|
FY2025
12 months to Dec 31, 2025
|
FY2024
9 months to Dec 31, 2024
|
|
|---|---|---|
| Cash flows from operating activities | ||
| Net income: | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Operating costs paid by Sponsor in exchange for issuance of Class B founder shares | ||
| Payment of operation costs through promissory note | ||
| Interest earned on marketable securities held in Trust Account | ||
| Depreciation and amortization | ||
| Amortization of debt discount | ||
| Stock-based compensation | ||
| Unrealized foreign currency transaction gain | ||
| Noncash lease expense | ||
| Deferred income taxes | ||
| Changes in operating assets and liabilities | ||
| Other receivable | ||
| Prepaid expenses | ||
| Due from Sponsor | ||
| Short term prepaid insurance | ||
| Long term prepaid insurance | ||
| Accrued expenses | ||
| Prepaid expenses and other current assets | ||
| Accounts payable and accrued expenses | ||
| Accrued interest | ||
| Nonrelated party | ||
| Related party | ||
| Operating lease payments | ||
| Net cash used in operating activities | ||
| Cash flows from investing activities | ||
| Investment of cash into Trust Account | ||
| Purchases of intangible assets | ||
| Purchases of property and equipment | ||
| Purchase of short-term investments | ||
| Net cash used in investing activities | ||
| Cash flows from financing activities | ||
| Proceeds from sale of Units, net of underwriting discounts paid | ||
| Proceeds from issuance of convertible notes | ||
| Nonrelated party | ||
| Related party | ||
| Proceeds from Series A-1 preferred shares issuance | ||
| Proceeds from the exercise of stock options for common shares | ||
| Proceeds from warrant exercise for common shares | ||
| Proceeds from issuance of shares to PIPE investors | ||
| Repayment of promissory note - related party | ||
| Payment of offering costs | ||
| Proceeds from merger financing | ||
| Payment of merger and recapitalization related transaction costs | ||
| Repayment of finance lease liabilities | ||
| Net cash provided by financing activities | ||
| Net Change in Cash | ||
| Effect of exchange rate changes on cash and cash equivalents | ||
| Increase (decrease) in cash and cash equivalents during the year | ||
| Cash and cash equivalents, beginning of year | ||
| Cash and cash equivalents, end of year | ||
| Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares | ||
| Deferred offering costs paid through promissory note – related party | ||
| Deferred underwriting fee payable | ||
| Accretion of Class A ordinary shares to redemption value | ||
| Supplemental noncash investing and financing activities | ||
| Conversion of convertible notes to common shares | ||
| Initial recognition of finance leases | ||
| Recognition of warrants in connection with convertible notes, net of tax |
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