Company: APAD
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-108829
Chunk: 90

Company: AParadise Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 costs.

On September 15, 2025, the Sponsor forfeited 1,000,000
Founder Shares for no consideration as the underwriters of the IPO did not exercise the over-allotment option.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities from November 9, 2022 (inception) through September 30, 2025 have been limited to
organizational activities as well as activities related to the Initial Public Offering, and subsequent to the IPO, identifying a target
company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our business combination.

We expect to generate non-operating income in
the form of interest income on marketable securities held in the Trust Account. We expect that we will incur expenses as a result of being
a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection
with searching for, and completing, a business combination.

For the three months ended September 30, 2025,
we had a net income of $1,479,282, which consisted of interest income of $1,379,950, and a gain on expiration of over-allotment option
liability, partially offset by general and administrative expenses of $173,657. For the three months ended September 30, 2024, we had
net loss of $29,731, all of which consisted of formation and operating expenses.

For the nine months ended September 30, 2025,
we had a net income of $1,426,617, which consisted of interest income of $1,379,950, and a gain on expiration of over-allotment option
liability, partially offset by general and administrative expenses of $226,332. For the nine months ended September 30, 2024, we had net
loss of $37,731, all of which consisted of formation and operating expenses. 

18

Liquidity and Capital Resources

As previously disclosed on a Current Report on
Form 8-K dated July 29, 2025, on July 31, 2025, the Company consummated the IPO of 20,000,000 Units. Each Unit consists of one Public
Share and one Public Right to receive one-eighth of one Class A ordinary share upon the consummation of an initial business combination.
The Units were sold at