What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-13 compared with 2026-05-15 · 31 added, 28 removed, 173 unchanged (25% of the section changed)

4 unchanged sentences

to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor”

refer to SilverLode Capital LLC.

refer to Silver Lode Capital LLC.

The following discussion and analysis of the Company’s financial condition and results of operations

37 unchanged sentences

generated any revenues to date.

Our only activities from June 5, 2024 (inception) through March 31.

2026 were organizational activities,

Our only activities from June 5, 2024 (inception) through June 30, 2026 were organizational activities,

those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business Combination.

4 unchanged sentences

company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended March 31, 2026, we

had a net income of $1,004,547, which consists of interest earned on marketable securities held in the Trust Account of $1,029,730 and

gain on derivative liability of $127,750, offset by, general and administrative costs of $152,933.

For the three months ended March 31, 2025, we

had a net loss of $23,562, which is entirely consists of general and administrative expenses.

For the three months ended June 30, 2026, we had

a net loss of $28,267, which consists of interest earned on marketable securities held in the Trust Account of $1,045,695, interest earned

on cash held in Operating Bank Account of $1,570, and loss on derivative liability of $943,650, offset by general and administrative costs

For the three months ended June 30, 2025, we had

a net loss of $22,837, which consisted of general and administrative costs.

For the six months ended June 30, 2026, we had

a net income of $976,280, which consists of interest earned on marketable securities held in the Trust Account of $2,075,425, interest

earned on cash held in Operating Bank Account of $4,121, and loss on derivative liability of $815,900, offset by general and administrative

costs of $287,366.

For the six months ended June 30, 2025, we had

a net loss of $46,399, which consisted of general and administrative costs.

Liquidity and Capital Resources and Going Concern

10 unchanged sentences

fee, and $446,835 of other offering costs.

For the three months ended March 31, 2026, net

cash used in operating activities was $141,401.

Net income of $1,004,547 was impacted interest earned on marketable securities held in

Trust Account of $1,029,730, change in Fair Value of Warrant Liabilities of $242,750 and change in Fair Value of Rights Liabilities of

For the six months ended June 30, 2026, net cash

used in operating activities was $218,931.

Net income of $976,280 was impacted interest earned on marketable securities held in Trust

Account of $2,075,425, change in Fair Value of Warrant Liabilities of $355,900 and change in Fair Value of Rights Liabilities of $460,000.

Changes in operating assets and liabilities provided $64,314 from operating activities.

For the three months ended March 31, 2025, net

cash used in operating activities was $0.

Net loss of $23,562 was impacted by payment of expenses through promissory note of $23,554 and

changes in operating assets and liabilities provided $8 of prepaid expenses from operating activities.

As of March 31.

2026, we had marketable securities

For the six months ended June 30, 2025, net cash

used in operating activities was $0.

Net loss of $46,399 was impacted by payment of expenses through promissory note of $46,304 and changes

in operating assets and liabilities provided $95 of prepaid and accrued expenses from operating activities.

As of June 30, 2026, we had marketable securities

held in the Trust Account of $119,184,230 (including approximately $2,075,425 of interest income) consisting of U.S.

8 unchanged sentences

the target business or businesses, make other acquisitions and pursue our growth strategies.

As of March 31.

2026, we had cash of $237,393.

As of June 30, 2026, we had cash of $159,863.

We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence

14 unchanged sentences

In connection with the Company’s assessment

of going concern considerations in accordance with ASC 205-40, “Going Concern,” as of March 31.

2026, the Company may need

of going concern considerations in accordance with ASC 205-40, “Going Concern,” as of June 30, 2026, the Company may need

to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties.

20 unchanged sentences

We have no obligations, assets or liabilities,

which would be considered off-balance sheet arrangements as of March 31.

We do not participate in transactions that create relationships

with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established

for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet financing arrangements,

established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

which would be considered off-balance sheet arrangements as of June 30, 2026 and December 31, 2025.

We do not participate in transactions

that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which

would have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet

financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any

non-financial assets.

Contractual obligations

61 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis