10-Q Filing

CYCURION, INC. CIK: 1868419 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-002027`
Period End Date	20230630
Filing Date	20230821
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	wavs-20230630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 30 Cash Flow Statement 42 Stockholders Equity 25

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$258.55K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$809.48K	USD	Point-in-time
Common stock subject to possible redemption, shares outstanding	`TemporaryEquitySharesOutstanding`	11.50M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$188.07K	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
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$446.63K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$8.10M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$8.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$118.29M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`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
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$946.88K	USD	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`	$829.44K	USD	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$430.02K	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.25M	shares	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$597.28K	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$1.09M	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$1.09M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$305.56K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$250.74K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-22.00K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-163.20K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.97M	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 June 30, 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 June 30, 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`	$-2.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.86M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$1.00M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$13.63K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.55M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$281.70K	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`	$8.54M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$187.71K	USD	1 Quarter
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$543.12K	USD	2 Qtrs
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`	$11.00K	USD	1 Quarter
Franchise tax	`FranchiseTax`	$50.00K	USD	1 Quarter
Franchise tax	`FranchiseTax`	$22.05K	USD	2 Qtrs
Franchise tax	`FranchiseTax`	$95.84K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-881.76K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-565.17K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.41M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-198.71K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$93.95K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$159.36K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$283.11K	USD	2 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$99.64K	USD	2 Qtrs
Change in fair value of forward purchase agreement	`DerivativeGainLossOnDerivativeNet`	$-210.37K	USD	1 Quarter
Change in fair value of forward purchase agreement	`DerivativeGainLossOnDerivativeNet`	$-167.26K	USD	2 Qtrs
TOTAL OTHER (LOSS) INCOME BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-449.32K	USD	2 Qtrs
TOTAL OTHER (LOSS) INCOME BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.31M	USD	2 Qtrs
TOTAL OTHER (LOSS) INCOME BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-722.40K	USD	1 Quarter
TOTAL OTHER (LOSS) INCOME BEFORE TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-315.12K	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$54.82K	USD	2 Qtrs
Income Tax Expense	`IncomeTaxExpenseBenefit`	$17.42K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-722.40K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.31M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-171.61K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-504.15K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-332.54K	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-504.15K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.31M	USD	2 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$93.95K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$159.36K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$283.11K	USD	2 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$99.64K	USD	2 Qtrs
Change in fair value of derivative liability - Forward Purchase Agreement	`DerivativeGainLossOnDerivativeNet`	$-210.37K	USD	1 Quarter
Change in fair value of derivative liability - Forward Purchase Agreement	`DerivativeGainLossOnDerivativeNet`	$-167.26K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-98.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$441.03K	USD	2 Qtrs
Accounts payable, accrued expenses and income tax payable	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndIncomeTaxPayables`	$775.78K	USD	2 Qtrs
Accounts payable, accrued expenses and income tax payable	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndIncomeTaxPayables`	$172.27K	USD	2 Qtrs
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$93.34K	USD	2 Qtrs
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$-141.20K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-984.35K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-490.93K	USD	2 Qtrs
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$60.00K	USD	2 Qtrs
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$116.15M	USD	2 Qtrs
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromCashWithdrawnFromTrustAccount`	$109.44M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$109.38M	USD	2 Qtrs
Net cash provided by (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 private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$3.76M	USD	2 Qtrs
Redemption of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$109.44M	USD	2 Qtrs
Payment of Sponsor loan	`RepaymentsOfRelatedPartyDebt`	$80.00K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$431.00K	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-109.44M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.75M	USD	2 Qtrs
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$614.65K	USD	2 Qtrs
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-550.93K	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.48K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$258.55K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$618.56K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.48K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$258.55K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$618.56K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
Issuance of Forward Purchase Agreement	`IssuanceOfForwardPurchaseAgreement`	$430.02K	USD	2 Qtrs
Excise tax liability arising from redemption of shares	`ExciseTaxLiabilityArisingFromRedemptionOfClassShares`	$1.09M	USD	2 Qtrs
Accretion of common stock subject to redemption value	`AccretionOfCommonStockSubjectToPossibleRedemptionToRedemptionValue`	$266.19K	USD	2 Qtrs
Accretion of common stock subject to redemption value	`AccretionOfCommonStockSubjectToPossibleRedemptionToRedemptionValue`	$5.71M	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$13.63K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-2.55M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$281.70K	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`	$170.66K	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`	$95.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-722.40K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.31M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-171.61K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-504.15K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-332.54K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$13.63K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-2.55M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$281.70K	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.