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Consolidated balance sheets

In millions of USD, except per-share amounts
Q1 FY2025
As of Mar 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q3 FY2024
As of Sep 30, 2024
Q2 FY2024
As of Jun 30, 2024
Q1 FY2024
As of Mar 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q3 FY2023
As of Sep 30, 2023
Q2 FY2023
As of Jun 30, 2023
Q1 FY2023
As of Mar 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q3 FY2022
As of Sep 30, 2022
Q2 FY2022
As of Jun 30, 2022
Q1 FY2022
As of Mar 31, 2022
Assets
Current Assets
Cash
Prepaid expenses
Other receivable
Income tax receivable
Total Current Assets
Investments held in Trust Account
Total Assets
Liabilities, Redeemable Common Stock, and Stockholders’ Deficit
Current Liabilities
Accounts payable and accrued expenses
Accrued expenses – related party
Accrued offering costs paid by related party
Franchise tax accrual
Due to DRIVEiT (target company)
Franchise tax payable
Income tax payable
Excise tax payable
Deferred credit - term extension fee funded by acquisition target company
Promissory notes - related party
Redeemed common stock payable to public stockholders
Promissory note - DRIVEiT (target company)
Total Current Liabilities
Deferred underwriting fee payable
Total Liabilities
Common stock subject to possible redemption, 464,105 shares at redemption value of $12.03 and $11.67 per share as of March 31, 2025 and December 31, 2024, respectively
Stockholders’ Deficit
Common stock, $0.0001 par value; 50,000,000 shares authorized; 3,218,499 shares issued and outstanding (excluding 464,105 shares subject to possible redemption)
Accumulated deficit
Total Stockholders’ Deficit
Total Liabilities, Redeemable Common Stock, and Stockholders’ Deficit

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