SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of presentation | Basis of presentation
The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.
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| Emerging growth company | Emerging growth company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
OCEAN CAPITAL ACQUISITION CORPORATION NOTES TO THE FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
Emerging growth company (Continued)
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
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| Use of estimates | Use of estimates
In preparing of financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results may differ from these estimates.
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| Cash and Cash Equivalents | Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $171,379 and $508 in cash as of June 30, 2026 and 2025, respectively.
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| Cash and Marketable Securities Held in Trust Account | Cash and Marketable Securities Held in Trust Account
The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest and dividends earned and unrealized gain on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. The Company had $115,226,525 and $ marketable securities held in the Trust Account as of June 30, 2026 and 2025, respectively.
During the year ended June 30, 2026, interest and dividends earned in the Trust Account amounted to $226,525, which was reinvested in the Trust Account. During the year ended June 30, 2025, there was no balance of marketable securities and no related investment income as the account had not opened.
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| Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering
The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Prior to the consummation of the Initial Public Offering, offering costs consisting of legal, accounting and other costs directly related to the Initial Public Offering were deferred. Upon completion of the Initial Public Offering, such costs were allocated to the separable financial instruments issued in the Initial Public Offering based on their relative fair values. Offering costs allocated to equity-classified instruments were charged to shareholders’ equity, while offering costs allocated to ordinary shares subject to possible redemption were charged against the carrying value of such shares. Offering costs also included the fair value of ordinary shares issued to the underwriter and/or its designees as partial underwriting compensation. Such non-cash offering costs were allocated among the separable financial instruments issued in the Initial Public Offering based on their relative fair values in the same manner as other offering costs. As of June 30, 2026 and 2025, deferred offering costs were $ and $155,978, respectively. |
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| Ordinary Share Subject to Possible Redemption |
The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of June 30, 2026, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying amount of the redeemable ordinary shares to equal their redemption value at the end of each reporting period. Changes in the carrying amount are recognized as charges against additional paid-in capital, to the extent available, and accumulated deficit thereafter. Interest and dividends earned on the assets held in the Trust Account, as well as any extension contributions deposited into the Trust Account, are reflected in the redemption value of the redeemable ordinary shares.
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| Income taxes | Income taxes
The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
OCEAN CAPITAL ACQUISITION CORPORATION NOTES TO THE FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
Income taxes (Continued)
ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the British Virgin Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2026 and 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
The Company is considered to be a British Virgin Islands business company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the British Virgin Islands or the United States. As such, the Company’s tax provision was zero for the period presented.
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| Net loss per share |
The Company calculates net income (loss) per ordinary share in accordance with ASC Topic 260, “Earnings Per Share.” The Company has two classes of ordinary shares, redeemable ordinary shares and non-redeemable ordinary shares, and applies the two-class method.
In applying the two-class method, net income (loss) available to ordinary shareholders is adjusted for the accretion of redeemable ordinary shares to redemption value. The resulting amount is allocated between the redeemable and non-redeemable ordinary shares based on the weighted-average number of shares of each class outstanding during the period. The accretion of redeemable ordinary shares to redemption value is treated as a deemed dividend to the holders of the redeemable ordinary shares and is allocated to the redeemable ordinary shares.
The calculation of diluted net income (loss) per ordinary share does not consider the effect of the Rights and Warrants issued in connection with the Initial Public Offering and the Private Placement because the issuance or exercise of the underlying ordinary shares is contingent upon the occurrence of future events. Accordingly, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the periods presented.
OCEAN CAPITAL ACQUISITION CORPORATION NOTES TO THE FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
Net loss per share (Continued)
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| Related Parties | Related Parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
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| Concentration of Credit Risk | Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
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| Fair value of financial instruments | Fair value of financial instruments
The fair value of the Company’s liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.
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| Derivative Financial Instruments | Derivative Financial Instruments
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.
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| Warrant Instruments | Warrant Instruments
The Company accounts for the Public Warrants issued in connection with the Initial Public Offering and the private placement warrants included in the Private Placement Units in accordance with the guidance contained in FASB ASC 815, “Derivatives and Hedging.” Under ASC 815-40, the Public Warrants (as defined below) and the private placement warrants meet the criteria for equity treatment and as such will be recorded in shareholder’s equity. If the Public Warrants and private placement warrants no longer meet the criteria for equity treatment, they will be recorded as a liability and remeasured each period with changes recorded in the statements of operations.
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| Rights | Rights
The Company accounts for the Rights issued in connection with the Public Offering and the private placement rights included in the Private Placement Units in accordance with the guidance contained in FASB ASC 815, “Derivatives and Hedging.” Under ASC 815-40, the Rights (as defined below) and the private placement rights meet the criteria for equity treatment and as such will be recorded in shareholder’s equity. If the Rights and private placement rights no longer meet the criteria for equity treatment, they will be recorded as a liability and remeasured each period with changes recorded in the statements of operations.
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| Share-based compensation |
The Company accounts for share-based compensation arrangements in accordance with ASC Topic 718, “Compensation-Stock Compensation.” Share-based awards granted by the Sponsor or other economic interest holders of the Company to directors or other service providers of the Company in exchange for services provided to the Company are accounted for as share-based compensation by the Company.
Share-based compensation associated with equity-classified awards is measured at fair value on the grant date. For awards subject to a performance condition, compensation expense is recognized when the achievement of the performance condition is considered probable. Any compensation cost recognized for awards funded by the Sponsor or another economic interest holder is reflected as a capital contribution to the Company.
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| Recent accounting pronouncements | Recent accounting pronouncements
Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, would have a material effect on the accompanying financial statements. |
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