Financial Position - As of December 31, 2024, the company had cash and cash in escrow of $411,429 and working capital of $339,724[277]. - The company generated net income of $1,193,616 for the year ended December 31, 2024, primarily from interest and dividends earned in the trust account[279]. - The company incurred cash used by operating activities of $196,752 for the year ended December 31, 2024, mainly due to prepayment of formation and operational costs[285]. - As of December 31, 2024, the company reported no off-balance sheet arrangements[297]. Initial Public Offering (IPO) - The initial public offering (IPO) raised gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[283]. - Following the IPO, a total of $69,000,000 of net proceeds were deposited in the trust account for the purpose of completing the initial business combination[284]. - The underwriters are entitled to a cash underwriting commission of 2.5% of the gross proceeds of the IPO, amounting to $1,035,000 upon the closing of the initial business combination[292]. Business Operations and Plans - The company has not engaged in any operations or generated any revenue to date, with all activities focused on preparing for the IPO and searching for a target business[289]. - The company expects to incur significant costs in pursuit of its acquisition plans and may seek shareholder approval to extend the time to complete a business combination if necessary[281]. - The company has a working capital loan note allowing borrowing up to $300,000, which may be converted into private units upon consummation of the initial business combination[288]. - The company has entered into an administrative services agreement to pay the sponsor $10,000 per month for support services until the initial business combination or liquidation[293]. Accounting and Regulatory Compliance - The company does not anticipate any material effects on its unaudited financial statements from recently issued accounting pronouncements that are not yet effective[296]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[298]. - The company is exempt from certain requirements for five years post-initial public offering, including auditor's attestation on internal controls and detailed executive compensation disclosures[299]. - The company is classified as a smaller reporting company and is not required to provide specific market risk disclosures[300].
DT Cloud Star Acquisition Corporation(DTSQU) - 2024 Q4 - Annual Report