v3.25.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:        
Net income $ (2,061,897) $ 148,092 $ 172,315 $ 4,626,782
Adjustments to reconcile net income to net cash provided by operating activities:        
Realized gains on marketable securities held in Trust Account     0 (2,538,270)
Loss on extinguishment of debt 1,822,844 0    
Accrued dividends on marketable securities held in Trust Account 2,120 (232,399) 170,488 (230,530)
Sponsor waiver of administrative services fees 30,000 30,000 120,000 240,000
Covenant Fees 0 (35,000)    
Changes in current assets and current liabilities:        
Prepaid expenses 6,670 (57,109) 9,178 478,996
Accounts payable 57,666 (84,436) 197,831 124,164
Accrued expenses 180,392 222,064 496,785 163,864
Accrued offering costs     0 (279,678)
Accrued interest – related party 32,869 18,587 101,342 28,288
Due from related party     0 (3,387)
Net cash provided by operating activities 70,664 9,799 1,267,939 2,610,229
Cash Flows from Investing Activities:        
Purchase of treasury and other marketable securities (260,678) (656,943) (2,842,995) (396,313,420)
Proceeds from redemption of treasury securities     38,596,223 541,873,187
Net cash provided by investing activities (260,678) (656,943) 35,753,228 145,559,767
Cash Flows from Financing Activities:        
Proceeds from promissory note – related party 110,000 600,000 1,520,000 1,230,000
Payment of redemptions to Class A ordinary shareholders     (38,596,223) (149,486,187)
Net cash used in financing activities 110,000 600,000 (37,076,223) (148,256,187)
Net Change in Cash (80,014) (47,144) (55,056) (86,191)
Cash – Beginning 83,227 138,283 138,283 224,474
Cash-Ending 3,213 91,139 83,227 138,283
Supplemental Disclosure of Non-cash Financing Activities:        
Remeasurement of Class A ordinary shares subject to possible redemption 258,588 $ 889,342 2,672,507 6,695,220
Reserve for credit losses     505,000 0
Sponsor capital contribution for waiver of administrative services fees     $ 120,000 $ 240,000
Substantial premium on promissory note issuance $ 1,822,844