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]. 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]. Cash and Securities - 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, which are restricted for use until a Business Combination [114]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2025, and is obligated to pay underwriters a deferred commission of $575,000 [120][119]. Business Combination and Liquidation - The company has a Combination Period until March 31, 2026, to complete a Business Combination, or it will proceed to voluntary liquidation [118]. Expenses and Compliance - The company expects to incur increased expenses as a public company, including legal and compliance costs, as well as due diligence expenses related to potential acquisitions [111]. Accounting and Reporting - The company has classified its ordinary shares subject to possible redemption as temporary equity, reflecting the redemption rights that are not solely within the company's control [129]. - 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]. - 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, mandates expanded income tax disclosures, but management does not expect a material impact from its adoption [133]. - ASU 2024-03, effective for annual reporting periods beginning after December 15, 2026, requires detailed expense disclosures, with management believing it will not materially affect financial statements [134]. - Management does not anticipate that any recently issued accounting pronouncements will materially affect financial statements if adopted [135]. - As a smaller reporting company, the company is not required to disclose market risk information [136].
Future Vision II Acquisition Corp(FVN) - 2025 Q2 - Quarterly Report