Financial Performance - As of September 30, 2024, the company reported a net income of $583,558 for the three months ended September 30, 2024, and a net income of $1,771,223 for the nine months ended September 30, 2024, primarily from interest income on investments held in the Trust Account[82]. - The company has incurred a net loss of $3,823 for the three months ended September 30, 2023, and a total net loss of $6,928 since its inception[83]. Capital and Funding - The company generated gross proceeds of $60,000,000 from its IPO of 6,000,000 Units at $10.00 per Unit, and an additional $2,325,000 from the sale of 232,500 Private Placement Units at the same price[84]. - Transaction costs related to the issuances amounted to $4,341,321, including $1,200,000 in cash underwriting fees, $2,100,000 in deferred underwriting fees, and $1,041,321 in other offering costs[108]. - The company granted the underwriter a 45-day option to purchase up to an additional 900,000 Units at the IPO price to cover over-allotment[85]. Liquidity and Working Capital - As of September 30, 2024, the company had a working capital deficit of $308,229, indicating potential liquidity challenges[88]. - The company held cash and cash equivalents of $225,472 as of September 30, 2024, which will be used for identifying and evaluating target businesses[86]. Business Operations and Strategy - The company has not engaged in any substantive discussions regarding a specific business combination target as of the reporting date[81]. - The company has generated no operating revenues to date and does not expect to do so until the completion of its initial business combination[81]. - 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[87]. Shareholder Actions - A special meeting on September 16, 2024, allowed stockholders to redeem 2,290,989 Ordinary Shares at approximately $10.39 per share, totaling an aggregate redemption amount of approximately $23,803,376[109]. - Following the redemptions, the company has 5,441,511 ordinary shares outstanding[109]. Internal Controls - The company intends to implement remediation steps to improve its internal control over financial reporting due to identified weaknesses[99].
Bayview Acquisition Corp(BAYAU) - 2024 Q3 - Quarterly Report