$PFTA
Perception Capital Corp III Stock $pfta

$pfta Overview Financials Valuation SEC Filings Company Website

2022 Q4 Form 10-K Financial Statement

#000182912623002011 Filed on March 13, 2023

Income Statement

Concept	2022 Q4	2022
Revenue	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$610.5K	$2.721M
YoY Change	-53.97%	7.01%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$610.5K	$2.721M
YoY Change	-53.97%	7.01%
Operating Profit		-$2.721M
YoY Change
Interest Expense	$1.818M	$11.28M
YoY Change	-54.2%	7.68%
% of Operating Profit
Other Income/Expense, Net	$0.00	$11.28M
YoY Change
Pretax Income	$1.208M	$8.556M
YoY Change	-54.31%	7.89%
Income Tax
% Of Pretax Income
Net Earnings	$1.208M	$8.556M
YoY Change	-54.31%	7.89%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share	$0.04	$0.26
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept	2022 Q4	2022
SHORT-TERM ASSETS
Cash & Short-Term Investments	$263.6M	$368.7K
YoY Change	1.28%	-68.49%
Cash & Equivalents	$368.7K	$368.7K
Short-Term Investments	$263.3M
Other Short-Term Assets	$497.1K	$497.1K
YoY Change	-40.76%	-40.76%
Inventory
Prepaid Expenses	$497.1K
Receivables
Other Receivables
Total Short-Term Assets	$865.7K	$865.7K
YoY Change	-56.91%	-56.91%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$263.3M	$263.3M
YoY Change	1.59%	1.59%
Other Assets	$0.00	$0.00
YoY Change	-100.0%	-100.0%
Total Long-Term Assets	$263.3M	$263.3M
YoY Change	1.4%	1.4%
TOTAL ASSETS
Total Short-Term Assets	$865.7K	$865.7K
Total Long-Term Assets	$263.3M	$263.3M
Total Assets	$264.1M	$264.1M
YoY Change	0.95%	0.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses	$1.859M	$1.859M
YoY Change	141.26%	141.26%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$1.859M	$1.859M
YoY Change	141.26%	141.26%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$5.584M	$5.584M
YoY Change	-70.57%	-70.57%
Total Long-Term Liabilities	$5.584M	$5.584M
YoY Change	-70.57%	-70.57%
TOTAL LIABILITIES
Total Short-Term Liabilities	$1.859M	$1.859M
Total Long-Term Liabilities	$5.584M	$5.584M
Total Liabilities	$7.444M	$7.444M
YoY Change	-62.3%	-62.3%
SHAREHOLDERS EQUITY
Retained Earnings	-$12.81M
YoY Change	-25.57%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$6.578M	$256.7M
YoY Change
Total Liabilities & Shareholders Equity	$264.1M	$264.1M
YoY Change	0.95%	0.95%

