Financial Performance - The company incurred a net loss of $87,410 for the three months ended June 30, 2025, consisting of operating costs of $891,633 and share-based compensation expense of $395,400, offset by interest income of $1,199,623 [140]. - For the six months ended June 30, 2025, the company reported a net loss of $114,382, with operating costs of $918,605 and share-based compensation expense of $395,400, again offset by interest income of $1,199,623 [141]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its Business Combination [139]. - The diluted net loss per share is the same as the basic net loss per share due to the exclusion of warrants in the calculation [160]. Capital Structure and Funding - The company completed its Initial Public Offering on May 19, 2025, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit [144]. - A total of approximately $516.5 million in non-voting preferred units was subscribed by qualified investors in a private placement related to the Business Combination [133]. - The company intends to purchase bitcoin using the gross proceeds from the Preferred Equity Investment within 15 days following the Signing Date [137]. - The company plans to utilize the proceeds from the Trust Account primarily to complete its Business Combination and for working capital purposes [148]. - The company has incurred significant costs related to its acquisition plans and may need to raise additional capital through loans or investments [151]. Costs and Expenses - The company has incurred $5,456,417 in costs related to the Initial Public Offering, including $4,400,000 in cash underwriting fees [145]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering, totaling $4,400,000 [156]. - The company will pay advisors a cash fee of $9,800,000 upon the consummation of the initial Business Combination [157]. Liquidity and Going Concern - There is substantial doubt about the company's ability to continue as a going concern for the next twelve months due to liquidity concerns [151]. - The company intends to complete its initial business combination before the end of the Completion Window, but there is no assurance it will succeed [152]. Accounting and Reporting - The company accounts for ordinary shares subject to possible redemption as temporary equity, reflecting certain redemption rights [159]. - The company has no off-balance sheet arrangements or long-term liabilities as of June 30, 2025 [153][154]. - Management does not believe that any recently issued accounting standards will materially affect the condensed financial statements [162]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories [161].
Columbus Circle Capital Corp I Unit(CCCMU) - 2025 Q2 - Quarterly Report