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PROMISSORY NOTE FROM A THIRD PARTY
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
PROMISSORY NOTE FROM A THIRD PARTY

NOTE 6 - PROMISSORY NOTE FROM A THIRD PARTY

 

On September 9, 2025, Mango Financial, the party that entered into the Merger Agreement with the Company (see Note 1- Organization and Business Operations - Proposed Business Combination), issued an unsecured promissory note to the Company, pursuant to which the Company borrowed an aggregate principal amount of $300,000 (the “Mango Extension Note 1”). The Mango Extension Note is non-interest bearing and is payable in full upon consummation of a Business Combination. The proceeds from the Mango Extension Note were deposited into the Trust Account managed by the Company’s trustee, Continental. Such funds are subject to possible redemption by the Company’s public shareholders in accordance with the terms of the Trust Account, and were used to extend the period of time the Company has to consummate a Business Combination from September 23, 2025 to December 23, 2025. As of June 30, 2026, $300,000 was outstanding under the Mango Extension Note.

 

On December 17, 2025, Mango Financial issued a second unsecured promissory note to the Company, pursuant to which the Company borrowed an aggregate principal amount of $600,000 (the “Mango Extension Note 2”). The Mango Extension Note 2 is non-interest bearing and is payable in full upon consummation of a Business Combination. The proceeds from the Mango Extension Note 2 were deposited into Trust Account on December 23, 2025, and were used to extend the period of time the Company has to consummate a Business Combination from December 23, 2025 to March 23, 2026. As of June 30, 2026 and December 31, 2025, $600,000 was outstanding under the Mango Extension Note 2.

 

On March 18, 2026, Mango Financial issued a third unsecured promissory note to the Company, pursuant to which the Company borrowed an aggregate principal amount of $750,000 (the “Mango Extension Note 3”). The Mango Extension Note 3 is non-interest bearing and is payable in full upon consummation of a Business Combination. The first $125,000 of such amount from the Mango Extension Note 3 were deposited into Trust Account on March 19, 2026, and were used to extend the period of time the Company has to consummate a Business Combination from March 23, 2026 to April 23, 2026. The second $125,000 was deposited into Trust Account on April 22, 2026, and was used to extend such period from April 23, 2026 to May 23, 2026. The third $125,000 was deposited into Trust Account on May 21, 2026, and was used to extend such period from May 23, 2026 to June 23, 2026. The fourth $125,000 was deposited into Trust Account on June 23, 2026, and was used to extend such period from June 23, 2026 to July 23, 2026.  The fifth $125,000 was deposited into Trust Account on July 22, 2026, and was used to extend such period from July 23, 2026 to August 23, 2026. As of June 30, 2026, $500,000 was outstanding under the Mango Extension Note 3.

 

As of June 30, 2026 and December 31, 2025, the total amount due was $1,400,000 and $900,000 respectively.