 3031, ~~2024~~2025 are related to the Company’s formation and the initial public offering (“IPO” as described below in Note 3) and, subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

The Company’s sponsor is Yotta Investments LLC (the “Sponsor”), a Delaware limited liability company.

The registration statement for the Company’s IPO became effective on April 19, 2022. On April 22, 2022, the Company consummated the IPO of 10,000,000 units at an offering price of $10.00 per unit (the “Public Units’), generating gross proceeds of $100,000,000. Simultaneously with the IPO, the Company sold to its Sponsor 313,500 units at $10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $3,135,000, which is described in Note 4.

The Company granted the underwriters a 45-day option to purchase up to 1,500,000 additional Public Units to cover over-allotments, if any. On April 27, 2022, the underwriters exercised the over-allotment option in full and purchased 1,500,000 Public Units at a price of $10.00 per Public Unit, generating gross proceeds of $15,000,000. Simultaneously with the closing of the over-allotment option, the Company consummated the sale of an additional aggregate of 30,000 Private Units with the Sponsor at a price of $10.00 per Private Unit, generating total proceeds of $300,000.

Transaction costs amounted to $6,764,402, consisting of $2,300,000 of underwriting fees, $4,025,000 of deferred underwriting fees (payable only upon completion of a Business Combination) and $439,402 of other offering costs.

Upon the closing of the IPO and the private placement on April 22, 2022, and the exercise of the over-allotment option and the sale of the additional Private Units on April 27, 2022, a total of $115,000,000 was placed in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S. government treasury obligations. These funds will not be released until the earlier of the completion of the initial Business Combination and the liquidation due to the Company’s failure to complete a Business Combination within the applicable period of time. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. In addition, interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations. With these exceptions, expenses incurred by the Company may be paid prior to a business combination only from the net proceeds of the IPO and private placement not held in the Trust Account.

Pursuant to Nasdaq listing rules, the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income tax obligations).

The Company ~~seeks~~will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s officers or directors that may hold Insider Shares (as defined in Note 5) (the “Initial Stockholders”) and the underwriters have agreed (a) to vote their Insider Shares, Private Shares (as defined in Note 4), Shares issued as underwriting commissions (see Note 6) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) not to convert any shares (including the Insider Shares) in connection with a stockholder vote to approve, or sell the shares to the Company in any tender offer in connection with, a proposed Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Public Shares, without the prior consent of the Company.

The Initial Stockholders and underwriters have agreed (a) to waive their redemption rights with respect to the Insider Shares, Private Shares, and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

Initially, the Company had until 9 months from the closing of the IPO to consummate a Business Combination. In addition, if the Company anticipates that it may not be able to consummate initial business combination within 9 months, the Company’s insiders or their affiliates may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three months each time (for a total of 15 months to complete a business combination) (the “Combination Period”). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $1,000,000, or $1,150,000 if the underwriters’ over-allotment option is exercised in full ($0.10 per Public Share in either case or an aggregate of $2,000,000 (or $2,300,000 if the over-allotment option is exercised in full)), on or prior to the date of the applicable deadline.

On April 19, 2023, the Company held a special meeting of stockholders (the “April Special Meeting”). During the April Special Meeting, stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from April 22, 2023 to April 22, 2024 on a month-by-month basis and (ii) an amendment to the Investment Management Trust Agreement (the “Trust Agreement”) with Continental Stock Transfer & Trust Company giving the Company’s right to extend the time to complete a business combination twelve times for an additional one month each time from April 22, 2023 to April 22, 2024 by depositing $120,000 to the Trust Account for each one-month extension. In connection with the stockholders’ vote at the special meeting, an aggregate of 7,414,905 shares with redemption value of approximately $76,322,364 (or $10.29 per share) of the Company’s common stock were tendered for redemption.

On September 22, 2023, the Company held a special meeting of stockholders (the “September Special Meeting”). During the September Special Meeting, stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from September 22, 2023 to August 22, 2024 and (ii) an amendment to the Company’s Trust Agreement as amended on April 19, 2023 to provide that the time for the Company to complete its initial business combination under the Trust Agreement shall be extended from September 22, 2023 to August 22, 2024 without depositing any additional funds to the Trust Account. Additionally, the Company and the Sponsor entered into agreements with several third parties in exchange for them agreeing not to redeem shares of the Company’s common stock sold in its IPO (See Note 6). In connection with the stockholders’ vote at the special meeting, an aggregate of 3,358,759 shares with redemption value of approximately $35,797,997 (or $10.66 per share) of the Company’s common stock were tendered for redemption; the entire amount was paid to the redeemed public stockholders on October 16, 2023.

On August 22, 2024, the Company held a special meeting of stockholders (the “August Special Meeting”). During the ~~August~~ August Special Meeting, stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from August 22, 2024 to October 22, 2025 on a monthly basis by depositing an amount equal to $0.04 multiplied by the number of shares of common stock sold to the public in the IPO and that remain outstanding after giving effect to the shares that were redeemed in connection with the August Special Meeting. In connection with the stockholders’ vote at the August Special Meeting, an aggregate of 262,231 shares with redemption value of approximately $2,956,~~393.95~~ 394 (or $11.27 per share) of the Company’s common stock were tendered for redemption. Yotta subsequently deposited approximately $18,564~~.20~~ into the Trust Account per month (the “Monthly Deposit”) to extend the date by which the Company can complete an initial business combination until April 22, 2025. On March 21, 2025, the Company’s Trust Account received an additional deposit of ~~November~~ approximately $55,693 from an affiliate of DRIVEiT, along with the Monthly Deposit for April 2025, extending the date by which the Company can complete the initial business combination until July 22, ~~2024~~2025.

The Company has until 42 months (or by October 22, 2025) from the closing of the IPO to consummate a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable, and less certain amount of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the other Initial Stockholders have agreed to waive their liquidation rights with respect to the Insider Shares, and Private Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or the other Initial Stockholders acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.00.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third -party claims.

Business Combination

NaturalShrimp Incorporated

On October 24, 2022, the Company, NaturalShrimp Incorporated, a Nevada corporation (“NaturalShrimp” or the “Target”), and Yotta Merger Sub, Inc., a Nevada corporation (“Merger Sub”) and wholly-owned subsidiary of the Company, entered into a Merger Agreement (the “Agreement”), pursuant to which Merger Sub would merge with and into the NaturalShrimp (the “Business Combination”) with the Target as the surviving corporation of the Business Combination and becoming a wholly-owned subsidiary of the Company.

By a letter dated August 10, 2023 (the “Termination Letter”), the Company informed NaturalShrimp that it was terminating Merger Agreement. The termination of the Merger Agreement was due to breaches by NaturalShrimp of its obligations thereunder including, but not limited to, NaturalShrimp’s obligation to share the costs associated with the extension of the deadline by which Yotta must complete an initial business combination. Although the payments were to be shared equally, NaturalShrimp failed to provide its portion despite being notified of its obligation to do so.

NaturalShrimp has not responded to the Termination Letter but previously sent a notification that it was terminating the Merger Agreement. Yotta rejected that purported termination as it does not believe NaturalShrimp has a legal basis under the Merger Agreement to terminate it. Moreover, pursuant to Section 10.2(b) of the Merger Agreement, NaturalShrimp was not authorized to terminate the Merger Agreement when it was in breach of its terms. The Company also included in the Termination Letter a demand for the $3 million termination fee due to it under the terms of the Merger Agreement. There have been no further developments with respect to the Merger Agreement or the Termination Letter.

DRIVEiT Financial Auto Group, Inc.

On August 20, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Yotta, Yotta Merger Sub Inc., a Maryland corporation and a wholly-owned subsidiary of Yotta (“Merger Sub”), and DRIVEiT Financial Auto Group, Inc., a Maryland corporation (the “DRIVEiT”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur, and in accordance with Maryland General Corporation Law. Merger Sub will merge with and into DRIVEiT, the separate corporate existence of Merger Sub will cease, and DRIVEiT will be the surviving corporation and a wholly-owned subsidiary of Yotta. Yotta will be renamed “DRIVEiT Financial Auto Group, Inc.” The Business Combination is expected to be consummated after obtaining the required approval by the stockholders of Yotta and DRIVEiT and the satisfaction of certain other customary closing conditions.

The total consideration to be paid at the Closing of the Business Combination by Yotta to DRIVEiT security holders will be an amount equal to $100,000,000 (“Merger Consideration”). The Merger Consideration will be payable in shares of common stock, par value $0.0001 per share, of Yotta, valued at $10 per share.

The board of directors of Yotta has unanimously (i) approved and declared advisable the Merger Agreement, the Business Combination and the other transactions contemplated thereby and (ii) resolved to recommend approval of the Merger Agreement and related matters by the stockholders of Yotta.

Amendment to the Merger Agreement

On October 30, 2024, the Company and DRIVEiT entered into an amendment to the Merger Agreement to change the treatment of the Bridge Financing Notes (as defined in the Merger Agreement) up to an aggregate of $2,950,000 of the Company’s preferred stock upon the consummation of the Business Combination (the “Amendment”). Pursuant to the Amendment, immediately before the closing of the Business Combination, the Bridge Financing Notes shall be converted into DRIVEiT preferred stock and, each share of such DRIVEiT preferred stock issued shall be converted into the right to receive a share of the Company’s preferred stock. Additionally, immediately prior to the closing, the Company agrees that it shall (i) subrogate and replace DRIVEiT as a party to the bridge financing agreements and assume all DRIVEiT’s obligations thereunder to consummate the bridge financing.

Note SPA

On October 30, 2024, the Company and DRIVEiT entered into a Securities Purchase Agreement (the “Note SPA”) with a certain investor, pursuant to which the investor agreed to purchase a 10% Original Issue Discount Convertible Note (the “OID Convertible Note”) with an aggregate principal amount of $3.894 million. The OID Convertible Note will be mandatorily converted into shares of a new series of preferred stock of DRIVEiT at a conversion price equal to the Stated Value of such Preferred Stock ($50,000 per share) divided by 3.25. Consequently, immediately before the Business Combination, the Convertible Notes will convert into 254 shares of Series A Preferred Stock of the Company. Upon execution of the Note SPA, the investor purchased the full value of the OID Convertible Note for $2.95 million. Upon the closing of the Business Combination, the preferred stock of DRIVEiT will then be converted into a right to receive an equal number of shares of preferred stock of the Company.

PIPE SPA

On October 30, 2024, the Company and DRIVEiT also entered into a second Securities Purchase Agreement (the “PIPE SPA”) with a certain investor, pursuant to which, upon the terms and subject to the conditions contained therein, the investor is obligated to purchase shares of preferred stock for a purchase price of $8.4 million upon the closing of the Business Combination, and, after the closing of the Business Combination, in nine (9) tranches with each tranche having a purchase price of $5 million. Each purchase of shares of preferred stock under the PIPE SPA is for a number of shares of preferred stock equal to the aggregate purchase price paid by the investor plus a 10% increase, multiplied by 3.25 and divided by the Stated Value (as defined in the PIPE SPA) of the preferred stock. Each share of Series A Preferred Stock is convertible into shares of New DRIVEiT Common Stock. Consequently, immediately upon Business Combination the Company will issue 601 shares of Series A Preferred Stock as consideration for the initial investment of $8.4 million, and 358 shares of Series A Preferred Stock upon every subsequent tranche.

