Financial Performance - As of March 31, 2025, the company reported a net income of $454,300, primarily from interest income on marketable securities held in the trust account, totaling $612,361 [125]. - The company has incurred a net loss of $2,091 from inception through March 31, 2024, related to formation and operating expenses [125]. - The company has no revenue and has relied on working capital from the IPO and private placement to fund operations, with expectations of incurring significant costs in pursuit of acquisition plans [123]. - The company has a working capital of $1,068,091 as of March 31, 2025, and anticipates ongoing professional costs to maintain its status as a publicly traded entity [130]. - 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 [130]. - The company has no off-balance sheet arrangements or long-term liabilities as of March 31, 2025 [131][132]. IPO and 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 [120]. - 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 [127]. - The ordinary shares sold in the IPO contain a redemption feature, allowing for redemption in connection with the company's liquidation or business combination [138]. Accounting Standards and Disclosures - FASB issued ASU 2023-07 requiring annual and interim disclosures of significant segment expenses and aggregate segment items for fiscal years beginning after December 15, 2023 [142]. - ASU 2023-09 mandates expanded disclosures of income taxes paid, effective for fiscal years beginning after December 15, 2024 [143]. - Management believes that the adoption of ASU 2023-09 will not materially impact financial statements and disclosures [143]. - Company does not anticipate any material effect from recently issued accounting standards that are not yet effective [144]. - As a smaller reporting company, there are no required disclosures under market risk [145].
Future Vision II Acquisition Corp(FVN) - 2025 Q1 - Quarterly Report