Financial Performance - For the three months ended June 30, 2025, the company reported a net loss of $(198,020) compared to a net income of $392,165 for the same period in 2024[117]. - For the six months ended June 30, 2025, the company had a net loss of $(351,198) compared to a net income of $689,185 for the same period in 2024[118]. - As of June 30, 2025, the company had an accumulated deficit of $7,850,446 and a working capital deficit of $4,972,241, raising substantial doubt about its ability to continue as a going concern[119]. IPO and Financing - The company generated gross proceeds of $115,000,000 from the IPO of 11,500,000 Units and an additional $3,300,000 from the sale of 330,000 Private Units[121]. - The company incurred $5,704,741 in transaction costs related to the IPO, including $2,300,000 in underwriting fees[122]. - As of June 30, 2025, the company had investments held in the Trust Account amounting to $861,784, which will be used to complete a Business Combination[124]. - The company has no cash held outside of the Trust Account as of June 30, 2025, and intends to use these funds primarily for identifying and evaluating target businesses[125]. - The company has a promissory note with a balance of $3,047,403 as of June 30, 2025, which may be repaid from the proceeds of the Trust Account upon completion of a Business Combination[132]. Business Combination and Extensions - The company extended the deadline to consummate a business combination to August 5, 2024, with 2,412,260 shares redeemed by public shareholders during the latest extension[135]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[129]. - As of June 30, 2025, 60,523 shares held by public shareholders remained outstanding after the redemption of 491,928 shares[139]. - The Company has extended the deadline for consummating a business combination from April 5, 2025, to January 5, 2026, with a reduced extension fee of $25,000 for each one-month extension[138]. - A non-binding letter of intent for a business combination with Okidoki OÜ was entered into on October 1, 2024, based on a total equity value of $120 million for Okidoki[144]. - Metal Sky expressed interest in acquiring all issued and outstanding shares of Fedilco Group Limited, which holds an 80% equity interest in an Armenia-based telecom company[146]. - The Merger Agreement with Future Dao Group was mutually terminated on October 6, 2023, with no fees or expenses required to be paid by either party[142]. - The Business Combination with Future Dao was unanimously approved by the boards of directors of both companies prior to the termination[141]. Accounting and Risk Management - The Company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value plus any interest earned on the Trust Account[151]. - The Company applies the two-class method in calculating earnings per share, excluding ordinary shares subject to possible redemption from the basic net loss per ordinary share calculation[152]. - As of June 30, 2025, the Company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government securities or money market funds[154]. - The Company has identified critical accounting policies that may materially affect reported amounts of assets and liabilities[148].
Metal Sky Star Acquisition Corporation(MSSAU) - 2025 Q2 - Quarterly Report