Financial Performance - The company generated a net income of $592,289 for the three months ended June 30, 2024, primarily from investment income of $713,793, offset by operating costs of $121,504[76]. - For the six months ended June 30, 2024, the company reported a net income of $1,187,666, with investment income of $1,468,106 and operating costs of $280,440[76]. Cash and Working Capital - As of June 30, 2024, the company had cash and cash equivalents of $225,548, which will be used for identifying and evaluating target businesses[80]. - The company has a working capital of $89,800 as of June 30, 2024, and anticipates incurring significant costs related to financing and acquisition plans[82]. IPO and Fundraising - The company completed its IPO on December 19, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[78]. Merger and Acquisition Activities - The company entered into a Merger Agreement on June 7, 2024, involving multiple subsidiaries and a business combination with Oabay Holding Company[73]. - An amendment to the Merger Agreement on June 26, 2024, revised earnout milestones, setting consolidated revenue targets of RMB 436,000,000 for 2024 and RMB 583,000,000 for 2025[74]. - The company expects to incur approximately $200,000 in legal and accounting fees related to the business combination, along with other operational expenses[81]. Operational Status - The company has not engaged in any operations or generated revenues since its inception on February 16, 2023, and does not expect to do so until the completion of its initial business combination[75]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[84].
Bayview Acquisition Corp(BAYAU) - 2024 Q2 - Quarterly Report