Aquaron Acquisition Corp.(AQUNU) - 2025 Q2 - Quarterly Report

Financial Performance - The company recorded a net loss of $157,122 for the three months ended June 30, 2025, primarily due to general and administrative expenses of $191,738[135]. - For the three months ended June 30, 2024, the company reported a net income of $55,371, despite a loss of $126,096 from general and administrative expenses of $120,396 and other expenses[136]. - For the six months ended June 30, 2025, the company experienced a net loss of $540,222, primarily due to general and administrative expenses of $656,221[137]. - The company recorded an unrealized loss on investments held in the Trust Account of $28,935 for the three months ended June 30, 2025[135]. - As of June 30, 2025, the company had a working capital deficit of $3,824,762 and only $6,517 in cash[143]. Business Combination Efforts - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial Business Combination[134]. - The company entered into a Merger Agreement with HUTURE Ltd. and other parties, implying a current equity value of Huture at $1.0 billion prior to the closing of the Mergers[123]. - The company extended its Business Combination Period to May 6, 2026, with stockholders tendering 697,365 shares for redemption valued at approximately $8,176,785[130]. - The company has incurred significant costs in pursuing acquisition plans and cannot assure the success of completing a Business Combination[116]. - The company has incurred significant transaction costs related to its business combination efforts and may need additional financing to complete it[145]. - If the company fails to complete a business combination by September 6, 2025, it will be forced to liquidate[146]. - The underwriters are entitled to a deferred fee of $1,896,013 upon the successful completion of a business combination[150]. Funding and Financial Position - The company raised gross proceeds of $50,000,000 from its IPO by selling 5,000,000 Units at $10.00 per Unit[139]. - The total gross proceeds from the over-allotment option and private placements amounted to $4,171,800 and $125,154, respectively[140]. - The company has no off-balance sheet financing arrangements as of June 30, 2025[147]. Market and Economic Risks - The company has evaluated risks from inflation, interest rates, and geopolitical events, which may negatively impact its financial position[117]. - The company has been suspended from trading on Nasdaq since March 7, 2025, and its securities are now quoted on the over-the-counter market[133]. Accounting and Regulatory Matters - The company adopted new accounting standards effective for fiscal years beginning after December 15, 2023, which may impact future disclosures[152]. - The company incurred an excise tax liability of $713,887 as of June 30, 2025, due to stock redemptions by public stockholders[119].