Alset Capital Acquisition (ACAX) - 2023 Q2 - Quarterly Report

Financial Position - As of May 31, 2023, the company had cash of $1,219,809 and working capital of$846,848[99] - As of May 31, 2023, there were no amounts outstanding under any Working Capital Loans[99] - The company has no long-term debt obligations or capital lease obligations[105] Income Performance - For the three months ended May 31, 2023, the company reported a net income of $395,021, compared to a net loss of$61,972 for the same period in 2022[104] - For the six months ended May 31, 2023, the company reported a net income of $955,908, compared to a net loss of$107,482 for the same period in 2022[104] Initial Public Offering (IPO) Details - The company placed $87,112,500 in the Trust Account from the Initial Public Offering proceeds, with$1,874,050 allocated for operating expenses[93] - The company paid a cash underwriting discount of $1,725,000 for its Initial Public Offering[108] Business Combination Timeline - The company has until 15 months from the Initial Public Offering closing date to complete its initial Business Combination, extendable up to 21 months under certain conditions[95] Shareholder Actions - The company redeemed 6,648,964 shares for approximately$68.4 million held in the Trust Account during the Special Meeting on May 1, 2023[97] Public Company Status - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[103] - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions[112] - The company has chosen not to opt out of the extended transition period for new or revised financial accounting standards, which may complicate financial statement comparisons with other public companies[113] - The company is categorized as a smaller reporting company and is not required to provide certain market risk disclosures[114]