The conversion of the convertible note and the closing of the purchases of preferred stock pursuant to the PIPE SPA are subject to certain conditions that must be satisfied or waived by the investor, including (i) the investor has entered into a registration rights agreement in a form to be reasonably acceptable to the investor including terms and conditions customary to registration rights agreements of this kind, (ii) the Certificate of Designation designating the series of preferred stock shall have been filed and in full force and effect, (iii) the Class A common stock is listed on a national securities exchange and the Company has obtained stockholder approval of the issuance of the preferred stock in compliance with the rules of such exchange, (iv) the Company shall have reserved a number of shares of Class A common stock equal to 250% of the number of shares of Class A common stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of preferred stock; and (v) the average daily trading volume of the common stock on the principal securities exchange or trading market where such Class A common stock is listed or traded during the ten (10) days prior to such closing shall exceed $4 million.

For a period until the one-year anniversary of the later of (i) the date a registration statement registering the shares of Class A common stock issuable upon conversion of all the shares of preferred stock is declared effective or (ii) the date the Company has obtained stockholder approval approving this transaction, the investor has the right, but not the obligation, to purchase additional shares of preferred stock for an aggregate purchase price of $100 million upon the same terms and conditions as the purchases of preferred stock under the PIPE SPA.

Certain Related Agreements

Parent Stockholder Support Agreement

In connection with the execution of the Merger Agreement, Yotta and the officers and directors of Yotta, the Company and the Sponsor entered into a support agreement (the “Parent Stockholder Support Agreement”) pursuant to which the Sponsor and the officers and directors of Yotta have agreed to vote all shares of the common stock beneficially owned by them, including any additional shares they acquire ownership of or the power to vote: (i) in favor of the Merger and related transactions, (ii) against any action reasonably be expected to impede, delay, or materially and adversely affect the Merger and related transactions, and (iii) in favor of an extension of the period of time Yotta is afforded to consummate an initial business combination.

Company Support Agreement

In connection with the execution of the Merger Agreement, Yotta, the Company and certain stockholders of the Company entered into a support agreement (the “Company Stockholder Support Agreement”), pursuant to which such Company stockholders have agreed to vote all common and preferred stock of the Company beneficially owned by them, including any additional shares of the Company they acquire ownership of or the power to vote, in favor of the Merger and related transactions and against any action reasonably be expected to impede, delay, or materially and adversely affect the Merger and related transactions.

Form of Lock-Up Agreement

In connection with the Closing, certain key Yotta stockholders will each agree, subject to certain customary exceptions, not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any Lockup Shares (as defined below), (ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares or otherwise or engage in any short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any intention to effect any transaction specified in clause (i) or (ii) until the date that is six months after the Closing Date. The term “Lockup Shares” mean the Merger Consideration Shares, as defined in the Merger Agreement, if any, whether or not earned prior to the end of the Lock-up Period (as defined below), and including any securities convertible into, or exchangeable for, or representing the rights to receive common stock, and the term “Lock-Up Period” means the period from the Closing Date until six (6) months after the Closing Date, provided that if the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period following the consummation of the Business Combination, the Lockup Shares shall be released from lock-up.

Forfeiture Agreement

In connection with the execution of the Merger Agreement, Yotta, Sponsor and the Company entered into a Sponsor Forfeiture Agreement (the “Sponsor Forfeiture Agreement”) pursuant to which Sponsor has agreed to forfeit, for no consideration, such number of shares of Yotta Common Stock in excess of five percent (5%) of Yotta’s issued and outstanding common stock on the Closing Date and such shares of common stock shall, by virtue of the Merger, be deemed to have been canceled and extinguished.

Registration Rights Agreement

At the Closing, Yotta will enter into a registration rights agreement (the “Registration Rights Agreement”) with certain existing stockholders of Yotta and the Company with respect to their shares of Yotta acquired before or pursuant to the Merger, and including the shares issuable on conversion of the warrants issued to the Sponsor in connection with Yotta’s initial public offering and any shares issuable on conversion of preferred stock or loans. Subject to the Lock-Up Agreements described above, the holders of a majority of the shares held by the existing Yotta stockholders, and the holders of a majority of the shares held by the Company stockholders will each be entitled to make two demands that the Company register such securities for resale under the Securities Act, or two demands each if the surviving entity is eligible to use Form S-3 or a similar short-form registration statement. In addition, the holders will have certain “piggy-back” registration rights that require Yotta to include such securities in registration statements that Yotta otherwise files. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. Yotta will bear the expenses incurred in connection with the filing of any such registration statements.

The foregoing descriptions of agreements and the transactions and documents contemplated thereby are not complete and are subject to and qualified in their entirety by reference to the Parent Stockholder Support Agreement, Company Support Agreement, form of Lock-Up Agreement, form of Forfeiture Agreement and form of Registration Rights Agreement, copies of which were filed on August 21, 2024 in a Current Report on Form 8-K as Exhibits 10~~.17, 10.18, 10.19, 10.20 and 10.21.~~

Nasdaq Notice

On January 10, 2024, the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2) (the “Rule”) because the Company has not maintained a minimum Market Value of Listed Securities of at least $50 million. The Notice has no immediate effect on the listing or trading of the Company’s listed securities. The Company has 180 calendar days from the date of the Notice, or until July 8, 2024, to regain compliance. Alternatively, the Company may consider applying for a transfer to the Nasdaq Capital Market.

On May 7, 2024, Yotta received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that Yotta was not in compliance with Nasdaq Listing Rule 5450(b)(2)(C) because the Company had not maintained a minimum Market Value of Publicly Held Securities (of at least $15 million). Yotta was given until November 4, 2024 to regain compliance. On the same date, Yotta received written notice from Nasdaq stating that Yotta was not in compliance with Nasdaq Listing Rule 5450(b) because it had not maintained a minimum 1,100,000 publicly held shares. Yotta was given 45 calendar days to submit a plan to regain compliance. In response to these notices, Yotta applied for a transfer from the Nasdaq Global Market to the Nasdaq Capital Market. On July 1, 2024, Yotta’s application was approved by Nasdaq on the following conditions: (i) Yotta enter into a business combination agreement no later than August 25, 2024, (ii) Yotta file a registration statement on Form S-4 no later than October 12, 2024, and (iii) Yotta demonstrate compliance with the Nasdaq Capital Market’s continued listing standards by November 12, 2024. If Yotta does not comply with any of the conditions, Yotta’s listed securities will be subject to delisting.

On April 21, 2025, Yotta received a letter from the Nasdaq stating that (i) the Staff has determined that the Company’s securities will be delisted from the Nasdaq Stock Market; (ii) trading of the Company’s Common Stock, Units, Rights, and Warrants will be suspended at the opening of business on April 28, 2025; and (iii) a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on the Nasdaq Stock Market. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by April 19, 2025, the Company did not comply with IM-5101-2, and its securities are now subject to delisting. Additionally, the Company has not paid certain fees required by Listing Rule 5250(f). Pursuant to Listing Rule 5810(d)(2), this deficiency serves as an additional and separate basis for delisting.

The Company will not appeal Nasdaq’s determination to delist the Company’s securities and accordingly, the Company’s securities were suspended from trading on Nasdaq at the opening of business on April 28, 2025. The Company’s securities are currently quoted on the OTC Pink Tier market under the same ticker symbols. The Company is working diligently to complete a business combination as soon as practicable.

The Company will remain a reporting entity under the Securities Exchange Act of 1934, as amended, with respect to continued disclosure of financial and operational information.

Liquidity and Going Concern Consideration

As of ~~September 30~~March 31, ~~2024~~2025, the Company had cash of of $~~404~~73,~~404 and~~434 and a working capital deficit of $35,~~978~~023,~~534~~786. On August 22, 2024, the Company’s stockholders approved an amendment to the Company’s amended and restated certificate of of incorporation to extend the date by which the Company has to consummate a business combination from August 22, 2024 to October 22, 2025 on a monthly basis by depositing approximately $18,564~~.20~~ per month into the Trust Account. It is uncertain that the Company will be able to consummate a Business Combination by the extended date (or October 22, 2025 if the Sponsor elects to extend the consummation deadline). Moreover, the Company may need to obtain ~~additional~~ additional financing either to complete its Business Combination or because it becomes obligated to redeem a significant number of public shares upon consummation of its Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. If a Business Combination is not consummated by October 22, 2025, there will be a mandatory liquidation and subsequent dissolution.

The Company expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. The Company may need to obtain additional financing either to complete its Business Combination or because it becomes obligated to redeem a significant number of public shares upon consummation of its Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, the Company would only complete such financing simultaneously with the completion of our Business Combination. If the Company is unable to complete its Business Combination because it does not have sufficient funds available, it will be forced to cease operations and liquidate the Trust Account. In addition, following the Business Combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations.11

InThe ~~connection~~Company ~~with~~expects ~~the~~to ~~Company’s~~continue ~~assessment of~~to ~~going~~incur ~~concern~~significant ~~considerations~~professional incosts ~~accordance~~to ~~with~~remain ~~Financial~~a ~~Accounting~~publicly ~~Standard~~traded ~~Board’s~~company ~~Accounting~~and ~~Standards~~to ~~Update~~incur ~~(“ASU”) 2014-15,~~significant ~~“Disclosures~~transaction costs in pursuit of ~~Uncertainties~~the ~~about~~consummation anof ~~Entity’s~~a ~~Ability~~Business Combination. The Company may need to ~~Continue~~obtain asadditional financing either to complete its Business Combination or because it becomes obligated to redeem a ~~Going~~significant ~~Concern,”~~number ~~management~~of ~~has~~public ~~determined that~~shares ifupon consummation of its Business Combination, in which case the Company ismay ~~unable~~issue toadditional ~~complete~~securities aor incur debt in connection with such Business Combination. bySubject ~~October~~to ~~22,~~compliance ~~2025,~~with ~~then~~applicable securities laws, the Company ~~will~~would ~~cease~~only ~~all~~complete ~~operations~~such ~~except for~~financing simultaneously with the ~~purpose~~completion of ~~liquidating~~our Business Combination. ~~The~~If ~~date~~the ~~for~~Company ~~liquidation~~is ~~and~~unable ~~subsequent~~to ~~dissolution~~complete asits ~~well~~Business asCombination ~~liquidity~~because ~~concerns~~it ~~raise~~does ~~substantial~~not ~~doubt about~~have ~~the~~sufficient ~~Company’s~~funds ~~ability~~available, it will be forced to ~~continue~~cease asoperations aand ~~going~~liquidate ~~concern~~the Trust Account. ~~The~~In ~~financial~~addition, ~~statement~~following ~~does~~the ~~not~~Business ~~include~~Combination, ~~any~~if ~~adjustments~~cash ~~that~~on ~~might result~~hand ~~from~~is insufficient, the ~~outcome~~Company ofmay ~~this~~need ~~uncertainty~~to obtain additional financing in order to meet its obligations.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by October 22, 2025, then the Company will cease all operations except for the purpose of liquidating. The date for liquidation and subsequent dissolution as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Risks and Uncertainties

InVarious ~~February 2022,~~social ~~an armed conflict escalated between Russia~~ and ~~Ukraine.~~political ~~The~~circumstances ~~sanctions announced by~~ in the ~~United~~U.S. ~~States~~ and ~~other~~around ~~countries~~the ~~against~~world ~~Russia~~(including ~~and Belarus following Russia’s invasion of Ukraine to date include restrictions on selling or importing goods~~tariffs, ~~services,~~rising ortrade ~~technology~~tensions inbetween orthe ~~from~~U.S. ~~affected regions~~ and ~~travel~~China, ~~bans~~ and ~~asset~~other ~~freezes~~uncertainties regarding ~~impacting~~actual ~~connected individuals~~ and ~~political,~~potential ~~military,~~shifts ~~business, and financial organizations~~ in ~~Russia~~the ~~and Belarus~~U.S. ~~The United States~~ and ~~other~~foreign, ~~countries~~trade, ~~could~~economic ~~impose wider sanctions~~ and ~~take~~ other ~~actions~~policies ~~should~~with ~~the~~other ~~conflict~~countries), ~~further~~may contribute ~~escalate.~~to ~~Separately,~~increased inmarket ~~October 2023,~~volatility ~~Israel~~ and ~~certain~~economic ~~Iranian-backed~~uncertainties ~~Palestinian~~or ~~forces~~deterioration ~~began an armed conflict~~ in ~~Israel,~~ the ~~Gaza~~U.S. ~~Strip,~~ and ~~surrounding areas, which threatens to spread to other Middle Eastern countries including Lebanon and Iran~~worldwide.