Cashflow Statement

Concept	2022 Q4	2022
OPERATING ACTIVITIES
Net Income	$1.208M	$8.556M
YoY Change	-54.31%	7.89%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$18.89K	-$801.4K
YoY Change	-104.9%	-63.47%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities	$0.00	$0.00
YoY Change		-100.0%
Cash From Investing Activities	$0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$0.00
YoY Change		-100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	0.000
YoY Change	-100.0%
NET CHANGE
Cash From Operating Activities	-18.89K	-$801.4K
Cash From Investing Activities	0.000
Cash From Financing Activities	0.000
Net Change In Cash	-18.89K	-$801.4K
YoY Change	-95.11%	-168.49%
FREE CASH FLOW
Cash From Operating Activities	-$18.89K	-$801.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2022	dei	Document Type DocumentType	10-K
CY2022	dei	Document Annual Report DocumentAnnualReport	true
CY2022	dei	Document Period End Date DocumentPeriodEndDate	2022-12-31
CY2022	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2022	dei	Entity Central Index Key EntityCentralIndexKey	0001853580
CY2022	dei	Amendment Flag AmendmentFlag	false
CY2022	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2022
CY2022	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2022Q4	us-gaap	Prepaid Expense Noncurrent PrepaidExpenseNoncurrent		usd
CY2021Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital		usd
	PFTAU	Reduction Of Deferred Underwriter Fee Payable ReductionOfDeferredUnderwriterFeePayable		usd
CY2022	PFTAU	Unrealized Gain On Investments Held In Trust Account UnrealizedGainOnInvestmentsHeldInTrustAccount		usd
CY2021Q1	us-gaap	Stockholders Equity StockholdersEquity		usd
	PFTAU	Reduction Of Deferred Underwriter Fee Payable ReductionOfDeferredUnderwriterFeePayable		usd
CY2022	PFTAU	Unrealized Gain On Investments Held In Trust Account UnrealizedGainOnInvestmentsHeldInTrustAccount		usd
CY2022	PFTAU	Expenses Paid By Sponsor Through Promissory Note And Advances ExpensesPaidBySponsorThroughPromissoryNoteAndAdvances		usd
CY2022	PFTAU	Transaction Costs Allocated To Warrant Liabilities TransactionCostsAllocatedToWarrantLiabilities		usd
CY2022	PFTAU	Investment Of Cash In Trust Account InvestmentOfCashInTrustAccount		usd
CY2022	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities		usd
CY2022	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock		usd
CY2022	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement		usd
CY2022	us-gaap	Proceeds From Repayments Of Related Party Debt ProceedsFromRepaymentsOfRelatedPartyDebt		usd
CY2022	PFTAU	Repayment Of Promissory Note Sponsor RepaymentOfPromissoryNoteSponsor		usd
CY2022	PFTAU	Offering Costs Paid OfferingCostsPaid		usd
CY2022	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities		usd
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents		usd
CY2022	PFTAU	Offering Costs Paid By Sponsor In Exchange For Issuance Of Class B Ordinary Shares OfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares		usd
CY2022	PFTAU	Offering Costs Included In Promissory Note Sponsor OfferingCostsIncludedInPromissoryNoteSponsor		usd
CY2022	PFTAU	Offering Costs Included In Due To Sponsor OfferingCostsIncludedInDueToSponsor		usd
CY2022	us-gaap	Amortization Of Deferred Sales Commissions AmortizationOfDeferredSalesCommissions		usd
	PFTAU	Remeasurement Of Class Ordinary Shares To Redemption Value RemeasurementOfClassOrdinarySharesToRedemptionValue		usd
	PFTAU	Reduction Of Deferred Underwriting Fee Payable ReductionOfDeferredUnderwritingFeePayable		usd
CY2022	dei	Document Transition Report DocumentTransitionReport	false
CY2022	dei	Entity File Number EntityFileNumber	001-40639
CY2022	dei	Entity Registrant Name EntityRegistrantName	PORTAGE FINTECH ACQUISITION CORPORATION
CY2022	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	E9
CY2022	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	98-1592069
CY2022	dei	Entity Address Address Line1 EntityAddressAddressLine1	280 Park Avenue
CY2022	dei	Entity Address Address Line2 EntityAddressAddressLine2	29F East
CY2022	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
CY2022	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
CY2022	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10017
CY2022	dei	City Area Code CityAreaCode	(212)
CY2022	dei	Local Phone Number LocalPhoneNumber	380-5605
CY2022	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2022	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2022	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2022	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2022	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2022	dei	Entity Small Business EntitySmallBusiness	true
CY2022	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2022	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
CY2022	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2022	dei	Entity Shell Company EntityShellCompany	true
CY2022Q2	dei	Entity Public Float EntityPublicFloat	163489523	usd
CY2022	dei	Auditor Name AuditorName	Marcum LLP
CY2022	dei	Auditor Location AuditorLocation	Boston, MA
CY2022	dei	Auditor Firm AuditorFirmId	688
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	368687	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1170049	usd
CY2022Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	497054	usd
CY2021Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	839022	usd
CY2022Q4	us-gaap	Assets Current AssetsCurrent	865741	usd
CY2021Q4	us-gaap	Assets Current AssetsCurrent	2009071	usd
CY2021Q4	us-gaap	Prepaid Expense Noncurrent PrepaidExpenseNoncurrent	489429	usd
CY2022Q4	us-gaap	Long Term Investments And Receivables Net LongTermInvestmentsAndReceivablesNet	263269821	usd
CY2021Q4	us-gaap	Long Term Investments And Receivables Net LongTermInvestmentsAndReceivablesNet	259148952	usd
