Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (2,036,004) $ 332,337
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Interest and penalties 330,967
Change in fair value of non-redemption agreements derivative liability 928,751 3,112,640
Income from cash held in Trust Account (690,591) (5,823,923)
Changes in operating assets and liabilities:    
Prepaid expenses 244,688
Accounts payable 628,640 246,013
Franchise tax payable 24,800 (62,082)
Income tax payable (127,497) (113,652)
Due to related party 120,000 90,229
Net cash used in operating activities (820,934) (1,973,750)
Cash Flows from Investing Activities:    
Investment income released from Trust Account to pay for taxes 250,011 1,967,481
Cash withdrawn from Trust Account in connection with redemption 15,954,412 292,501,454
Net cash provided by investing activities 16,204,423 294,468,935
Cash Flows from Financing Activities:    
Proceeds from promissory note - related party 600,000
Redemption of common stock (15,954,412) (292,501,454)
Net cash used in financing activities (15,354,412) (292,501,454)
Net change in cash 29,077 (6,269)
Cash - beginning of the year 403,456 409,725
Cash - end of the year 432,533 403,456
Supplemental cash flow information:    
Cash paid for taxes 261,072 1,335,000
Non-cash investing and financing activities:    
Excise tax liability 159,543 2,925,014
Initial recognition of liability for shareholders’ non-redemption agreement liability $ 1,312,002 $ 3,533,440