Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 2

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
 (10,166
    )
     
    $
    14,834

    Net loss

    -

    -

    -

    (31,255
    )

    (31,255
    )
  
    Balance–February 28, 2025

    2,898,000

    $
    290

    $
    24,710

    $
    (41,421
    )
     
    $
    (16,421
    )

    (1)
    
        Ordinary
        shares have been retroactively restated to reflect two amendments to the Subscription Agreement, which allowed the Sponsor to
        increase the purchase of ordinary shares initially from 1,725,000 to 2,415,000, then to 2,898,000 shares for $25,000, including an
        aggregate of up to 378,000 ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by
        the underwriters (see Note 5 and Note 9).
         
        As a result of the underwriter full exercise of its over-allotment option to purchase 1,080,000 units on March 19, 2025, no shares were subject to forfeiture.  

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

3

QUARTZSEA ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

    For theThree Months EndedFebruary 28,2025

    Cash Flows from Operating Activities:

    Net loss
     
    $
    (31,255
    )
  
    Changes in operating assets and liabilities:

    Prepaid expense

    15,000

    Accrued expenses

    8,204

    Net cash used in operating activities

    (8,051
    )

    Cash Flows from Financing Activities:

    Payment of deferred offering costs

    (94,886
    )
  
    Net cash used financing activities

    (94,886
    )

    Net change in cash

    (102,937
    )
  
    Cash, Beginning of period

    311,000

    Cash, End of the period
     
    $
    208,063

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

4

QUARTZSEA ACQUISITION CORPORATION

NOTES TO UNAUDITED COND