Financial Performance - For the years ended December 31, 2024 and 2023, the company reported a net income of $1,344,563 and $4,924,098, respectively, with formation and operational costs of $913,909 and $435,287[200]. - The company generated interest income on marketable securities held in the trust account of $2,217,105 for 2024 and $4,911,035 for 2023[200]. - Net cash used in operating activities was $(243,395) for 2024 and $(235,925) for 2023, primarily due to interest earned in investments[204]. Investments and Assets - As of December 31, 2024, the company had investments held in the Trust Account amounting to $11,111,853, down from $101,590,662 in 2023[205]. - As of December 31, 2024, the company had cash of $nil held outside of the Trust Account, indicating reliance on Trust Account funds for operations[206]. Fundraising and Costs - The company raised gross proceeds of $115,000,000 from its initial public offering and an additional $3,300,000 from the sale of Private Units[201]. - The company incurred $5,669,696 in transaction costs related to the initial public offering, including $2,300,000 in underwriting fees[202]. - The company issued promissory notes totaling $8,300,000 to the Sponsor for transaction costs and extension fees, with a balance of $140,000 as of December 31, 2024[210][212]. Future Plans and Financing - The company plans to use substantially all funds in the Trust Account to complete its business combination, with potential additional financing needed[205][208]. - The company does not have any long-term debt or off-balance sheet financing arrangements as of December 31, 2024[214].
Alpha Star Acquisition Corporation(ALSAU) - 2024 Q4 - Annual Report