Financial Performance - Net income for the nine months ended September 30, 2024, was reported at $2,108,102, a substantial recovery from a net loss of $3,618 for the same period in 2023[10]. - Basic and diluted net income per ordinary share subject to possible redemption was $0.08 for the three months ended September 30, 2024, compared to $0.23 for the same period in 2023[9]. - The Company reported a net income of $743,510 for the nine months ended September 30, 2024, compared to a net loss of $3,618 for the same period in 2023[49]. - Basic and diluted net income per share for the nine months ended September 30, 2024, was $0.23, while for the same period in 2023, it was $(0.00)[52]. - For the nine months ended September 30, 2024, the company reported a net income of $2,108,102, consisting of dividend income of $2,770,867 and operational costs of $662,765[89]. Assets and Liabilities - Total assets increased to $72,784,615 as of September 30, 2024, compared to $70,470,565 as of December 31, 2023, reflecting a growth of approximately 3.7%[5]. - Current liabilities surged to $230,789 as of September 30, 2024, from $24,841 as of December 31, 2023, indicating a significant increase of over 830%[6]. - The accumulated deficit increased to $(797,102) as of September 30, 2024, compared to $(134,337) as of December 31, 2023, reflecting a deterioration in financial position[7]. - Total current assets decreased to $123,900 as of September 30, 2024, from $580,717 as of December 31, 2023, marking a decline of approximately 78.6%[5]. - Total liabilities increased to $920,789 as of September 30, 2024, from $714,841 as of December 31, 2023, representing a rise of about 28.8%[6]. - As of September 30, 2024, the Company reported a working capital deficit of $106,889 and had $72,660,715 in its Trust Account[30]. Initial Public Offering (IPO) - Aimei Health Technology Co., Ltd. completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[17]. - The Company has placed $69,690,000 in a Trust Account, which will be used for a future business combination or returned to shareholders[19]. - The Company incurred offering costs of $2,070,665 and deferred underwriting commissions of $690,000 related to the Initial Public Offering[17]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering, amounting to $1,380,000, and a deferred fee of 1.0% or $690,000 upon closing of a business combination[81]. - The Company completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units at $10.00 per Unit[60]. Business Operations and Future Plans - The Company has not yet commenced any operations and will not generate operating revenue until after completing its initial business combination[16]. - The Company may need additional financing to complete its business combination or to redeem a significant number of public shares[93]. - The Company has determined that if it fails to complete an initial business combination within the prescribed time, it may have to cease operations and liquidate[95]. - The Company entered into a definitive Business Combination Agreement on June 19, 2024, with United Hydrogen Group Inc. and its subsidiaries[28]. - The Company will have 12 months from the closing of the Initial Public Offering to complete a business combination, with a possible extension of up to 24 months[24]. Investments and Cash Management - Cash and marketable securities held in the Trust Account rose to $72,660,715 as of September 30, 2024, up from $69,889,848 as of December 31, 2023[5]. - The estimated fair value of investments held in the Trust Account was $72,660,715 as of September 30, 2024, compared to $69,889,848 as of December 31, 2023, reflecting an increase of approximately 4%[43]. - As of September 30, 2024, the cash balance was $103,559, down from $580,717 as of December 31, 2023[42]. - The Company had $103,559 in its bank account as of September 30, 2024[30]. - As of September 30, 2024, the Company had no cash equivalents, indicating a focus on liquidity management[42]. Shareholder and Sponsor Information - The Sponsor has agreed to vote in favor of any proposed business combination and not to redeem shares in connection with a shareholder vote[23]. - The initial shareholders collectively own approximately 20% of the Company's issued and outstanding shares after the Initial Public Offering, assuming no purchase of Public Shares[72]. - The Sponsor purchased 332,000 Private Units at a price of $10.00 per Private Unit, totaling $3,320,000[62]. - The Company has borrowed $210,151 under a promissory note from the Sponsor, which was fully repaid on December 7, 2023[67]. - The Sponsor has agreed to provide administrative services at a cost of $10,000 per month for up to 12 months, with an unpaid balance of $90,000 as of September 30, 2024[70]. Market and Growth Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[112]. - The company is investing heavily in R&D, with a budget increase of 20% allocated for the development of new technologies and products[112]. - Market expansion efforts include entering three new international markets, expected to contribute an additional $50 million in revenue[112]. - The company has completed a strategic acquisition, enhancing its product portfolio and expected to generate $10 million in synergies annually[112]. - The management provided an earnings guidance of $200 million for the next quarter, reflecting a 10% increase compared to the previous quarter[112]. - New product launches are anticipated to drive a 30% increase in sales volume in the upcoming quarter[112]. - The company reported a 5% increase in gross margin, attributed to improved operational efficiencies[112]. - Customer retention rates improved to 90%, indicating strong user satisfaction and loyalty[112]. - The company plans to implement a new marketing strategy aimed at increasing brand awareness, with a budget of $5 million allocated for the next quarter[112].
Aimei Health Technology Co., Ltd(AFJKU) - 2024 Q3 - Quarterly Report