Alphavest Acquisition Corp(ATMVU) - 2023 Q3 - Quarterly Report

Financial Performance - As of September 30, 2023, the company reported a net income of $755,988 for the three months ended, and a net income of$2,105,442 for the nine months ended, primarily from interest income on marketable securities[88]. - The company has not generated any operating revenues to date and will not do so until the completion of its initial business combination[86]. - Cash used in operating activities for the nine months ended September 30, 2023, was $601,192, reflecting the company's expenses related to being a public entity[93]. - 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[100]. Capital Raising and Trust Account - The company raised gross proceeds of$60,000,000 from its Initial Public Offering (IPO) by selling 6,000,000 Units at $10.00 per Unit[90]. - 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[92]. - 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[95]. - The company intends to use substantially all funds in the trust account to complete its initial business combination, with any remaining proceeds used for working capital[96]. Cash Position and Expenses - The company had cash of $57,843 as of September 30, 2023, intended for identifying and evaluating target businesses[97]. - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2023[103].