Israel Acquisitions p(US:ISRL)2025-05-14 20:30Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $66,653, which included $234,788 in dividends income from marketable securities held in the Trust Account [126]. - The company incurred net cash used in operating activities of $134,277 for the three months ended March 31, 2025 [132]. - The company had a working capital deficit of $1,700,104 as of March 31, 2025, excluding cash and marketable securities held in the Trust Account [129]. Trust Account and Securities - A total of $146,625,000 was placed in the Trust Account following the Initial Public Offering [131]. - As of March 31, 2025, the company held marketable securities in the Trust Account valued at $9,388,700, including approximately $234,788 of gains [133]. - Following a shareholder vote, holders of 6,461,683 Class A ordinary shares redeemed their shares for a total of $73,533,953 from the Trust Account [119]. Business Combination - The company entered into a Business Combination Agreement with Gadfin Ltd., a technology company specializing in hydrogen-powered drones, on January 26, 2025 [122]. - The company issued an unsecured promissory note to the Sponsor for $335,131 to cover extension payments related to the business combination [121]. - The company expects to incur significant costs related to identifying a target business and negotiating an initial business combination, raising concerns about its ability to continue as a going concern [135]. Accounting Standards - In December 2023, the FASB issued ASU 2023-09, requiring annual disclosures of income tax rate reconciliations using both amounts and percentages [140]. - ASU 2023-09 mandates disclosure of net income taxes paid or received to federal, state, and foreign jurisdictions, subject to a five percent quantitative threshold [140]. - The Company is currently assessing the impact of ASU 2023-09 on its financial position, results of operations, or cash flows [140]. - Management does not believe that any other recently issued accounting pronouncements would have a material effect on the financial statements [141]. - Item 3 regarding quantitative and qualitative disclosures about market risk is not required for smaller reporting companies [142]. Operational Status - As of March 31, 2025, the company had not commenced any operations and generated no revenues to date, with expectations to generate operating revenues only after completing an initial business combination [117].