Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 0

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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QUARTZSEA ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS

        February 28,2025 (Unaudited)

    November 30, 2024

    Assets:

    Current Assets

    Cash
     
    $
    208,063

    $
    311,000

    Prepaid expenses

    -

    15,000

    Total Current Assets

    208,063

    326,000

    Deferred offering costs

    284,886

    190,000

    Total Assets
     
    $
    492,949

    $
    516,000

    Liabilities and Shareholder’s (Deficit) Equity

    Current Liabilities

    Accounts payable and accrued expenses
     
    $
    9,370

    $
    1,166

    Promissory note – related party

    500,000

    500,000

    Total Current Liabilities

    509,370

    501,166

    Commitments and Contingencies – see Note 6

    Shareholder’s (Deficit) Equity

    Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,898,000 shares issued and outstanding(1)

    290

    290

    Additional paid-in capital

    24,710

    24,710

    Accumulated deficit

    (41,421
    )

    (10,166
    )
  
    Total Shareholder’s (Deficit) Equity

    (16,421
    )

    14,834

    Total Liabilities and Shareholder’s (Deficit) Equity
     
    $
    492,949

    $
    516,000

    (1)
    
        Ordinary shares have been retroactively restated to reflect two amendments to the Subscription Agreement, which allowed the Sponsor to increase the purchase of ordinary shares initially from 1,725,000 to 2,415,000, then to 2,898,000 shares for $25,000, including an aggregate of up to 378,000 ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5).
         
        As a result of the underwriter full exercise of its over-allotment option to purchase 1,080,000