Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $174,050, with operating costs of $537,075 and interest earned on marketable securities of $711,125[107]. - For the six months ended June 30, 2024, the company had a net income of $764,153, consisting of operating costs of $896,072 and interest earned of $1,660,225[108]. - The company incurred cash used in operating activities of $351,026 for the six months ended June 30, 2024[111]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination, relying on non-operating income from interest on marketable securities[121]. Assets and Securities - As of June 30, 2024, the company held marketable securities in the Trust Account amounting to $55,457,522, primarily in a money market fund and government bonds[113]. - The company generated gross proceeds of $173,912,000 from its Initial Public Offering of 17,391,200 Units, with each Unit priced at $10.00[109]. - As of June 30, 2024, a total of $640,000 has been deposited into the Trust Account as required contributions, with additional funds of $560,000 deposited as of the same date[119]. Working Capital and Cash Position - The company has a working capital deficit of $5,412,119 as of June 30, 2024, with only $8,780 in cash available in its operating account[114]. - The Company has $8,780 in cash, which may not be sufficient to sustain operations for at least the next 12 months from the issuance of the financial statements[120]. Business Operations and Compliance - The company has until November 23, 2024, to consummate its initial business combination following the approval of the Third Extension Proposal[103]. - The company received a notification from NYSE regarding non-compliance with the minimum public shareholders requirement, and submitted a business plan to return to compliance[106]. - The Company incurs a monthly fee of $10,000 to its Sponsor for office space and administrative support, continuing until the Business Combination is completed or liquidation occurs[122]. Debt and Financing - The Company issued an unsecured promissory note (the "Note") for up to $150,000 on May 1, 2023, which may be drawn down prior to the Maturity Date[116]. - An amended promissory note (the "Amended Note") was issued on September 13, 2023, for up to $400,000, replacing the previous Note, with $325,000 outstanding as of June 30, 2024[117]. - A new promissory note (the "Seamless Note") was issued on March 6, 2024, for up to $500,000, with $316,297 outstanding as of June 30, 2024[118]. - The deferred underwriting commission payable upon consummation of the initial Business Combination is estimated at $5,999,964, which is 3.0% of the total gross proceeds raised[122]. - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2024[121]. Management and Accounting - Management believes that recent accounting standards will not have a material effect on the financial statements if adopted[124].
InFinT Acquisition (IFIN) - 2024 Q2 - Quarterly Report