Future Vision II Acquisition Corp(FVN) - 2025 Q3 - Quarterly Report

IPO and Financing - 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, resulting in an additional $7,500,000 in gross proceeds deposited into the Trust Account[102] - A private placement of 299,000 units was made to the Sponsor at $10.00 per Unit, generating gross proceeds of $2,990,000[103] Financial Performance - As of September 30, 2025, the company reported a net income of $1,563,409, primarily from interest income on marketable securities and bank accounts[107] - The company had cash of $1,108,123 and marketable securities held in the Trust Account amounting to $60,451,218 as of September 30, 2025[111] - The company has no revenue and has incurred losses since inception, relying on working capital from the IPO and loans from the Sponsor[105] Business Combination and Liquidation - The company expects to incur significant costs related to being a public company and pursuing a Business Combination[106] - A deferred underwriting commission of $575,000 is payable to underwriters from the Trust Account upon consummation of a Business Combination[112] - If a Business Combination is not completed by March 31, 2026, the company may commence voluntary liquidation[115] Accounting and Regulatory Matters - The company has no off-balance sheet arrangements or long-term liabilities as of September 30, 2025[116] - 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, the entity is not required to disclose market risk information[128]