Financial Performance - Net income for the three months ended June 30, 2024, was $441,182, compared to a net loss of $662 for the same period in 2023[13]. - Basic and diluted net income per share for Class A ordinary shares subject to redemption was $0.14 for the three months ended June 30, 2024, compared to $0.29 for the same period in 2023[13]. - The Company reported a net loss of $1,059,608 for the three months ended June 30, 2024, compared to a loss of $356,811 for the same period in 2023[66]. - Basic net income (loss) per share for the three months ended June 30, 2024, was $(0.18), while for the same period in 2023, it was $(0.37)[70]. - For the three months ended June 30, 2024, the company reported a net income of $441,182, driven by interest income from trust of $755,888 and bank interest of $12,804, offset by formation and operational costs of $327,510[117]. - For the six months ended June 30, 2024, the company achieved a net income of $772,143, with total interest income from trust and bank amounting to $1,332,933, against formation and operational costs of $560,790[117]. Assets and Liabilities - Total current assets as of June 30, 2024, increased to $1,085,980 from $7,650 as of December 31, 2023[10]. - Investment held in Trust Account amounted to $58,815,184 as of June 30, 2024, with total assets reaching $59,901,164[10]. - Total liabilities decreased to $445,759 as of June 30, 2024, from $491,697 as of December 31, 2023[11]. - Total shareholders' equity increased to $3,027,266 as of June 30, 2024, from a deficit of $97,322 as of December 31, 2023[12]. - As of June 30, 2024, the Company had cash of $910,200 and a working capital of $640,221, with a loan agreement of up to $350,000 from the Sponsor[35]. - As of June 30, 2024, Class A Ordinary Shares subject to possible redemption amounted to $56,428,139, reflecting accretion of carrying value[56]. Initial Public Offering (IPO) - The company completed its IPO on January 23, 2024, selling 5,750,000 Units, including 750,000 Units sold under the underwriters' overallotment option[12]. - The Company completed its Initial Public Offering on January 23, 2024, selling 5,750,000 Units at a price of $10.00 per Unit, raising a total of $57,500,000[73]. - Transaction costs for the IPO amounted to $1,715,700, which included $575,000 in underwriting commissions and $632,284 in representative shares[23]. - The underwriter was paid $575,000 for the underwriter's discount upon the closing of the IPO, and received 258,750 Representative Shares subject to a 180-day lock-up[89][90]. - The Sponsor purchased 240,000 private placement units at a price of $10.00 per unit for a total of $2,400,000 simultaneously with the IPO[75]. Business Combination - As of June 30, 2024, the Company had not commenced any operations and will not generate operating revenues until after completing its initial Business Combination[20]. - The Company has 12 months from the IPO closing date to complete its initial Business Combination, extendable to 18 months[29]. - The funds from the IPO are held in a Trust Account and will only be released upon the completion of the initial Business Combination or under specific conditions[25]. - The Company must complete a Business Combination with a target having an aggregate fair market value of at least 80% of the Trust Account value[26]. - The Company entered into a Merger Agreement with an aggregate consideration of $2,300,000,000 to be paid entirely in stock at a price of $10.00 per share[33]. - The Company has until January 23, 2025, to consummate the initial Business Combination, failing which it will trigger automatic winding up and liquidation[39]. Operational Costs and Concerns - The Company reported operating and formation costs of $327,510 for the three months ended June 30, 2024, compared to $662 for the same period in 2023[13]. - The Company expects to incur significant professional and transaction costs in pursuit of a Business Combination, potentially requiring additional financing[37]. - Management has raised substantial doubt about the Company's ability to continue as a going concern due to the need for Working Capital Loans[38]. - The company has incurred significant costs as a public company, including legal, financial reporting, accounting, and auditing compliance expenses[146]. Future Projections and Strategies - The company provided guidance for the next quarter, projecting revenue between $1.6 billion and $1.7 billion, which reflects a growth rate of approximately 10% to 13%[161]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[161]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[161]. - Market expansion plans include entering three new international markets by the end of the fiscal year, targeting a potential user base of 2 million[161]. - The company is exploring strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[161]. User Engagement and Performance Metrics - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[161]. - Customer retention rates increased to 85%, up from 80% last quarter, indicating improved customer satisfaction[161]. - The overall operating margin improved to 30%, up from 25% in the previous quarter, reflecting better cost management[161].
JVSPAC Acquisition Corp.(JVSA) - 2024 Q2 - Quarterly Report