Financial Performance - The net income for the year ended September 30, 2024, was $255,721, while the net loss including accretion of Class A ordinary shares was $(993,538)[110]. - The basic and diluted net income (loss) per ordinary share for the year ended September 30, 2024, was $0.56, compared to $(0.34) for the previous period[111]. - The net loss attributable to nonredeemable Class A and Class B ordinary shares was $469,643 and $523,895 respectively[130]. Capital Structure - Gross proceeds from the IPO amounted to $57,500,000, with $1,265,000 allocated to Public Rights and $1,554,984 allocated to offering costs related to redeemable shares[107]. - As of September 30, 2024, the Company had 458,000 Class A ordinary shares issued or outstanding, excluding 5,750,000 Class A ordinary shares subject to possible redemption[148]. - The Company is authorized to issue 390,000,000 Class A ordinary shares with a par value of $0.0001[148]. - The Company sold 5,000,000 Units at a price of $10.00 per Unit, totaling $50 million in proceeds[161]. - The Sponsor acquired 1,437,500 Class B ordinary shares for an aggregate purchase price of $25,000, approximately $0.02 per share[164]. - The Class B ordinary shares will convert into Class A ordinary shares on a one-for-one basis at the time of the initial Business Combination[165]. - The Company has authorized the issuance of 10,000,000 preference shares, with none issued or outstanding as of September 30, 2024[173]. Debt and Liabilities - The company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities as of September 30, 2024[124]. - The outstanding loan balance under the Promissory Note was $0 as of September 30, 2024, down from $104,011 in the previous year[143]. - As of September 30, 2024, there were no borrowings under the Working Capital Loans[168]. - The company does not have any obligations, assets, or liabilities considered off-balance sheet arrangements as of September 30, 2024[123]. Investment Portfolio - The portfolio of investments held in the Trust Account consists of money market funds investing in U.S. government securities, with fair value determined using available market information[125]. - The company has no market or interest rate risk due to the short-term nature of its investments in U.S. government treasury obligations[103]. - The fair value of the Company's financial assets and liabilities is based on observable inputs and management's estimates[178]. - The fair value of the Company's assets and liabilities approximates the carrying amounts due to their short-term nature[130]. Offering Costs - Offering costs incurred through the balance sheet date totaled $1,600,914, primarily related to underwriting, legal, and other expenses[105]. - The underwriters received a cash underwriting discount of $0.15 per unit, totaling $750,000, with potential to increase to $862,500 if the over-allotment is exercised in full[171]. - The Company incurred $30,000 for office space and administrative support for the year ended September 30, 2024[169]. - The Company will cease paying monthly fees to the Sponsor upon completion of its initial Business Combination or liquidation[169]. Future Financing and Regulations - The company may need to obtain additional financing to consummate its initial business combination or to redeem a significant number of public shares[121]. - The Company is evaluating the impact of adopting ASU 2023-07, which requires additional segment information disclosures effective for fiscal years beginning after December 15, 2023[136]. - The Company is evaluating the impact of adopting ASU 2023-09 on its financial statements, effective for fiscal years beginning after December 15, 2024[160]. - The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense, with no unrecognized tax benefits as of September 30, 2024[134]. - The Company has no significant uncertain tax positions requiring recognition in its financial statements[157].
Eureka Acquisition Corp(EURKU) - 2024 Q4 - Annual Report