Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $1,413,829, compared to a net loss of $221 for the same period in 2023[90]. - Operating costs for the three months ended March 31, 2024, were $163,825, while the company had a gain on investments held in the Trust Account of $1,573,981[90]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 units on May 9, 2023[93]. - Following the Initial Public Offering, $116,725,000 from the net proceeds was placed in a Trust Account[95]. Cash and Liquidity - As of March 31, 2024, the company had $129,211 in cash and cash equivalents held outside of the Trust Account and a working capital deficit of $461,692[95]. - The company anticipates that cash held outside the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern[96]. Business Combination - The company has until November 9, 2024, to consummate a Business Combination, or it will face mandatory liquidation[96]. - The company incurred $5,175,000 in deferred underwriting fees upon the completion of its business combination[97]. Accounting Estimates - The company has not identified any critical accounting estimates that could materially affect its financial statements[99]. Cash Flows - There were no cash flows from investing or financing activities for the three months ended March 31, 2024, or the same period in 2023[92].
Alchemy Investments Acquisition Corp 1(ALCYU) - 2024 Q1 - Quarterly Report