CY2022Q4	us-gaap	Assets Assets	264135562	usd
CY2021Q4	us-gaap	Assets Assets	261647452	usd
CY2022Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	1859194	usd
CY2021Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	770623	usd
CY2022Q4	us-gaap	Liabilities Current LiabilitiesCurrent	1859194	usd
CY2021Q4	us-gaap	Liabilities Current LiabilitiesCurrent	770623	usd
CY2022Q4	us-gaap	Extended Product Warranty Accrual Noncurrent ExtendedProductWarrantyAccrualNoncurrent	3045062	usd
CY2021Q4	us-gaap	Extended Product Warranty Accrual Noncurrent ExtendedProductWarrantyAccrualNoncurrent	9903040	usd
CY2022Q4	us-gaap	Deferred Compensation Liability Classified Noncurrent DeferredCompensationLiabilityClassifiedNoncurrent	2539315	usd
CY2021Q4	us-gaap	Deferred Compensation Liability Classified Noncurrent DeferredCompensationLiabilityClassifiedNoncurrent	9068983	usd
CY2022Q4	us-gaap	Liabilities Liabilities	7443571	usd
CY2021Q4	us-gaap	Liabilities Liabilities	19742646	usd
CY2022Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	263269821	usd
CY2021Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	259113790	usd
CY2022Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2021Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2021Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2021Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2021Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2022Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	6231184	usd
CY2022Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-12809662	usd
CY2021Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-17209632	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	-6577830	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	-17208984	usd
CY2022Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	264135562	usd
CY2021Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	261647452	usd
CY2022	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	2721330	usd
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	2543064	usd
CY2022	us-gaap	Operating Income Loss OperatingIncomeLoss	-2721330	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-2543064	usd
CY2022	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-6857978	usd
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-10437976	usd
CY2022	PFTAU	Reduction Of Deferred Underwriter Fee Payable ReductionOfDeferredUnderwriterFeePayable	298484	usd
	PFTAU	Unrealized Gain On Investments Held In Trust Account UnrealizedGainOnInvestmentsHeldInTrustAccount	-1995	usd
CY2022	us-gaap	Interest Revenue Expense Net InterestRevenueExpenseNet	4120869	usd
	us-gaap	Interest Revenue Expense Net InterestRevenueExpenseNet	37157	usd
CY2022	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	11277331	usd
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	10473138	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	8556001	usd
	us-gaap	Net Income Loss NetIncomeLoss	7930074	usd
CY2022	PFTAU	Weighted Average Class Ordinary Shares Outstanding Basic And Diluted WeightedAverageClassOrdinarySharesOutstandingBasicAndDiluted	25911379	shares
	PFTAU	Weighted Average Class Ordinary Shares Outstanding Basic And Diluted WeightedAverageClassOrdinarySharesOutstandingBasicAndDiluted	14299600	shares
CY2022	PFTAU	Basic And Diluted Net Income Per Ordinary Share Class BasicAndDilutedNetIncomePerOrdinaryShareClass	0.26
	PFTAU	Basic And Diluted Net Income Per Ordinary Share Class BasicAndDilutedNetIncomePerOrdinaryShareClass	0.39
CY2022	PFTAU	Weighted Average Class B Ordinary Shares Outstanding Basic And Diluted WeightedAverageClassBOrdinarySharesOutstandingBasicAndDiluted	6477845	shares
	PFTAU	Weighted Average Class B Ordinary Shares Outstanding Basic And Diluted WeightedAverageClassBOrdinarySharesOutstandingBasicAndDiluted	6141148	shares
CY2022	PFTAU	Basic And Diluted Net Income Per Ordinary Share Class B BasicAndDilutedNetIncomePerOrdinaryShareClassB	0.26
	PFTAU	Basic And Diluted Net Income Per Ordinary Share Class B BasicAndDilutedNetIncomePerOrdinaryShareClassB	0.39
	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	25000	usd
	PFTAU	Excess Of Cash Received Over Fair Value Of Private Placement Warrants ExcessOfCashReceivedOverFairValueOfPrivatePlacementWarrants	1080461	usd
	PFTAU	Forfeiture Of Founder Shares ForfeitureOfFounderShares	-42	usd
	PFTAU	Accretion Of Class Ordinary Shares To Redemption Value AccretionOfClassOrdinarySharesToRedemptionValue	-26244477	usd
	us-gaap	Profit Loss ProfitLoss	7930074	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	-17208984	usd
CY2022	PFTAU	Reduction Of Deferred Underwriter ReductionOfDeferredUnderwriter	6231184	usd
CY2022	PFTAU	Accretion Of Class Ordinary Shares To Redemption Value AccretionOfClassOrdinarySharesToRedemptionValue	-4156031	usd
CY2022	us-gaap	Profit Loss ProfitLoss	8556001	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	-6577830	usd
CY2022	us-gaap	Profit Loss ProfitLoss	8556001	usd
	us-gaap	Profit Loss ProfitLoss	7930074	usd
CY2022	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	4120869	usd
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	37157	usd
CY2022	PFTAU	Reduction Of Deferred Underwriter Fee Payable ReductionOfDeferredUnderwriterFeePayable	298484	usd
	PFTAU	Unrealized Gain On Investments Held In Trust Account UnrealizedGainOnInvestmentsHeldInTrustAccount	-1995	usd
CY2022	PFTAU	Change In Fair Value Of Warrant Liabilities ChangeInFairValueOfWarrantLiabilities	6857978	usd
	PFTAU	Change In Fair Value Of Warrant Liabilities ChangeInFairValueOfWarrantLiabilities	10437976	usd
	PFTAU	Expenses Paid By Sponsor Through Promissory Note And Advances ExpensesPaidBySponsorThroughPromissoryNoteAndAdvances	206428	usd
	PFTAU	Transaction Costs Allocated To Warrant Liabilities TransactionCostsAllocatedToWarrantLiabilities	701000	usd
