Financial Performance - The company reported a net income of $626,883 for the three months ended September 30, 2024, compared to a net loss of $48,928 for the same period in 2023[12]. - The company reported a loss from operations of $149,054 for the three months ended September 30, 2024, compared to a loss of $48,928 for the same period in 2023[12]. - The net loss for the quarter ending September 30, 2023, was $48,928,000, compared to a net loss of $662,000 for the previous quarter[14]. - For the three months ended September 30, 2024, the company reported a net income of $626,883, consisting of interest income from trust of $764,667 and bank interest of $11,270, offset by formation and operational costs of $149,054[122]. - For the nine months ended September 30, 2024, the company had a net income of $1,399,026, with interest income from trust totaling $2,079,851 and bank interest of $29,019, against formation and operational costs of $709,844[123]. - The net loss for the three months ended September 30, 2024, was $927,254, with a basic net loss per share of $(0.16)[67]. Assets and Liabilities - Total current assets as of September 30, 2024, amounted to $969,577, compared to $7,650 as of December 31, 2023[9]. - Total liabilities decreased to $467,140 as of September 30, 2024, from $491,697 as of December 31, 2023[10]. - The total assets as of September 30, 2024, were $60,549,428, compared to $394,375 as of December 31, 2023[9]. - As of September 30, 2024, the company had cash of $844,690 and working capital of $502,437[37]. - As of September 30, 2024, the company held marketable securities in the Trust Account amounting to $59,579,851, including approximately $2,079,851 of interest income[129]. Shareholder Equity - Shareholders' equity increased to $1,787,770 as of September 30, 2024, compared to a deficit of $97,322 as of December 31, 2023[11]. - The company had 498,750 Class A ordinary shares issued and outstanding as of September 30, 2024, with none issued as of December 31, 2023[10]. - As of September 30, 2024, Class A Ordinary Shares subject to possible redemption amounted to $58,294,518, reflecting an accretion of $1,866,379 during the quarter[55]. - The company issued 258,750 ordinary shares to the underwriter as part of the underwriting agreement, which are subject to a lock-up period of 180 days following the IPO[139]. Initial Public Offering (IPO) - The company completed its IPO on January 23, 2024, raising total gross proceeds of $57,500,000 from the sale of 5,750,000 Units at an offering price of $10.00 per Unit[126]. - The company incurred transaction costs of $1,715,700 related to the IPO, including $575,000 in underwriting commissions[23]. - The company raised $2,676,965 from proceeds allocated to public rights, net of issuance costs[13]. - The company sold 5,750,000 Units at a price of $10.00 per Unit during its Initial Public Offering, including 750,000 Units issued under the underwriters' over-allotment option[72]. - A Private Placement of 240,000 Units was also consummated simultaneously with the IPO, generating total proceeds of $2,400,000[156]. Business Combination and Future Plans - The Company has until January 23, 2025, to complete the initial Business Combination, or it will trigger an automatic winding up and liquidation[40]. - As of September 30, 2024, the company had not identified a target company for a Business Combination[20]. - The Company expects to incur significant professional and transaction costs in pursuit of the Business Combination[38]. - The Company intends to effectuate its Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of Private Placement Units[112]. - The Company has broad discretion in applying the net proceeds from the IPO and Private Placement Units towards consummating a Business Combination[26]. Financial Stability and Going Concern - Management has raised substantial doubt about the Company's ability to continue as a going concern due to potential liquidation risks[39]. - The company’s principal executive and financial officers have expressed substantial doubt about its ability to continue as a going concern[150]. - The Company may need additional financing to complete its Business Combination or to redeem a significant number of public shares[38]. - The Company has not independently verified the Sponsor's ability to satisfy indemnity obligations, which raises concerns about its financial stability[32]. Regulatory and Compliance - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[44]. - The company has no deferred tax provision as it is not subject to income taxes in its primary jurisdiction, the British Virgin Islands[65]. - The company does not expect that any recently issued accounting standards will have a material effect on its condensed financial statements[144]. - The management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2024, concluding they were effective at a reasonable assurance level[147]. - There were no changes in internal control over financial reporting that materially affected the company during the most recent fiscal quarter[149].
JVSPAC Acquisition Corp.(JVSA) - 2024 Q3 - Quarterly Report