Financial Performance - As of March 31, 2025, the company reported a net loss of $(153,178) compared to a net income of $297,020 for the same period in 2024[113]. - The company has an accumulated deficit of $7,549,542 and a working capital deficit of $4,671,337 as of March 31, 2025, raising substantial doubt about its ability to continue as a going concern[114]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 Units on April 5, 2022[116]. - Following the Initial Public Offering, a total of $115,000,000 was placed in the Trust Account, with transaction costs amounting to $5,704,741[117]. - As of March 31, 2025, the company had investments held in the Trust Account totaling $6,898,161[119]. - The company has no cash held outside of the Trust Account as of March 31, 2025[120]. Debt Obligations - The company issued a promissory note to M-Star Management Corp. for up to $3,000,000, with a balance of $2,972,403 as of March 31, 2025[126]. Business Combination Activities - The company held an Extraordinary General Meeting on October 30, 2023, where shareholders approved extending the deadline for a business combination to August 5, 2024[129]. - As of March 31, 2025, 552,451 public shares remained unredeemed after the redemption of 2,649,965 shares[132]. - The company plans to use funds from the Trust Account to complete its Business Combination and may withdraw interest to pay taxes[119]. - On April 12, 2023, Metal Sky entered into a Merger Agreement with Future Dao Group, valuing Future Dao's outstanding shares at $350 million, resulting in a post-split value of $10.00 per share[134]. - The Merger Agreement was mutually terminated on October 6, 2023, with no fees or expenses required to be paid by either party[135][136]. - On October 1, 2024, Metal Sky signed a non-binding letter of intent for a business combination with Okidoki OÜ, with a total equity value of $120 million[137]. - Metal Sky expressed interest in acquiring Fedilco Group Limited, which holds an 80% equity interest in Viva Armenia, and will seek necessary approvals from Armenian authorities[139]. Risk Management - As of March 31, 2025, the company was not subject to any market or interest rate risk, with net proceeds from its Initial Public Offering invested in U.S. government securities[147].
Metal Sky Star Acquisition (MSSA) - 2025 Q1 - Quarterly Report