As a result of these circumstances and the ongoing Russia/Ukraine, Hamas/Israel conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. InAlthough ~~addition,~~ the ~~Company’s~~length ~~ability~~and toimpact ~~consummate~~of ~~a transaction may be dependent on~~ the ~~ability~~ongoing toconflicts ~~raise~~are ~~equity~~highly ~~and~~unpredictable, ~~debt~~they ~~financing~~could ~~which~~lead ~~may~~to bemarket ~~impacted by these events~~disruptions, including significant asvolatility ain ~~result~~commodity ~~of increased market volatility~~prices, orcredit ~~decreased~~and ~~market~~capital ~~liquidity~~markets, inas ~~third-party~~well ~~financing~~as ~~being~~supply ~~unavailable~~chain oninterruptions ~~terms~~and ~~acceptable~~increased tocyberattacks against ~~the~~U.S. ~~Company or at all~~companies. ~~The~~Additionally, ~~impact~~any ofresulting ~~this~~sanctions ~~action~~could ~~and~~adversely ~~potential~~affect ~~future sanctions on~~ the ~~world~~global economy and ~~the specific impact on the Company’s~~ financial ~~position,~~markets ~~results~~and ~~of operations or ability~~ lead to ~~consummate~~instability aand ~~Business~~lack ~~Combination~~of ~~are~~liquidity ~~not~~in ~~yet~~capital ~~determinable~~markets. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

1012

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

The IR Act tax provisions had an impact on the Company’s first quarter ending March 31, 2025 and fiscal ~~2023~~year 2024 tax ~~provision~~provisions as there were redemptions by the public stockholders in April 2023, September 2023 and August 2024; as a result, the Company recorded total excise tax liability of $1,~~150~~476,~~768~~ 819 and $1,~~121~~279,~~204~~513 as of ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024, respectively~~. During the second quarter 2024~~, ~~the~~including ~~Internal Revenue~~estimated ~~Service~~penalties ~~issued final regulations with respect to the timing~~ and ~~payment~~interest of ~~the Excise Tax. Pursuant to those regulations~~$197, ~~the~~306 ~~Company would need to file a return and remit payment~~ for ~~any liability incurred during~~ the ~~period~~first ~~from January 1, 2023 to~~quarter ~~December 31, 2023 on or before October 31, 2024. As~~ of ~~September~~March ~~30,~~2025 ~~2024, the Company has not filed its 2023 excise tax return~~ and ~~remitted~~$128,745 ~~excise tax payment. The Company will continue to monitor~~ for ~~updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether any~~ ~~adjustments are needed to~~ the ~~Company’s~~fiscal ~~tax~~year ~~provision in future periods~~2024.

During the second quarter of 2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. Pursuant to those regulations, the Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024. If the Company is unable to pay its obligation in full, it will be subject to additional interest and penalties which are currently estimated at 8% interest per annum and a 5% of failure to file penalty per month and 0.5% failure to pay penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full. The Company is currently evaluating its options with respect to payment of this obligation. As of March 31, 2025, the Company has not filed its 2024 and 2023 excise tax returns and remitted excise tax payments, as such the Company recorded an estimated penalty and interest of $197,306 for the three months ended March 31, 2025.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC, and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operation results. Operating results for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results that may be expected for the year ending December 31, ~~2024~~2025 or any future period. These financial statements should be read in conjunction with the Company’s ~~2023~~2024 Annual Report on Form 10-K as filed with the SEC on ~~April 15~~March 31, ~~2024~~2025.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

In preparing these unaudited condensed consolidated financial statements in conformity with U.S. GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $6873,~~525~~434 and $~~652~~194,~~395~~779 in cash and did not have any cash equivalents as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

Stock Compensation Expense

The Company accounts for stock-based compensation expense in accordance with ASC 718, “Compensation – Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date and recognized over the requisite service period. To the extent a stock-based award is subject to a performance condition, the amount of expense recorded in a given period, if any, reflects an assessment of the probability of achieving such performance condition, with compensation recognized once the event is deemed probable to occur. The fair value of equity awards has been estimated using a market approach. Forfeitures are recognized as incurred.

The Company’s Insider Shares were granted to to certain independent directors subject to a performance condition, namely the occurrence of a Business Combination. This performance condition is considered in determining the grant date fair value of these instruments using Monte Carlo simulation. Compensation expense related to the Insider Shares is recognized only when the performance condition is probable of occurrence, or more specifically when a Business Combination is consummated. Therefore, no stock-based compensation expense has been recognized for the three ~~and nine~~ months ended on ~~September 30~~March 31, ~~2024~~2025 and 2023. The estimated fair value of the 16,666 shares granted to the Company’s directors was $123,900, or $7.38 per share at January 28, 2022.

~~Other Income~~14

The Company received $400,000 from DRIVEiT on August 12, 2024 to cover merger related transaction costs pursuant to the Merger Agreement. Since there is no obligation for Yotta to repay the $400,000 upon termination of the Merger Agreement, the Company recorded $400,000 as other income during the quarter ended September 30, 2024.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes (“ASC 740”)”. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

12The Company’s effective tax rate was (3.49%) and (87.19%) for the three months ended March 31, 2025 and 2024, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three months ended March 31, 2025 and 2024, due to impact of transaction costs and change in valuation of deferred tax assets.

~~The~~While ~~Company’s~~ASC 740 identifies usage of an effective annual tax rate ~~was~~for ~~69.37% and~~purposes ~~6.38%~~of an interim provision, it does allow for ~~the~~estimating ~~three~~individual ~~months~~elements ~~ended~~in ~~September 30,~~the ~~2024~~current ~~and~~period ~~2023,~~if ~~respectively;~~they ~~and~~are ~~43.70%~~significant, unusual ~~and~~or 28infrequent.~~72%~~ Computing the effective tax rate for the ~~nine~~Company ~~months~~is ~~ended~~complicated ~~September~~due ~~30,~~to ~~2024~~the potential impact of the timing of any Business Combination expenses and ~~2023,~~the ~~respectively~~actual interest income that will be recognized during the year. The ~~effective~~Company ~~tax~~has ~~rate~~taken ~~differs~~a ~~from~~position as to the ~~statutory~~calculation of income tax ~~rate~~expense ofin ~~21%~~a ~~for~~current period based on ASC 740-270-25-3 which states, “If an entity is unable to estimate a part of its ordinary income (or loss) or the ~~three~~related ~~months~~tax ~~ended~~(benefit) ~~September~~but ~~30,~~is ~~2024~~otherwise ~~and~~able ~~2023~~to make a reasonable estimate, the ~~due~~tax (or benefit) applicable to ~~non-deductible~~the ~~transaction~~item ~~costs~~that ~~and~~cannot be estimated shall be reported in the ~~change~~interim period in ~~valuation~~which ofthe ~~deferred~~item is reported.” The Company believes its calculation to be a reliable estimate and allows it to properly take into account the usual elements that can impact its annualized book income and its impact on the effective tax rate. As such, the Company is computing its taxable income and associated ~~assets~~income tax provision based on actual results through March 31, 2025.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits ~~and unpaid income taxes~~ as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of ~~September~~March ~~30, 2024 and December~~ 31, ~~2023~~2025. ~~There were $14,550 interest and penalties related to 2023 underpayment of income taxes which will be recognized in the fourth quarter of 2024.~~ The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 825, “Financial Instruments,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Net (Loss) ~~Income~~ Per Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The Company’s unaudited condensed consolidated statements of operations for subsequent periods will include a presentation of income per redeemable share and income per non-redeemable share following the two-class method of income per share. Net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture by the Initial Stockholders. At ~~September~~March 3031, 2025 ~~2024~~ and December 31, ~~2023~~2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted net income per share is the same as basic net income per share for the period presented.

Net (loss) income per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other stockholders, redeemable and non-redeemable common stock are presented as one class of stock in calculating net income per share. The Company has not considered the effect of the warrants and rights sold in the IPO and private placement to purchase an aggregate of 11,843,500 shares in the calculation of diluted per share, since the exercise of the warrants and rights are contingent upon the occurrence of future events.15

13Net (loss) income per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other stockholders, redeemable and non-redeemable common stock are presented as one class of stock in calculating net income per share. The Company has not considered the effect of the warrants sold in the IPO and private placement to purchase an aggregate of 11,843,500 shares in the calculation of diluted per share, since the exercise of the warrants are contingent upon the occurrence of future events.

The net ~~income~~loss per share presented in the ~~unaudited condensed~~ consolidated statement of operations is based on the following:

Basic and diluted net loss per share
	For theThree Months EndedSeptember 30,2024						For theThree Months Ended September 30,2023
	For the Three Months EndedMarch 31,2025						For the Three Months Ended March 31,2024
	Redeemableshares			Non-redeemableshares			Redeemable shares			Non-redeemableshares
	Redeemable shares			Non-redeemable shares			Redeemable shares			Non-redeemable shares
Basic and diluted net income per share:
Basic and diluted net loss per share:
Numerators:
Allocation of net income	$	12,041		$	61,852		$	468,578		$	397,940
Allocation of net loss	$	(38,730	)	$	(268,589	)	$	(7,656	)	$	(33,924	)
Denominators:
Basic and diluted weighted average shares outstanding		~~626~~464,~~574~~105			3,218,499			3726,~~789,819~~336			3,218,499
Basic and diluted net income per share	$	0.02		$	0.02		$	0.12		$	0.12
Basic and diluted net loss per share	$	(0.08	)	$	(0.08	)	$	(0.01	)	$	(0.01	)

	Nine Months EndedSeptember 30,2024				Nine Months Ended September 30,2023
	Redeemable shares		Non-redeemable shares		Redeemable shares		Non-redeemable shares
Basic and diluted net income per share:
Numerators:
Allocation of net income	$	47,074	$	218,675	$	803,601	$	373,191
Denominators:
Basic and diluted weighted average shares outstanding		692,839		3,218,499		6,930,461		3,218,499
Basic and diluted net income per share	$	0.07	$	0.07	$	0.12	$	0.12

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. As discussed in Note 7, it was determined that they were equity-classified.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, shares of common stock subject to possible redemption are presented at redemption value of $1112.42 03 and $1011.91 67 per share, as of ~~September~~March 3031, ~~2024~~ 2025 and December 31, ~~2023~~2024, respectively, as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of shares of redeemable common stock are affected by charges against additional paid in capital or accumulated deficit if additional paid-in capital is zero.

Investments Held in Trust Account

Upon the closing of the IPO and the private placement on April 22, 2022, and the exercise of the over-allotment option and the sale of the additional Private Units on April 27, 2022, an amount of $115,000,000 was placed in the Trust Account and may be invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The trust account is intended as a holding place for funds pending the earlier to occur of either: (i) the completion of our primary business objective, which is a business combination; or (ii) absent a business combination, our return of the funds held in the trust account to our public stockholders as part of our redemption of the public shares.

The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each ~~reporting~~ reporting period. Gains and losses resulting from the change in ~~the~~ fair value of these securities ~~are~~is included in ~~the~~ income from investments ~~held~~ held in ~~the~~ Trust Account in the accompanying audited statement of operations. The estimated fair values of investments held in the Trust ~~Account~~ Account are determined using available market information.

