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Western Acquisition Ventures Corp. (WAVS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, including assets of $2,914,181 and liabilities of $3,978,042. The company reported a working capital deficit of $3,664,323.
The report highlights a net loss of $375,004 for the three months ended September 30, 2024, primarily due to professional fees and general administrative expenses.
Western Acquisition Ventures Corp. is a blank check company formed for the purpose of effecting a business combination. As of September 30, 2024, the company had not commenced any operations.
The filing includes information on the company's ongoing efforts to complete a business combination with Cycurion, Inc., with a deadline extended to January 11, 2025.
The report notes the company's reliance on loans and additional investments from its sponsor and other parties to meet working capital needs.
The filing also addresses compliance issues with Nasdaq listing requirements and details steps taken to regain compliance.
The company identified material weaknesses in its internal controls over financial reporting, specifically regarding the withdrawal of funds from the Trust Account.
Western Acquisition Ventures Corp. continues to evaluate risks related to inflation, interest rates, and geopolitical events that may impact its ability to complete a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Western Acquisition Ventures Corp. quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.