Financial Position - As of September 30, 2025, the company had cash of $1,001,325 and a working capital deficit of $357,128[223]. - As of September 30, 2025, the company did not have any off-balance sheet arrangements[243]. Net Loss - For the three months ended September 30, 2025, the company reported a net loss of approximately $1,300,000, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.1 million[228]. - For the nine months ended September 30, 2025, the company had a net loss of approximately $1,700,000, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million[230]. - For the three months ended September 30, 2024, the company had a net income of approximately $326,000, driven by gains from the change in fair value of derivative liabilities of approximately $882,000[229]. Business Operations - The company has until November 15, 2026, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[225]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[226]. Derivative Liabilities - The fair value of converted loans as of September 30, 2025, was $57,500, included in contingently issuable private placement warrants[224]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised[233]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[244]. - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies[246].
Chain Bridge I(CBRG) - 2025 Q3 - Quarterly Report