Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $704,556, consisting of interest earned on marketable securities and bank interest income of $834,743, offset by formation and operating costs of $130,187[84]. - For the six months ended June 30, 2023, the company had a net income of $1,349,454, with interest income totaling $1,637,827 and operating costs of $288,373[84]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $72,055,901, including $834,681 of interest income for the three months ended June 30, 2023[88]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[85]. - Following the full exercise of the underwriter's over-allotment option, an additional $9,000,000 was raised, bringing total proceeds to $70,380,000 placed in the trust account[86]. Cash Flow and Liquidity - Cash used in operating activities for the six months ended June 30, 2023, was $438,236, resulting in a decrease in cash[95]. - As of June 30, 2023, the company had cash of $220,799 available for identifying and evaluating target businesses[89]. Future Outlook and Concerns - The company expects to incur increased expenses as a result of being a public company, including legal and financial reporting costs[81]. - 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[93]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[96].
AlphaVest Acquisition p(ATMV) - 2023 Q2 - Quarterly Report