Financial Performance - As of June 30, 2025, the company reported a net income of $38,152 for the six months ended, with operating expenses totaling $159,770 [115]. - Cash used in operating activities for the six months ended June 30, 2025, was $148,844, while cash provided by financing activities was $57,199,176 [118]. - The company has incurred losses since inception and has no revenue, relying on working capital from the IPO and private placement to fund operations [113]. - The company expects to incur significant costs related to being a public company and pursuing a business combination, raising concerns about its ability to continue as a going concern [122]. IPO and Proceeds - The company completed its IPO on May 30, 2025, raising gross proceeds of $50 million from the sale of 5,000,000 Units at $10.00 per Unit, with additional proceeds of $5.95 million from the over-allotment option [110]. - The company has placed $56,089,875 from the IPO proceeds into a Trust Account for the benefit of public shareholders, which is restricted for use until a business combination is completed [112]. - The company plans to use the net proceeds from the IPO primarily for acquiring target businesses and covering related expenses [119]. Cash and Assets - As of June 30, 2025, the company had cash of $1,450,158 available for working capital needs and marketable securities held in the Trust Account amounting to $56,293,697 [118]. - The company has a deferred underwriting commission obligation of $559,500, which will be paid from the Trust Account upon completion of a business combination [124]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2025 [123]. Accounting and Regulatory Matters - The Company classified ordinary shares subject to mandatory redemption as a liability instrument and conditionally redeemable ordinary shares as temporary equity, in accordance with ASC 480 [133]. - The initial carrying value of 5,595,000 ordinary shares classified as temporary equity was allocated to the proceeds as per ASC 470-20, with changes in redemption value recognized over an expected 15-month period [134]. - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring public entities to disclose significant segment expenses and the title of the chief operating decision maker [135]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, mandates expanded disclosures of income taxes paid, which management believes will not materially impact financial statements [136]. - ASU 2024-03, effective for annual reporting periods beginning after December 15, 2026, requires disclosure of expenses related to inventory purchases, employee compensation, and other items for each income statement line [137]. - Management does not anticipate that any recently issued accounting pronouncements will materially affect financial statements if adopted [138]. - As a smaller reporting company, the Company is not required to make disclosures about market risk [139].
Wintergreen Acquisition Corp(WTG) - 2025 Q2 - Quarterly Report