32 unchanged sentences
We have neither engaged in any operations nor generated any operating revenues to date.
−Removed: Our only activities for the three months ended March 31, 2024 were organizational activities and the search for a prospective Business Combination.
+Added: Our only activities for the three and six months ended June 30, 2024 were organizational activities and the search for a prospective Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination at the earliest.
1 unchanged sentence
We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.
−Removed: For the three months ended March 31, 2024, we had a net income of $408,380.
−Removed: This consisted of $665,116 of change in fair value of the forward purchase agreement, offset by $256,736 in professional fees, general and administrative expenses and franchise taxes.
−Removed: For the three months ended March 31, 2023, we had a net loss of $171,611.
−Removed: This consisted of $366,469 in professional fees, general and administrative expenses, income tax expense and franchise taxes offset by $189,160 of net gain on marketable securities in the Trust Account and $43,101 of change in fair value of the forward purchase agreement.
+Added: For the three months ended June 30, 2024, we had a net loss of $703,701 This consisted of $127,224 of Expense related to Non-Redemption Agreement and $576,477 in professional fees, general and administrative expenses and franchise taxes.
+Added: For the three months ended June 30, 2023, we had a net loss of $332,537.
+Added: This consisted of $216,126 in professional fees, general and administrative expenses, income tax expense and franchise taxes and $93,954 of interest income on marketable securities in the Trust Account and $210,365 of change in fair value of the forward purchase agreement.
+Added: For the six months ended June 30, 2024, we had a net loss of $295,321.
+Added: This consisted of $833,213 in professional fees, general and administrative expenses, income tax expense and franchise taxes, $127,224 of Expense related to Non-Redemption Agreement offset by $665,116 of change in fair value of the forward purchase agreement.
+Added: For the six months ended June 30, 2023, we had a net loss of $504,148.
+Added: This consisted of $619,998 in professional fees, general and administrative expenses, income tax expense and franchise taxes and $283,114 of interest income on marketable securities in the Trust Account and $167,264 of change in fair value of the forward purchase agreement.
Liquidity and Capital Resources
−Removed: As of March 31, 2024, we had $1,008 in restricted cash available exclusively for payment of current tax liabilities.
−Removed: As of March 31, 2024, we had a working capital deficit of $2,782,776.
+Added: As of June 30, 2024, we had $14,876 in restricted cash available exclusively for payment of current tax liabilities.
+Added: As of June 30, 2024, we had a working capital deficit of $3,289,361.
The Company’s liquidity is to be satisfied through the proceeds from loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties held outside of the Trust Account.
1 unchanged sentence
Accordingly, the Company may not be able to obtain additional financing.
−Removed: For the three months ended March 31, 2024, net cash used in operating activities was $107,643, which is primarily due to a net income of $408,380, change in fair value of forward purchase agreement of $665,116 and changes in operating assets and liabilities of $149,093.
−Removed: Net cash provided by investing activities was $227,375 which was due to the withdrawal from the Trust Account in connection with redemption.
−Removed: Net cash used in financing activities was $327,375 which was due to the payment made for the redemption of shares and proceeds from loan payable of $100,000.
−Removed: For the three months ended March 31, 2023, net cash used in operating activities was $393,175, which is primarily due to a net loss of $171,611, change in fair value of derivative liabilities of $43,101, gain on marketable securities of $189,160, and changes in operating assets and liabilities of $10,697.
+Added: For the six months ended June 30, 2024, net cash used in operating activities was $420,868, which is primarily due to a net loss of $295,321, change in fair value of forward purchase agreement of $665,116, expense related to the Issuance of non-redemption agreements of $127,224 and changes in operating assets and liabilities of $412,345.
+Added: Net cash provided by investing activities was $693,462 which was due to the withdrawal from the Trust Account in connection with redemption of $620,638 and withdrawal from Trust Account to pay franchise and income taxes of $72,824.
+Added: Net cash used in financing activities was $266,369 which was due to the payment made for the redemption of shares of $620,638 offset by proceeds from loan payable of $354,269.
+Added: For the six months ended June 30, 2023, net cash used in operating activities was $490,930, which is primarily due to a net loss of $504,148, change in fair value of forward purchase agreement of $167,264, interest income on marketable securities of $283,114, and changes in operating assets and liabilities of $129,068.
Net cash provided by investing activities was $109,376,586, which was due to the withdrawal from the Trust Account to pay redeeming shareholders of $109,436,586 offset by $60,000 deposited into the Trust Account.
−Removed: Net cash used in financing activities was $109,436,586 which was primarily due to the payment made for the redemption of shares.
+Added: Net cash used in financing activities was $109,436,586 which was due to the payment made for the redemption of shares.
We have incurred, and expect to continue to incur, significant costs in pursuit of our acquisition plans.
35 unchanged sentences
Cycurion may not seek recourse against any money held in the Trust Account established pursuant the Borrower’s investment management trust agreement, dated as of January 11, 2022, as amended, by and between the Company and Equiniti Trust Company, nor any of the Company’s directors, officers, and any affiliate.
−Removed: As of March 31, 2024, the Company has borrowed $300,000 and accrued approximately $7,972 in interest.
+Added: As of June 30, 2024, the Company has borrowed $554,269 and accrued approximately $14,900 in interest.
As of December 31, 2023, the Company has borrowed $200,000 and accrued approximately $4,222 in interest.
40 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.