Fri, Sep 6, 8:31 PM (105 days ago)
DT Cloud Star Acquisition Corporation reported its quarterly financial results for the period ending June 30, 2024. The company, a blank check entity formed to pursue a business combination, incurred a net loss of approximately $42,035 for the quarter and $52,658 for the six months, significantly higher than the prior year's losses of $665 and $1,330, respectively. As of June 30, 2024, total assets rose to $227,027, primarily due to deferred offering costs of $222,426, while total liabilities surged to $285,471, driven by accrued expenses and a promissory note to the sponsor. Following its IPO on July 26, 2024, which raised $69 million, the company deposited these proceeds into a trust account for future business combinations. The cash flow from operating activities showed a substantial outflow of $268,815, reflecting the costs associated with the IPO. The company faces uncertainties regarding its ability to complete a business combination within the stipulated timeframe, which could trigger liquidation. The management is actively seeking target businesses, leveraging its expertise to identify potential acquisitions for future growth. Overall, the company’s financial health is impacted by its current losses and the need for successful business combination execution.