Company: DTSQ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001417
Chunk: 721

Company: DT Cloud Star Acquisition Corp
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 721
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, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the remaining shareholders and our board of directors, proceed to commence
a voluntary liquidation and thereby a formal dissolution of our company, subject in each case to its obligations to provide for claims
of creditors and the requirements of applicable law.

Going
Concern Consideration 

As
of December 31, 2024, we had approximately $411,429 in cash and cash in escrow and working
capital of approximately $339,724. We had net income of $1,193,616 for the year ended December
31, 2024, which is mainly from the interest and dividends earned in trust account. 

Our
liquidity needs prior to the consummation of the initial public offering were satisfied through the receipt of $25,000 from the sale
of the initial shares, as well as a promissory note from our sponsor up to an aggregate amount of $300,000 to be used, in part, for transaction
costs incurred in connection with the initial public offering. As of December 31, 2024 and 2023, the principal amount due and owing under
the promissory note was $nil and $nil,  respectively.
Subsequent to the consummation of the initial public offering, our liquidity has been satisfied through the net proceeds from the consummation
of the initial public offering and the private placement held outside of the trust account. In addition, in order to finance transaction
costs in connection with a business combination, sponsor, officers, directors, or their affiliates may provide us with working capital
loans as may be required (of which up to $300,000 may be converted into units). See “—Liquidity and Capital Resources”
for details.

We
have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans. We initially had 15 months from
the consummation of our initial public offering to consummate the initial business combination. If we do not complete a business combination
within 15 months from the consummation of our initial public offering, we will trigger an automatic winding up, dissolution and liquidation
pursuant to the terms of the amended and restated memorandum and articles of association. As a result, this has the same effect as if
we had formally gone through a voluntary liquidation procedure under the Companies Act (As Revised) of the Cayman Islands. Accordingly,