Company: CRAC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111020
Chunk: 35

Company: Crown Reserve Acquisition Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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 support services. Upon completion of our initial business
combination or our liquidation, we will cease paying these monthly fees.
 
Our sponsor had agreed to loan us an aggregate of up to $5,000,000
to be used for a portion of the expenses of our Initial Public Offering. The loan was non-interest bearing and unsecured. The loan was
evidenced by the promissory note, and was payable on the earlier of December 31, 2025 or the date on which we consummated an initial public
offering of our securities. As of June 30, 2025, we had borrowed $171,748 under the promissory note.
 
JOBS Act
 
On April 5, 2012,
the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for
qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply
with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing
to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards
on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial
statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective
dates.
 
Additionally, we are
in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to
certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we
may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls
over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection
Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement
to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis),
and (iv)