Golden Star Acquisition Corporation, a shell company classified as a non-accelerated filer and emerging growth company, reported its financial results for the third quarter and nine months ended September 30, 2024. The company’s total current assets increased to $129,500 from $46,875 as of December 31, 2023. However, total assets decreased significantly to $27,960,871 from $72,086,698 during the same period, primarily due to substantial redemptions of ordinary shares.
Total liabilities rose to $4,290,647, up from $2,268,102, contributing to a total shareholders’ deficit of $(4,153,668), compared to $(2,228,727) at the end of the previous fiscal year. The company reported operating expenses of $207,994 for the third quarter of 2024, a decrease from $458,376 in the same quarter of 2023. For the nine-month period, operating expenses increased to $996,737 from $634,097 year-over-year.
Net income for the third quarter of 2024 was $248,075, down from $450,979 in the same period of 2023. For the nine months ended September 30, 2024, net income was $1,198,563, compared to $779,968 in the prior year. The company earned $456,069 in interest and dividends from its trust account during the third quarter of 2024, a decline from $909,355 in the same quarter of 2023. However, total interest and dividends earned for the nine months increased to $2,195,300 from $1,414,065 year-over-year.
The company’s initial public offering (IPO) on May 4, 2023, raised gross proceeds of $69,000,000 from the sale of 6,900,000 units, with an additional $3,070,000 from a private placement. As of September 30, 2024, the company had $27,831,371 in marketable securities held in the trust account, down from $72,039,823 at the end of 2023. The company reported a working capital deficit of $2,428,668, indicating liquidity challenges.
Golden Star Acquisition Corporation is pursuing a business combination with Gamehaus Inc. and its subsidiaries, with a merger agreement signed on September 16, 2023. The expected closing of the merger is set for the first half of 2024, subject to various conditions. The company has expressed substantial doubt about its ability to continue as a going concern for the next year due to potential mandatory liquidation if the business combination does not occur.
About Golden Star Acquisition Corp
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