Bowen Acquisition Corp(BOWNU) - 2024 Q3 - Quarterly Report

Financial Performance - The company reported a net income of $825,358 for the three months ended September 30, 2024, compared to$573,444 for the same period in 2023, reflecting a year-over-year increase of approximately 44%[6]. - The company reported total other income of $952,787 for the three months ended September 30, 2024, compared to$760,871 for the same period in 2023, reflecting an increase of approximately 25.2%[6]. - The net income for the nine months ended September 30, 2024, totaled $2,428,474, compared to$570,338 for the same period in 2023, marking a substantial increase[6]. - The net income for the three months ended September 30, 2024, was $825,358, while the net income for the nine months ended September 30, 2024, was$2,428,474[43]. - The Company reported a net loss including accretion of equity into redemption value of $(127,429) for the three months ended September 30, 2024[43]. Assets and Liabilities - As of September 30, 2024, total assets amounted to$74,534,486, an increase from $71,925,752 as of December 31, 2023, representing a growth of approximately 4.3$296,999 as of September 30, 2024, down from $506,394 as of December 31, 2023, indicating a decline of about 41.2$74,237,487 as of September 30, 2024, compared to $71,419,358 as of December 31, 2023, marking an increase of approximately 3.9$284,120 as of September 30, 2024, compared to $103,860 as of December 31, 2023, which is an increase of approximately 173$12,879, a decrease from $402,534 as of December 31, 2023, representing a decline of approximately 96.8$10.76 per share as of September 30, 2024[5]. - The weighted average common stock outstanding for the three months ended September 30, 2024, was 6,900,000 shares, with a basic and diluted net income per share of $0.12[6]. - The Company has 2,266,500 ordinary shares issued and outstanding as of September 30, 2024, with 6,900,000 shares subject to possible redemption[74]. - The basic and diluted net income per share for the three months ended September 30, 2024, was$0.12, compared to $0.46 for the same period in 2023, showing a decrease of 74$(217,870)[11]. - The company had cash at the end of the period amounting to $271,847[11]. - The net cash used in operating activities was$(155,066), an improvement from $(217,870) in the prior year[11]. - As of September 30, 2024, the company had cash of$271,847 and a working capital of $12,879[27]. IPO and Financing Activities - The company raised gross proceeds of$60,000,000 from the IPO by selling 6,000,000 public units at $10.00 per unit[15]. - An additional 900,000 units were sold through an over-allotment option, generating gross proceeds of$9,000,000[18]. - The company completed a private placement of 330,000 units, raising $3,300,000[16]. - The company incurred transaction costs of$3,318,898 related to the IPO, which included $1,725,000 in cash underwriting fees[19]. - The Company will pay EBC a service fee of$2,415,000, equal to 3.5% of the gross proceeds of the IPO, upon consummation of its initial Business Combination[70]. Business Combination and Future Plans - The Company has extended the time to consummate an initial Business Combination from October 14, 2024, to January 14, 2025, with a loan of $690,000 deposited into the Trust Account for this extension[21]. - The proposed business combination involves merging with Shenzhen Qianzhi BioTechnology Co. Ltd., with NewCo shareholders receiving an aggregate of 7,246,377 Parent Ordinary Shares[26]. - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[14]. - The company has incurred significant professional costs to remain publicly traded and pursue a Business Combination, impacting its financial position[27]. Accounting and Compliance - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[30]. - The Company has not recognized any unrecognized tax benefits or accrued interest and penalties as of September 30, 2024[39]. - The Company has not identified any recently issued accounting standards that would materially affect its consolidated financial statements[49]. - The Company has elected not to opt out of the extended transition period under the JOBS Act, allowing it to adopt new accounting standards at the same time as private companies[31].