Based on the provided financial report articles, I generated the title for the article: "Bay Area's 1969475: A Comprehensive Financial Report for the Year Ended December 31, 2024" Please note that the title may not be exact, as the provided text is a financial report and may not contain a specific title.
Based on the provided financial report articles, I generated the title for the article: "Bay Area's 1969475: A Comprehensive Financial Report for the Year Ended December 31, 2024" Please note that the title may not be exact, as the provided text is a financial report and may not contain a specific title.
Unfortunately, the provided text does not appear to be a financial report, but rather a collection of financial data and events. However, I can try to summarize the key financial figures and significant developments mentioned in the text:
- The company’s fiscal year (FY) ended on December 31, 2024.
- The company’s ordinary shares and rights were issued in 2024.
- The company had a significant increase in its common stock, additional paid-in capital, and retained earnings from 2023 to 2024.
- The company had several significant events in 2024, including the issuance of redeemable common stock, the exercise of over-allotment options, and the acquisition of several businesses.
- The company also had several debt transactions, including the issuance of extension notes and the redemption of redeemable shares.
Please note that this summary is based on the provided text and may not be a comprehensive or accurate representation of the company’s financial performance or position.
Overview
We are a blank check company incorporated on February 16, 2023, as a Cayman Islands exempted company. Our purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. We have not generated any revenues to date and do not expect to generate operating revenues until we consummate our initial business combination.
Results of Operations and Known Trends or Future Events
Since our inception on February 16, 2023, to December 31, 2024, our only activities have been organizational and those necessary to prepare for the Initial Public Offering (IPO) and identifying a target company for the initial business combination. We have not engaged in any operations or generated any revenues during this period.
For the year ended December 31, 2024, we had net income of $1,752,975, which primarily consisted of interest earned on marketable securities held in the trust account and bank interest income of $2,780,145, offset by formation and operating costs of $1,027,170.
For the period from February 17, 2023 (inception) through December 31, 2023, we had net income of $107,055, which primarily consisted of investment income from the trust account.
Liquidity and Capital Resources
Our liquidity needs prior to the completion of the IPO were satisfied through a capital contribution from our sponsor of $25,100 to purchase the founder shares, and up to $300,000 in loans available from our sponsor under an unsecured promissory note.
On December 19, 2023, we consummated our IPO of 6,000,000 Units, at $10.00 per Unit, generating gross proceeds of $60,000,000. Simultaneously, we consummated the sale of 232,500 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,325,000. Following the closing of the IPO, an amount of $60,000,000 from the net proceeds was held in a trust account.
As of December 31, 2024, our cash and cash equivalent balance was $93,620. We intend to use these funds primarily to identify and evaluate target businesses, perform due diligence, and structure, negotiate, and complete a business combination.
In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our founders or an affiliate of our founders may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts.
We expect our primary liquidity requirements during the period to include approximately $200,000 in legal, accounting, due diligence, and other fees in connection with the business combination; $100,000 in legal and accounting related to regulatory reporting obligations, $120,000 for office space, administrative and support services, $55,000 in NASDAQ continued listing fees, and $100,000 for miscellaneous expenses.