Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 265

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 265
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LOWS

FOR THE PERIOD FROM NOVEMBER 5, 2024 (INCEPTION) THROUGH NOVEMBER 30, 2024</div>

| Cash Flows                                   
 from Operating Activities:                   |     |   |          |   |
|:---------------------------------------------|:----|:--|---------:|:--|
| Net                                          
 loss                                         |     | $ |  (10,166 | ) |
| Changes in operating                         
 assets and liabilities:                      |     |   |          |   |
| Prepaid expenses                             |     |   |  (15,000 | ) |
| Accrued                                      
 expenses                                     |     |   |    1,166 |   |
| Net                                          
 cash used in operating activities            |     |   |  (24,000 | ) |
| Cash Flows                                   
 from Financing Activities:                   |     |   |          |   |
| Proceeds from                                
 issuance of ordinary shares to Sponsor       |     |   |   25,000 |   |
| Proceeds from                                
 issuance of promissory note to related party |     |   |  500,000 |   |
| Payment                                      
 of offering costs                            |     |   | (190,000 | ) |
| Net                                          
 cash provided by financing activities        |     |   |  335,000 |   |
| Net Change                                   
 in Cash                                      |     |   |  311,000 |   |
| Cash                                         
 – beginning of the period                    |     |   |        - |   |
| Cash                                         
 – end of the period                          |     | $ |  311,000 |   |

<div align='center'>The accompanying notes are an integral part of these
financial statements.

F-6</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 1 — Description of Organization and Business Operations

Quartzsea Acquisition Corporation (the “Company”)
is a newly organized 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 not limited
to a particular industry or sector for purposes of consummating a Business Combination. The