Financial Performance - As of June 30, 2025, the company reported a net income of $1,006,200, primarily from interest income on marketable securities held in the trust account [112]. - The company has incurred a net loss of $4,728 from inception through June 30, 2024, related to formation and operating expenses [112]. - The company has no revenue and has relied on working capital from the IPO and private placement to fund operations, with expectations of incurring significant costs in pursuit of acquisition plans [110]. - The company has not generated any operating revenues and will only do so after completing its initial Business Combination [111]. - For the three months ended June 30, 2025, the company reassessed the estimation of redemption value, impacting earnings per share and accretion to redemption value compared to the previous quarter [131]. IPO and Proceeds - The company completed its IPO on September 13, 2024, raising gross proceeds of $50 million from the sale of 5,000,000 Units at $10.00 per Unit, with additional proceeds of $7.5 million from the over-allotment option exercised [107]. - The company plans to use substantially all net proceeds from the IPO to acquire target businesses and cover related expenses, including a deferred underwriting commission of $575,000 [115]. - The company issued 5,750,000 ordinary shares as part of the IPO, with the initial carrying value allocated to proceeds according to ASC 470-20 [130]. Financial Position - As of June 30, 2025, the company had cash of $1,115,263 and marketable securities held in the Trust Account amounting to $59,832,494 [114]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2025 [119][120]. - The company is obligated to pay a deferred underwriting commission of $575,000 to underwriters, which will be paid from the Trust Account [120]. Going Concern - The company has determined that conditions raise substantial doubt about its ability to continue as a going concern if a Business Combination is not completed by March 31, 2026 [118]. Accounting Standards - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring enhanced segment expense disclosures, which the company adopted on January 1, 2025, with no material impact [132]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, requires expanded disclosures of income taxes paid, with management believing it will not materially impact financial statements [133]. - ASU 2024-03, effective for annual reporting periods beginning after December 15, 2026, mandates disclosure of income statement expense disaggregation, with management not expecting a material impact [134]. - Management does not believe that any recently issued, but not effective, accounting pronouncements would materially affect financial statements [135]. - As a smaller reporting company, the company is not required to make disclosures about market risk [136].
Future Vision II Acquisition Corp.(FVNNU) - 2025 Q2 - Quarterly Report