Financial Performance - The Company had a net loss of $31,255 for the three months ended February 28, 2025, consisting of formation and operating costs of $33,504, offset by interest income of $2,249[96]. - The Company has a working capital deficit of $301,307 as of February 28, 2025, with cash of $208,063[100]. - The Company has not engaged in any operations or generated revenues to date, with future revenue expected only after completing an initial business combination[94]. - The Company has incurred significant costs in pursuit of its acquisition plans and lacks the financial resources to sustain operations for a reasonable period without completing a business combination[101]. IPO and Proceeds - The Company completed its IPO on March 19, 2025, selling 8,280,000 units at $10.00 per unit, generating total gross proceeds of $82,800,000[97]. - A total of $82,800,000 from the IPO proceeds was placed in a trust account, which will be invested only in U.S. government treasury bills or money market funds[98]. Business Combination and Timeline - The Company has until June 19, 2026, to complete its initial business combination, or it will trigger an automatic winding up and liquidation[101]. - The Company entered into a Finders Fee Agreement with Hugh Grow Investment Ltd., agreeing to pay a one-time retainer fee of $150,000 and a success fee of $3,500,000 upon closing a transaction[92][108]. - The underwriter is entitled to a cash underwriting discount of $586,500 and a deferred fee of $3,312,000, payable upon the closing of a Business Combination[106]. Public Company Costs and Compliance - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs[95]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company"[114]. - Exemptions may include not providing an auditor's attestation report on internal controls over financial reporting[114]. - The company may not need to disclose all executive compensation details required of non-emerging growth public companies[114]. - These exemptions will apply for five years post-initial public offering or until the company is no longer classified as an "emerging growth company," whichever comes first[114]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies[115].
Quartzsea Acquisition Corp Unit(QSEAU) - 2025 Q1 - Quarterly Report