Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 132

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 in government regulation;
    and

    ●
    limitations
    on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
    of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

Results
of Operations and Known Trends or Future Events

We
have neither engaged in any operations nor generated any revenues to date. Our only activities from November 1, 2025 (inception) through
June 30, 2025 relates to organizational activities, our initial public offering, and, subsequent to the initial public offering, our pursuit of an initial business
combination. We will not generate any operating revenues until after completion of our initial business combination. We will generate
non-operating income in the form of interest income on cash and cash equivalents after the initial public offering. There has been no significant change
in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements.
We have incurred, and expect to incur, increased expenses as a result of being a public company (for legal, financial reporting, accounting
and auditing compliance), as well as for due diligence expenses. Additionally, we expect our expenses to increase substantially after
identifying a target for our initial business combination.

For
the three months ended June 30, 2025, we had net income of $444,392, which consisted of $556,881 of interest income on the trust account,
offset by $89,301 of formation, general and administrative expenses, $12,723 of legal and accounting expenses, $6,333 of administrative
support fees, and $4,132 of insurance expense.

For
the six months ended June 30, 2025, we had net income of $368,570, which consisted of $556,881 of interest income on the trust account,
offset by $165,123 of formation, general and administrative expenses, $12,723 of legal and accounting expenses, $6,333 of administrative
support fees, and $4,132 of insurance expense.

Liquidity
and Capital Resources

As
of June 30, 2025 and December 31, 2024, we had cash of $1,039,666 and $0, respectively, and working capital (deficit) of $1,053,059 and
$(48,541), respectively.

For
the six months ended June 30, 2025, net cash used in