Financial Position - 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]. - The accumulated deficit increased to $(2,581,960) as of September 30, 2025, from $(1,542,300) as of December 31, 2024[7]. - Cash held in escrow account reached $600,000 as of September 30, 2025, indicating a strategic reserve for future obligations[7]. - As of September 30, 2025, the Company has $62,676,305 in cash and investments held in the trust account, reflecting an increase from $60,752,079 as of December 31, 2024[54]. - As of September 30, 2025, the company had $87,898 in its operating bank account and a working capital deficit of $481,777[29]. Income and Earnings - The company reported a net income of $415,606 for the three months ended September 30, 2025, compared to a net loss of $31,278 for the same period in 2024[9]. - Basic and diluted net income per share for ordinary shares subject to possible redemption was $0.05 for the three months ended September 30, 2025, compared to a loss of $0.01 in the prior year[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, was $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 was $922,483, resulting in a basic and diluted net income per share of $0.15[48]. IPO and Financing - 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]. - Total transaction costs related to the IPO were $3,722,527, which included $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting commissions[23]. - 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]. - A total of 230,000 Private Placement Units were sold simultaneously with the IPO, with proceeds added to the Trust Account[64]. - The Sponsors received 1,725,000 ordinary shares for $25,000, with up to 225,000 shares subject to forfeiture if the underwriters' over-allotment was not fully exercised[65][68]. - The Company has an unsecured promissory note from Mango Financial for $300,000, which is payable upon consummation of a Business Combination[80]. Business Operations and Future Plans - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[21]. - An agreement for a proposed business combination with Mango Financial Group Limited was entered into on July 11, 2025[26]. - The company extended the time to consummate a business combination from September 23, 2025, to January 23, 2026, by securing a loan of $600,000[28]. - The company plans to utilize funds held outside the Trust Account for operational expenses, including due diligence on target businesses and transaction costs[103]. - Management expresses substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued[30]. Costs and Expenses - Formation and operating costs for the three months ended September 30, 2025, were $234,096, compared to $87,519 for the same period in 2024[9]. - 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 company incurred an administration fee of $4,194 as of September 30, 2025, which will continue at a rate of $10,000 per month starting September 19, 2024[118]. Internal Controls and Compliance - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were not effective at a reasonable assurance level as of September 30, 2025[127]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the company's internal control[128]. - The Company has not recognized any unrecognized tax benefits or accrued interest and penalties related to tax positions as of September 30, 2025[42].
Cayson Acquisition Corp(CAPNU) - 2025 Q3 - Quarterly Report