Financial Performance - As of March 31, 2024, the company reported a net income of $595,376, primarily from interest earned on investments held in the Trust Account[69]. - The company generated gross proceeds of $60,000,000 from its IPO of 6,000,000 Units at $10.00 per Unit, along with an additional $2,325,000 from the sale of 232,500 Private Placement Units[70]. - The cash and cash equivalent balance as of March 31, 2024, was $331,872, which will be used for identifying and evaluating target businesses[72]. - As of March 31, 2024, the company had a working capital of $197,994, indicating available funds for operational needs[74]. Expenses and Financial Obligations - The company expects to incur approximately $200,000 in legal, accounting, and due diligence fees related to the business combination, along with other operational expenses totaling around $375,000[73]. - As of March 31, 2024, there were no off-balance sheet arrangements or contractual obligations reported by the company[76]. Business Operations and Strategy - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and preparing for the IPO[68]. - The company has not selected any specific business combination target and has not engaged in substantive discussions regarding potential targets[67]. - The net proceeds from the IPO will be invested in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk[75]. Regulatory and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[77].
Bayview Acquisition Corp(BAYAU) - 2024 Q1 - Quarterly Report