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Alpha Star Acquisition (ALSA) - 2024 Q3 - Quarterly Report
ALSAAlpha Star Acquisition (ALSA)2024-11-14 21:15

Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of (139,268)comparedtoanetincomeof(139,268) compared to a net income of 1,232,740 for the same period in 2023[105][106] - The company had operating costs of 459,346forthethreemonthsendedSeptember30,2024,whichissignificantlyhigherthanthe459,346 for the three months ended September 30, 2024, which is significantly higher than the 104,592 reported for the same period in 2023[105][106] - Interest income on marketable securities held in the Trust Account for the nine months ended September 30, 2024, was 2,089,852,comparedto2,089,852, compared to 3,614,671 for the same period in 2023[105][109] - The Company reported that diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the periods presented due to the absence of dilutive securities[129] Capital and Financing - The company generated gross proceeds of 115,000,000fromitsIPO,withnetproceedsof115,000,000 from its IPO, with net proceeds of 115,682,250 after offering costs[107] - The company incurred net cash used in financing activities of 92,857,282fortheninemonthsendedSeptember30,2024,primarilyduetotheredemptionofpublicshares[108]−ThecompanyenteredintoaLoanAgreementwithitsSponsorfora92,857,282 for the nine months ended September 30, 2024, primarily due to the redemption of public shares[108] - The company entered into a Loan Agreement with its Sponsor for a 1.5 million loan to cover transaction costs and extension fees[116] - The company may need to raise additional capital to meet expenditures required for operating its business and completing a Business Combination[118] Assets and Securities - As of September 30, 2024, the company had marketable securities held in the Trust Account amounting to 10,962,587[110]−AsofSeptember30,2024,theCompanyhadnoexposuretomarketorinterestraterisk,withnetproceedsfromtheInitialPublicOfferinginvestedinU.S.governmentsecuritiesandmoneymarketfunds[131]−ThewarrantsissuedinconnectionwiththeInitialPublicOfferingareexercisabletopurchaseatotalof5,915,000ordinaryshares,whilerightsareexercisabletoconvert1,690,000ordinaryshares[129]SubsidiaryandOperations−Thecompanyestablishedawhollyownedsubsidiary,XdataGroup,onSeptember4,2024,toserveasPubCoforitsinitialbusinesscombination[105]−Thecompanyhasnolong−termdebtorcapitalleaseobligationsasofSeptember30,2024,apartfromamonthlyfeeof10,962,587[110] - As of September 30, 2024, the Company had no exposure to market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government securities and money market funds[131] - The warrants issued in connection with the Initial Public Offering are exercisable to purchase a total of 5,915,000 ordinary shares, while rights are exercisable to convert 1,690,000 ordinary shares[129] Subsidiary and Operations - The company established a wholly owned subsidiary, Xdata Group, on September 4, 2024, to serve as PubCo for its initial business combination[105] - The company has no long-term debt or capital lease obligations as of September 30, 2024, apart from a monthly fee of 10,000 to the Sponsor for administrative services[121] Accounting and Standards - The Company does not anticipate any material effect on its interim condensed consolidated financial statements from recently issued accounting standards that are not yet effective[130]