Financial Performance - As of June 30, 2025, the company reported a net income of $53, consisting solely of interest income[134]. - The company completed its Initial Public Offering on November 10, 2025, raising gross proceeds of $172,000,000 from the sale of 17,250,000 Units at $10.00 per Unit[136]. - Following the IPO, a total of $172,500,000 was placed in the Trust Account, with transaction costs amounting to $2,079,000[137]. Liquidity and Funding - The company has liquidity needs satisfied through $25,000 from founder shares and up to $5,000,000 in loans from the sponsor, with $171,148 borrowed under an unsecured promissory note as of June 30, 2025[135][148]. - The company intends to use substantially all funds in the trust account to complete its initial business combination, with any remaining proceeds used for working capital[138]. - The company does not anticipate needing to raise additional funds to meet operating expenditures prior to the initial business combination[145]. - Prior to the initial business combination, the company will have $695,000 available outside the trust account for operational expenses and due diligence[139]. Expenses and Costs - The company expects to incur approximately $180,000 for legal, accounting, and due diligence expenses related to business combinations, along with $150,000 for directors and officers insurance[141]. - The company does not have any long-term debt or off-balance sheet arrangements as of June 30, 2025[146]. Accounting Policies and Standards - The company has identified critical accounting policies, including the treatment of ordinary shares subject to possible redemption as temporary equity[154]. - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring significant segment expense disclosures[156]. - Public entities must disclose the title and position of the chief operating decision maker (CODM) and how they use reported segment profit or loss measures[156]. - Companies with a single reportable segment must provide all disclosures required by ASU 2023-07 and existing segment disclosures in Topic 280[156]. - Management believes that recently issued accounting standards will not materially affect the condensed financial statements[157]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[158].
Crown Reserve Acquisition(CRACU) - 2025 Q2 - Quarterly Report