As of June 30, 2024, Western Acquisition Ventures Corp. reported total current assets of $148.97 million, an increase from $117.95 million at the end of the previous fiscal year. However, total assets decreased to $2.75 million from $3.41 million, while total liabilities rose to $3.44 million from $3.31 million, resulting in a stockholders’ deficit of $(3.37 million), compared to $(3.20 million) at the end of 2023.

For the three months ended June 30, 2024, the company incurred operating expenses of $(584,224), significantly higher than $(187,706) in the same period of 2023. Loss from operations also increased to $(576,477) from $(198,706) year-over-year. The net loss for the quarter was $(703,701), compared to $(332,537) in the prior year. Basic and diluted net loss per share for the quarter was $(0.20), up from $(0.08) in 2023. For the six months ended June 30, 2024, the net loss was $(295,321), an improvement from $(504,148) in the same period of 2023.

Cash flow analysis revealed net cash used in operating activities of $(420,868) for the first half of 2024, down from $(490,930) in 2023. The company reported net cash provided by investing activities of $693,460, a significant decrease from $109.38 million in the previous year, primarily due to different redemption activities. The cash balance at the end of the period was $14,876, down from $258,551 a year earlier.

Strategically, the company is focused on completing a business combination, having entered into a merger agreement with Cycurion, Inc. on November 21, 2022. The completion date for this merger has been extended to December 31, 2024. The company has faced challenges, including a notification from Nasdaq regarding non-compliance with public share requirements and a resignation of its entire board, which has raised concerns about its governance structure.

In terms of financing, the company has borrowed $554,269 under a promissory note with Cycurion, with the maturity date extended to October 11, 2024. Additionally, the company has engaged in a Non-Redemption Agreement with its Sponsor to manage share redemptions effectively.

Management has expressed substantial doubt about the company's ability to continue as a going concern for the next twelve months, particularly if the business combination is not completed by the extended deadline. The company is classified as an "emerging growth company" and is reviewing the impact of new accounting standards on its financial statements.