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosure” (“ASU 2023-09”). ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company isadopted ~~currently~~this guidance ~~assessing~~as ~~the~~of ~~impact,~~March ~~if any~~31, ~~that~~2025 ~~ASU~~and ~~2023-09~~there ~~would~~was ~~have~~no onsignificant ~~its financial position, results of operations or cash flows~~impact.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statement.

1517

Note 3 — Initial Public Offering

Pursuant to the IPO ~~closed~~ on April 22, 2022, the Company sold 10,000,000 Public Units at $10.00 per Public Unit, generating gross proceeds of $100,000,000. The Company granted the underwriters a 45-day option to purchase up to 1,500,000 additional Public Units to cover over-allotments, if any. On April 27, 2022, the underwriters exercised the over-allotment option in full and purchased 1,500,000 Public Units at a price of $10.00 per Public Unit, generating gross proceeds of $15,000,000. Each Unit consists of one share of common stock, one right (“Public Right”) and one redeemable warrant (“Public Warrant”). Each Public Right will convert into one-tenth (1/10) of one share of common stock upon the consummation of a Business Combination. Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per whole share, subject to adjustment. Because the Warrants may only be exercised for whole numbers of shares, only an even number of warrants may be exercised. The Warrants will become exercisable on the later of the completion of the Company’s initial Business Combination or 12 months from the closing of the IPO, and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption or liquidation.

All of the 11,500,000 Public Shares sold as part of the Public Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation, or in connection with the Company’s liquidation. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity.

The Company’s redeemable common stock is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).

As of ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024, the shares of common stock reflected on the ~~condensed consolidated~~ balance sheets are reconciled in the following table.

Schedule of reconciliation of common stock reflected on balance sheet
Gross proceeds	$	115,000,000
Common stock subject to possible redemption – December 31, 2023	$	7,921,818
Less:
Accretion of carrying value to redemption value		452,064
Proceeds allocated to Public Warrants		(690,000	)
Proceeds allocated to Public Rights		(8,280,000	)
Offering costs of Public Shares		(6,236,777	)
Plus:
Accretion of carrying value to redemption value		16,858,238
Common stock subject to possible redemption – December 31, 2022		116,651,461
Accretion of carrying value to redemption value		4,531,223
Cash withdrawn from Trust Account to pay franchise and income taxes		(1,140,505	)
Payment to redeemed public stockholders		(112,120,361	)
Common stock subject to possible redemption – December 31, 2023		7,921,818
Accretion of carrying value to redemption value		334,774
Payment to redeemed public stockholders		(2,956,393	)
Common stock subject to possible redemption – September 30, 2024	$	5,300,199
Common stock subject to possible redemption – December 31, 2024	$	5,417,489
Accretion of carrying value to redemption value		167,689
Common stock subject to possible redemption – March 31, 2025	$	5,585,178

1618

Note 4 — Private Placement

Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 313,500 Private Units at a price of $10.00 per Private Unit for an aggregate purchase price of $3,135,000 in a private placement. Simultaneously with the closing of the over-allotment option, the Company consummated the sale of an additional aggregate of 30,000 Private Units with the Sponsor at a price of $10.00 per Private Unit, generating total proceeds of $300,000. Each Private Unit will consist of one share of common stock (“Private Share”), one right (“Private Right”) and one redeemable warrant (“Private Warrant”). Each whole Private Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. The Private Warrants will be identical to the Public Warrants except that the Private Warrants and the common shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or saleable until after the completion of a Business Combination. The proceeds from the Private Units were added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

Note 5 — Related Party Transactions

Insider Shares

On December 28, 2021, the Company issued 2,875,000 shares of common stock to the Initial Stockholders (the “Insider Shares”) for an aggregated consideration of $25,000, or approximately $0.0087 per share. Such shares included up to 375,000 shares subject to forfeiture by the Initial Stockholders to the extent that the underwriters’ over-allotment is not exercised in full, so that the Initial Stockholders would collectively own 20% of the Company’s issued and outstanding shares after the IPO (assuming the Initial Stockholders did not purchase any Public Shares in the IPO and excluding the Private Units).

On March 7, 2022, the Sponsor surrendered 1,150,000 shares of common stock without any consideration. On April 5, 2022, the Sponsor declared a dividend, payable in shares of common stock, of two-thirds of one share of common stock for each share of common stock issued and outstanding. As a result of the underwriters’ full exercise of their over-allotment option on April 27, 2022, no Insider Shares are currently subject to forfeiture. As of ~~September~~March 3031, ~~2024~~2025 and December 31, 2023, there were 3,218,499 Insider Shares issued and outstanding.

The Initial Stockholders have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of their Insider Shares until, with respect to 50% of the Insider Shares, the earlier of ~~nine~~six months after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Insider Shares, until the ~~nine~~six months after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Promissory Note — Related Party

On December 28, 2021, the Sponsor agreed to loan the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred in connection with the IPO (the “Promissory Note”). The Promissory Note is unsecured, interest-free and due on the earlier of August 31, 2022 or the closing of the IPO. The Company repaid the outstanding balance of $250,000 to the Sponsor on April 22, 2022.

On January 20, 2023, the Company issued an unsecured promissory note of $575,000 (“Promissory Note 1”) to the Sponsor in exchange for its depositing such amount into the Trust Account to extend the time for the Company to complete a business combination from January 22, 2023 to April 22, 2023. On January 20, 2023, the Company deposited $1,150,000 into the Trust Account, which included $575,000 paid by NaturalShrimp pursuant to the terms of the Agreement.

On February 5, 2023, the Sponsor loaned the Company $250,000 (“Promissory Note 2”) to cover expenses related to the Business Combination.

On April 21, 2023, the Company issued an unsecured promissory note of $200,000 (“Promissory Note 3”) to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from April 22, 2023 to May 22, 2023 and the remaining $80,000 to cover working capital needs.

On May 17, 2023, the Company issued an unsecured promissory note of $200,000 (“Promissory Note 4”) to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from May 22, 2023 to June 22, 2023 and the remaining $80,000 to cover working capital needs.

On June 20, 2023, the Company deposited $120,000 into the Trust Account to extend the time to complete the Business Combination from June 22, 2023 to July 22, 2023. Pursuant to the terms of the Agreement, the Target paid one-half of the extension fee while the Company paid the other half. On June 20, 2023, the Company issued an unsecured promissory note of $40,000 (“Promissory Note 5”) to the Sponsor in exchange for its depositing $60,000 to the Trust Account to extend the time for the Company to complete a business combination from June 22, 2023 to July 22, 2023.

On July 18, 2023, the Company issued an unsecured promissory note of $160,000 (“Promissory Note 6”) to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from July 22, 2023 to August 22, 2023 and the remaining $40,000 to cover working capital needs.

On August 18, 2023, the Company issued an unsecured promissory note of $200,000 (“Promissory Note 7”) to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from August 22, 2023 to September 22, 2023 and the remaining $80,000 to cover working capital needs.

On November 29, 2023, the Company issued an unsecured promissory note of $35,000 (“Promissory Note 8”) to the Sponsor to cover working capital needs.

On January 7, 2024 and April 19, 2024, the Company issued two unsecured convertible promissory notes of up to $540,000 each time to the Sponsor (“Convertible Note 1 and Convertible Note 2”) to cover working capital needs. The holder of the Convertible Notes, in its sole discretion, may convert any or all of the unpaid principal under the promissory note into shares of common stock of the Company, at a price of $10.00 per share, upon consummation of the Business Combination.

On August 12, 2024, the Company issued a convertible promissory note in the amount of $1,100,000 to DRIVEiT (“Promissory Note – DRIVEiT”). The holder of the Promissory Note – DRIVEiT, in its sole discretion, may convert any or all of the outstanding balance into shares of common stock of the Company, at a price of $10.00 per share, upon consummation of the Business Combination. The principal balance may be prepaid at any time prior to the maturity date without penalty upon written notice to DRIVEiT.

Pursuant to the Merger Agreement, DRIVEiT deposited $1,100,000 into Sponsor’s operating account to repay certain promissory notes owed to the Sponsor. Subsequently, on August 12, 2024, the Company repaid the total outstanding balance of $575,000, $250,000 and $200,000 under Promissory Note 1, Promissory Note 2 and Promissory Note 3, respectively. The remaining $75,000 was used to partially repay Promissory Note 4.

All Promissory Notes ~~and Convertible Note~~ are interest-free and payable after the date on which the Company consummates an initial business combination. As of ~~September~~ March 3031, ~~2024~~2025 and December 31, ~~2023~~ 2024, $2,237,000 (including $1,100,000 owed to DRIVEiT) ~~and $1,660,000~~ were outstanding ~~respectively,~~ under all the Promissory Notes ~~and Convertible Notes~~.

Related Party Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Initial Stockholders or their affiliates may, but are not obligated to, loan us funds as may be required. If the Company completes an initial Business Combination, it will repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Certain amount of such loans may be converted into private at $10.00 per share at the option of the lender. As of ~~September 30~~March 31, ~~2024~~2025 and December 31, 2023, the Company had no borrowings under the working capital loans.

Administrative Services Agreement

The Company entered into an agreement, commencing on April 19, 2022 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of $10,000 ~~per~~ per month for office space, utilities, secretarial and administrative support. However, pursuant to the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of ~~the~~ initial Business Combination. For the three ~~and nine~~ months ended ~~September 30~~ March 31, 2025 and 2024, the Company incurred $30,000 ~~and~~ and $9030,000, respectively, in fees for these services., ~~The~~of ~~Company~~which ~~paid~~$70,000 and $~~170~~70,000 towere ~~the~~included ~~Sponsor~~in onaccrued ~~June~~expenses– ~~24,~~related ~~2024.~~party Asin ofthe ~~September 30,~~accompanying ~~2024~~balance ~~and~~sheets ~~December~~(see ~~31,~~reclassification ~~2023,~~of ~~$40,000 and~~accrued ~~$120,000~~expense ~~were~~below) ~~included~~as inof ~~accrued~~March 31, ~~expenses~~2025 inand ~~the~~December ~~accompanying~~31, ~~balance~~2024, ~~sheets~~respectively.

Other

~~Mr. Michael~~On ~~Lazar~~June ~~who~~28, ~~has~~2024, ~~been~~Yotta ~~an independent~~engaged ~~director~~Celine of& ~~the~~Partners ~~board~~PLLC ~~since~~(“Celine”) ~~April 2022,~~to ~~also~~represent isthem ~~the~~in ~~Chief~~connection ~~Executive~~with ~~Officer~~their ofinitial ~~Empire~~business combination. ~~Filings~~Celine is controlled by Mr. Hui Chen, ~~LLC~~the Company’s CEO and director, ~~which~~who is ~~engaged~~ by the ~~Company~~husband toof ~~provide~~Ms. ~~print~~Chen ~~and~~Chen, ~~filing~~who ~~services~~controls the Sponsor. ~~The~~Retainer ~~Company~~payments ~~incurred~~totaling $1267,~~600~~000 ~~and~~are ~~$4,450~~payable ~~for~~upon meeting each milestone; the ~~three~~balance ~~and~~of ~~nine~~the ~~months~~fees ~~ended~~will ~~September 30,~~be ~~2024,~~paid ~~respectively;~~upon ~~and~~the ~~will~~earlier ~~pay~~to $occur of 1~~,000~~) the closing of the ~~per~~Merger, ~~quarter~~2) ~~for~~termination ~~ongoing~~of ~~compliance~~the ~~filings.~~Merger OnAgreement ~~April 26,~~or ~~2024,~~3) Mrthe liquidation of the Company. ~~Michael~~ ~~Lazar~~For ~~resigned~~the ~~from~~three ~~his~~months ~~position~~ended asMarch a31, ~~director~~2025 and of2024, the ~~board.~~Company ~~Mr. Lazard’s~~incurred ~~resignation~~approximately is$200,000 and ~~not~~$0 asin alegal ~~result~~fees, of ~~any~~which ~~disagreement~~$275,000 ~~with~~and $0 were included in accrued expenses in the ~~Company~~accompanying ~~relating~~unaudited tocondensed ~~its~~consolidated balance ~~operations~~sheets, ~~policies or practices~~respectively.

