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Balance Sheets

In millions of USD, except per-share amounts
Q2 FY2025
As of Jun 30, 2025
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
Current assets
Due from related party
Cash
Restricted cash - held in trust account
Prepaid expenses
Total current assets
Marketable securities held in trust account
Other assets
Deferred offering costs
Marketable securities held in trust account
Total assets
Current liabilities
Accounts payable
Over-allotment liability
Accrued offering costs
Accounts payable and accrued expenses
Due to related party
Related Party
Total due to related party
Promissory note — related party
Class A common stock pending redemption (1,708,386 shares and no shares as of June 30, 2025 and December 31, 2024, respectively)
Convertible note - related party
Promissory note - related party
Deferred credit - operating expenses funded by potential target
Deferred credit - operating expenses funded by Xiaoyu Dida
Excise tax liability
Income taxes payable
Total current liabilities
Deferred underwriting fee payable
Deferred underwriting fee payable
Total liabilities
Class A common stock subject to possible redemption, $0.0001 par value; 26,000,000 shares authorized; 960,307 shares issued and outstanding and 2,668,693 shares issued and outstanding (at $11.55 and $11.25 redemption value as of June 30, 2025 and December 31, 2024, respectively)
Class A Common Stock
Total class A common stock subject to possible redemption, $0.0001 par value; 26,000,000 shares authorized; 960,307 shares issued and outstanding and 2,668,693 shares issued and outstanding (at $11.55 and $11.25 redemption value as of June 30, 2025 and December 31, 2024, respectively)
Stockholders’ deficit
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
Common stock, value
Class A Common Stock
Class B Common Stock
Additional paid-in capital
Accumulated deficit
Total stockholders’ deficit
Total liabilities, common stock subject to possible redemption, and stockholders’ deficit

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