10-Q Filing

CYCURION, INC. CIK: 1868419 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-002493`
Period End Date	20230930
Filing Date	20231114
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	wavs-20230930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 34 Cash Flow Statement 44 Stockholders Equity 33

Balance Sheet 61 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`	$302.58K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$809.48K	USD	Point-in-time
Common stock subject to possible redemption, redemption price per share	`TemporaryEquityRedemptionPricePerShare`	$10.73	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$268.21K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$103.71K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$406.29K	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
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
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`	$117.19M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$3.25M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$118.29M	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`	$3.66M	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
Common stock, shares issued	`CommonStockSharesIssued`	3.25M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$829.44K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$952.71K	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
Loan payable	`DebtCurrent`	$201.69K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.25M	shares	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$642.52K	USD	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$430.02K	USD	Point-in-time
Derivative liability-Forward Purchase Agreement	`DerivativeLiabilitiesCurrent`	$430.02K	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$1.14M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$250.74K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$315.57K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-21.20K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$-163.20K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.28M	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 305,410 shares and 11,500,000 shares, respectively, subject to possible redemption) as of September 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 305,410 shares and 11,500,000 shares, respectively, subject to possible redemption) as of September 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`	$-1.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.89M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$13.63K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$141.48K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$281.70K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.55M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$1.00M	USD	Point-in-time
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$3.66M	USD	Point-in-time
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$118.29M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$247.76K	USD	1 Quarter
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$136.32K	USD	1 Quarter
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$790.88K	USD	3 Qtrs
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$1.45M	USD	3 Qtrs
Franchise tax	`FranchiseTax`	$-800.00	USD	1 Quarter
Franchise tax	`FranchiseTax`	$54.26K	USD	1 Quarter
Franchise tax	`FranchiseTax`	$150.10K	USD	3 Qtrs
Franchise tax	`FranchiseTax`	$21.25K	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.60M	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-190.58K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-246.96K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-812.13K	USD	3 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$516.30K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$331.69K	USD	3 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$48.58K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$615.94K	USD	3 Qtrs
Change in fair value of forward purchase agreement	`DerivativeGainLossOnDerivativeNet`	$-45.24K	USD	1 Quarter
Change in fair value of forward purchase agreement	`DerivativeGainLossOnDerivativeNet`	$-212.50K	USD	3 Qtrs
TOTAL (LOSS) INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-692.95K	USD	3 Qtrs
TOTAL (LOSS) INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-243.62K	USD	1 Quarter
TOTAL (LOSS) INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$325.72K	USD	1 Quarter
TOTAL (LOSS) INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-987.09K	USD	3 Qtrs
Income Tax Expense	`IncomeTaxExpenseBenefit`	$10.01K	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$88.57K	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$64.84K	USD	3 Qtrs
Income Tax Expense	`IncomeTaxExpenseBenefit`	$88.57K	USD	3 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$-757.78K	USD	3 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$-332.54K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.08M	USD	3 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$-171.61K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$237.15K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-253.63K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-722.40K	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-757.78K	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.08M	USD	3 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$516.30K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$331.69K	USD	3 Qtrs
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$48.58K	USD	1 Quarter
Interest earned and unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$615.94K	USD	3 Qtrs
Change in fair value of derivative liability - Forward Purchase Agreement	`DerivativeGainLossOnDerivativeNet`	$-45.24K	USD	1 Quarter
Change in fair value of derivative liability - Forward Purchase Agreement	`DerivativeGainLossOnDerivativeNet`	$-212.50K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$368.55K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-182.37K	USD	3 Qtrs
Accounts payable, accrued expenses and income tax payable	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndIncomeTaxPayables`	$785.44K	USD	3 Qtrs
Accounts payable, accrued expenses and income tax payable	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndIncomeTaxPayables`	$188.10K	USD	3 Qtrs
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$-142.00K	USD	3 Qtrs
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$147.60K	USD	3 Qtrs
Interest on loan payable	`IncreaseDecreaseInInterestPayableNet`	$1.69K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-646.80K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.13M	USD	3 Qtrs
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$116.15M	USD	3 Qtrs
Cash deposited to Trust Account	`PaymentForDepositToTrustAccount`	$60.10K	USD	3 Qtrs
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromCashWithdrawnFromTrustAccount`	$114.33M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.15M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$114.27M	USD	3 Qtrs
Proceeds from initial public offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$114.50M	USD	3 Qtrs
Proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$3.76M	USD	3 Qtrs
Proceeds from loan payable	`ProceedsFromShortTermDebt`	$200.00K	USD	3 Qtrs
Redemption of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$114.33M	USD	3 Qtrs
Payment of Sponsor loan	`RepaymentsOfRelatedPartyDebt`	$80.00K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$431.00K	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-114.13M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.75M	USD	3 Qtrs
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$471.90K	USD	3 Qtrs
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-506.90K	USD	3 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.48K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$302.58K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$475.81K	USD	Point-in-time
CASH, END 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`	$302.58K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$475.81K	USD	Point-in-time
Issuance of Forward Purchase Agreement	`IssuanceOfForwardPurchaseAgreement`	$430.02K	USD	3 Qtrs
Excise tax liability arising from redemption of shares	`ExciseTaxLiabilityArisingFromRedemptionOfClassShares`	$1.14M	USD	3 Qtrs
Accretion of common stock subject to redemption value	`AccretionOfCommonStockSubjectToPossibleRedemptionToRedemptionValue`	$305.66K	USD	3 Qtrs
Accretion of common stock subject to redemption value	`AccretionOfCommonStockSubjectToPossibleRedemptionToRedemptionValue`	$6.09M	USD	3 Qtrs

Stockholders Equity 33 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$13.63K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$141.48K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$281.70K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-2.55M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$1.00M	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`	$39.46K	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
Accretion of Common Stock subject to possible redemption to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$377.37K	USD	1 Quarter
Accretion of Common Stock subject to possible redemption to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$170.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-757.78K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-332.54K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.08M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-171.61K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$237.15K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-253.63K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-590.41K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-722.40K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-256.39K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$13.63K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$141.48K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$281.70K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-2.55M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$1.00M	USD	Point-in-time

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