PowerUp Acquisition Corp
For the period ended Dec 31, 2023. Filed Mar 11, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 11, 2024
ASBP$8.52+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended | Year Ended | |
|---|---|---|
| December 31, 2023 | December 31, 2022 | |
| Cash Flows from Operating Activities: | ||
| Net income | $4,464,079 | $3,340,238 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Interest income on investments held in Trust Account | (5,813,213) | (4,316,583) |
| Interest expense – debt discount | 8,966 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | 599,440 | (680,663) |
| Accounts payable and accrued expenses | (28,629) | 125,533 |
| Due to affiliate | 116,250 | 122,689 |
| Net cash used in operating activities | (653,107) | (1,408,786) |
| Cash Flows from Investing Activities: | ||
| Cash withdrawn from Trust Account in connection with redemptions | 284,916,127 | — |
| Cash deposited to Trust Account | — | (294,687,500) |
| Net cash provided by (used in) investing activities | 284,916,127 | (294,687,500) |
| Cash Flows from Financing Activities: | ||
| Proceeds from Initial Public Offering net of underwriting fees | — | 282,500,000 |
| Proceeds from sale of private units | — | 14,645,000 |
| Repayment of promissory note - related party | — | (252,915) |
| Payment of offering costs | — | (298,540) |
| Redemption of ordinary shares | (284,916,127) | — |
| Proceeds from Sponsor note | 155,848 | — |
| Net cash (used in) provided by financing activities | (284,760,279) | 296,593,545 |
| NET CHANGE IN CASH | (497,259) | 497,259 |
| CASH, BEGINNING OF THE PERIOD | 497,259 | — |
| CASH, END OF THE PERIOD | $— | $497,259 |
| Non-cash investing and financing activities: | ||
| Initial value of Class A ordinary shares subject to possible redemption | $— | $294,687,500 |
| Deferred underwriting commissions payable charged to additional paid in capital | $(10,812,500) | $10,812,500 |
| Remeasurement of Class A ordinary shares to redemption value | $5,813,213 | $33,209,323 |
| Sponsor shares contributed for no redemption of shares | $118,298 | $— |
| Conversion of Class B shares to Class A | $719 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.