PART I - FINANCIAL INFORMATION Condensed Financial Statements The unaudited condensed financial statements for Alchemy Investments Acquisition Corp 1 as of March 31, 2023, reflect its pre-business combination status, minimal operations, and subsequent IPO details Condensed Balance Sheets Condensed Balance Sheet Summary | Metric | March 31, 2023 (Unaudited) ($) | December 31, 2022 ($) | | :--- | :--- | :--- | | Assets | | | | Cash | $4,779 | $0 | | Total Assets | $1,465,855 | $1,215,951 | | Liabilities | | | | Total Liabilities | $1,424,826 | $1,174,701 | | Shareholder's Equity | | | | Total Shareholder's Equity | $41,029 | $41,250 | - As of March 31, 2023, the company had total assets of approximately $1.47 million, primarily consisting of deferred offering costs, and total liabilities of $1.42 million, resulting in a working capital deficit5 Condensed Statements of Operations Condensed Statement of Operations Summary | Metric | Three months ended March 31, 2023 ($) | Three months ended March 31, 2022 ($) | | :--- | :--- | :--- | | Operating and formation costs | $(221) | $0 | | Net loss | $(221) | $0 | | Basic and diluted net loss per ordinary share | $(0.00) | $0 | - For the three months ended March 31, 2023, the company reported a net loss of $221 from operating and formation costs, as it had not yet commenced any revenue-generating operations10 Condensed Statements of Changes in Shareholders' Equity - Total Shareholder's Equity decreased slightly from $41,250 at the beginning of the period to $41,029 as of March 31, 2023, solely due to the net loss of $221 for the quarter12 Condensed Statements of Cash Flows - For the three months ended March 31, 2023, net cash provided by operating activities was $4,779. The company had no cash at the beginning of the period and no investing or financing activities16 Noncash Financing Activities | Activity | Three Months Ended March 31, 2023 ($) | | :--- | :--- | | Deferred offering costs in accrued costs | $186,100 | | Deferred offering costs paid via related party note | $59,025 | Notes to Unaudited Condensed Financial Statements - The company is a blank check company formed to effect a Business Combination and had not commenced operations as of March 31, 20231920 - Subsequent to the quarter end, on May 9, 2023, the company consummated its Initial Public Offering (IPO) of 11,500,000 units, generating gross proceeds of $115 million, and simultaneously sold 595,500 Private Placement Shares for gross proceeds of approximately $5.96 million212266 - Management has identified substantial doubt about the company's ability to continue as a going concern, as the cash held outside the Trust Account as of March 31, 2023, was insufficient to operate for at least one year, with a deadline of November 9, 2024, to consummate a Business Combination36 - The Sponsor loaned the company up to $500,000 via a non-interest-bearing promissory note to cover IPO expenses, with an outstanding balance of $435,522 as of March 31, 2023, fully repaid on May 9, 202374 Management's Discussion and Analysis of Financial Condition and Results of Operations This section discusses the company's pre-IPO organizational activities, net loss, and liquidity, which was improved by subsequent IPO proceeds - The company's activities for the three months ended March 31, 2023, were solely organizational and preparatory for the IPO, resulting in a net loss of $221102103 - As of March 31, 2023, the company had $4,779 in cash and a working capital deficit of $1,420,047, raising substantial doubt about its ability to continue as a going concern113114 - Post-quarter, the company completed its IPO on May 9, 2023, raising gross proceeds of $115 million from units and $5.955 million from private placement shares, with a total of $116,725,000 placed in the Trust Account109110111 - The company has until November 9, 2024 (18 months from the IPO closing) to consummate a Business Combination, or it will face mandatory liquidation114 Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures - The company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide quantitative and qualitative disclosures about market risk127 Controls and Procedures Management concluded the company's disclosure controls were effective as of March 31, 2023, with no material changes in internal control over financial reporting - Based on an evaluation as of March 31, 2023, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective129 - There were no changes in internal control over financial reporting during the most recently completed quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls130 PART II - OTHER INFORMATION Legal Proceedings The company reports no legal proceedings - There are no legal proceedings to report131 Risk Factors No material changes to previously disclosed risk factors, except for a new risk regarding dependence on financial institutions and potential adverse effects from their failure - No material changes have occurred to the risk factors disclosed in the IPO Prospectus, except for a new risk factor132 - A new risk factor highlights the company's dependency on various financial institutions for banking services and the potential adverse impact if one of these institutions were to fail, potentially limiting access to funds133 Unregistered Sales of Equity Securities and Use of Proceeds This section details unregistered sales of Founder and Private Placement Shares, and confirms the use of IPO proceeds, with $116,725,000 placed into the Trust Account - The Sponsor acquired Founder Shares, which were later adjusted through surrenders and cancellations, resulting in 2,875,000 shares outstanding, issued pursuant to the exemption from registration in Section 4(a)(2) of the Securities Act135137 - On May 9, 2023, the company sold 538,000 Private Placement Shares to the Sponsor and 57,500 to the Underwriter at $10.00 per share, generating gross proceeds of $5,955,000136 - From the IPO and Private Placement, $116,725,000 of the net proceeds were placed in the Trust Account after deducting underwriting discounts and offering expenses, with total offering costs of $10,137,748, including $5,175,000 in deferred underwriting commissions138 Defaults Upon Senior Securities The company reports no defaults upon senior securities - None140 Mine Safety Disclosures This item is not applicable to the company - Not applicable141 Other Information The company has no other information to report - None142 Exhibits This section lists exhibits filed with Form 10-Q, including officer certifications and Inline XBRL documents - The report includes officer certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002145 - Inline XBRL data files are included as exhibits145
Alchemy Investments Acquisition 1(ALCY) - 2023 Q1 - Quarterly Report