Mon, Sep 30, 8:50 PM (81 days ago)
Western Acquisition Ventures Corp. reported a net loss of $703,701 for Q2 2024, significantly higher than the $332,537 loss in Q2 2023. Operating expenses increased due to higher professional fees and administrative costs. The company had total assets of $2,749,473, down from $3,411,916 at year-end 2023, with a working capital deficit of $3,289,361. Investments in the Trust Account decreased to $2,600,504 from $3,293,966, reflecting redemptions and operational withdrawals. Cash flow from operating activities was negative at $420,868, while investing activities generated $693,460 mainly from Trust Account withdrawals. The company’s liquidity is reliant on loans from sponsors and shareholders, raising concerns about its ability to meet obligations without additional financing. The firm is actively pursuing a business combination with Cycurion, having extended the deadline to October 2024. However, uncertainties persist regarding market conditions and compliance with Nasdaq listing requirements, which may impact future operations. The company has identified material weaknesses in internal controls, potentially affecting its financial reporting and investor confidence.