Financial Performance - For the year ended November 30, 2025, the company reported a net income of $7,897,897, down from $8,215,998 in 2024, with interest income of $8,936,655 and operating costs of $1,038,758[189]. - The company generated non-operating income from interest on marketable securities held in the Trust Account, with total interest income of $8,936,655 for 2025[188]. - The company incurred administrative service fees of $240,000 for the year ended November 30, 2025, related to office space and administrative support[203]. - The company has not generated any operating revenues to date and does not expect to until after completing a business combination[188]. Financial Position - As of November 30, 2025, the company had $839,838 in cash and working capital of $872,260[190]. - The company has no long-term debt or off-balance sheet arrangements as of November 30, 2025[195][196]. Business Operations - The company has until May 8, 2026, to complete its initial business combination, with uncertainty regarding its ability to do so[194]. - The company intends to use funds in the Trust Account primarily for acquiring a target business and covering related expenses[192]. - The company issued 5,031,250 founder shares for a total purchase price of $25,000, with certain shares subject to forfeiture based on IPO over-allotment[201]. Accounting Standards - The company adopted new accounting standards in 2023, which did not materially affect its financial position or results of operations[198][199].
Legato Merger Corp. III(LEGT) - 2025 Q4 - Annual Report