CY2022	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-831397	usd
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	1328451	usd
CY2022	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	1088571	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	770623	usd
CY2022	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-801362	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-2193464	usd
	PFTAU	Investment Of Cash In Trust Account InvestmentOfCashInTrustAccount	259113790	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-259113790	usd
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	253931514	usd
	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement	9882275	usd
	us-gaap	Proceeds From Repayments Of Related Party Debt ProceedsFromRepaymentsOfRelatedPartyDebt	-433313	usd
	PFTAU	Repayment Of Promissory Note Sponsor RepaymentOfPromissoryNoteSponsor	-201817	usd
	PFTAU	Offering Costs Paid OfferingCostsPaid	701356	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	262477303	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-801362	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	1170049	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1170049	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	368687	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1170049	usd
	PFTAU	Offering Costs Paid By Sponsor In Exchange For Issuance Of Class B Ordinary Shares OfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares	25000	usd
	PFTAU	Offering Costs Included In Promissory Note Sponsor OfferingCostsIncludedInPromissoryNoteSponsor	181817	usd
	PFTAU	Offering Costs Included In Due To Sponsor OfferingCostsIncludedInDueToSponsor	271843	usd
	us-gaap	Amortization Of Deferred Sales Commissions AmortizationOfDeferredSalesCommissions	9068983	usd
CY2022	PFTAU	Remeasurement Of Class Ordinary Shares To Redemption Value RemeasurementOfClassOrdinarySharesToRedemptionValue	4156031	usd
CY2022	PFTAU	Reduction Of Deferred Underwriting Fee Payable ReductionOfDeferredUnderwritingFeePayable	6529668	usd
CY2022	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_80F_eus-gaap--NatureOfOperations_zwfYkivmSpK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_82C_zf8zozXPTalc">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portage Fintech Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on March 17, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company had not yet commenced any operations. All activity for the period March 17, 2021 (inception) through December 31, 2022 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the securities held in the Trust Account. The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s sponsor is PFTA I LP, an Ontario limited partnership (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on July 20, 2021. On July 23, 2021, the Company consummated its Initial Public Offering of <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of units in initial public offering">24,000,000</span> units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), at $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_c20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of units per share">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_904_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0n3_dm_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zwPr4l0uuevj" title="Sale of units in initial public offering aggragate amount">240.0</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incurred offering costs in the Initial Public Offering totaling $<span id="xdx_903_ecustom--OfferingCosts_pp0p0_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z4lCPCf7jsub" title="Offering costs">14,355,016</span>, consisting of $<span id="xdx_90F_ecustom--UnderwritingFees_pp0p0_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zSr6ZtcpBFc6" title="Underwriting fees">4,800,000</span> of underwriting fees, $<span id="xdx_901_ecustom--DeferredUnderwritingFees_pp0p0_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zh6v61kqWcBb" title="Deferred underwriting fees">8,400,000</span> of deferred underwriting fees, and $<span id="xdx_900_eus-gaap--AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_pp0p0_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zv5400cDvgsh" title="Other Offering costs">1,155,016</span> of other offering costs (see Note 2).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of <span id="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Sale of units in initial public offering">6,333,334</span> warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_c20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Sale of units per share">1.50</span> per Private Placement Warrant with the Sponsor, generating gross proceeds of $<span id="xdx_904_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zOgdgDznVFIe" title="Sale of units in initial public offering aggragate amount">9,500,000</span> (see Note 4 and Note 8).