10-Q - WinVest Acquisition Corp. (0001854463) (Filer)

Tue, May 21, 8:49 PM (55 days ago)

WinVest Acquisition Corp. reported a net loss of $106,446 for Q1 2024, a significant improvement from the $404,527 loss in Q1 2023, primarily due to reduced legal fees. Operating expenses decreased from $569,578 to $225,101. The company held $50,121 in cash and had a working capital deficit of $3,085,779 as of March 31, 2024. Cash in the Trust Account was $12.7 million, up from $12.5 million at the end of 2023, reflecting additional deposits and interest income. The company faces a going concern issue, needing to consummate an Initial Business Combination by June 17, 2024, or extend the deadline. Management plans to seek stockholder approval to extend the deadline to December 17, 2024. The company has identified material weaknesses in its internal controls, particularly related to Trust Account withdrawals and tax filings. Recent developments include a Business Combination Agreement with Xtribe PLC, aiming to address liquidity and operational challenges.