Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $382,746, consisting of $530,143 in interest income, offset by $147,397 in formation and operating costs[85]. - For the six months ended June 30, 2024, the company had a net income of $731,987, with total interest income of $1,208,626 and total costs of $384,323, including an unrealized loss of $92,316[85]. Assets and Securities - As of June 30, 2024, the company held marketable securities in the trust account amounting to $51,996,909, which includes $4,734,845 of interest income[90]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account reached $70,380,000[88]. Working Capital and Cash Position - As of June 30, 2024, the company reported a working capital deficit of $874,140 and cash of $13,793[90]. Business Operations and Revenue - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[84]. - The company has incurred significant costs related to its acquisition plans and anticipates increased expenses due to being a public company[83]. Going Concern - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[93]. Financing Arrangements - The company has no off-balance sheet financing arrangements as of June 30, 2024[95]. Initial Public Offering - The company completed its Initial Public Offering on December 22, 2022, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[86].
AlphaVest Acquisition p(ATMV) - 2024 Q2 - Quarterly Report