COMMON STOCK |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| COMMON STOCK | |
| COMMON STOCK | NOTE 5 — COMMON STOCK The Company is authorized to issue 1,000 shares of common stock, each with a par value of $0.001 per share. As of March 31, 2026 and December 31, 2025, the Company had 1,000 shares of common stock issued and outstanding, all of which are held by IWAC. Investments in Subsidiaries In connection with their formation, the Company subscribed for and was issued shares of common stock of IWAC Purchaser Merger Sub II Inc., a Delaware corporation incorporated on August 9, 2024, and shares of common stock of IWAC Company Merger Sub, Inc., a Georgia corporation incorporated on August 12, 2024, in each case for aggregate subscription consideration of $100. The subscription consideration for each subsidiary was funded by IWAC on the Company’s behalf and has been recorded within additional paid-in capital. As of March 31, 2026 and December 31, 2025, the Company owned 100% of the issued and outstanding shares of each of Purchaser Merger Sub and Company Merger Sub, and the subscriptions were fully paid. The investments are carried at cost of $100 each, or $200 in the aggregate, and are presented as investment in IWAC Company Merger Sub Inc. and investment in IWAC Purchaser Merger Sub II Inc. within non-current assets on the condensed balance sheets. Each of Purchaser Merger Sub and Company Merger Sub was formed solely for the purpose of effecting the Business Combination described in Note 1 and has not commenced operations.
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