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Future Vision II Acquisition Corp.(FVNNU) - 2024 Q3 - Quarterly Report
FVNNUFuture Vision II Acquisition Corp.(FVNNU)2024-10-18 20:30

IPO and Financial Proceeds - The company completed its IPO on September 13, 2024, raising gross proceeds of 50millionfromthesaleof5,000,000Unitsat50 million from the sale of 5,000,000 Units at 10.00 per Unit[90]. - An additional 7.5millionwasgeneratedfromtheover−allotmentoptionexercisedbytheunderwriter,bringingtotalgrossproceedsto7.5 million was generated from the over-allotment option exercised by the underwriter, bringing total gross proceeds to 57.5 million[90]. - The company incurred offering costs of 1,845,513relatedtotheIPO,whichincludedunderwritingcommissionsandotherexpenses[109].−ThecompanyplanstousenetproceedsfromtheIPOtoacquiretargetbusinessesandcoverrelatedexpenses,includingadeferredunderwritingcommissionof1,845,513 related to the IPO, which included underwriting commissions and other expenses[109]. - The company plans to use net proceeds from the IPO to acquire target businesses and cover related expenses, including a deferred underwriting commission of 575,000[98]. Financial Performance - The company reported a net income of 137,178fromJanuary30,2024,throughSeptember30,2024,primarilyfrominterestincomeonmarketablesecurities[96].−CashusedinoperatingactivitiesfrominceptionthroughSeptember30,2024,was137,178 from January 30, 2024, through September 30, 2024, primarily from interest income on marketable securities[96]. - Cash used in operating activities from inception through September 30, 2024, was 14,703, with available cash for working capital needs at 1,464,303[97].−Thecompanyhasnorevenueandhasincurredlossessinceinception,relyingonworkingcapitalfromtheIPOandloansfromtheSponsor[93].AssetsandLiabilities−AsofSeptember30,2024,theestimatedfairvalueofmarketablesecuritiesheldintheTrustAccountwas1,464,303[97]. - The company has no revenue and has incurred losses since inception, relying on working capital from the IPO and loans from the Sponsor[93]. Assets and Liabilities - As of September 30, 2024, the estimated fair value of marketable securities held in the Trust Account was 57,935,279[108]. - As of September 30, 2024, the company had no long-term debt or off-balance sheet arrangements[104][103]. - The Company classified ordinary shares subject to mandatory redemption as a liability instrument and conditionally redeemable shares as temporary equity[115]. Business Combination and Liquidation - The company has until March 31, 2026, to complete a business combination, or it will proceed to voluntary liquidation[102]. Tax and Accounting - The Company recognized no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2024[120]. - The Cayman Islands is the Company's only major tax jurisdiction, with no income tax imposed for the period from January 30, 2024, through September 30, 2024[122]. - Management does not expect the total amount of unrecognized tax benefits to materially change over the next twelve months[121]. - The Company complies with FASB ASC Topic 260 for earnings per share calculations, using the two-class method for redeemable and non-redeemable shares[117]. - Recent accounting pronouncements, such as ASU 2023-09, are not expected to have a material impact on the Company's financial statements[123]. - The Company is not required to make disclosures under market risk as a smaller reporting company[126]. - Management believes that recently issued accounting standards will not materially affect the financial statements if adopted[124]. Earnings Per Share - For the three months ended September 30, 2024, the Company reported no dilutive securities, resulting in diluted income (loss) per share being the same as basic loss per share[117]. - The Company has elected to recognize changes in redemption value as a charge against additional paid-in-capital over an expected 18-month period[116].