Financial Position - Total assets as of March 31, 2025, amounted to $61,877,632, a slight increase from $61,412,987 on December 31, 2024[6] - Cash and investments held in the trust account increased to $61,388,253 as of March 31, 2025, from $60,752,079 on December 31, 2024[6] - Current liabilities rose to $162,993 as of March 31, 2025, up from $103,025 on December 31, 2024[6] - Total liabilities as of March 31, 2025, were $2,262,993, compared to $2,203,025 on December 31, 2024[6] - The company had a working capital of $282,923 as of March 31, 2025[25] - As of March 31, 2025, the Company held $61,388,253 in cash and investments in the Trust Account, an increase from $60,752,079 as of December 31, 2024[33] - As of March 31, 2025, the Trust Account held cash and investments totaling $61,388,253, intended for the Business Combination[88] Income and Expenses - The company reported a net income of $404,677 for the three months ended March 31, 2025, compared to a net loss of $1,542,300 as of December 31, 2024[10] - The company incurred formation and operating costs of $235,799 for the three months ended March 31, 2025[10] - The company generated gross proceeds of $60,000,000 from its IPO at a price of $10.00 per Unit[85] - An additional $2,300,000 was raised through the sale of 230,000 Private Placement Units at the same price[85] - The company incurred transaction costs of $3,722,528 related to the IPO, including $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting fees[86] - Cash and investments used in operating activities for the same period amounted to $150,069[87] Shareholder Information - Basic and diluted net income per share for ordinary shares subject to redemption was $0.05 for the three months ended March 31, 2025[10] - The net income per share for the three months ended March 31, 2025, was $0.05 for both basic and diluted shares, based on a weighted average of 6,000,000 ordinary shares[43] - As of March 31, 2025, ordinary shares subject to possible redemption amounted to $61,388,253, reflecting an increase from $60,752,079 as of December 31, 2024[49] - The company issued 1,725,000 founder shares for $25,000, with 225,000 shares subject to forfeiture if underwriters' over-allotment is not fully exercised[95] Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[20] - The company has not yet engaged in any operations or generated revenues to date[83] - The company has not selected a specific business combination target and has not initiated substantive discussions with any potential targets[82] - The company intends to use funds held outside the Trust Account for operational expenses and due diligence on prospective target businesses[89] - The company estimates it may have insufficient funds available to operate prior to its initial business combination, with potential reliance on loans from sponsors or affiliates on a non-interest bearing basis[91] - The company cannot assure that its plans to raise capital or complete an initial business combination will be successful, which may lead to voluntary liquidation if not achieved within the Combination Period[92] Regulatory and Compliance - The Company has not recognized any unrecognized tax benefits or accrued interest and penalties as of March 31, 2025[37] - The Company has not identified any recently issued accounting standards that would materially affect its financial statements if adopted[56] - The underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO, amounting to $2,100,000, payable upon the closing of an initial business combination[108] - The company has not incurred any working capital loans as of March 31, 2025, despite the potential for up to $1,500,000 of such loans to be convertible into working capital units at $10.00 per unit[106] - The company lacks the financial resources needed to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern within one year after the financial statements are issued[93] Investment and Funding - The Company sold 6,000,000 Units at $10.00 per Unit during the IPO, with each Unit consisting of one ordinary share and one right to receive one-tenth of an ordinary share upon the consummation of the initial Business Combination[57] - The Company completed a private sale of 230,000 Private Placement Units simultaneously with the IPO, adding proceeds to the Trust Account[58] - The company completed its Initial Public Offering on September 23, 2024, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[118] - An aggregate of $60,000,000 has been deposited in the trust account related to the Initial Public Offering, with each unit sold at $10.00[120] - Transaction costs for the Initial Public Offering amounted to $3,722,528, including $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting commissions[121]
Cayson Acquisition Corp(CAPN) - 2025 Q1 - Quarterly Report