Financial Performance - For the three months ended September 30, 2023, the company reported a net income of 415,467 for the same period in 2022[104][105]. - For the nine months ended September 30, 2023, the company achieved a net income of 220,668[104][105]. - The Company reported that the diluted net income (loss) per ordinary share is the same as the basic net income (loss) per ordinary share for the periods presented, as there were no dilutive securities or contracts other than warrants and rights[124]. Assets and Securities - As of September 30, 2023, the company held marketable securities in the Trust Account amounting to 101,629 held outside of the Trust Account as of September 30, 2023, intended for operational expenses related to identifying target businesses[110]. - As of September 30, 2023, the Company had no market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government securities with a maturity of 180 days or less[126]. Operating Costs and Expenses - The company incurred operating costs of 472,504 for the same period in 2022[107][108]. - The company is obligated to pay a monthly fee of 115,000,000 from its IPO of 11,500,000 units at 6,300,000 to the Sponsor to cover extension fees and transaction costs[112][113][114]. - The company expects to incur significant costs in pursuing its acquisition plans and may need to raise additional capital to complete a Business Combination[111][115]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023[116]. Income Allocation - The Company allocated undistributed income (loss) rateably based on the weighted average number of shares outstanding between redeemable and non-redeemable shares[123].
Alpha Star Acquisition (ALSA) - 2023 Q3 - Quarterly Report