Financial Performance - The company had a net loss of $64,590 for the nine months ended September 30, 2024, compared to a net income of $80,081 for the same period in 2023[135]. - For the three months ended September 30, 2024, the company reported a net loss of $77,581, while for the same period in 2023, it had a net income of $10,696[136]. Initial Public Offering (IPO) - The company generated gross proceeds of $57,500,000 from its initial public offering of 5,000,000 units, with an additional $3,075,000 from the sale of 307,500 Private Units[130]. - The company incurred $1,207,980 in initial public offering related costs, including $1,006,250 in underwriting fees[130]. - The total amount placed in the Trust Account after the initial public offering and over-allotment was $58,075,000[138]. - The company intends to use substantially all net proceeds from the initial public offering to acquire a target business and cover related expenses[139]. Cash and Working Capital - As of September 30, 2024, the company had cash outside its trust account of $18,488 and a working capital deficit of $3,362,330[138]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[147]. Business Combination Timeline - The company has until December 10, 2024, to consummate a business combination, with the possibility of extending this period five more times for one month each[144]. Financial Instruments and Accounting - The company accounts for warrants as either equity-classified or liability-classified instruments based on specific terms and applicable guidance, with assessments conducted at issuance and quarterly[150]. - Warrants issued upon the Initial Public Offering and private placements meet the criteria for equity classification under ASC 815, thus classified as equity[152]. - Ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' equity section of the balance sheets[154]. - As of September 30, 2024, diluted income per share is the same as basic income per share due to the contingent nature of warrants and rights sold in the Initial Public Offering[155]. - The net proceeds of the IPO held in the trust account may be invested in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less, minimizing exposure to interest rate risk[156]. Contractual Obligations - The company has a contractual obligation to pay its Sponsor a monthly fee of $10,000 for general and administrative services[148].
Nova Vision Acquisition (NOVV) - 2024 Q3 - Quarterly Report