Quarterly ResultMay 15, 2026, 02:26 PM
Alpha Star Acquisition Corp Q1 Net Loss $(165,798); Going Concern Doubt
AI Summary
Alpha Star Acquisition Corp reported a net loss of $(165,798) for the three months ended March 31, 2026, an improvement from $(200,767) in the prior year. The company faces substantial doubt about its ability to continue as a going concern due to a significant working capital deficit of $(2,293,398) and no cash balance. The company was delisted from Nasdaq in December 2024 and now trades on the OTCID Market, though it continues to pursue a business combination with OU XDATA GROUP, with a deadline extended to December 15, 2026.
Key Highlights
- Reported a net loss of $(165,798) for Q1 2026, compared to $(200,767) for Q1 2025.
- Working capital deficit increased to $(2,293,398) as of March 31, 2026, from $(2,015,785) at December 31, 2025.
- Total liabilities reached $3,327,563 as of March 31, 2026.
- Promissory notes and loans payable to Sponsor increased to $1,880,216.
- Company has no cash balance as of March 31, 2026 and December 31, 2025.
- Delisted from Nasdaq in December 2024; currently trades on the OTCID Market.
- Business combination deadline with OU XDATA GROUP extended to December 15, 2026.
- Management identified substantial doubt about the company's ability to continue as a going concern.
Price Impact
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