Financial Position - Total assets as of June 30, 2025, amounted to $88,127,668, compared to $131,602 as of December 31, 2024[10] - Total liabilities as of June 30, 2025, were $3,973,511, compared to $114,314 as of December 31, 2024[10] - The accumulated deficit as of June 30, 2025, was $(3,416,965), an increase from $(7,712) as of December 31, 2024[10] - As of June 30, 2025, the Company had cash held in the Trust Account amounting to $87,570,794[61] - The Company has cash of $496,072 held outside the Trust Account and working capital of $509,852 as of June 30, 2025[108] Income and Revenue - Net income for the six months ended June 30, 2025, was $1,241,448, a significant increase from a loss of $7,322 for the same period in 2024[13] - The company reported interest income of $1,328,813 for the six months ended June 30, 2025, compared to $0 for the same period in 2024[13] - The Company reported a net income allocation of $623,923 for the three months ended June 30, 2025, and $829,414 for the six months ended June 30, 2025[56] - As of June 30, 2025, the Company reported net income of $861,511 for the three months ended June 30, 2025, primarily from $903,585 in interest earned on investments held in the Trust Account[111] - For the six months ended June 30, 2025, the Company reported net income of $1,241,448, consisting of $1,320,794 in interest earned on investments held in the Trust Account[112] Initial Public Offering (IPO) - The Company completed its Initial Public Offering (IPO) by selling 7,500,000 Units at a price of $10.00 per Unit, generating gross proceeds of $75,000,000[68] - The Company completed its IPO on February 14, 2025, selling 8,625,000 units at $10.00 per unit, generating gross proceeds of $86,250,000[105] - The Company generated gross proceeds of $86,250,000 from its initial public offering (IPO) and over-allotment[26] - An additional 1,125,000 Units were sold to underwriters to cover over-allotments, generating an extra $11,250,000 in gross proceeds[69] - The Sponsor and underwriters purchased 262,500 Private Placement Units at $10.00 per Unit, totaling $2,625,000, which were added to the IPO proceeds[70] Costs and Expenses - Formation and operating costs for the three months ended June 30, 2025, were $46,942, leading to a loss from operations of $46,942[13] - The total transaction costs amounted to $6,010,829, including $2,156,250 in underwriting fees and $3,450,000 in deferred underwriting commissions[28] - The underwriters were entitled to a deferred underwriting commission of $3,450,000, payable only upon the successful completion of a Business Combination[115] - The Company incurred significant costs in pursuit of its financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern[38] - The Company incurred $7,502 in administrative services fees related to a services agreement with the Sponsor as of June 30, 2025[75] Business Operations - The Company has not commenced any operations and will not generate operating revenue until after completing its initial Business Combination[24] - The Company has not selected any target business for its initial Business Combination and has not initiated substantive discussions with any potential targets[23] - The Company has 15 months from the closing of the IPO to complete a Business Combination, extendable to 18 months under certain conditions[29] - The Company has identified only one operating segment, as reviewed by the Chief Operating Decision Maker[97] - The Company believes available funds held outside the Trust Account will be sufficient to operate for at least the next 12 months[109] Regulatory and Compliance - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[42] - The company is classified as a smaller reporting company and is not required to provide certain disclosures under the Exchange Act[121] - The Company is evaluating the impact of ASU 2023-09 on its financial statements, which requires more detailed income tax disclosures effective after December 15, 2024[66] - The company has no unrecognized tax benefits or accrued interest and penalties as of June 30, 2025[55] - The company has not yet completed an assessment of internal controls over financial reporting, as it is not currently required to do so under the Sarbanes-Oxley Act[126] Market Conditions - The geopolitical instability from the Russia-Ukraine conflict and Middle East tensions may impact the Company's search for an initial Business Combination[79]
Maywood Acquisition Corp-A(MAYA) - 2025 Q2 - Quarterly Report