IPO and Financial Proceeds - The company completed its IPO on September 13, 2024, issuing 5,000,000 Units at $10.00 per Unit, generating gross proceeds of $50,000,000, with offering costs of $1,845,513[102]. - An over-allotment option was exercised, generating an additional $7,500,000 in gross proceeds, which was deposited into the Trust Account[102]. - The company plans to use net proceeds from the IPO to acquire target businesses and cover expenses, including a deferred underwriting commission of $575,000[112]. Financial Performance and Position - For the nine months ended September 30, 2025, the company reported a net income of $1,563,409, primarily from interest income on marketable securities and bank accounts[107]. - As of September 30, 2025, the company had cash of $1,108,123 and marketable securities held in the Trust Account amounting to $60,451,218[111]. - The company has no long-term debt or significant liabilities as of September 30, 2025, and is obligated to pay the underwriters a deferred commission from the Trust Account[117]. - The company has raised substantial doubt about its ability to continue as a going concern if a Business Combination is not completed by March 31, 2026[115]. Shareholder Rights and Features - All 5,750,000 Ordinary Shares sold in the IPO contain a redemption feature, allowing for redemption in connection with liquidation or certain amendments[121]. Accounting Standards and Impact - The company has adopted ASU 2023-07 on January 1, 2025, with no material impact on its financial statements and disclosures[124]. - FASB issued ASU 2023-09, effective after December 15, 2024, requiring incremental income tax disclosures; management expects no material impact on financial statements[125]. - FASB issued ASU 2024-03, effective after December 15, 2026, requiring detailed expense disaggregation in income statements; management anticipates no material impact on financial statements[126]. - Management believes that recently issued accounting pronouncements will not materially affect financial statements if adopted[127]. - As a smaller reporting company, there are no required disclosures under market risk[128]. Operational Challenges - The company has incurred losses since inception, with no revenue generated to date, relying on working capital from the IPO and private placement to fund operations[105].
Future Vision II Acquisition Corp.(FVNNU) - 2025 Q3 - Quarterly Report