Wed, Apr 30, 8:18 PM (22 days ago)
**Quartzsea Acquisition Corporation (QSEA) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** No revenue generated as the company is in the pre-operational phase. - **Net Loss:** $31,255, primarily due to formation and operating costs of $33,504, offset by interest income of $2,249. - **Cash Flow:** Net cash used in operating activities was $8,051, and net cash used in financing activities was $94,886, resulting in a net change in cash of -$102,937. - **Cash Position:** $208,063 in cash as of February 28, 2025, down from $311,000 at the end of the previous quarter. - **Profit Margins:** Not applicable due to the lack of revenue. - **Earnings Changes:** No earnings, as the company is in the pre-operational phase. **Key Metrics and Trends:** - **Formation and Operating Costs:** $33,504 for the quarter, primarily for organizational activities and IPO-related expenses. - **Interest Income:** $2,249, generated from the proceeds of the IPO and private placement. - **Shareholder Equity:** Deficit of $16,421 as of February 28, 2025, compared to a deficit of $10,166 at the end of the previous quarter. - **Liquidity:** The company has until June 19, 2026, to complete a business combination. Failure to do so will trigger an automatic winding up and liquidation. **Uncertainties and Future Operations:** - **Going Concern:** The company has substantial doubt about its ability to continue as a going concern until the completion of a business combination. - **Business Combination:** The company must complete a business combination with an aggregate fair market value of at least 80% of the assets held in the Trust Account. - **Redemption Rights:** Public shareholders have the right to redeem their shares for a pro-rata portion of the amount in the Trust Account upon the completion of a business combination. - **Finders Fee Agreement:** The company entered into a finders fee agreement with Hugh Grow Investment Ltd., with a retainer fee of $150,000 and a success fee of $3,500,000 upon the closing of a transaction. **Ticker:** QSEA **Ticker (Rights):** QSEAR **Ticker (Units):** QSEAU