Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $724,045, consisting of operating costs of $238,932, offset by interest income of $677,001 and unrealized interest income of $285,976 [99]. - For the three months ended March 31, 2023, the company had a net income of $1,147,084, with operating costs of $121,309, interest income of $807,326, and unrealized interest income of $461,067 [100]. Assets and Securities - As of March 31, 2024, the company held marketable securities in the Trust Account amounting to $65,650,502, which will be used to complete a Business Combination [104]. - The total balance of promissory notes issued by the company was $6,035,961 as of March 31, 2024, with no interest and no conversion feature [108]. - The company has no cash held outside the Trust Account as of March 31, 2024, and intends to use any funds held outside primarily for identifying and evaluating target businesses [105]. Capital and Funding - The company raised gross proceeds of $115,000,000 from its IPO, with each unit priced at $10.00, and an additional $3,300,000 from a private placement [101]. - The company may need to raise additional capital to meet its operational expenditures and complete a Business Combination, which raises concerns about its ability to continue as a going concern if a Business Combination is not consummated [106][109]. Operating Activities - The company incurred net cash used in operating activities of $91,797 for the three months ended March 31, 2023, and reported no net cash used in operating activities for the three months ended March 31, 2024 [102][103]. Debt and Expenses - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024 [111]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs, as well as due diligence expenses related to potential Business Combinations [98].
Alpha Star Acquisition Corporation(ALSAU) - 2024 Q1 - Quarterly Report