OnReclassification ~~June 28, 2024, Yotta engaged Celine & Partners PLLC (“Celine”) to represent them in connection with their initial business combination. Celine is controlled by Ms. Chen, who is the wife~~ of ~~Mr. Hui~~Accrued Chen, the Company’s CEO and director. Retainer payments totaling $267,000 are payable upon meeting each milestone; the balance of the fees will be paid upon the earlier to occur of 1) the closing of the Merger, 2) termination of the Merger Agreement or 3) the liquidation of the Company. For the three months ended September 30, 2024, The Company incurred $67,000 in legal fees which were included in accrued expenses in the accompanying balance sheets.Expenses

During the quarter ended March 31, 2025, the Company reclassified a total of $145,000. consisted of administrative fees of $70,000 and legal fees of $75,000 which were outstanding as of December 31, 2024, from the accounts payable and accrued expenses account to a new account, accrued expenses – related party.

Note 6 — Commitments and Contingencies

Registration Rights

The holders of the Insider Shares issued and outstanding as of April 19, 2022, as well as the holders of the private units and any shares of the Company’s insiders, officers, directors or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares of common stock issuable upon the exercise of the warrants and conversion of the underlying the private rights), will be entitled to registration rights pursuant to an agreement signed on April 19, 2022. The holders of a majority of these securities are entitled to make up to two demands that we register such securities. The holders of the majority of the Insider Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the private units and units issued in payment of working capital loans made to us can elect to exercise these registration rights at any time commencing on the date that the Company consummate an initial business combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company has granted Chardan, the representative of the underwriters, a 45-day option from the date of this prospectus to purchase up to 1,500,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. On April 27, 2022, Chardan exercised the over-allotment option in full and purchased 1,500,000 additional Units.

The underwriters were paid a cash underwriting discount of 2.0% of the gross proceeds of the IPO (including the exercise of the over-allotment option), or $2,300,000. In addition, the underwriters will be entitled to a deferred fee of 3.5% of the gross proceeds of the IPO (including the exercise of the over-allotment option), $4,025,000 which will be paid upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

Non-Redemption Agreements

On September 19-21, 2023, the Company and its Sponsor entered into agreements (“Non-Redemption Agreements”) with several third parties in exchange for them agreeing not to redeem shares of the Company’s common stock sold in its IPO (“Non-Redeemed Shares”) at the September Special Meeting at which a proposal to approve an extension of time for the Company to complete its initial business combination by August 22, 2024. In exchange for the foregoing commitments not to redeem such Non-Redeemed Shares, the Sponsor has agreed to transfer to such third parties an aggregate of 299,340 shares of the Common Stock held by the Sponsor. The Company estimated the aggregate fair value of the 299,340 Non-Redeemed Shares to be $446,735 or on average $1.49 per share. The excess of the fair value of the Non-Redeemed Shares was determined to be a contribution to the Company from the Sponsor in accordance with Staff Accounting Bulletin (“SAB”) Topic 5T and an offering cost in accordance with SAB Topic 5A. Accordingly, the offering cost was recorded against additional paid-in capital.

Right of First Refusal

The Company has granted Chardan for a period of 18 months after the date of the consummation of the Company’s Business Combination, a right of first refusal to act as book-running manager, with at least 30% of the economics, or, in the case of a “three-handed” deal 20% of the economics, for any and all future public and private equity and debt offerings.

Business Combination Marketing Agreement

The Company engaged EarlyBirdCapital, Inc. (“EarlyBirdCapital”) pursuant to a Finder’s Engagement Agreement dated November 2, 2023, to assist the Company with introductions to potential ~~target~~ target businesses in connection to its initial business combination. Yotta agreed to pay EarlyBirdCapital a fee equal to one percent (1%) of the total consideration, (the total value of all cash, securities or other property paid at the closing or closings) of a transaction ~~between~~ between the Company and a target business.

Note 7 — Stockholders’ Deficit

Common Stock — The Company is authorized to issue 50,000,000 shares of common stock with a par value of $0.0001 per share. Holders of common stock are entitled to one vote for each share. In March 2022, the Sponsor surrendered 1,150,000 shares of common stock without any consideration and in April 2022, the Sponsor declared a dividend, payable in shares of common stock, of two-thirds of one share of common stock for each share of common stock issued and outstanding. As a result of the underwriters’ full exercise of their over-allotment option on April 27, 2022, no Insider Shares are currently subject to forfeiture. As of March ~~September 30~~31, ~~2024~~2025 and December 31, ~~2023~~2024, there were 3,218,499 Insider Shares issued and outstanding.

Rights — Each holder of a right will receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon conversion of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the common stock will receive in the transaction on an as-converted into common stock basis and each holder of a right will be required to affirmatively covert its rights in order to receive 1/10 share underlying each right (without paying additional consideration). The shares issuable upon conversion of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, holders of the rights might not receive the shares of common stock underlying the rights. As of September 30, 2024 and December 31, 2023, there were 11,843,500 rights issued and outstanding.22

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, holders of the rights might not receive the shares of common stock underlying the rights. As of March 31, 2025 and December 31, 2024, there were 11,843,500 rights issued and outstanding.

Public Warrants — Each redeemable Public Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per full share, and will become exercisable on the later of the completion of an initial Business Combination and 12 months from the closing of the IPO. However, no Public Warrants will be exercisable for cash unless the foregoing, if a registration statement covering the issuance of the common stock issuable upon exercise of the public warrants is not effective within 90 days from the closing of the Company’s initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years from the closing of the Company’s initial Business Combination at 5:00 p.m., New York City time or earlier upon redemption or liquidation.

In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the Company’s initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination, and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Price”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Price, and the $16.50 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 165% of the Market Value.

Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the 30-day redemption period;

●

if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the to the warrant holders.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. In such event, each holder would pay the exercise price by surrendering the whole warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

Except as described above, no warrants will be exercisable and the Company will not be obligated to issue common stock unless at the time a holder seeks to exercise such warrant, a prospectus relating to the common stock issuable upon exercise of the warrants is current and the common stock have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants. Under the terms of the warrant agreement, the Company has agreed to use its best efforts to meet these conditions and to maintain a current prospectus relating to the common stock issuable upon exercise of the warrants until the expiration of the warrants. However, the Company cannot assure that it will be able to do so and, if the Company does not maintain a current prospectus relating to the common stock issuable upon exercise of the warrants, holders will be unable to exercise their warrants and the Company will not be required to settle any such warrant exercise. If the prospectus relating to the common stock issuable upon the exercise of the warrants is not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, the Company will not be required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited and the warrants may expire worthless.

Private Warrants — The private warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering except that the private warrants will be entitled to registration rights. The private warrants (including the common stock issuable upon exercise of the private warrants) will not be transferable, assignable or saleable until after the completion of our initial business combination except to permitted transferees. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, there were 11,843,500 warrants issued and outstanding.

Note 8 — Fair Value Measurements

The fair value of the Company’s consolidated financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:

Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:

Unobservable inputs based on the assessment of the assumptions that market participants would use in pricing the asset or liability.

2124

The following tables present information about the Company’s assets and liabilities that are measured at fair value on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Fair value measurements, recurring and nonrecurring

September 30, 2024

Level 1

Level 2

Level 3

March 31, 2025

Level 1

Level 2

Level 3

Assets

Marketable securities held in Trust Account

5,~~300~~585,~~199~~178

December 31, 2023

Level 1

Level 2

Level 3

December 31, 2024

Level 1

Level 2

Level 3

Assets

Marketable securities held in Trust Account

75,~~921~~417,~~818~~489

Note 9 — Segment ~~Subsequent Events~~Information

~~The~~ASC ~~Company~~Topic ~~evaluated~~280, ~~subsequent~~“Segment ~~events~~Reporting,” ~~and~~establishes standards ~~transactions~~for ~~that~~companies ~~occurred~~to ~~after~~report ~~the~~in ~~balance~~their ~~sheet~~financial ~~date~~statement upinformation toabout ~~the~~operating ~~date~~segments, ~~that~~products, ~~the~~services, ~~consolidated~~geographic ~~financial~~areas, and ~~statements~~major ~~were issued~~customers. ~~Based~~Operating onsegments ~~the~~are ~~review,~~defined as ~~further~~components ~~disclosed~~of inan ~~the~~enterprise ~~footnotes~~for ~~and~~which ~~except~~separate asfinancial ~~disclosed~~information ~~below,~~is ~~management~~available that ~~did~~is ~~not~~regularly ~~any~~evaluated ~~subsequent~~by ~~event~~the ~~requiring~~Company’s ~~disclosure~~chief operating decision maker, or group, in ~~the~~deciding ~~consolidated~~how ~~financial~~to ~~statements~~allocate resources and assess performance.

~~Extension~~The Company’s chief operating decision maker has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews key metrics, which include the following:

On October 17, 2024, the Company deposited $18,564.20 into the Trust Account to extend the date by which the Company can complete an initial business combination until November 22, 2024.

Schedule of Segment Information
	For the Three Months Ended March 31
	2025		2024
General and administrative expenses	$	346,266	$	114,435
Interest earned on investments held in Trust Account	$	56,305	$	102,444

~~Amendment~~The key measures of segment profit or loss reviewed by the CODM are general and administrative expenses and interest earned on investments held in Trust Account. General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the ~~Merger~~business ~~Agreement~~combination period. The CODM also reviews general and administrative expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Interest earned on investments held in Trust Account are reviewed to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

~~On October 30,~~Note ~~2024,~~10 ~~the~~— ~~Company~~Subsequent and DRIVEiT entered into an amendment to the Merger Agreement to change the treatment of the Bridge Financing Notes (as defined in the Merger Agreement) up to an aggregate of $2,950,000 of the Company’s preferred stock upon the consummation of the Business Combination (the “Amendment”). Pursuant to the Amendment, immediately before the closing of the Business Combination, the Bridge Financing Notes shall be converted into DRIVEiT preferred stock and, each share of such DRIVEiT preferred stock issued shall be converted into the right to receive a share of the Company’s preferred stock. Additionally, immediately prior to the closing, the Company agrees that it shall (i) subrogate and replace DRIVEiT as a party to the bridge financing agreements and assume all DRIVEiT’s obligations thereunder to consummate the bridge financing.Events

~~Note~~The ~~SPA~~Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed consolidated financial statements were issued. Based on the review, as further disclosed in the footnotes and except as disclosed below, management did not identify any subsequent event requiring disclosure in the unaudited condensed consolidated financial statements.

~~On October~~Nasdaq 30, 2024, the Company and DRIVEiT entered into a Securities Purchase Agreement (the “Note SPA”) with a certain investor, pursuant to which the investor agreed to purchase a 10% Original Issue Discount Convertible Note (the "OID Convertible Note") with an aggregate principal amount of $3.894 million. The OID Convertible Note will be mandatorily converted into shares of a new series of preferred stock of DRIVEiT immediately before the closing of the Business Combination. Upon execution of the Note SPA, the investor purchased the full value of the OID Convertible Note for $2.95 million. Upon the closing of the Business Combination, the preferred stock of DRIVEiT will then be converted into a right to receive an equal number of shares of preferred stock of the Company.Delisting

~~PIPE~~On April 21, 2025, Yotta ~~SPA~~Acquisition Corporation, a Delaware corporation (the “Company”), received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that (i) the Staff has determined that the Company’s securities will be delisted from the Nasdaq Stock Market; (ii) trading of the Company’s Common Stock, Units, Rights, and Warrants will be suspended at the opening of business on April 28, 2025; and (iii) a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on the Nasdaq Stock Market. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by April 19, 2025, the Company did not comply with IM-5101-2, and its securities are now subject to delisting.

