Financial Performance - The company reported a net income of $184,662 for the three months ended March 31, 2025, compared to a net income of $755,500 for the same period in 2024, indicating a decrease of about 76%[13]. - Basic and diluted net income per ordinary share subject to possible redemption was $0.03 for the three months ended March 31, 2025, down from $0.08 in the same period of 2024[13]. - Net income for the three months ended March 31, 2025, was $184,662, compared to $755,500 for the same period in 2024, indicating a significant decrease in profitability[61]. - Basic and diluted net income per share for the three months ended March 31, 2025, was $0.03, down from $0.08 for the same period in 2024[61]. - As of March 31, 2025, the accumulated deficit increased to $(2,367,937) from $(1,476,823) as of December 31, 2024, reflecting a worsening financial position[15]. Assets and Liabilities - As of March 31, 2025, total assets decreased to $43,602,847 from $73,814,933 as of December 31, 2024, representing a decline of approximately 41%[10]. - Total current liabilities increased to $1,685,746 as of March 31, 2025, from $816,994 as of December 31, 2024, marking an increase of approximately 106%[10]. - Cash held in the Trust Account decreased to $43,594,825 as of March 31, 2025, from $73,784,549 as of December 31, 2024, a reduction of about 41%[10]. - The Company has a working capital deficit of $1,677,724 as of March 31, 2025[40]. - The total amount due to a related company as of March 31, 2025, was $472,926, an increase from $289,780 as of December 31, 2024[80]. Initial Public Offering (IPO) - The Initial Public Offering generated gross proceeds of $69,000,000, with offering costs amounting to $2,070,665 and deferred underwriting commissions of $690,000[22]. - 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[69]. - The IPO generated gross proceeds of $60,000,000 from the sale of 6,000,000 units at an offering price of $10.00 per unit[125]. - An additional $9,000,000 was raised through the full exercise of the Over-Allotment Option by underwriters[125]. - The company incurred $1,380,000 in underwriting discounts and $550,000 in other costs related to the IPO[128]. Business Operations and Future Plans - The company had not commenced any operations as of March 31, 2025, and all activities were related to its formation and Initial Public Offering[21]. - The company anticipates targeting small cap companies in healthcare innovation for future business combinations[20]. - The Company has entered into a definitive Business Combination Agreement with United Hydrogen Group Inc. and its subsidiaries[35]. - Management has raised substantial doubt about the company's ability to continue as a going concern if the initial business combination is not completed within the prescribed time[112]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of $224,009 for the three months ended March 31, 2025, compared to $166,970 for the same period in 2024[17]. - The Company’s liquidity is primarily supported by net proceeds from the Initial Public Offering and Private Placement[41]. - As of March 31, 2025, the Company had $7,345 in its bank account[40]. - The Trust Account held $43,594,825 as of March 31, 2025, while the company had a working capital deficit of approximately $1,677,724[110]. Shareholder Information - A total of 2,904,267 shares were redeemed at approximately $10.77 per share, amounting to an aggregate of about $31.27 million[37]. - The Company’s ordinary shares subject to possible redemption totaled 3,995,773 at the redemption amount as of March 31, 2025[55]. - As of March 31, 2025, there were 2,126,000 ordinary shares issued and outstanding, excluding 3,995,773 and 6,900,000 shares subject to possible redemption[85]. - The Sponsor purchased an aggregate of 332,000 Private Units at a price of $10.00 per Private Unit, totaling $3,320,000[72]. Regulatory and Compliance - The company filed a Registration Statement on Form S-1/A on July 24, 2023, which includes specimen unit, ordinary share, and rights certificates[4.1][4.2][4.3]. - Certifications of the Principal Executive Officer and Principal Financial Officer were completed in accordance with the Sarbanes-Oxley Act of 2002[31.1][31.2]. - The Inline XBRL Instance Document and related taxonomy extension documents were filed, indicating compliance with SEC requirements[101.INS][101.SCH][101.CAL][101.DEF][101.LAB][101.PRE].
Aimei Health Technology Co., Ltd(AFJKU) - 2025 Q1 - Quarterly Report