Financial Performance - The company had a net income of $4,247,564 for the year ended December 31, 2024, despite incurring a loss of approximately $1,192,408 from general and administrative expenses [264]. - The company has not engaged in any operations or generated operating revenues to date, with expectations to generate non-operating income from interest on marketable securities after the initial business combination [263]. Initial Public Offering - The company completed its Initial Public Offering on May 9, 2023, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units [265]. - An additional $5,955,000 was generated from the sale of 595,500 private placement shares at a price of $10.00 per share [266]. Cash Position and Working Capital - As of December 31, 2024, the company had $181,174 in cash and cash equivalents outside of the Trust Account and a working capital deficit of $1,583,237 [267]. - The company anticipates that cash held outside the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern [268]. Business Combination - The company has until November 9, 2024, to consummate a Business Combination, with a proposal to extend this deadline to February 9, 2025, and potentially on a month-to-month basis until September 9, 2025 [268]. - There are $5,175,000 of deferred underwriting fees due upon the completion of the company's business combination [271]. - The company is in the process of identifying a potential target for its initial Business Combination but requires additional time [268]. Going Concern - The financial statements do not include adjustments that might result from the company's inability to continue as a going concern [269].
Alchemy Investments Acquisition Corp 1(ALCYU) - 2024 Q4 - Annual Report