Financial Performance - As of September 30, 2024, the company reported a net income of $502,021, primarily from interest earned on marketable securities and bank interest income of $684,601, after deducting formation and operating costs of $182,580[108]. - For the nine months ended September 30, 2024, the company achieved a net income of $1,234,008, with total interest income of $1,893,227, offset by formation and operating costs of $566,903 and an unrealized loss of $92,316[109]. Initial Public Offering - The company completed its Initial Public Offering on December 22, 2022, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[111]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account reached $70,380,000, which will be used to complete the initial business combination[113]. Assets and Liabilities - As of September 30, 2024, the company held marketable securities in the trust account valued at $53,011,509, including $5,419,445 of interest income[115]. - The company reported a working capital deficit of $1,276,719 as of September 30, 2024, with cash on hand amounting to $7,095[116]. - The company has issued promissory notes totaling $126,000 and $715,000 to cover operating costs and expenses related to the extension of the business combination period[116][127]. Going Concern - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements due to insufficient working capital[120]. Operations and Business Strategy - The company has not engaged in any operations or generated revenues to date, with expectations to incur increased expenses as a public company[107]. - The company has not identified any specific business combination target and has not initiated substantive discussions with potential targets[105]. Accounting and Reporting - Management does not believe that any recently issued accounting standards will have a material effect on financial statements[134]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[136].
Alphavest Acquisition Corp(ATMVU) - 2024 Q3 - Quarterly Report