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the closing of the Initial Public Offering and the Private Placement, an amount of $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0n3_dm_c20210701__20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zv8ETyFFDBJd" title="Sale of units in initial public offering aggragate amount">240.0</span> million ($<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_c20210723__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z8f9Q7FmzYaj" title="Sale of units per share">10.00</span> per Unit) from the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 3, 2021, the underwriters notified the Company of their intention to partially exercise the over-allotment option on August 5, 2021 (the “Over-Allotment”). As such, on August 5, 2021, the Company consummated the sale of an additional <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z2lhg4gC2fo7" title="Sale of units in initial public offering">1,911,379</span> Units (the “Over-Allotment Units”), at $<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_c20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zR10GnVeEwbg" title="Sale of units per share">10.00</span> per Unit, and the sale of an additional <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zOIb2Zycv2z1" title="Sale of units in initial public offering">254,850</span> Private Placement Warrants, at $<span id="xdx_904_eus-gaap--SaleOfStockPricePerShare_iI_c20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zegxd3900tAf" title="Sale of units per share">1.50</span> per Private Placement Warrant, generating total gross proceeds of $<span id="xdx_904_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zs93haUny0T3" title="Sale of units in initial public offering aggragate amount">19,113,790</span> and $<span id="xdx_906_ecustom--UnderwritingFees_pp0p0_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zbYgUgzQOyD8" title="Underwriting fees">382,275</span>, respectively. The underwriters forfeited the balance of the over-allotment option. A total of $<span id="xdx_90A_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zYwcgZs31wfk" title="Sale of units in initial public offering aggragate amount">19,113,790</span> of the net proceeds was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z6FfJMWug5Rk" title="Proceeds from private placement">259,113,790</span> (see Note 2). The Company incurred additional offering costs of $<span id="xdx_909_ecustom--OfferingCosts_pp0p0_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z5jSOuIOj13a" title="Offering costs">1,051,258</span> in connection with the Over-Allotment (of which $<span id="xdx_906_ecustom--DeferredUnderwritingFees_pp0p0_c20210801__20210805__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zRnj7DKXkyJk" title="Deferred underwriting fees">668,983</span> was for deferred underwriting fees).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds, which are placed in the Trust Account, are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least <span id="xdx_909_ecustom--PercentageOfAssetHeldInTrustAccount_dp_c20220101__20221231_zJT0OmbqlsW1" title="Percentage of asset held in trust account">80</span>% of the balance held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires <span id="xdx_909_ecustom--BusinessCombinationPercentageOfVotingSecurities_iI_dp_c20221231_zdK0kYY6m0ad" title="Business combination, percentage of voting securities">50</span>% 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide its holders of the outstanding Public Shares (the “Public Shareholders”) 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 shareholder meeting called to approve the Business Combination pursuant to the proxy solicitation rules of the SEC or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company will be required to seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $<span id="xdx_901_eus-gaap--BusinessCombinationContingentConsiderationAsset_iI_pp0p0_c20221231_zAcaeF0ILdIl" title="Business Combination, minimum amount of net tangible assets">5,000,001</span> either immediately prior to or upon such consummation of a Business Combination and a majority of the outstanding shares voted are voted in favor of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the Company’s amended and restated memorandum and articles of association (the “Articles”) provide that, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder 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 seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per 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 tax obligations). The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These Public Shares are recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is not required to conduct redemptions pursuant to the proxy solicitation rules as described above, the Company will, pursuant to its Articles, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Sponsor, officers, directors and advisors have agreed (a) to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to redeem any shares (including the Founder Shares) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination or a vote to amend the provisions of the Articles relating to shareholders’ rights of pre-Business Combination activity and (c) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor and the Company’s officers, directors and advisors will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 23, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no 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 earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $<span id="xdx_900_ecustom--TaxObligationAmountMaximum_iI_pp0p0_c20221231_zv9G2HjtNGF1" title="Tax obligation, maximum amount">100,000</span> of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of applicable law. The underwriters have agreed to waive their rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the 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 the Initial Public Offering price per Unit $10.00.