Financial Performance - For the three months ended March 31, 2023, the net income was $644,898, compared to a net loss of $3,749 for the same period in 2022[8]. - The basic and diluted net income per share for common stock subject to redemption was $0.46 for the three months ended March 31, 2023[8]. - As of March 31, 2023, the Company reported a net income of $644,898, which includes interest earned on marketable securities of $803,084[82]. - The Company has not generated any operating revenues to date and will not do so until the completion of its initial Business Combination[81]. Balance Sheet and Cash Position - The total current liabilities decreased to $39,412 as of March 31, 2023, from $257,871 as of December 31, 2022[7]. - The total shareholders' equity as of March 31, 2023, was $358,221, down from $554,543 as of December 31, 2022[7]. - The company had cash at the end of the period amounting to $310,950, down from $659,035 at the beginning of the period[14]. - The Company had cash of $310,950 as of March 31, 2023, intended for identifying and evaluating target businesses[88]. - Cash used in operating activities for the three months ended March 31, 2023, was $348,085[93]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2023[94]. Initial Public Offering (IPO) - The company generated gross proceeds of $60,000,000 from its Initial Public Offering on December 22, 2022[19]. - The Company sold 6,000,000 Units at a price of $10.00 per Unit during its Initial Public Offering, raising a total of $60,000,000[51]. - An additional 900,000 Units were issued due to the underwriter's full exercise of their over-allotment option, generating an extra $9,000,000[51]. - The Company completed a private sale of 390,000 Private Placement Units at $10.00 per Unit, totaling $3,900,000, which were added to the net proceeds from the Initial Public Offering[52]. - The total net proceeds from the initial public offering and the sale of Private Placement Units amounted to $71,030,000, or $10.20 per share sold in the initial public offering[114]. - The Company incurred transaction costs related to the Initial Public Offering amounting to $3,734,629[21]. - Offering costs of $3,734,630 were charged to additional paid-in capital upon completion of the Initial Public Offering[41]. Trust Account and Investments - The company placed $61,200,000 in a Trust Account from the net proceeds of the Initial Public Offering, with a per unit value of $10.20[20]. - The Company has $71,221,220 in investments held in the Trust Account as of March 31, 2023, including $802,992 in interest income[40]. - As of March 31, 2023, the Trust Account held $71,221,220 in a mutual fund primarily invested in U.S. Treasury Securities[72]. - The fair value of marketable securities held in the Trust Account increased from $70,418,228 on December 31, 2022, to $71,221,220 on March 31, 2023, reflecting a growth of approximately 1.14%[72]. Business Combination and Future Plans - The Company will redeem 100% of the Public Shares if a Business Combination is not completed within the Combination Period[28]. - The Company has until 12 months (or 18 months if extended) from the closing of the Initial Public Offering to consummate a Business Combination[28]. - The Company intends to use substantially all funds in the trust account to complete its initial business combination[87]. - Management believes that the funds available will sustain operations for at least one year from the issuance date of the financial statement[31]. - 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[91]. Internal Controls and Compliance - There was a material weakness identified in internal controls related to the accretion adjustment, which management plans to enhance through additional analyses[107]. - No changes in internal control over financial reporting materially affected the company during the most recent fiscal quarter[107]. - The Company does not expect any recently issued accounting standards to have a material effect on its financial statements[50]. - The Company has no unrecognized tax benefits or accrued interest and penalties as of March 31, 2023[47]. - There have been no material changes to the risk factors disclosed in previous filings as of the date of this Quarterly Report[109].
AlphaVest Acquisition p(ATMV) - 2023 Q1 - Quarterly Report