Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 4

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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    )
  
    Interest earned on investments held in Trust Account

    (692,945
    )
  
    Changes in operating assets and liabilities:

    Prepaid expenses

    (123,892
    )
  
    Accounts payable and accrued expenses

    259,149

    Net cash used in operating activities

    (621,127
    )

    Cash Flows from Investing Activities:

    Purchase of short-term investment

    (600,000
    )
  
    Purchase of investments held in Trust Account

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

    (83,400,000
    )

    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

    (261,878
    )
  
    Cash - Beginning of period

    311,000

    Cash - End of period
     
    $
    49,122

    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
     
    $
    6,858,776

    Deferred underwriting fee payable
     
    $
    3,312,000

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

4

QUARTZSEA ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Organization, Business Operations

Quartzsea Acquisition Corporation (the “Company” or “Quartzsea”) is a blank check company incorporated under the laws of the Cayman Islands with limited liability on November 5, 2024. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). The Company is