Financial Performance - The Company generated net income of $332,078 for the three months ended June 30, 2025, consisting of operating costs of $234,453 and interest earned on cash held in the Trust Account of $566,531[111]. - As of June 30, 2025, the Company had $282,083 in cash and cash equivalents held outside of the Trust Account and working capital of $577,708[121]. - The Company reported no dilutive securities for the three months ended June 30, 2025, resulting in diluted income (loss) per share being the same as basic income (loss) per share[137]. IPO and Fundraising - The Company raised gross proceeds of $50,000,000 from the IPO of 5,000,000 units at $10.00 per unit, with an additional $7,500,000 raised from the sale of 750,000 over-allotment units[114]. - The total amount placed in the Trust Account upon the closing of the IPO and private placement was $57,500,000, which will be invested in U.S. government treasury bills or money market funds[116]. - The Company will use substantially all net proceeds from the IPO and private placement for the initial business combination and related expenses[117]. - The underwriters received a cash underwriting discount of 1.75% of the gross proceeds of the IPO, totaling $875,000, or $1,006,250 if the over-allotment option is fully exercised[125]. - The Company issued 200,000 Representative Shares to the underwriter, with an additional 30,000 shares issued in connection with the Option Units[126]. Business Operations and Costs - The Company has incurred approximately $390,973 in professional fees and $730,000 in costs associated with identifying and evaluating target businesses since inception[110]. - The Company expects to incur significant costs related to being a public company and pursuing a business combination, including legal and financial reporting expenses[110]. - The Company has a contractual obligation to pay the Sponsor a monthly fee of $10,000 for administrative services and $5,000 to legal counsel for professional services[123]. Equity and Share Structure - The aggregate consideration for the Acquisition Merger with Isdera Group Limited is based on a net value of $1,000,000,000, resulting in the issuance of 100,000,000 shares at $10.00 per share[112]. - The Company has 5,750,000 ordinary shares sold as part of the Units in the IPO, which contain a redemption feature related to liquidation events[131]. - Ordinary shares subject to possible redemption are classified as temporary equity, with changes in redemption value recognized as deemed dividends over an expected 12-month period[133]. Regulatory and Accounting Matters - The Company follows U.S. GAAP for income taxes, with no income tax imposed by the Government of the Cayman Islands, thus not reflected in financial statements[136]. - Fair value measurements of financial instruments approximate carrying amounts due to their short-term nature, with cash and cash equivalents qualifying as financial instruments[139]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[129]. - Management does not anticipate that recently issued accounting pronouncements will materially affect the Company's financial statements[140]. Debt and Financing - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[122].
UY Scuti Acquisition Corp Unit(UYSCU) - 2026 Q1 - Quarterly Report