Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 3

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 3
---
    (41,421
    )
     
    $
    (16,421
    )
  
    Issuance of Private Placement Units

    231,900

    23

    2,318,977

    -

    2,319,000

    Issuance of Public Rights net of issuance costs

    -

    -

    1,804,080

    -

    1,804,080

    Remeasurement of carrying value to redemption value

    -

    -

    (6,858,776
    )

    -

    (6,858,776
    )
  
    Accretion of additional paid-in capital to accumulated deficit

    -

    -

    2,711,009

    (2,711,009
    )

    -

    Net loss

    -

    -

    -

    (27,147
    )

    (27,147
    )
  
    Balance – May 31, 2025

    3,129,900

    $
    313

    $
    -

    $
    (2,779,577
    )
     
    $
    (2,779,264
    )

    (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).
                     
                    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 consolidated financial statements.

3

QUARTZSEA ACQUISITION CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

    For theSix Months EndedMay 31,2025

    Cash Flows from Operating Activities:

    Net loss
     
    $
    (58,402
    )
  
    Adjustments to reconcile net loss to net cash used in operating activities:

    Interest earned on short-term investment

    (5,037