Alpha Star Acquisition (ALSA) - 2024 Q4 - Annual Report

Financial Performance - For the years ended December 31, 2024 and 2023, the company reported a net income of $1,344,563 and$4,924,098, respectively, with formation and operational costs of $913,909 and$435,287[200]. - Net cash used in operating activities for the years ended December 31, 2024 and 2023 was $(243,395) and$(235,925), respectively[204]. - The company has not identified any critical accounting estimates that would materially affect its financial statements[218]. Capital Generation - The company generated gross proceeds of $115,000,000 from the initial public offering of 11,500,000 Units and an additional$3,300,000 from the sale of 330,000 Private Units[201]. - The company incurred $5,669,696 in transaction costs related to the initial public offering, including$2,300,000 in underwriting fees[202]. Investments and Cash Position - As of December 31, 2024, the company had investments held in the Trust Account amounting to $11,111,853, down from$101,590,662 in 2023[205]. - As of December 31, 2024, the company had cash of $nil held outside of the Trust Account, indicating reliance on Trust Account funds for operations[206]. Debt and Obligations - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of$10,000 to the Sponsor for administrative services[215]. - The company issued promissory notes totaling $6,245,961, which were waived by the Sponsor as of September 25, 2024[212]. Future Plans and Capital Needs - The company expects to incur significant costs in pursuing acquisition plans and may need to raise additional capital to complete a business combination[208].