~~On October 30~~Additionally, ~~2024,~~ the Company has ~~and~~not ~~DRIVEiT~~paid ~~also~~certain ~~entered~~fees ~~into~~required aby ~~second~~Listing ~~Securities~~Rule ~~Purchase Agreement~~ 5250(~~the “PIPE SPA”~~f) ~~with~~. aPursuant ~~certain investor, pursuant~~ to ~~which,~~Listing ~~upon~~Rule the terms and subject to the conditions contained therein, the investor is obligated to purchase shares of preferred stock for a purchase price of $8.4 million upon the closing of the Business Combination, and, after the closing of the Business Combination, in nine 5810(9d) ~~tranches~~(2), ~~with~~this ~~each~~deficiency ~~tranche~~serves ~~having~~as aan ~~purchase price of $5 million. Each~~additional ~~purchase~~and ofseparate ~~shares~~basis ~~of preferred stock under the PIPE SPA is~~ for ~~a number of shares of preferred stock equal to the aggregate purchase price paid by the investor plus a 10% increase, multiplied by 3~~delisting.~~25 and divided by the Stated Value (as defined in the PIPE SPA) of the preferred stock.~~

The ~~conversion~~ ofCompany ~~the~~will ~~convertible~~not ~~note~~appeal ~~and~~Nasdaq’s ~~the closing of the purchases of preferred stock pursuant to the PIPE SPA are subject to certain~~determination ~~conditions that must be satisfied or waived by the investor, including (i) the investor has entered into a registration rights agreement in a form~~ to bedelist ~~reasonably acceptable to~~ the ~~investor~~Company’s ~~including~~securities ~~terms~~ and ~~conditions customary to registration rights agreements of this kind~~accordingly, ~~(ii)~~ the ~~Certificate~~Company’s ofsecurities ~~Designation~~were ~~designating~~suspended ~~the~~from ~~series~~trading ~~of preferred stock shall have been filed and in full force and effect, (iii) the Class A common stock is listed~~ on aNasdaq ~~national~~at ~~securities exchange and~~ the ~~Company has obtained stockholder approval~~ ofopening ~~the issuance~~ of ~~the~~business ~~preferred~~on ~~stock~~April ~~in compliance with the rules of such exchange~~28, ~~(iv) the~~2025. The Company’s ~~shall~~securities ~~have~~are ~~reserved~~currently aquoted ~~number of~~on ~~shares of Class A common stock equal to 250% of~~ the ~~number~~OTC ofPink ~~shares~~Tier ofmarket ~~Class~~under ~~A common stock as shall from time to time be sufficient to effect~~ the ~~conversion of all outstanding shares of preferred stock; and (v) the average daily trading volume of the common stock~~same onticker ~~the~~symbols. ~~principal~~The ~~securities~~Company ~~exchange or trading market where such Class A common stock~~ is ~~listed~~working ordiligently ~~traded~~to ~~during~~complete ~~the~~a ~~ten~~business ~~(10) days prior~~combination toas ~~such~~soon ~~closing~~as ~~shall exceed $4 million~~practicable.

~~For a~~The ~~period~~Company ~~until~~will ~~the~~remain ~~one-year anniversary of the later of (i) the date~~ a ~~registration~~reporting ~~statement~~entity ~~registering~~under the ~~shares of Class~~ Securities AExchange ~~common~~Act ~~stock issuable upon conversion~~ of ~~all the shares of preferred stock is declared effective or (ii) the date the Company has obtained stockholder approval approving this transaction~~1934, ~~the~~as ~~investor has the right~~amended, ~~but~~with ~~not~~respect ~~the obligation,~~ to ~~purchase~~continued ~~additional shares~~disclosure of ~~preferred~~financial ~~stock for an aggregate purchase price of $100 million upon the same terms~~ and ~~conditions~~operational ~~as the purchases of preferred stock under the PIPE SPA~~information.

22Change of Board Members

On April 29, 2025, the Company reported the death of Brandon Miller, a member of the Company’s board of directors (the “Board”). On the same day, the Board appointed Qi Gong, a current member of the Board, to serve as Chairperson of the Audit Committee. The Board also appointed Ping Zhang as a member of the Board, including committee positions on the Audit Committee, the Compensation Committee, and the Nominating Committee, to fill the vacancy created by Mr. Miller’s death.

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

References in this report (this “Quarterly Report”) to “we,” “us” or the “Company” refer to Yotta Acquisition Corporation References to our “management” or our “management team” refer to our officers and directors. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report, including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the search for an initial business combination, the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s filings with the SEC can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated in Delaware on March 8, 2021. We were formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses, which we refer to herein as our “initial business combination.” Our efforts to identify a prospective target business are not limited to any particular industry or geographic region, although we intend to focus on target businesses in and around the high technology, blockchain and other general business industries globally. We intend to utilize cash derived from the proceeds of our initial public offering (“IPO”) and the private placement of Private Units, our securities, debt or a combination of cash, securities and debt, in effecting our initial business combination.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a business combination will be successful.

OnRecent October 24, 2022, the Company, NaturalShrimp Incorporated, a Nevada corporation (“NaturalShrimp”), and Yotta Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of the Company, entered into a Merger Agreement (the “NaturalShrimp Merger Agreement”), pursuant to which Yotta Merger Sub, Inc. would merge with and into the NaturalShrimp (the “NaturalShrimp Business Combination”) with the Target as the surviving corporation of the NaturalShrimp Business Combination and becoming a wholly-owned subsidiary of the Company. By a letter dated August 10, 2023 (the “Termination Letter”), the Company informed NaturalShrimp that it was terminating Merger Agreement. The termination of the NaturalShrimp Merger Agreement was due to breaches by NaturalShrimp of its obligations thereunder including, but not limited to, NaturalShrimp’s obligation to share the costs associated with the extension of the deadline by which Yotta must complete an initial business combination. Although the payments were to be shared equally, NaturalShrimp failed to provide its portion despite being notified of its obligation to do so. NaturalShrimp has not responded to the Termination Letter but previously sent a notification that it was terminating the NaturalShrimp Merger Agreement and demanding the payment of a break-up fee. Yotta rejected that purported termination as it does not believe NaturalShrimp has a legal basis under the NaturalShrimp Merger Agreement to terminate it. Moreover, pursuant to Section 10.2(b) of the Merger Agreement, NaturalShrimp was not authorized to terminate the NaturalShrimp Merger Agreement when it was in breach of its terms. The Company also included in the Termination Letter a demand for the $3 million termination fee due to it under the terms of the NaturalShrimp Merger Agreement.Developments

23On April 29, 2025, the Company reported the death of Brandon Miller, a member of the Company’s board of directors (the “Board”). On the same day, the Board appointed Qi Gong, a current member of the Board, to serve as Chairperson of the Audit Committee. The Board also appointed Ping Zhang as a member of the Board, including committee positions on the Audit Committee, the Compensation Committee, and the Nominating Committee, to fill the vacancy created by Mr. Miller’s death.

On January 20, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $575,000 to the Sponsor in exchange for its depositing such amount into the Trust Account in order to extend the time for us to complete an initial business combination from January 22, 2023 to April 22, 2023. Pursuant to the terms of the Agreement, NaturalShrimp paid one-half of the extension fee while the Company paid the other half. On February 5, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $250,000 to the Sponsor in order to meet the working capital needs of the Company.26

InOn ~~connection~~January ~~with~~10, 2024, the ~~stockholders’~~Company ~~vote~~received ata written notice from the ~~Special~~Listing ~~Meeting,~~Qualifications ~~7,414,905~~Department ~~shares~~of ~~were~~The ~~tendered~~Nasdaq ~~for~~Stock ~~redemption.~~Market AsLLC a(“Nasdaq”) ~~result,~~stating ~~approximately~~that ~~$76,322,364~~the ~~(or~~Company ~~$10.29~~is ~~per~~not in ~~share)~~compliance ~~has~~with ~~been~~Nasdaq ~~withdrawn~~Listing ~~from~~Rule 5450(b)(2) (the ~~Company’s~~“Rule”) ~~Trust~~because ~~account~~the toCompany ~~pay~~has ~~such~~not ~~holders,~~maintained ~~without~~a ~~taking~~minimum ~~into~~Market ~~account~~Value of ~~additional~~Listed ~~allocation~~Securities of ~~payments~~at toleast ~~cover~~$50 million. ~~any~~The ~~tax~~Notice ~~obligation~~has no immediate effect on the listing or trading of the Company,’s listed ~~such~~securities. asThe ~~franchise~~Company ~~taxes~~has 180 calendar days from the date of the Notice, ~~but~~or ~~not~~until ~~including~~July ~~any~~8, 2024, ~~excise~~to ~~tax~~regain compliance. Alternatively, the ~~since~~Company ~~that~~may ~~date~~consider applying for a transfer to the Nasdaq Capital Market.

On September 22, 2023, the Company held a special meeting of stockholders (the “September Special Meeting”). During the September Special Meeting, stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from September 22, 2023 to August 22, 2024 and (ii) an amendment to the Company’s Trust Agreement to extend the time for the Company to complete a business combination from September 22, 2023 to August 22, 2024 (the “Second Trust Amendment”) without depositing any additional funds the Trust Account. Additionally, the Company and the Sponsor entered into agreements with several third parties in exchange for them agreeing not to redeem shares of the Company’s common stock sold in its IPO (See Note 6). In connection with the stockholders’ vote at the special meeting, an aggregate of 3,358,759 shares with redemption value of approximately $35,797,997 (or $10.66 per share) of the Company’s common stock were tendered for redemption; the entire amount was paid to the redeemed public stockholders on October 16, 2023.

On April 21, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $200,000 to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for us to complete an initial business combination from April 22, 2023 to May 22, 2023, and the remaining $80,000 to cover the Company’s working capital needs.

On July 18, 2023, the Company issued an unsecured promissory note of $160,000 to the Sponsor in exchange for its depositing $120,000 to the Trust Account on to extend the time for the Company to complete a business combination from July 22, 2023 to August 22, 2023 and the remaining $40,000 to cover working capital needs.

On August 18, 2023, the Company issued an unsecured promissory note of $200,000 to the Sponsor in exchange for its depositing $120,000 to the Trust Account to extend the time for the Company to complete a business combination from August 22, 2023 to September 22, 2023 and the remaining $80,000 to cover working capital needs.

On November 29, 2023, the Company issued an unsecured promissory note of $35,000 (“Promissory Note 8”) to the Sponsor to cover working capital needs.

On January 7, 2024 and April 19, 2024, the Company issued unsecured convertible promissory notes of up to $540,000 each note to the Sponsor (“Convertible Note 1 and Convertible Note 2”) to cover working capital needs. The holder of the Convertible Note, in its sole discretion, may convert any or all of the unpaid principal under the promissory note into shares of common stock of the Company, at a price of $10.00 per share, upon consummation of the Business Combination. The Company drew down $577,000 and $0 of the Convertible Note 1 and Convertible Note 2, respectively, as of September 30, 2024.

Pursuant to the Merger Agreement, DRIVEiT deposited $1,100,000 into Sponsor’s operating account to repay certain promissory notes owed to the Sponsor.

