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10-Q - Aspen-1 Acquisition Inc. (0001918080) (Filer)

Tue, May 14, 8:27 PM (183 days ago)

Aspen-1 Acquisition Inc. reported a net loss of $11,091 for the quarter ending March 31, 2024, compared to a net loss of $7,816 in the same period of 2023. The company, which is a blank check company, has not generated any revenue since inception and continues to seek suitable acquisition candidates. As of March 31, 2024, Aspen-1 had cash reserves of $11,837, up from $2,428 at the end of 2023, primarily due to a $10,000 note payable from a stockholder. Current liabilities increased to $130,525 from $110,025 over the same period, resulting in a stockholders' deficit of $118,688. The company’s financial condition raises substantial doubt about its ability to continue as a going concern, relying on continued funding from stockholders or other investors. Management anticipates incurring approximately $40,000 in expenses over the next 12 months related to legal, accounting, and other professional services. The company remains focused on achieving long-term growth through a business combination rather than short-term earnings.