Siddhi Acquisition Corp Unit(SDHIU) - 2025 Q1 - Quarterly Report

Part I. Financial Information Financial Statements Siddhi Acquisition Corp's Q1 2025 unaudited financial statements detail a $43,850 net loss and balance sheet changes from a Sponsor advance and subsequent IPO Condensed Balance Sheets As of March 31, 2025, total assets increased to $3.58 million and liabilities to $3.67 million, primarily due to a $3.15 million Sponsor advance, widening the shareholder's deficit Condensed Balance Sheets (Unaudited) | | March 31, 2025 (Unaudited) (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | ASSETS | | | | Cash | $3,156,843 | $578 | | Total current assets | $3,156,843 | $578 | | Deferred offering costs | $425,223 | $342,805 | | TOTAL ASSETS | $3,582,066 | $343,383 | | LIABILITIES AND SHAREHOLDER'S DEFICIT | | | | Accrued expenses | $48,850 | $5,000 | | Accrued offering costs | $261,983 | $218,300 | | Advance from Sponsor for Private Placement Units | $3,150,000 | – | | Promissory note - related party | $205,000 | $160,000 | | TOTAL LIABILITIES | $3,665,833 | $383,300 | | TOTAL SHAREHOLDER'S DEFICIT | ($83,767) | ($39,917) | | TOTAL LIABILITIES AND SHAREHOLDER'S DEFICIT | $3,582,066 | $343,383 | Condensed Statement of Operations For Q1 2025, the company reported a net loss of $43,850, entirely from general and administrative costs, resulting in a $0.01 basic and diluted net loss per share Statement of Operations Highlights (Three Months Ended March 31, 2025) | Metric | Amount (USD) | | :--- | :--- | | General and administrative costs | $43,850 | | Loss from operations | ($43,850) | | Net loss | ($43,850) | | Weighted average shares outstanding, Class B | 6,000,000 | | Basic and diluted net loss per share, Class B | ($0.01) | Condensed Statement of Changes in Shareholder's Deficit The shareholder's deficit increased from $39,917 to $83,767 during Q1 2025, solely due to the net loss incurred for the period - The shareholder's deficit increased from $39,917 on January 1, 2025, to $83,767 on March 31, 2025, due to the net loss of $43,850 for the period[18] Condensed Statement of Cash Flows Net cash provided by financing activities totaled $3.16 million in Q1 2025, primarily from a Sponsor advance and promissory note, increasing the cash balance to $3.16 million Cash Flow Summary (Three Months Ended March 31, 2025) | Cash Flow Activity | Amount (USD) | | :--- | :--- | | Net cash provided by operating activities | $0 | | Net cash provided by financing activities | $3,156,265 | | Net change in cash | $3,156,265 | | Cash, beginning of the period | $578 | | Cash, end of the period | $3,156,843 | - Financing activities included proceeds of $45,000 from a related-party promissory note and a $3,150,000 advance from the Sponsor for Private Placement Units[21] Notes to Condensed Financial Statements Notes detail the company's blank check formation, April 2025 IPO raising $276 million, concurrent $3.38 million private placement, related-party transactions, and accounting policies - The company is a blank check company formed to effect a business combination and had not commenced any operations as of March 31, 2025[24][25] - Subsequent to the quarter end, on April 2, 2025, the company consummated its Initial Public Offering of 27,600,000 units at $10.00 per unit, raising gross proceeds of $276 million[26][96] - Simultaneously with the IPO, the Sponsor purchased 338,000 Private Placement Units at $10.00 per unit for gross proceeds of $3.38 million[27][63][96] - The Sponsor provided a promissory note of up to $300,000 for offering expenses, of which $205,000 was borrowed as of March 31, 2025, and repaid on April 15, 2025[72][98] Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's blank check status, Q1 2025 net loss of $43,850, liquidity from Sponsor advances and the $277.38 million IPO trust account, and contractual obligations - The company is a blank check company formed on July 5, 2024, with activities to date limited to organizational tasks and preparing for its Initial Public Offering[102][104] - For the three months ended March 31, 2025, the company reported a net loss of $43,850, consisting entirely of general and administrative costs[105] - Following the IPO on April 2, 2025, a total of $277,380,000 was placed in the Trust Account[108] - The company has a contractual obligation to pay a monthly administrative support fee of $15,000 starting March 31, 2025, and owes a deferred underwriting discount of $8,280,000 payable upon completion of a Business Combination[116][117] Quantitative and Qualitative Disclosures Regarding Market Risk Market risk disclosures are not required as the company qualifies as a smaller reporting company - Disclosure regarding market risk is not required as the company qualifies as a smaller reporting company[121] Controls and Procedures Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the fiscal quarter ended March 31, 2025[123] - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[124] Part II. Other Information Legal Proceedings The company reports no legal proceedings to disclose - The company has no legal proceedings to report[126] Risk Factors No material changes to risk factors previously disclosed in the company's final IPO prospectus are reported - There have been no material changes to the risk factors disclosed in the company's final IPO prospectus[126] Unregistered Sales of Equity Securities and Use of Proceeds Details of the April 2025 IPO, including the registered sale of 27.6 million units and the unregistered sale of 338,000 Private Placement Units to the Sponsor for $3.38 million, are provided - On April 2, 2025, the company consummated its IPO of 27,600,000 units at $10.00 per unit, including the full exercise of the underwriter's over-allotment option[127][130] - Simultaneously with the IPO, the company sold 338,000 Private Placement Units to the Sponsor in an unregistered sale, raising $3,380,000[128] - Total offering costs were $9,056,885, which included a $250,000 cash underwriting fee and an $8,280,000 deferred underwriting fee[131] Defaults Upon Senior Securities The company reports no defaults upon senior securities - The company reports no defaults upon senior securities[133] Mine Safety Disclosures The company reports no mine safety disclosures - The company has no mine safety disclosures to report[133] Other Information The company reports no other information to disclose - The company has no other information to report[133] Exhibits Exhibits filed with the Quarterly Report on Form 10-Q include officer certifications and XBRL data files - Exhibits filed include certifications from the Principal Executive Officer and Principal Financial Officer under Sections 302 and 906 of the Sarbanes-Oxley Act[135] - Interactive Data Files (XBRL) are also included as exhibits[135] Signatures Signatures The report was signed by the Chief Executive Officer and Chief Financial Officer on May 12, 2025 - The report was signed on May 12, 2025, by Sam Potter (Chief Executive Officer) and Mike Rollins (Chief Financial Officer)[140]