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party 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 the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its shareholders that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern, Liquidity and Management’s Plans</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company had approximately $<span id="xdx_908_eus-gaap--Cash_iI_pp0p0_c20221231_zZw27vV8qtai" title="Operating bank account">369,000</span> in its operating bank account and working capital deficit of approximately $<span id="xdx_906_ecustom--WorkingCapital_iI_pp0p0_c20221231_zTS9yctmXR8" title="Working Capital">993,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its shareholders prior to the Initial Public Offering and such amount of proceeds from the Private Placement that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) ASC Subtopic 205-40, “Presentation of Financial Statements - Going Concern,” the Company has until July 23, 2023 to consummate a Business Combination. It is uncertain whether the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity conditions and mandatory liquidation, should a Business Combination not occur, raises substantial doubt about the Company’s ability to continue as a going concern through approximately one year from the date these financial statements were issued. Management intends to consummate a Business Combination prior to July 23, 2023. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the rising conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company’s ability to complete a Business Combination. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on the Company’s ability to complete a Business Combination and the value of the Company’s securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022	PFTAU	Percentage Of Asset Held In Trust Account PercentageOfAssetHeldInTrustAccount	0.80	pure
CY2022Q4	PFTAU	Business Combination Percentage Of Voting Securities BusinessCombinationPercentageOfVotingSecurities	0.50	pure
CY2022Q4	us-gaap	Business Combination Contingent Consideration Asset BusinessCombinationContingentConsiderationAsset	5000001	usd
CY2022Q4	PFTAU	Tax Obligation Amount Maximum TaxObligationAmountMaximum	100000	usd
CY2022Q4	us-gaap	Cash Cash	369000	usd
CY2022Q4	PFTAU	Working Capital WorkingCapital	993000	usd
CY2022	us-gaap	Other Expenses OtherExpenses	100000	usd
CY2022Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	741000	usd
CY2021Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	39000	usd
CY2022Q4	PFTAU	Offering Cost Outstanding OfferingCostOutstanding	0	usd
CY2021Q4	PFTAU	Offering Cost Outstanding OfferingCostOutstanding	0	usd
CY2022	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_840_eus-gaap--UseOfEstimates_z3SiGuTyXlX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zOxuSzn1kJIb">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and, accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	368687	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1170049	usd
CY2022Q4	us-gaap	Marketable Securities MarketableSecurities	263269821	usd
CY2021Q4	us-gaap	Marketable Securities MarketableSecurities	259148952	usd
CY2022Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2021Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2022Q4	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	0	usd
CY2021Q4	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	0	usd
CY2022	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zRU4CHr7eT9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_z3KP5eAxmeo8">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which at times may exceed the Federal Depository Insurance Corporation coverage limit of $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_c20221231_pp0p0" title="FDIC Insured limit">250,000</span>. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000	usd
CY2021Q4	PFTAU	Promissory Note Outstanding PromissoryNoteOutstanding	0	usd
CY2022	PFTAU	Related Party Loans Description RelatedPartyLoansDescription	The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into warrants at a price of $1.50 per warrant. The warrants will be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company 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. As of December 31, 2022 and 2021, there were no amounts outstanding under the Working Capital Loans.
CY2022	us-gaap	Other General And Administrative Expense OtherGeneralAndAdministrativeExpense	998000	usd
	us-gaap	Other General And Administrative Expense OtherGeneralAndAdministrativeExpense	646000	usd
CY2021Q1	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	25000	usd
CY2022Q4	PFTAU	Promissory Note Outstanding PromissoryNoteOutstanding	0	usd
CY2022	us-gaap	Other Income OtherIncome	298484	usd
CY2022	us-gaap	Adjustments To Additional Paid In Capital Other AdjustmentsToAdditionalPaidInCapitalOther	6231184	usd
CY2022Q4	PFTAU	Deferred Underwriting Fee Payable DeferredUnderwritingFeePayable	2539315	usd
CY2021Q4	PFTAU	Deferred Underwriting Fee Payable DeferredUnderwritingFeePayable	9068983	usd
CY2022	PFTAU	Contingent Fee Description ContingentFeeDescription	Company shall pay the financial advisor an M&A fee equal to 1.50% of the aggregate value of the transaction, with a minimum fee of $4,000,000 and total fee not to exceed $9,000,000. Additionally, the Company will reimburse the financial advisor for any out-of-pocket expenses, subject to certain conditions.
CY2022Q4	PFTAU	Transaction Fee TransactionFee	8000000	usd
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2021Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2022Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2021Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2021Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2021Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2022	PFTAU	Share Redemption Price Per Share ShareRedemptionPricePerShare	18.00
CY2022Q4	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	0.01
CY2022	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0103	pure
CY2022	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P6Y
CY2022	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	0.212	pure
CY2022Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice	11.50