All eight Promissory Notes and Convertible Note are interest-free and payable after the date on which the Company consummates an initial business combination. As of September 30, 2024 and December 31, 2023, $2,237,000 and $1,660,000 were outstanding respectively, under all the Promissory Notes and Convertible Notes.

On April 21, 2025, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC stating that (i) the Staff has determined that the Company’s securities will be delisted from the Nasdaq Stock Market; (ii) trading of the Company’s Common Stock, Units, Rights, and Warrants will be suspended at the opening of business on April 28, 2025; and (iii) a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on the Nasdaq Stock Market. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by April 19, 2025, the Company did not comply with IM-5101-2, and its securities are now subject to delisting.

Additionally, the Company has not paid certain fees required by Listing Rule 5250(f). Pursuant to Listing Rule 5810(d)(2), this deficiency serves as an additional and separate basis for delisting.

The Company will not appeal Nasdaq’s determination to delist the Company’s securities and accordingly, the Company’s securities were suspended from trading on Nasdaq at the opening of business on April 28, 2025. The Company’s securities are currently quoted on the OTC market under the same ticker symbols. The Company is working diligently to complete a business combination as soon as practicable.

The Company will remain a reporting entity under the Securities Exchange Act of 1934, as amended, with respect to continued disclosure of financial and operational information.

DRIVEiT Financial Auto Group, Inc. Merger

On August 20, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Yotta, Yotta Merger Sub Inc., a Maryland corporation and a wholly-owned subsidiary of Yotta (“Merger Sub”), and DRIVEiT Financial Auto Group, Inc, a Maryland corporation (the “DRIVEiT”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur, and in accordance with Maryland General Corporation Law. Merger Sub will merge with and into DRIVEiT, the separate corporate existence of Merger Sub will cease, and DRIVEiT will be the surviving corporation and a wholly-owned subsidiary of Yotta. Yotta will be renamed “DRIVEiT Financial Auto Group, Inc.” The Business Combination is expected to be consummated after obtaining the required approval by the stockholders of Yotta and DRIVEiT and the satisfaction of certain other customary closing conditions. Merger Consideration The total consideration to be paid at the Closing of the Business Combination by Yotta to DRIVEiT security holders will be an amount equal to $100,000,000. The Merger Consideration will be payable in shares of common stock, par value $0.0001 per share, of Yotta, valued at $10 per share.

Pursuant to the Merger Agreement, DRIVEiT deposited $1,100,000 into Sponsor’s operating account to repay indebtedness owed to the Sponsor and $400,000 into the Company’s operating account to cover merger related transaction costs. The Company issued a convertible promissory note in the amount of $1,100,000 to DRIVEiT on August 12, 2024 and recorded $400,000 as other income for the year ended December 31, 2024.

25On August 22, 2024, the Company held a special meeting of stockholders (the “August Special Meeting”). During the August Special Meeting, stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from August 22, 2024 to October 22, 2025 on a monthly basis by depositing an amount equal to $0.04 multiplied by the number of shares of common stock sold to the public in the IPO and that remain outstanding after giving effect to the shares that were redeemed in connection with the August Special Meeting. In connection with the stockholders’ vote at the August Special Meeting, an aggregate of 262,231 shares with redemption value of approximately $2,956,394 (or $11.27 per share) of the Company’s common stock were tendered for redemption. Yotta subsequently deposited approximately $18,564 into the Trust Account per month (the “Monthly Deposit”) to extend the date by which the Company can complete an initial business combination until April 22, 2025. On March 21, 2025, the Company’s Trust Account received an additional deposit of $55,692.60 from an affiliate of DRIVEiT, along with the Monthly Deposit for April 2025, extending the date by which the Company can complete the initial business combination until July 22, 2025.

~~On August 22, 2024, the Company held a special~~Amendment ~~meeting of stockholders (the “August Special Meeting”). During the August Special Meeting, stockholders approved an amendment~~ to the ~~Company’s~~Merger amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from August 22, 2024 to October 22, 2025 on a monthly basis by depositing an amount equal to $0.04 multiplied by the number of shares of common stock sold to the public in the IPO and that remain outstanding after giving effect to the shares that were redeemed in connection with the August Special Meeting. In connection with the stockholders’ vote at the August Special Meeting, an aggregate of 262,231 shares with redemption value of approximately $2,956,393.95 (or $11.27 per share) of the Company’s common stock were tendered for redemption. Yotta subsequently deposited $18,564.20 into the Trust Account per month to extend the date by which the Company can complete an initial business combination until November 22, 2024.Agreement

Note SPA

PIPE SPA

Results of Operations

We have neither engaged in any operations nor generated any operating revenues to date. Our only activities from inception through ~~September~~March 3031, ~~2024~~2025 were organizational activities and those necessary to prepare, and consummate, for the IPO and an initial Business Combination. We do not expect to generate any operating revenue until after the completion of our initial Business Combination.

We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

For the three months ended ~~September~~March 3031, ~~2024~~2025, we had a net ~~income~~loss of $73307,~~893~~319, which consisted of ~~interest~~loss ~~income~~ of $93353,~~855~~966 ~~and~~derived ~~other~~from ~~income of $400,000, offset by~~ general and administrative expenses of $~~244~~346,~~723,~~266 ~~franchise~~and franchise tax expense of $7,~~900~~700, ~~income~~offset ~~tax~~by ~~expense of $167,339. For the three months ended September 30, 2023, we had a net income of $866,518, which consisted of~~ interest income of $~~562~~57,~~199,~~000; ~~and other~~ income oftax ~~$635,100,~~expense ~~offset~~was ~~by general and administrative expenses of~~ $~~297~~10,~~823,~~353 ~~franchise~~for ~~tax~~the ofthree ~~$(26,137),~~months ~~income tax expense of $59,095~~period.

For the ~~nine~~three months ended ~~September~~March 3031, 2024, we we had a net ~~income~~loss of $~~265~~41,~~749~~580, which consisted of ~~interest~~loss ~~income~~ of $~~300~~124,~~329~~807 ~~and~~derived ~~other~~from ~~income of $710,899, offset by~~ general and administrative expenses of $~~510~~114,~~336,~~435 ~~franchise tax expense of $28,843,~~ and ~~income~~ franchise tax expense of $ ~~206~~10,~~300. For the nine months ended September 30~~372, ~~2023,~~ weoffset ~~had~~by ~~a net income of $1,176,792, which consisted of~~ interest income of $2102,~~607,489,~~594; ~~and other~~ income ~~of $635,100, offset by general and administrative expenses of $1,548,552, franchise~~ tax expense ofwas $4319,~~200,~~367 ~~income~~for ~~tax~~the ~~expense~~three ofmonths ~~$474,045~~period.

Liquidity and Going Concern

On April 22, 2022, the Company consummated the IPO of 10,000,000 units (which does not include the exercise of the over-allotment option by the underwriters in the IPO) at an offering price of $10.00 per unit (the “Public Units’), generating gross proceeds of $100,000,000. Simultaneously with the IPO, the Company sold to its Sponsor 313,500 units at $10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $3,135,000. The Private Units are identical to the Units sold in the IPO, except that the private warrants will be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by their initial purchasers or their permitted transferees.

We granted the underwriters in the IPO a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments, if any. On April 27, 2022, the underwriters fully exercised the over-allotment option and purchased an additional 1,500,000 Units (the “Over-Allotment Units”), at a price of $10.00 per Unit, generating gross proceeds of $15,000,000. Simultaneously with the closing of the over-allotment Units, the Company consummated the sale of an additional aggregate of 30,000 Private Units with the Sponsor at a price of $10.00 per Private Unit, generating total proceeds of $300,000.

2629

Following the IPO and the private placement (including the Over-Allotment Units and the Over-Allotment Private Units), a total of $115,000,000 was placed in a trust account located in the United States established for the benefit of the Company’s public stockholders (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, and that invest only in direct U.S. government treasury obligations.

As of ~~September~~March 3031, ~~2024~~2025, we had marketable securities held in the Trust Account of $5,~~300~~585,~~199~~178. Interest income on the balance in the Trust Account may be used by us to pay taxes. We did not withdraw interest earned on the Trust Account to pay our taxes during the three months period. We intend to use substantially all of the funds held in the Trust Account, to acquire a target business and to pay our expenses relating thereto. To the extent that our capital stock is used in whole or in part as consideration to effect a Business Combination, the remaining funds held in the Trust Account will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

As of ~~September 30~~March 31, ~~2024~~2025, the Company had cash of of $~~404~~73,~~404~~434 outside the Trust Account and a working capital deficit of $ (35,~~978~~023,~~534)~~786. On September 22, 2023, the Company’s ~~stockholders~~ stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to permit an extension to as late as August 22, 2024 without depositing any additional funds to the trust account. On each of April 21, 2023, May 19, 2023, June 20, 2023, July 21, 2023 and August 21, 2023, the Company made a deposit of $120,000 to the Trust Account and extended the time to complete a Business Combination to September 22, 2023. On September 22, 2023, the Company’s stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to permit an extension to August 22, 2024 without depositing any additional funds to the Trust Account. On August 22, 2024, the Company’s stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from August 22, 2024 to October 22, 2025 on a monthly basis by depositing approximately $18,564~~.20~~ per month into the Trust Account. ItYotta issubsequently ~~uncertain~~deposited ~~that~~approximately ~~the Company~~$18,564 ~~will~~into ~~be able to consummate a Business Combination by~~ the ~~extended~~Trust ~~date~~Account ~~(or~~per ~~October 22,~~month ~~2025 if~~ (the ~~Sponsor~~“Monthly ~~elects~~Deposit”) to extend the ~~consummation~~ ~~deadline).~~date ~~Moreover,~~by which the Company ~~may~~can ~~need~~complete toan ~~obtain~~initial business ~~additional~~combination ~~financing~~until ~~either~~April to22, ~~complete~~2025. ~~its~~On ~~Business~~March ~~Combination~~21, ~~or because~~2025, itthe ~~becomes~~Company ~~obligated~~made toan ~~redeem~~additional adeposit ~~significant number~~ of ~~public~~$55,692.60 ~~shares~~from ~~upon~~an ~~consummation~~ affiliate of ~~its Business Combination~~DRIVEiT, inalong ~~which case~~with the ~~Company~~Monthly ~~may~~Deposit ~~issue~~for ~~additional~~April ~~securities~~2025, orextending ~~incur~~the ~~debt~~date inby ~~connection~~which ~~with~~the ~~such~~Company ~~Business~~can ~~Combination.~~complete Ifthe ainitial ~~Business Combination~~business iscombination ~~not~~until ~~consummated~~July ~~by October~~ 22, 2025~~, there will be a mandatory liquidation and subsequent dissolution~~.

It is uncertain that the Company will be able to consummate a Business Combination by the extended date (or October 22, 2025 if the Sponsor elects to extend the consummation deadline). Moreover, the Company may need to obtain additional financing either to complete its Business Combination or because it becomes obligated to redeem a significant number of public shares upon consummation of its Business Combination, in which case the Company may issue additional securities or incur debt in connection with such a Business Combination. If a Business Combination is not consummated by October 22, 2025, there will be a mandatory liquidation and subsequent dissolution.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by October 22, 2025, then the Company will cease all operations except for the purpose of liquidating. The date for liquidation and subsequent dissolution as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going concern. The financial ~~statement~~statements ~~does~~do not include any adjustments that might result from the outcome of this uncertainty.

2730

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of ~~September~~March 3031, ~~2024~~2025. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non- financial assets.

Contractual Obligations

Business Combination Marketing Agreement

The Company engaged EarlyBirdCapital, Inc. (“EarlyBirdCapital”) pursuant to a Finder’s Engagement Agreement dated November 2, 2023, to assist Yotta with introductions to potential target businesses in connection to its initial business combination. Yotta agreed to pay EarlyBirdCapital a fee equal to one percent (1%) of the total consideration, (the total value of all cash, securities or other property paid at the closing or closings) of a transaction between Yotta and a target business.

