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Alchemy Investments Acquisition 1(ALCY) - 2024 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $1,313,741, an increase from $571,037 in the same period of 2023, representing a 130% year-over-year growth[115] - For the six months ended June 30, 2024, the company achieved a net income of $2,727,570, compared to $570,816 for the same period in 2023, indicating a significant increase of 378%[116] - The company incurred operating costs of $279,191 for the three months ended June 30, 2024, which is a slight increase from $260,699 in the same period of 2023[115] Cash and Liquidity - As of June 30, 2024, the company had $572,396 in cash and cash equivalents held outside of the Trust Account, with a working capital deficit of $723,703[123] - The company anticipates that cash held outside of the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern[124] Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering on May 9, 2023, including 1,500,000 units from the underwriter's over-allotment option[121] - The company placed $116,725,000 from the net proceeds of the Initial Public Offering into a Trust Account[123] Business Combination and Liquidation - The company has until November 9, 2024, to consummate a Business Combination, failing which a mandatory liquidation will occur[124] Investment Activities - There were no cash flows from investing activities for the three months ended June 30, 2024, while net cash used in investment activities for the six months ended June 30, 2023, was $116,725,000[119] Debt Obligations - The company has no long-term debt or capital lease obligations as of June 30, 2024, but has deferred underwriting fees of $5,175,000 and a promissory note of up to $530,000 due upon completion of a business combination[125]