Alphavest Acquisition Corp(ATMVU) - 2023 Q2 - Quarterly Report

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[80]. - 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[80]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $72,055,901, which includes$834,681 of interest income for the three months ended June 30, 2023[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[81]. - Following the underwriter's full exercise of their over-allotment option, an additional 900,000 Units were issued for an aggregate amount of $9,000,000[82]. Cash Flow and Operating Activities - Cash used in operating activities for the six months ended June 30, 2023, was$438,236, resulting in a decrease in cash of the same amount[94]. - As of June 30, 2023, the company had cash of $220,799 available for identifying and evaluating target businesses[88]. Business Combination and Going Concern - The company intends to use substantially all funds held in the trust account to complete its initial business combination[87]. - 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[92]. Debt and Reporting Classification - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[95]. - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not required to provide the information typically required under this item[103].