Agriculture & Natural Solutions Acquisition(ANSC) - 2025 Q3 - Quarterly Report

Financial Performance - For the nine months ended September 30, 2025, the company reported a net income of $7,299,715, which included $12,185,215 of interest income from cash held in the Trust Account[117]. - The company reported general and administrative expenses of $7,403,914 for the nine months ended September 30, 2024, offset by $14,273,727 of interest income[118]. - The company has not generated any operating revenues to date and does not expect to do so until after completing an initial business combination[116]. Liquidity and Capital Structure - As of September 30, 2025, the company had a cash balance of $1 and a working capital deficit of $15,184,781, indicating significant liquidity challenges[119]. - The company issued a Working Capital Note for $1,500,000 to Warrant Holdings Sponsor, which is repayable upon the consummation of an initial business combination[127]. - The underwriters received an underwriting discount of $6,900,000 and deferred underwriting commissions of approximately $12,075,000, contingent upon the completion of an initial business combination[124][125]. Public Offering and Trust Account - The company completed its Public Offering on November 13, 2023, raising gross proceeds of $345.0 million from the sale of 34,500,000 units at $10.00 per unit, incurring transaction costs of approximately $20.4 million[108]. - The company has placed approximately $345.0 million in a Trust Account, which will be used for the initial business combination or distributed as permitted under its governing documents[110]. Business Operations and Future Outlook - The company has until the Extended Termination Date to complete a business combination or cease operations, raising concerns about its ability to continue as a going concern[122]. - The company has incurred $90,000 in administrative fees for both the nine months ended September 30, 2025 and 2024, related to office space and support services[126]. Compliance and Reporting - The Company complies with ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A regarding offering costs, which primarily consist of professional and registration fees related to the Public Offering[130]. - The allocation of proceeds from the issuance of convertible debt was performed using the residual method, with offering costs allocated to Class A ordinary shares charged to temporary equity[130]. - As of the date of the Quarterly Report, there were no off-balance sheet arrangements[132]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[133]. - Exemptions for emerging growth companies include not providing an auditor's attestation report on internal controls and not disclosing CEO compensation comparisons to median employee compensation[134]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[135].