Financial Position - Total assets as of June 30, 2025, amounted to $62,363,183, a slight increase from $61,412,987 as of December 31, 2024[7] - Total liabilities as of June 30, 2025, were $2,210,609, which is slightly higher than $2,203,025 as of December 31, 2024[7] - Total shareholders' deficit increased to $(1,875,692) as of June 30, 2025, from $(1,542,117) as of December 31, 2024[7] - As of June 30, 2025, the Company had $62,028,266 in cash and investments held in the Trust Account, an increase from $60,752,079 as of December 31, 2024[41] - The Company had $183,418 in its operating bank account and working capital of $203,540 as of June 30, 2025[32] Income and Earnings - The company reported a net income of $383,558 for the three months ended June 30, 2025, compared to a net loss of $59,919 for the same period in 2024[10] - Basic and diluted net income per share for ordinary shares subject to redemption was $0.05 for the three months ended June 30, 2025[10] - For the six months ended June 30, 2025, the Company recorded a net income of $604,011, with a basic and diluted net income per share of $0.10[51] - The Company reported a net income of $293,914 for the three months ended June 30, 2025, resulting in a basic and diluted net income per share of $0.05[51] - For the six months ended June 30, 2025, the company reported a net income of $788,235, which included interest earned of $1,276,187 from the Trust Account[93] IPO and Financing - The initial public offering (IPO) generated gross proceeds of $60,000,000 from the issuance of 6,000,000 units[24] - The total public offering gross proceeds were $60,000,000, with offering costs allocated to public shares subject to possible redemption totaling $3,974,257[59] - The Company completed its Initial Public Offering (IPO) on September 23, 2024, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[125] - The Company also executed a Private Placement of 230,000 Private Placement Units at $10.00 per Unit, generating total proceeds of $2,300,000[126] - The proceeds from the sale of Private Placement Units were added to the net proceeds from the IPO held in the Trust Account[66] Costs and Expenses - The company incurred formation and operating costs of $259,113 for the three months ended June 30, 2025[10] - The Company incurred offering costs of $3,722,528, which were charged to additional paid-in capital upon completion of the IPO[43] - The company incurred transaction costs totaling $3,722,528 related to the IPO, which included $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting fees[96] - An administration fee of $4,194 has been accrued to accrued expenses as of June 30, 2025, and December 31, 2024[78] - An administration fee of $10,000 per month will be charged by one of the Sponsors until the completion of the Business Combination, with $4,194 accrued as of June 30, 2025[113] Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[21] - The company has not engaged in any operations or generated revenues to date, with all activities focused on preparing for the IPO and identifying a target for the initial Business Combination[92] - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[92] - The Company has agreed to sell at least $5,000,000 of equity securities immediately prior to the closing of the Merger Agreement[31] - The company has entered into a Merger Agreement on July 11, 2025, indicating plans for future business combinations[89] Regulatory and Compliance - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from various reporting requirements[35] - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were not effective at a reasonable assurance level as of June 30, 2025[122] - The Company does not believe that any recently issued accounting standards will have a material effect on its financial statements[64] Shareholder Information - Mango Group shareholders will receive additional contingent consideration of up to 4,000,000 Mango Class A Ordinary Shares upon achieving certain net income targets for fiscal years 2025 and 2026[30] - The Company has no preferred shares issued or outstanding as of June 30, 2025[83] - The Company has not incurred any working capital loans as of June 30, 2025, despite the option to borrow up to $1,500,000[114] - The Company has no long-term debt or capital lease obligations, only an agreement to pay $10,000 per month for office space and administrative support[115] Cash Management - The Company has not experienced losses on its cash accounts, which may exceed the Federal Depository Insurance Coverage of $250,000[42] - The Company recognizes changes in the redemption value of ordinary shares immediately as they occur, adjusting the carrying value to equal the redemption value at the end of each reporting period[57] - The Chief Financial Officer is identified as the chief operating decision maker, reviewing key metrics such as interest earned on cash and investments held in the Trust Account[61] - The Company has only one operating segment, as determined by management based on the review of operating results[61]
Cayson Acquisition Corp(CAPNU) - 2025 Q2 - Quarterly Report