IPO and Financing - The company completed its IPO on January 24, 2025, raising total gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit[92]. - The company intends to use substantially all net proceeds from the IPO for acquiring a target business and covering related expenses[105]. - The company has placed the IPO proceeds in a trust account for the benefit of public shareholders and underwriters, with Continental Stock Transfer & Trust Company acting as trustee[94]. Financial Performance - As of March 31, 2025, the company reported a net income of $149,799, primarily from interest income of $403,733, offset by general and administrative expenses of $253,934[103]. - The company has incurred losses since inception, relying on the sale of securities and loans from the sponsor to fund operations, with no revenue generated to date[96]. Cash and Working Capital - The company had cash of $894,161 and working capital of $871,816 as of March 31, 2025, with cash provided by financing activities amounting to $61,066,688[104]. - The company has no long-term debt or significant contractual obligations as of March 31, 2025[111]. - The company has no off-balance sheet financing arrangements or commitments as of March 31, 2025[110]. Business Combination and Accounting - The company has until January 22, 2026, to complete its initial business combination, failing which it will trigger an automatic winding up and liquidation[109]. - The company has not identified any critical accounting estimates that could materially affect its financial statements[114].
Columbus Acquisition Corp Unit(COLAU) - 2025 Q1 - Quarterly Report