Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $81,473, primarily due to general and administrative expenses of $93,145[125] - For the nine months ended September 30, 2025, the company had a net loss of $621,695, with general and administrative expenses totaling $749,366[127] Cash and Financing - As of September 30, 2025, the company had cash of $3,317 and a working capital deficit of $3,994,463[134] - The company may need to obtain additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient[135] - If the company cannot complete a Business Combination by January 6, 2026, it may be forced to liquidate its Trust Account[136] - The company generated gross proceeds of $50,000,000 from its IPO of 5,000,000 Units, sold at an offering price of $10.00 per Unit[129] - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2025[137] Tax and Compliance - The company recorded an excise tax liability of $739,679 as of September 30, 2025, due to stock redemptions[123] - The company has incurred significant costs related to being a public entity and expects to continue incurring increased expenses for legal and compliance activities[124] Accounting Standards - In November 2023, the FASB issued ASU No. 2023-07, which requires additional segment information disclosures effective for fiscal years beginning after December 15, 2023[142] - In December 2023, the FASB issued ASU 2023-09, mandating public business entities to disclose specific categories in the rate reconciliation and additional information for reconciling items exceeding 5 percent of the applicable statutory income tax rate[143] - The Company is currently assessing the impact of ASU 2023-09 on its financial position, results of operations, or cash flows[143] - Management believes that no other recently issued accounting standards would materially affect the financial statements if adopted[144] Market Risk - As a smaller reporting company, the Company is not required to make disclosures under market risk[145]
Aquaron Acquisition (AQU) - 2025 Q3 - Quarterly Report