Company: FVN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001829126-25-003643
Chunk: 52

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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 ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) were classified as temporary equity. At all other times, ordinary shares were classified as stockholders’ equity. In accordance with ASC 480-10-S99, the Company classified the ordinary shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company.

Given that the 5,750,000 ordinary shares sold as part of the units in the IPO were issued with other freestanding instruments (i.e., rights), the initial carrying value of ordinary shares classified as temporary equity has been allocated to the proceeds determined in accordance with ASC 470-20. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes in redemption value as a deemed dividend and charges against retained earnings or, in the absence of retained earnings, by charges against additional paid-in capital, over an expected 18-month period, which is the initial period that the Company has to complete a Business Combination.

For the three months ended March 31, 2025, the Company recorded accretion of ordinary share subject to redemption value of $1,100,598.

As of March 31, 2025, the ordinary shares subject to possible redemption reflected in the condensed balance sheet are recorded in the following table:

    Schedule of Ordinary shares subject to possible redemption

    Ordinary shares subject to possible redemption as of January 1, 2025
     
    $
    52,137,642

    Plus:

    Accretion of carrying value to redemption value

    1,100,598

    Ordinary shares subject to possible redemption as of March 31, 2025 (Unaudited)
     
    $
    53,238,240

    11

FUTURE VISION II ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

March 31, 2025