Financial Performance - As of March 31, 2024, the company reported a net income of $349,241, which includes interest income of $678,480, offset by formation and operating costs of $236,926 and an unrealized loss of $92,316 on investments[85]. - The company has incurred no revenues to date and does not expect to generate operating revenues until after the completion of its initial business combination[84]. - The company has significant doubt about its ability to continue as a going concern within one year after the issuance of its financial statements[94]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit, along with an additional $3,900,000 from the sale of 390,000 Private Units[87]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account was $70,380,000, which is intended for the initial business combination[89]. Trust Account and Securities - As of March 31, 2024, the company held marketable securities in the trust account amounting to $51,466,768, including $4,204,704 of interest income[90]. - As of March 31, 2024, the company had cash of $13,791 as of March 31, 2024, intended for identifying and evaluating target businesses[91]. Related Party Transactions - As of March 31, 2024, the company had outstanding amounts due to related parties of $295,739, expected to be settled upon the consummation of the business combination[106]. Advisory and Fees - The company has engaged EBC as an advisor for its business combination, agreeing to pay a service fee of 3.5% of the gross proceeds of the IPO upon consummation of the initial business combination[109]. Financing Arrangements - The company has not engaged in any off-balance sheet financing arrangements as of March 31, 2024[97].
Alphavest Acquisition Corp(ATMVU) - 2024 Q1 - Quarterly Report