Company: TACOW
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001829126-25-004454
Chunk: 33

Company: Berto Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
---
 Initial Business Combination within the prescribed time period.

Liquidity
      and Capital Resources

As
      of March 31, 2025, we had approximately $11,000 in cash and a working capital deficit of approximately $1.1 million.

Our
      liquidity needs through March 31, 2025 were satisfied through the payment of $25,000 from our Sponsor, its affiliates, and
      the Consultant to purchase founder shares, and a loan under the Note in the amount of approximately $189,000. Following the closing
      of the Initial Public Offering, our liquidity was derived from the net proceeds from the consummation of the Initial Public Offering
      and the Private Placement held outside of the Trust Account. We fully repaid the Note balance on May 1, 2025, and the Note
      was no longer available after closing.

In
      addition, in order to finance transaction costs in connection with our Initial Business Combination, our Sponsor or an affiliate
      of the Sponsor, or our officers and directors may, but are not obligated to, provide the Working Capital Loans to us. If we complete
      our Initial Business Combination, we would repay the Working Capital Loans. In the event that the Initial Business Combination
      does not close, we may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds
      held in the Trust Account would be used to repay the Working Capital Loans. If the Sponsor makes any Working Capital Loans, up
      to $1.5 million of such loans may be convertible into warrants of the post Initial Business Combination entity at a price of $1.00
      per warrant at the option of the lender. The warrants and their underlying securities would be identical to the Sponsor Private
      Placement Warrants. As of March 31, 2025, we had no borrowings under the Working Capital Loans.

21

In
      connection with the Company’s assessment of going concern considerations in accordance with FASB ASC 205-40 - Presentation
      of Financial Statements – Going Concern, “Disclosures of Uncertainties about an Entity’s Ability to Continue
      as a Going Concern”, as of March 31, 2025, our management has determined that our current liquidity including, our access
      to funds from the Sponsor entity and the fact that our Sponsor and/or its affiliates agrees to make those funds available and has
      the financial wherewithal to provide such funds and the net