10-Q Filing

CYCURION, INC. CIK: 1868419 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001410578-22-002304`
Period End Date	20220630
Filing Date	20220811
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	wavs-20220630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 19 Cash Flow Statement 30 Stockholders Equity 19

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$618.56K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.91K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$297.96K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.91K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$916.52K	USD	Point-in-time
Prepaid expenses - non current	`PrepaidExpenseNoncurrent`	$143.07K	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	$323.12K	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	-	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$116.25M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$327.03K	USD	Point-in-time
Common stock subject to possible redemption, par value	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock subject to possible redemption, par value	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	$117.31M	USD	Point-in-time
Common stock subject to possible redemption, shares issued	`TemporaryEquitySharesIssued`	11.50M	shares	Point-in-time
Common stock subject to possible redemption, shares issued	`TemporaryEquitySharesIssued`	11.50M	shares	Point-in-time
Common stock subject to possible redemption, redemption price per share	`TemporaryEquityRedemptionPricePerShare`	$10.10	USD	Point-in-time
Common stock subject to possible redemption, redemption price per share	`TemporaryEquityRedemptionPricePerShare`	$10.10	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$781.78K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accrued offering costs	`OfferingCostPayableCurrent`	$225.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Note payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$80.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-95.74K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-2.40K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$313.40K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$877.53K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total liabilities	`Liabilities`	$877.53K	USD	Point-in-time
Total liabilities	`Liabilities`	$313.40K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.25M	shares	Point-in-time
Common stock subject to possible redemption, $0.0001 par value, 11,500,000 shares at redemption value of $10.10 per share.	`TemporaryEquityCarryingAmountAttributableToParent`	$116.15M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.25M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.25M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.25M	shares	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock; $0.0001 par value; 50,000,000 shares authorized; 3,251,000 shares issued and outstanding(1)	`CommonStockValue`	$287.00	USD	Point-in-time
Common stock; $0.0001 par value; 50,000,000 shares authorized; 3,251,000 shares issued and outstanding(1)	`CommonStockValue`	$324.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.61M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$24.71K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.37K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$281.70K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$22.51K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.63K	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$117.31M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$327.03K	USD	Point-in-time

Income Statement 19 line items

Line Item	Tag	Value	Unit	Period
Shares subject to forfeiture	`NumberOfSharesSubjectToForfeiture`	375,000.00	shares	Point-in-time
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$2.49K	USD	1 Quarter
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$1.32M	USD	2 Qtrs
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$831.76K	USD	1 Quarter
Franchise tax	`FranchiseTax`	$95.84K	USD	2 Qtrs
Franchise tax	`FranchiseTax`	$50.00K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-881.76K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.49K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.41M	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$99.64K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$159.36K	USD	1 Quarter
TOTAL OTHER EXPENSES	`NonoperatingIncomeExpense`	$99.64K	USD	2 Qtrs
TOTAL OTHER EXPENSES	`NonoperatingIncomeExpense`	$159.36K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.49K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-722.40K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.31M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.50M	shares	1 Quarter
Diluted net income (loss) per share	`EarningsPerShareDiluted`	-	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.49K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.31M	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$99.64K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$159.36K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$441.03K	USD	2 Qtrs
Accounts payable and accrued exp	`IncreaseDecreaseInAccruedLiabilities`	$775.78K	USD	2 Qtrs
Accounts payable and accrued exp	`IncreaseDecreaseInAccruedLiabilities`	$1.60K	USD	1 Quarter
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$93.34K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-893.00	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-984.35K	USD	2 Qtrs
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$116.15M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.15M	USD	2 Qtrs
Proceeds from initial public offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$114.50M	USD	2 Qtrs
Proceeds from initial public offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$25.00K	USD	1 Quarter
Proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$3.76M	USD	2 Qtrs
Payment of Sponsor loan	`RepaymentsOfRelatedPartyDebt`	$80.00K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$431.00K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$10.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.75M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.00K	USD	1 Quarter
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$614.65K	USD	2 Qtrs
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$14.11K	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.11K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$618.56K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.11K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$618.56K	USD	Point-in-time
Deferred offering costs included in accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCostsAndExpenses`	$148.35K	USD	1 Quarter
Change in value of Class A common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToPossibleRedemption`	$5.71M	USD	2 Qtrs

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$281.70K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$22.51K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$13.63K	USD	Point-in-time
Sale of private placement units including over-allotment	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	1 Quarter
Sale of private placement units including over-allotment	`StockIssuedDuringPeriodValueNewIssues`	$3.76M	USD	1 Quarter
Proceeds allocated to public warrants, net of offering costs	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$3.53M	USD	1 Quarter
Accretion for Common Stock subject to possible redemption to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$5.71M	USD	1 Quarter
Accretion for Common Stock subject to possible redemption to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$5.71M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-722.40K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	-	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$281.70K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$22.51K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$13.63K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.