10-Q Filing

CYCURION, INC. CIK: 1868419 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-001357`
Period End Date	20230331
Filing Date	20230522
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	wavs-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 15 Cash Flow Statement 39 Stockholders Equity 16

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Common stock subject to possible redemption, shares outstanding	`TemporaryEquitySharesOutstanding`	11.50M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$809.48K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$386.31K	USD	Point-in-time
Common stock subject to possible redemption, redemption price per share	`TemporaryEquityRedemptionPricePerShare`	$10.10	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$268.21K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$272.44K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$658.75K	USD	Point-in-time
Prepaid expenses - non current	`PrepaidExpenseNoncurrent`	$17.87K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$117.19M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$7.97M	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
TOTAL ASSETS	`Assets`	$8.63M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$118.29M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Par value per common stock share of shares purchased from an unaffiliated party which had elected to redeem	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Par value per common stock share of shares purchased from an unaffiliated party which had elected to redeem	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	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, shares issued	`CommonStockSharesIssued`	3.25M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$941.30K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$829.44K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.25M	shares	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$430.02K	USD	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$386.92K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.25M	shares	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$430.02K	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$1.09M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$288.14K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$250.74K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-163.20K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-11.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.24M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	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 (excluding 770,221 shares and 11,500,000 shares, respectively, subject to possible redemption) as of March 31, 2023 and December 31, 2022	`CommonStockValue`	$324.00	USD	Point-in-time
Common stock; $0.0001 par value; 50,000,000 shares authorized; 3,251,000 shares issued and outstanding (excluding 770,221 shares and 11,500,000 shares, respectively, subject to possible redemption) as of March 31, 2023 and December 31, 2022	`CommonStockValue`	$324.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.86M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$13.63K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$1.00M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.12M	USD	Point-in-time
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$118.29M	USD	Point-in-time
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$8.63M	USD	Point-in-time

Income Statement 15 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`	$355.42K	USD	1 Quarter
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$484.85K	USD	1 Quarter
Franchise tax	`FranchiseTax`	$45.84K	USD	1 Quarter
Franchise tax	`FranchiseTax`	$11.05K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-530.69K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-366.47K	USD	1 Quarter
Interest earned and Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$189.16K	USD	1 Quarter
Interest earned and Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-59.72K	USD	1 Quarter
Change in fair value of forward purchase agreement	`DerivativeGainLossOnDerivativeNet`	$43.10K	USD	1 Quarter
TOTAL OTHER LOSS BEFORES TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-590.41K	USD	1 Quarter
TOTAL OTHER LOSS BEFORES TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-134.21K	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$37.40K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-171.61K	USD	1 Quarter

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-590.41K	USD	1 Quarter
Net loss	`ProfitLoss`	$-171.61K	USD	1 Quarter
Unrealized (gain) loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$189.16K	USD	1 Quarter
Unrealized (gain) loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-59.72K	USD	1 Quarter
Change in fair value of derivative liability - Forward Purchase Agreement	`DerivativeGainLossOnDerivativeNet`	$43.10K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$522.78K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-13.63K	USD	1 Quarter
Accounts payable, accrued expenses and income tax payables	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndIncomeTaxPayables`	$207.93K	USD	1 Quarter
Accounts payable, accrued expenses and income tax payables	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndIncomeTaxPayables`	$149.26K	USD	1 Quarter
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$-152.20K	USD	1 Quarter
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$43.34K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-393.18K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-802.19K	USD	1 Quarter
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$30.00K	USD	1 Quarter
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$116.15M	USD	1 Quarter
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromCashWithdrawnFromTrustAccount`	$109.44M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$109.41M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.15M	USD	1 Quarter
Proceeds from initial public offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$114.50M	USD	1 Quarter
Proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$3.76M	USD	1 Quarter
Redemption of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$109.44M	USD	1 Quarter
Payment of Sponsor loan	`RepaymentsOfRelatedPartyDebt`	$80.00K	USD	1 Quarter
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$431.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-109.44M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.75M	USD	1 Quarter
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-423.18K	USD	1 Quarter
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$796.81K	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$800.73K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.48K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$386.31K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$800.73K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.48K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$386.31K	USD	Point-in-time
Issuance of Forward Purchase Agreement	`IssuanceOfForwardPurchaseAgreement`	$430.02K	USD	1 Quarter
Excise tax liability arising from redemption of shares	`ExciseTaxLiabilityArisingFromRedemptionOfClassShares`	$1.09M	USD	1 Quarter
Accretion of common stock subject to redemption to redemption value	`AccretionOfCommonStockSubjectToPossibleRedemptionToRedemptionValue`	$170.66K	USD	1 Quarter
Accretion of common stock subject to redemption to redemption value	`AccretionOfCommonStockSubjectToPossibleRedemptionToRedemptionValue`	$5.71M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$13.63K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Forward purchase agreement	`AdjustmentsToAdditionalPaidInCapitalIncreaseDecreaseThroughForwardPurchaseAgreement`	$-430.02K	USD	1 Quarter
Excise tax liability arising from redemption of shares	`AdjustmentsToAdditionalPaidInCapitalIncreaseDecreaseThroughExciseTaxLiabilityArisingFromRedemptionOfShares`	$-1.09M	USD	1 Quarter
Sale of private placement units including over-allotment	`SaleOfPrivatePlacementUnitsIncludingOverAllotment`	$3.76M	USD	1 Quarter
Proceeds allocated to public warrants, net of offering costs	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$3.53M	USD	1 Quarter
Accretion of Common Stock subject to possible redemption to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$5.71M	USD	1 Quarter
Accretion of Common Stock subject to possible redemption to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$170.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-171.61K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$13.63K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-2.12M	USD	Point-in-time

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