Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 15

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---

    (4,261,431
    )
  
    Plus:

    Remeasurement of carrying value to redemption value

    6,858,776

    Ordinary shares subject to possible redemption – May 31, 2025

    8,280,000

    $
    83,492,945

Net Loss Per Ordinary Share

The Company complies with accounting and disclosure
requirements of FASB ASC 260, Earnings Per Share. The unaudited condensed statements of operations include a presentation of net loss
per redeemable share and net loss per non-redeemable share following the two-class method of net loss per share because redemption of
the redeemable shares is not at fair value pursuant to the guidance in ASC 480-10-S99. Net loss per ordinary share is computed by dividing
net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has elected to treat only the portion
of the periodic adjustment to the carrying amount of the redeemable shares that reflects a redemption in excess of fair value like a dividend.
As such, income or loss allocable to each class of ordinary share is not adjusted for the accretion of carrying value to redemption value.

The calculation of diluted net loss per ordinary
share does not consider the effect of the rights issued in connection with the IPO and the Private Units since the exercise of the rights
is contingent upon the occurrence of future events. As of May 31, 2025, the Company did not have any dilutive securities or other contracts
that could, potentially, be exercised or converted into ordinary shares that then share in the earnings of the Company. As a result,
diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented.

    10

The net loss per share presented in the unaudited condensed consolidated statements of operations is based on the following:

    Schedule of net income per share

    Three Months Ended May 31, 2025

    Six Months Ended  May 31, 2025

        Redeemable Ordinary
        Shares

    Non-redeemable Ordinary Shares

        Redeemable Ordinary
        Shares

    Non-redeemable Ordinary Shares

    Basic and diluted net loss per ordinary share

    Numerator:

    Allocation of net loss
     
    $
    (18,629
    )
     
    $
    (8,518
    )
     
    $