Non-Redemption Agreements

Administrative Services Agreement

We intend to enter into an agreement, commencing on April 19, 2022 through the earlier of our consummation of a Business Combination and our liquidation, to pay the Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support. However, pursuant to the terms of such agreement, the Sponsor agreed to defer the payment of such monthly fee. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of the initial Business Combination.

Underwriting Agreement

Upon closing of a Business Combination, the underwriters were paid a cash underwriting discount of 2.0% of the gross proceeds of the IPO, or $2,300,000. In addition, the underwriters will be entitled to a deferred fee of 3.5% of the gross proceeds of the IPO, or $4,025,000 which will be paid from the amounts held in the Trust Account solely in the event that we complete a Business Combination ~~s Combination~~, subject to the terms of the underwriting agreement.

~~Right~~Business Combination ofMarketing ~~First Refusal~~Agreement

WeThe Company ~~granted~~engaged ~~Chardan~~EarlyBirdCapital, ~~for~~Inc. (“EarlyBirdCapital”) pursuant to a ~~period~~Finder’s ofEngagement 18Agreement ~~months~~dated ~~after~~November 2, 2023, to assist the ~~date~~Company ofwith ~~the~~introductions ~~consummation~~to ofpotential ~~the~~target ~~Company’s~~businesses ~~Business~~in ~~Combination,~~connection ato ~~right~~its ofinitial ~~first~~business ~~refusal~~combination. Yotta agreed to ~~act~~pay asEarlyBirdCapital ~~book-running~~a ~~manager,~~fee ~~with~~equal atto ~~least~~one 30percent (1%) of the ~~economics,~~total ~~or,~~consideration in (the ~~case~~total value of aall ~~“three-handed”~~cash, ~~deal~~securities ~~20%~~or other ofproperty ~~the~~paid ~~economics,~~at ~~for~~the ~~any~~closing ~~and~~or ~~all~~closings) ~~future~~of ~~public~~a ~~and~~transaction ~~private~~between ~~equity~~the Company and ~~debt~~a ~~offerings~~target business.

28Certain Related Agreements

~~Critical~~Parent Stockholder ~~Accounting~~Support ~~Policies and Estimates~~Agreement

~~The~~In connection ~~preparation~~with the execution of ~~consolidated~~the ~~financial~~Merger ~~statements~~Agreement, Yotta and ~~related~~the ~~disclosures~~officers inand ~~conformity~~directors ~~with~~of ~~accounting~~Yotta, ~~principles~~the ~~generally~~Company ~~accepted~~and in the ~~United~~Sponsor ~~States~~entered into ofa ~~America~~support ~~requires~~agreement ~~management~~(the “Parent Stockholder Support Agreement”) pursuant to ~~make~~which ~~estimates~~the Sponsor and ~~assumptions~~the ~~that~~officers ~~affect~~and directors ~~the~~of ~~reported~~Yotta ~~amounts~~have agreed to vote all shares of ~~assets~~the ~~and~~common ~~liabilities~~stock beneficially owned by them, ~~disclosure~~including ofany ~~contingent~~additional ~~assets~~shares ~~and~~they acquire ~~liabilities~~ownership atof or the ~~date~~power to vote: (i) in favor of the ~~consolidated~~Merger ~~financial~~and ~~statements~~related transactions, ~~and~~(ii) ~~income~~against ~~and~~any ~~expenses~~action ~~during~~reasonably ~~the~~be expected ~~periods~~to ~~reported.~~impede, ~~Actual~~delay, ~~results~~or ~~could~~ materially ~~differ~~and ~~from~~adversely ~~those~~affect ~~estimates.~~the WeMerger ~~have~~and ~~not~~related ~~identified~~transactions, ~~any~~and ~~critical~~(iii) ~~accounting~~in ~~estimates;~~favor weof ~~have~~an ~~identified~~extension of the ~~following~~period ~~critical~~of ~~accounting~~time ~~policies:~~Yotta is afforded to consummate an initial business combination.

Company Support Agreement

Form of Lock-Up Agreement

Forfeiture Agreement

Registration Rights Agreement

Amendment to the Merger Agreement

Note SPA

PIPE SPA

Critical Accounting Policies

The preparation of unaudited condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting estimates; we have identified the following critical accounting policies:

Common Stock Subject to Possible Redemption

We account for our common stock subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. Our common stock features certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of our ~~unaudited~~ condensed ~~consolidated~~ balance sheets. We recognize changes in redemption value immediately as they occur and adjust the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of shares of redeemable common stock are affected by charges against additional paid in capital or accumulated deficit if additional paid in capital equals to zero.

Warrants

We account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. We determined that upon further review of the proposed form of warrant agreement, management concluded that the Public Warrants and Private Warrants to be issued pursuant to the warrant agreement qualify for equity accounting treatment.

Net (Loss) Income Per Share

We comply with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. Net income per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other stockholders, redeemable and non-redeemable common stock are presented as one class of stock in calculating net income per share. The Company has not considered the effect of the warrants sold in the IPO and private placement to purchase an aggregate of 11,843,500 shares in the calculation of diluted income per share, since the exercise of the warrants are contingent upon the occurrence of future events. We then allocated the net income ratably based on the weighted average number of shares outstanding between the redeemable and non-redeemable shares.

Recent accounting pronouncements

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company, we are not required to make disclosures under this Item.

Item 4. Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our ~~principal~~Chief ~~executive~~Executive ~~officer~~Officer and ~~principal~~Chief ~~financial~~Financial ~~officer~~Officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the fiscal quarter ended ~~September~~March 3031, ~~2024~~2025, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that during the period covered by this report, our disclosure controls and procedures were not effective. Management has identified the following material weaknesses which were previously disclosed in Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~ 2024, are not yet remediated. Management continues to devote significant planning and execution efforts toward remediation these material weaknesses:

● We lack sufficient segregation of duties and controls with respect to our record keeping, asset custody, trust asset custody and authorization controls.

●

We lack controls to prevent unauthorized access to our general ledger including the ability to record journal entries including the ability to record and/or modify journal entries.

●

We lack controls to identify and account for certain complex non-routine transactions.

●

The design of our controls over the approval of related party transactions is ineffective including requirements to provide contemporaneous documentation of the business purpose and validity of travel expenses.

●

The design of our controls over the preparation of the tax provision, tax accrual and franchise tax accrual as well as related disbursements from the trust account and subsequent timely payment of tax estimates are ineffective.

●

Our controls over the preparation of expense accruals including our ability differentiating between contractual and contingent liabilities and to detect errors in expense accruals through our financial close process are ineffective.

●

We have ineffective oversight on the part of our audit committee.

Remediation Plan for the Material Weaknesses

As previously disclosed in Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024, management has identified material weaknesses as of that date. A “material weakness” is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. To remediate the material weaknesses identified above, we are initiating controls and procedures in order to:

●

educating control owners about the principles and requirements of each control, particularly those that have an impact on financial reporting, which includes a specific emphasis on improving the transaction approval process;

●

developing and maintaining documentation to facilitate knowledge transfer during personnel and function changes, in addition designating a specific individual for the purpose of document retention;

●

developing a protocol for each control, as well as establishing reviews for specific tasks and transactions; and

● ~~Enhancing~~enhancing communication between management and the board as well as management and the audit committee.

The material weaknesses identified above will not be considered remediated until our remediation efforts have been fully implemented and we have concluded that these controls are operating effectively.

Management does not expect that our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective control system, no evaluation of internal control over financial reporting can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been or will be detected.

Changes in Internal Control Over Financial Reporting

Other than the changes intended to remediate the material weakness as discussed above and in Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, there was no change in our internal control over financial reporting (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) during the fiscal quarter ended ~~September~~March 3031, ~~2024~~2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

~~Factors~~As ~~that~~a ~~could~~smaller ~~cause~~reporting ~~our~~company, ~~actual~~we ~~results to differ materially from those in this Quarterly Report~~ are any of the risks described in our final prospectus for our IPO filed with the SEC on April 21, 2022. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not ~~currently known~~ required to usmake ordisclosures ~~that~~under ~~we currently deem immaterial may also impair our business or results of operations. As of the date of~~ this ~~Quarterly Report, there have been no material changes to the risk factors disclosed in our final prospectus for our IPO filed with the SEC on April 21, 2022~~Item. ~~We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.~~

Item 2. Unregistered Sales of Equity Securities, ~~and~~ Use of Proceeds, and Issuer Purchases of Equity Securities.

On April 22, 2022, we consummated the IPO of 10,000,000 Units, each Unit consisting of one share of common stock, one redeemable warrant and one right, for $10.00 per Unit, generating gross proceeds of $100,000,000. Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Each right entitles the holder thereof to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination. We had granted the underwriters in the IPO a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments.

On April 25, 2022, the underwriters fully exercised the over-allotment option and purchased 1,500,000 Units at an offering price of $10.00 per Unit for an aggregate purchase price of $15,000,000 on April 27, 2022. The securities in the IPO, including the exercise by the underwriters of the over-allotment option, were registered under the Securities Act on a registration statement on Form S-1 (No. 333-263415). The SEC declared the registration statement effective on April 19, 2022.

On April 22, 2022, simultaneously with the closing of the IPO, we sold an aggregate of 313,500 Private Units in a private placement with the Sponsor, at a price of $10.00 per Private Unit, generating gross proceeds of $3,135,000. The Private Units are identical to the units sold in the IPO, except that (a) the Private Units and underlying securities will not be transferable, assignable or salable until the consummation of our initial business combination, except to permitted transferees, and (b) the private warrants, so long as they are held by the initial purchasers or their permitted transferees, (i) will not be redeemable by us, (ii) may be exercised by the holders on a cashless basis, and (iii) will be entitled to registration rights.

On April 27, 2022, simultaneously with the closing of the exercise of the over-allotment option, we consummated the sale of an additional aggregate of 30,000 Private Units in a private placement to the Sponsor, at a purchase price of $10.00 per Private Unit, generating gross proceeds of $300,000. The Private Units were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

A total of $115,000,000 of the net proceeds from the sale of the Units in the IPO and the private placement of the Private Units on April 22, 2022 and April 27, 2022 were deposited in a trust account established for the benefit of the Company’s public stockholders at JPMorgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, acting as trustee.

For a description of the use of the proceeds generated in our IPO, see Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report.

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On August 22, 2024, the Company held a special meeting of stockholders (the “August Special Meeting”). During the August Special Meeting, stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate a business combination from August 22, 2024 to October 22, 2025 on a monthly basis by depositing an amount equal to $0.04 multiplied by the number of shares of common stock sold to the public in the IPO and that remain outstanding after giving effect to the shares that were redeemed in connection with the August Special Meeting. In connection with the stockholders’ vote at the August Special Meeting, an aggregate of 262,231 shares with redemption value of approximately $2,956,393.95 (or $11.27 per share) of the Company’s common stock were tendered for redemption.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.

Exhibit No.		Description
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

Filed herewith.

Furnished herewith. This certification is being furnished solely to accompany this report pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filings of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	YOTTA ACQUISITION CORPORATION
Date: November 14, 2024	By:	/s/ Hui Chen
Date: May 19, 2025	By:	/s/ Hui Chen
	Name:	Hui Chen
	Title:	Chief Executive Officer
		(Principal Executive Officer)
Date: November 14, 2024	By:	/s/ Robert L. Labbe
Date: May 19, 2025	By:	/s/ Robert L. Labbe
	Name:	Robert L. Labbe
	Title:	Chief Financial Officer
		(Principal Accounting and Financial Officer)

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