Company: QSEA
Filing Date: 2025-10-20
Form Type: 10-Q
Source: 0001829126-25-008252
Chunk: 53

Company: Quartzsea Acquisition Corp
Filing Date: 2025-10-20
Form: 10-Q
Item: Part I, Item 8
Chunk 53
---
:

    Schedule of ordinary shares subject to redemption

    Shares

    Amount

    Gross proceeds from IPO

    8,280,000

    $
    82,800,000

    Less:

    Proceeds allocated to Public Rights

    (1,904,400
    )
  
    Allocation of offering costs related to redeemable shares

    (4,261,431
    )
  
    Plus:

    Remeasurement of carrying value to redemption value

    7,738,322

    Ordinary shares subject to possible redemption – August 31, 2025

    8,280,000

    $
    84,372,491

    10

Net Income Per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The unaudited condensed statements of operations include a presentation of net income per redeemable share and net income per non-redeemable share following the two-class method of net income per share because redemption of the redeemable shares is not at fair value pursuant to the guidance in ASC 480-10-S99. Net income per ordinary share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has elected to treat only the portion of the periodic adjustment to the carrying amount of the redeemable shares that reflects a redemption in excess of fair value like a dividend. As such, income or loss allocable to each class of ordinary share is not adjusted for the accretion of carrying value to redemption value.

The calculation of diluted net income per ordinary share does not consider the effect of the rights issued in connection with the IPO and the Private Units since the exercise of the rights is contingent upon the occurrence of future events. As of August 31, 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares that then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

The net income per share presented in the unaudited condensed consolidated statements of operations is based on the following:

    Schedule of statement of operation 

    Three Months Ended
 August 31,
2025  
    Nine
Months Ended  August 31,
2025 
  
    Net income 
    $318,847  
    $260,445 

    Schedule