Western Acquisition Ventures Corp. 10-Q Filing
Ticker: CYCUW · Form: 10-Q · Filed: Dec 9, 2024 · CIK: 1868419
Sentiment: neutral
Topics: 10-Q, quarterly-report, company-filing
TL;DR
WAVS filed its Q3 10-Q. All good.
AI Summary
Western Acquisition Ventures Corp. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Delaware, operates in computer programming services. Its principal executive offices are located at 42 Broadway, New York, NY.
Why It Matters
This filing provides a quarterly update on the financial health and operational status of Western Acquisition Ventures Corp., which is crucial for investors and stakeholders to assess the company's performance.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant negative events or disclosures.
Key Numbers
- 1231 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
- 001-41214 — SEC File Number (Unique identifier for the company's filings with the SEC.)
Key Players & Entities
- Western Acquisition Ventures Corp. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 42 Broadway, New York, NY (location) — Company's business address
- 7371 (number) — Standard Industrial Classification code for Computer Programming Services
- 20241209 (date) — Filing date
FAQ
What is the primary business of Western Acquisition Ventures Corp.?
Western Acquisition Ventures Corp. is classified under Standard Industrial Classification code 7371, which represents Services-Computer Programming Services.
When is the fiscal year end for Western Acquisition Ventures Corp.?
The fiscal year end for Western Acquisition Ventures Corp. is December 31 (1231).
What is the filing date of this 10-Q report?
This 10-Q report was filed on December 9, 2024 (20241209).
Where are the principal executive offices of Western Acquisition Ventures Corp. located?
The company's business and mail address is 42 Broadway, 12th Floor, New York, NY 10004.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 4,596 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2024-12-09 08:01:57
Key Financial Figures
- $0.0001 — ck Market LLC Common Stock, par value $0.0001 per share WAVS The Nasdaq Stock Mar
Filing Documents
- wavs-20240930x10q.htm (10-Q) — 1345KB
- wavs-20240930xex31d1.htm (EX-31.1) — 12KB
- wavs-20240930xex31d2.htm (EX-31.2) — 11KB
- wavs-20240930xex32d1.htm (EX-32.1) — 5KB
- wavs-20240930xex32d2.htm (EX-32.2) — 5KB
- 0001410578-24-002074.txt ( ) — 6526KB
- wavs-20240930.xsd (EX-101.SCH) — 64KB
- wavs-20240930_cal.xml (EX-101.CAL) — 28KB
- wavs-20240930_def.xml (EX-101.DEF) — 235KB
- wavs-20240930_lab.xml (EX-101.LAB) — 439KB
- wavs-20240930_pre.xml (EX-101.PRE) — 325KB
- wavs-20240930x10q_htm.xml (XML) — 1114KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION 2 Item 1. Interim Condensed Financial Statements 2 Cons olidated C on densed Balance Sheets as of September 30 , 2024 (unaudited) and December 31, 2023 2 Unaudited C onsolidated Condensed Statements of Operations for the three and nine months ended September 30 , 2024 and 2023 3 Unaudited C onsolidated Condensed Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 5 Notes to Unaudited Consolidated Condensed Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.
Controls and Procedures
Controls and Procedures 32
OTHER INFORMATION
PART II OTHER INFORMATION 33 Item 1.
Legal Proceedings
Legal Proceedings 33 Item 1A.
Risk Factors
Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34 Table of Contents
FORWARD LOOKING STATEMENTS
FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). The statements contained in this Report that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Report may include, for example, statements about our: ability to complete our initial business combination; success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements; potential ability to obtain additional financing to complete our initial business combination; pool of prospective target businesses; the ability of our officers and directors to generate a number of potential investment opportunities; potential change in control if we acquire one or more target businesses for stock; the potential liquidity and trading of ou
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
INTERIM CONDENSED FINANCIAL STATEMENTS
Item 1. INTERIM CONDENSED FINANCIAL STATEMENTS WESTERN ACQUISITION VENTURES CORP. CONSOLIDATED CONDENSED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Restricted Cash $ 45,150 $ 8,651 Due from Cycurion- promissory note 185,000 — Due from Sponsor 63,319 99,961 Prepaid expenses and other assets 20,250 9,338 Total current assets 313,719 117,950 Investments held in Trust Account 2,600,462 3,293,966 TOTAL ASSETS $ 2,914,181 $ 3,411,916 LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 1,852,546 $ 1,099,166 Due to Trust Account 63,319 99,961 Loan payable 576,175 204,222 Promissory note- related party 230,000 — Advance from sponsor 76,000 — Derivative liability-Forward Purchase Agreement — 665,116 Excise tax payable 1,149,502 1,143,296 Income tax payable 12,500 72,824 Franchise tax payable 18,000 21,247 Total liabilities 3,978,042 3,305,832 COMMITMENTS AND CONTINGENCIES (Note 6) REDEEMABLE COMMON STOCK Common stock subject to possible redemption, $ 0.0001 par value, 246,472 and 305,410 shares at redemption value of approximately $ 10.87 and $ 10.83 per share as of September 30, 2024 and December 31, 2023, respectively 2,678,431 3,308,364 STOCKHOLDERS' DEFICIT Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Common stock; $ 0.0001 par value; 50,000,000 shares authorized; 3,251,000 shares issued and outstanding (excluding 246,472 and 305,410 shares subject to possible redemption) as of September 30, 2024 and December 31, 2023, respectively 324 324 Additional paid-in capital 119,521 — Accumulated deficit ( 3,862,137 ) ( 3,202,604 ) Total stockholders' deficit ( 3,742,292 ) ( 3,202,280 ) TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDER