Company: QSEA
Filing Date: 2025-10-20
Form Type: 10-Q
Source: 0001829126-25-008252
Chunk: 4

Company: Quartzsea Acquisition Corp
Filing Date: 2025-10-20
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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 CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

    For theNine Months EndedAugust 31,2025

    Cash Flows from Operating Activities:

    Net income
     
    $
    260,445

    Adjustments to reconcile net income to net cash used in operating activities:

    Interest earned on short-term investment

    (7,966
    )
  
    Interest earned on investments held in Trust Account

    (1,572,491
    )
  
    Changes in operating assets and liabilities:

    Prepaid expenses

    (134,377
    )
  
    Accounts payable and accrued expenses

    282,946

    Net cash used in operating activities

    (1,171,443
    )

    Cash Flows from Investing Activities:

    Purchase of short-term investment

    (600,000
    )
  
    Proceeds from sale of short-term investment 

     607,966

    Purchase of investments held in Trust Account

    (82,800,000
    )
  
    Net cash used in investing activities

    (82,792,034
    )

    Cash Flows from Financing Activities:

    Proceeds from sale of public units

    82,800,000

    Proceeds from sale of Private Placements units

    2,319,000

    Payment of underwriter fees

    (586,500
    )
  
    Repayment of promissory note - related party

    (500,000
    )
  
    Payment of offering costs

    (273,251
    )
  
    Net cash provided by financing activities

    83,759,249

    Net Changes in Cash

    (204,228
    )
  
    Cash - Beginning of period

    311,000

    Cash - End of period
     
    $
    106,772

    Supplemental Disclosure of Non-cash Financing Activities:

    Accretion of additional paid in capital to accumulated deficit
     
    $
    2,711,009

    Remeasurement of carrying value to redemption value
     
    $
    7,738,322

    Deferred underwriting fee payable
     
    $
    3,312,000

    Prior year deferred offering cost charged to additional paid-in capital
     
    $
    190,000

The accompanying notes are an integral part of the unaudited condensed