Financial Performance - For the year ended December 31, 2025, the company reported a net income of $1,637,488, which includes a loss of $908,002 from formation and operating costs, offset by interest earned of $2,535,846 from the Trust Account[315]. - The company generated gross proceeds of $60,000,000 from its IPO at $10.00 per Unit, along with an additional $2,300,000 from the sale of 230,000 Private Placement Units[319]. - The company incurred transaction costs of $3,722,527 related to the IPO, which included $1,200,000 in cash underwriting fees and $2,100,000 in deferred underwriting fees[320]. Cash and Liquidity - As of December 31, 2025, the company had cash held in the Trust Account amounting to $64,487,925, intended for completing a Business Combination[326]. - Cash used in operating activities for the year ended December 31, 2025 was $401,584, with changes in operating assets and liabilities using $496,774 of cash[321]. - The company has a working capital deficit of $1,157,343 as of December 31, 2025, indicating potential liquidity challenges[327]. - The company has no long-term debt or capital lease obligations, but incurs $10,000 per month for office space and administrative support[335]. Management Concerns - Management has raised substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued[333]. Investment Activities - Cash used in investing activities for the year ended December 31, 2025 was $1,200,000, related to an extension payment deposited into the Trust Account[323]. - The company plans to use funds held outside the Trust Account primarily for operational expenses and due diligence related to potential business combinations[328].
Cayson Acquisition Corp(CAPN) - 2025 Q4 - Annual Report