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Alphavest Acquisition Corp(ATMVU) - 2024 Q2 - Quarterly Report
ATMVUAlphavest Acquisition Corp(ATMVU)2024-08-19 20:33

Financial Performance - As of June 30, 2024, the company reported a net income of 382,746forthethreemonthsendedJune30,2024,primarilyfrominterestincomeof382,746 for the three months ended June 30, 2024, primarily from interest income of 530,143, after deducting formation and operating costs of 147,397[88].−ForthesixmonthsendedJune30,2024,thecompanyachievedanetincomeof147,397[88]. - For the six months ended June 30, 2024, the company achieved a net income of 731,987, with total interest income of 1,208,626,offsetbyformationandoperatingcostsof1,208,626, offset by formation and operating costs of 384,323 and an unrealized loss of 92,316[89].−Thecompanyreportedaworkingcapitaldeficitof92,316[89]. - The company reported a working capital deficit of 874,140 as of June 30, 2024, with cash on hand amounting to 13,793[95].−Thereissubstantialdoubtaboutthecompany′sabilitytocontinueasagoingconcernwithinoneyearaftertheissuanceofthefinancialstatements[98].InitialPublicOffering(IPO)−Thecompanygeneratedgrossproceedsof13,793[95]. - 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[98]. Initial Public Offering (IPO) - The company generated gross proceeds of 60,000,000 from its Initial Public Offering (IPO) by selling 6,000,000 Units at 10.00perUnit[91].−Followingthefullexerciseoftheover−allotmentoption,thetotalamountplacedinthetrustaccountreached10.00 per Unit[91]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account reached 70,380,000, which includes interest earned[93]. - As of June 30, 2024, the company held marketable securities in the trust account valued at 51,996,909,including51,996,909, including 4,734,845 of interest income[94]. Business Operations - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[87]. - The company has incurred significant costs related to its acquisition plans and anticipates increased expenses due to public company compliance requirements[86]. Internal Controls and Compliance - As of June 30, 2024, the company's disclosure controls and procedures were evaluated as effective by the Certifying Officers[112]. - The internal control over financial reporting was assessed as effective as of June 30, 2024, based on the established framework[116]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected its effectiveness[117]. - The company acknowledges that disclosure controls and procedures can only provide reasonable assurance, not absolute assurance, against errors and fraud[113]. - Management is responsible for maintaining adequate internal control over financial reporting to ensure reliability[114]. - The internal control process includes maintaining accurate records and ensuring transactions are recorded in accordance with management authorizations[114]. - There are inherent limitations in internal controls that may prevent or detect misstatements[115]. - The assessment of internal controls is subject to risks that controls may become inadequate due to changing conditions[115]. Legal Proceedings - The company has not reported any legal proceedings[117]. Accounting Standards - Management does not believe that any recently issued accounting standards will have a material effect on financial statements[112].