Mon, Aug 19, 8:44 PM (148 days ago)
For the quarter ending June 30, 2024, AlphaVest Acquisition Corp reported a net income of $382,746, a decrease from $704,555 in the same period of 2023. The decline is attributed to reduced interest income from marketable securities, which totaled $530,143, compared to $834,742 in the prior year. Operating costs increased to $147,397 from $130,187. The company's total assets amounted to $52,231,650, bolstered by $51,996,909 in marketable securities held in trust, reflecting a slight increase from $50,880,604 at year-end 2023. The company faces a working capital deficit of $874,140, raising concerns about its ability to continue operations without securing additional financing before the completion of a business combination, which must occur by December 22, 2024. Significant promissory notes have been issued to cover operational costs, further stressing liquidity. There remains uncertainty regarding the successful consummation of a business combination, which, if not completed, could lead to liquidation. Overall, the quarterly results indicate a challenging financial position with ongoing operational risks and uncertainties.