Tue, Jun 18, 9:07 PM (235 days ago)
Alpha Star Acquisition Corporation's amended Q3 2022 10-Q report addresses significant restatements due to previously misclassified financial items. Specifically, cash held in the trust account and deferred underwriting commissions were reclassified from current to non-current assets and liabilities, respectively. This adjustment corrected an overstatement of current assets by $116.1 million and current liabilities by $2.9 million. The company identified material weaknesses in internal controls over financial reporting, necessitating these restatements. For the quarter ended September 30, 2022, Alpha Star reported a net income of $415,467, driven by $520,450 in interest earned on marketable securities in the trust account. The company also noted liquidity concerns and the need for additional funding to meet operational and transaction costs. The amended report includes updated financial statements, management's discussion on financial conditions, and new certifications by executive officers.