Financial Position - As of December 31, 2024, the company had cash and cash in escrow of $152,021 and a working capital deficit of $128,968[325] - As of December 31, 2024, the company had cash at bank of $152,021 and no cash in escrow[332] - The principal amount due under a promissory note from the sponsor was $0 as of December 31, 2024[326] - The company has a promissory note with a principal amount of $300,000, which is non-interest-bearing and payable upon the consummation of the initial business combination[333] Business Combination - The company entered into a business combination agreement with Maius Pharmaceutical Co., Ltd. on October 22, 2024[320] - The company has a deadline to complete the initial business combination by April 23, 2025, with the possibility of extending it up to 27 months[317] - The company has extended the deadline for completing the initial business combination to April 23, 2025, with the possibility of further extensions[327] - The company is required to secure at least $10,000,000 in private equity investments from third-party investors as part of the business combination[324] - The first monthly extension fee of $207,000 was deposited into the Trust Account to extend the deadline for the business combination[317] - The company may face significant dilution of equity interests if additional shares are issued in connection with the business combination[313] - The underwriters are entitled to a cash underwriting discount of 2.5% of the gross proceeds of the IPO, amounting to $1,725,000, upon the closing of the initial business combination[339] Financial Performance - The company reported a net income of $2,265,806 for the year ended December 31, 2024[325] - For the year ended December 31, 2024, the company reported a net income of $2,265,806, primarily from dividend income of $3,000,071[337] - The company incurred cash used in operating activities of $686,691 for the year ended December 31, 2024[331] - The company has not generated any revenues to date and has focused on preparing for its initial public offering[312] Initial Public Offering - The company completed its initial public offering on February 23, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[329] - Following the IPO, a total of $69,345,000 was deposited in the trust account, intended for the initial business combination[330] Going Concern - The company may face substantial doubt about its ability to continue as a going concern if it fails to complete the initial business combination within the prescribed time[328] Accounting Estimates - The company has not identified any critical accounting estimates that could materially affect its financial statements[340]
Dt Cloud Acquisition Corporation(DYCQ) - 2024 Q4 - Annual Report