IPO and Financial Proceeds - The company completed its IPO on September 13, 2024, raising gross proceeds of $50 million from the sale of 5,000,000 Units at $10.00 per Unit, with additional proceeds of $7.5 million from the over-allotment option exercised[106]. - The company incurred offering costs of $1,845,513 related to the IPO, which included underwriting commissions and other expenses[123]. - The company plans to use substantially all net proceeds from the IPO to acquire a target business and cover related expenses, including a deferred underwriting commission of $575,000[113]. - The Company issued 5,750,000 ordinary shares as part of the IPO, with the initial carrying value allocated to proceeds according to ASC 470-20[128]. Financial Position and Performance - As of September 30, 2024, the estimated fair value of marketable securities held in the Trust Account was $57,935,279, all of which are classified as marketable securities[122]. - For the period from January 30, 2024, through September 30, 2024, the company reported a net income of $137,178, primarily from income earned on marketable securities[111]. - As of September 30, 2024, the company had cash of $1,464,303 available for working capital needs, with a working capital of $1,393,405[116]. - The company has not generated any operating revenues to date and has incurred losses since inception due to formation and operating costs[109]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[117]. Future Outlook and Risks - If a business combination is not completed by March 31, 2026, the company may commence voluntary liquidation, raising substantial doubt about its ability to continue as a going concern[116]. - The company expects to incur increased expenses as a result of being a public company, including legal and compliance costs[110]. Tax and Accounting Matters - The Company has no unrecognized tax benefits or accrued interest and penalties as of September 30, 2024[133]. - The Cayman Islands is the Company's only major tax jurisdiction, with no income tax imposed for the period from January 30, 2024, through September 30, 2024[136]. - The Company does not expect any material changes in unrecognized tax benefits over the next twelve months[135]. - The Company does not anticipate any significant payments or accruals related to tax positions under review[135]. - Recent accounting pronouncements, specifically ASU 2023-09, will not have a material impact on the Company's financial statements and disclosures[137]. - Management believes that no recently issued accounting standards will materially affect the financial statements if adopted[138]. Earnings Per Share - For the three months ended September 30, 2024, the Company reported no dilutive securities, resulting in diluted income (loss) per share being the same as basic loss per share[130]. - The Company complies with FASB ASC Topic 260 for earnings per share calculations, using the two-class method[130]. - The Company has elected to recognize changes in redemption value as a charge against additional paid-in-capital over an expected 18-month period[128].
Future Vision II Acquisition Corp(FVN) - 2024 Q3 - Quarterly Report