Files In Submission

Name	View Source	Status
0001829126-23-002011-index-headers.html	Edgar Link	pending
0001829126-23-002011-index.html	Edgar Link	pending
0001829126-23-002011.txt	Edgar Link	pending
0001829126-23-002011-xbrl.zip	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
pftau-20221231.xsd	Edgar Link	pending
portagefintech_10k.htm	Edgar Link	pending
portagefintech_ex31-1.htm	Edgar Link	pending
portagefintech_ex31-2.htm	Edgar Link	pending
portagefintech_ex32-1.htm	Edgar Link	pending
portagefintech_ex32-2.htm	Edgar Link	pending
portagefintech_ex4-5.htm	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
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R18.htm	Edgar Link	pending
R19.htm	Edgar Link	pending
R2.htm	Edgar Link	pending
R20.htm	Edgar Link	pending
R21.htm	Edgar Link	pending
R22.htm	Edgar Link	pending
R23.htm	Edgar Link	pending
R24.htm	Edgar Link	pending
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R27.htm	Edgar Link	pending
R28.htm	Edgar Link	pending
R29.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
R30.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
pftau-20221231_cal.xml	Edgar Link	unprocessable
pftau-20221231_lab.xml	Edgar Link	unprocessable
pftau-20221231_def.xml	Edgar Link	unprocessable
pftau-20221231_pre.xml	Edgar Link	unprocessable
portagefintech_10k_htm.xml	Edgar Link	completed
R31.htm	Edgar Link	pending
R32.htm	Edgar Link	pending
R33.htm	Edgar Link	pending
R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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Perception Capital Corp III Stock $pfta

2022 Q4 Form 10-K Financial Statement

#000182912623002011 Filed on March 13, 2023

Income Statement

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$PFTA Perception Capital Corp III Stock $pfta

2022 Q4 Form 10-K Financial Statement

#000182912623002011 Filed on March 13, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PFTA
Perception Capital Corp III Stock $pfta