Financial Performance - The Company generated a net income of $151,992 for the three months ended September 30, 2025, from interest earned on cash held in the Trust Account of $592,004, offset by operating costs of $440,012 [111]. - For the six months ended September 30, 2025, the Company reported a net income of $484,070, consisting of interest earned on cash held in the Trust Account of $1,158,535, offset by operating costs of $674,465 [111]. - The Company incurred approximately $837,733 in operating costs from January 18, 2024, to September 30, 2025, primarily for professional fees and costs associated with identifying target businesses [110]. Capital Raising and Trust Account - The Company raised gross proceeds of $50,000,000 from its IPO of 5,000,000 units at $10.00 per unit, with an additional $7,500,000 raised from the Over-Allotment Option [114]. - A total of $57,500,000 was placed in a Trust Account, which will be invested in U.S. government treasury bills or money market funds until the completion of the initial business combination [116]. - The Company plans to use substantially all net proceeds from the IPO and private placement for the initial business combination and related expenses [117]. Business Combination and Agreements - The Company entered into a Merger Agreement with Isdera Group Limited, valuing Isdera at $1,000,000,000, with the consideration to be paid in newly issued shares [112]. Cash and Working Capital - As of September 30, 2025, the Company had $8,849 in cash and cash equivalents held outside of the Trust Account and working capital of $137,696 [122]. - The principal amount due under the unsecured Promissory Note II was $86,570 as of September 30, 2025, with a total principal amount of up to $1,000,000 available [121]. Costs and Obligations - The Company expects to incur significant professional costs to maintain its status as a publicly traded company and transaction costs related to the business combination [122]. - The company has no long-term debt or capital lease obligations, with monthly fees of $10,000 to the Sponsor and $5,000 to legal counsel starting April 1, 2025 [124]. - The underwriters received a cash underwriting discount of 1.75% of the gross proceeds of the IPO, totaling $875,000, and 200,000 shares as underwriting discounts [127]. Share Issuance and Financial Reporting - The company issued 5,750,000 ordinary shares in the IPO, which contain a redemption feature related to liquidation or business combination [132]. - The company follows U.S. GAAP for financial reporting, with estimates affecting reported amounts of assets and liabilities [135]. - There are no income taxes imposed on the company by the Cayman Islands government, thus not reflected in financial statements [137]. - The company complies with FASB ASC Topic 260 for earnings per share, with no dilutive securities for the three months ended September 30, 2025 [138]. - The fair value of the company's financial instruments approximates their carrying amounts due to their short-term nature [140]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions [130]. - Management does not anticipate that recently issued accounting pronouncements will materially affect the company's financial statements [141].
UY Scuti Acquisition Corp Unit(UYSCU) - 2026 Q2 - Quarterly Report