Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $755,988, consisting of interest earned on marketable securities and bank interest income of $954,809, offset by formation and operating costs of $198,821[88]. - For the nine months ended September 30, 2023, the company had a net income of $2,105,442, with interest income totaling $2,592,636 and operating costs of $487,194[88]. - Cash used in operating activities for the nine months ended September 30, 2023, was $601,192, with a net income of $2,105,442 impacted by interest earned on marketable securities[92]. Assets and Securities - As of September 30, 2023, the company held marketable securities in the Trust Account amounting to $73,010,689, including $954,788 of interest income for the three months ended September 30, 2023[93]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account was $70,380,000, which may be invested in U.S. government securities or money market funds[91]. - As of September 30, 2023, the company had cash of $57,843, intended for identifying and evaluating target businesses and conducting due diligence[94]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2023[100]. Going Concern - 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[97]. Future Expectations - The company expects to incur increased expenses as a result of being a public company and conducting due diligence on prospective business combination candidates[86]. 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[90].
AlphaVest Acquisition p(ATMV) - 2023 Q3 - Quarterly Report