Financial Position - As of August 31, 2023, the company had cash of 371,474[98]. - As of August 31, 2023, there were no amounts outstanding under any Working Capital Loans[98]. Financial Performance - For the three months ended August 31, 2023, the company reported a net loss of 122,132 for the same period in 2022[103]. - For the nine months ended August 31, 2023, the company had a net income of 14,650 in the same period in 2022[103]. Operations and Revenue - The company has not commenced any operations and has not generated any revenues to date[102]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[102]. Trust Account and IPO - The company placed 1,874,050 allocated for operating expenses[92]. - 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[96]. - The company has a maximum of 21 months from the closing of the Initial Public Offering to complete its initial Business Combination[94]. Business Strategy - The company intends to focus its search for business combination targets within the real estate industry[88]. Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions[111]. - 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[112]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[113].
Alset Capital Acquisition (ACAX) - 2023 Q3 - Quarterly Report