Alset Capital Acquisition (ACAX) - 2023 Q1 - Quarterly Report

Financial Position - As of February 28, 2023, the company had $850,175 in cash and a working capital of$489,815[88]. - The company has no long-term debt obligations or capital lease obligations[92]. Income and Operations - The company generated a net income of $560,887 for the three months ended February 28, 2023, compared to a net loss of$45,510 for the same period in 2022[91]. - The company has not commenced any operations and has not generated any revenues to date, with future income expected from interest on cash and cash equivalents[91]. Initial Public Offering and Trust Account - The company placed $87,112,500 in the Trust Account from the Initial Public Offering proceeds, with$1,874,050 allocated for operating expenses[85]. - The company paid a cash underwriting discount of $0.20 per Unit, totaling$1,725,000, with a deferred fee of $0.35 per Unit, amounting to$3,018,750[95]. Business Combination Plans - The company has 15 months from the closing of the Initial Public Offering to complete its initial Business Combination, extendable up to 21 months under certain conditions[86]. - The company plans to use funds for evaluating prospective Business Combination candidates and related expenses[89]. - The company has not identified any specific business combination target at this time but intends to focus on the real estate industry[81]. - The company has filed a definitive proxy statement to seek stockholder approval for extending its duration by up to six months[87].