Western Acquisition Ventures Corp. Reports $375,004 Net Loss in Q3 2024, Pursues Business Combination with Cycurion

Western Acquisition Ventures Corp. reported a net loss of $375,004 for the third quarter of 2024, compared to a loss of $253,633 in the same period of the previous year. For the nine months ending September 30, 2024, the company recorded a net loss of $670,325, a decrease from the $757,781 loss reported for the same period in 2023. The increase in losses for the quarter was primarily attributed to higher professional fees and general administrative expenses, which totaled $1,211,464 for the nine months ended September 30, 2024, compared to $790,882 in the prior year. The company has not generated any operating revenues since its inception, as it is still in the process of seeking a business combination.

As of September 30, 2024, Western Acquisition Ventures Corp. reported total assets of $2.91 million, a decrease from $3.41 million at the end of 2023. The company’s current liabilities increased to $3.98 million from $3.31 million, largely due to an increase in accounts payable and accrued expenses. The company also reported a working capital deficit of $3.66 million, indicating challenges in meeting its short-term obligations. The restricted cash available for tax liabilities rose to $45,150 from $8,651 at the end of 2023.

In terms of strategic developments, the company is actively pursuing a business combination with Cycurion, Inc., which has been extended to a completion deadline of January 11, 2025. The company has amended its promissory note with Cycurion to extend the maturity date and has also entered into a non-redemption agreement with its sponsor to facilitate the business combination. Additionally, the company has engaged a new independent auditor, WWC, P.C., after dismissing its previous firm, Marcum LLP.

Operationally, the company has faced challenges with compliance, including a notification from Nasdaq regarding its failure to meet the minimum publicly held shares requirement. However, the company has taken steps to regain compliance and has filed its quarterly report on time. The company’s management has expressed concerns about its ability to continue as a going concern if it cannot complete a business combination by the deadline, which could lead to liquidation.

Looking ahead, Western Acquisition Ventures Corp. aims to finalize its business combination with Cycurion and is exploring additional financing options to support its operations. The company continues to evaluate its liquidity position and may need to secure further investments to meet its obligations and facilitate the completion of the merger.