Financial Performance - Net income for the three months ended September 30, 2025, was $415,606, compared to a net loss of $31,278 for the same period in 2024[9]. - For the nine months ended September 30, 2025, the company reported a net income of $1,203,841 compared to a net loss of $91,197 for the same period in the previous year[16]. - The net income for the three months ended September 30, 2025, is $318,472, with a basic and diluted net income per share of $0.05[48]. - For the nine months ended September 30, 2025, the net income is $922,483, with a basic and diluted net income per share of $0.15[48]. - Loss from operations for the nine months ended September 30, 2025, was $729,008, significantly higher than $147,438 for the same period in 2024[9]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $63,493,007, an increase from $61,412,987 as of December 31, 2024[7]. - Total liabilities as of September 30, 2025, were $2,798,479, up from $2,203,025 as of December 31, 2024[7]. - Accumulated deficit increased to $(2,581,960) as of September 30, 2025, from $(1,542,300) as of December 31, 2024[7]. - Total current assets decreased to $216,702 from $594,750 as of December 31, 2024[7]. - The company has a working capital deficit of $481,777 as of September 30, 2025[29]. Cash and Investments - Cash held in escrow account reached $600,000, with total current liabilities increasing to $698,479 from $103,025[7]. - Cash and investments held in trust account increased to $62,676,305 from $60,752,079[7]. - As of September 30, 2025, the company had $87,898 in its operating bank account, down from $465,254 as of December 31, 2024[36]. - Cash used in operating activities amounted to $377,356 for the nine months ended September 30, 2025, compared to $258,602 for the same period in the previous year[16]. - The company deposited $600,000 into an escrow account as an extension payment to extend the deadline for consummating a Business Combination from September 23, 2025, to January 23, 2026[100][114]. Initial Public Offering (IPO) - The company generated gross proceeds of $60,000,000 from its Initial Public Offering (IPO) on September 23, 2024, by issuing 6,000,000 units[22]. - The Company sold 6,000,000 Units at a price of $10.00 per Unit during its IPO, with an additional 900,000 Units available for underwriters' over-allotment, which was not exercised[63][82]. - Offering costs associated with the IPO totaled $3,722,527, which were charged to additional paid-in capital upon completion[40]. - The company incurred transaction costs of $3,722,527 related to its IPO, which included $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting fees[98]. - The underwriters received a cash underwriting discount of $1,200,000 and a deferred underwriting discount of $2,100,000, payable upon the closing of a business combination[83]. Business Combination and Future Plans - The company has until January 23, 2026, to complete a Business Combination, following an extension of the Combination Period[28]. - The company entered into a Merger Agreement with Mango Financial Group Limited on July 11, 2025, to become a wholly owned subsidiary upon closing[26]. - The company has raised $600,000 from its sponsors to extend the time to consummate a Business Combination, which was deposited into the Trust Account[28]. - Management expresses concern regarding the company's ability to sustain operations without completing a Business Combination, raising doubts about its going concern status[107]. - The company plans to utilize funds held outside the Trust Account for operational expenses, including due diligence on target businesses and related costs[103]. Administrative and Operational Costs - The company incurred $150,000 in deferred offering costs for consulting services from TenX during the period from inception through December 31, 2024[76]. - An administration fee of $10,000 per month is allowed to be charged by one of the Sponsors until the close of the Business Combination, with $4,194 accrued as of September 30, 2025[77]. - The company has accrued an administration fee of $4,194 as of September 30, 2025, and December 31, 2024, for the use of office space and personnel[118]. - MFG paid $280,725 of the Company's transaction expenses directly on its behalf during the nine months ended September 30, 2025, recognized as capital contributions[88]. Financial Instruments and Accounting - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[50]. - The Company has not recognized any unrecognized tax benefits or accrued interest and penalties as of September 30, 2025[42]. - The Company has not identified any critical accounting estimates that could materially affect its financial statements[123]. - Management does not believe that any recently issued accounting standards will have a material effect on the financial statements[124].
Cayson Acquisition Corp(CAPN) - 2025 Q3 - Quarterly Report