DT Cloud Star Acquisition Corp
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
DTSQ$11.52-0.3%Stored close · as of Nov 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001641172-25-022963
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001493152-25-020876
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 38 previous paragraphs and 39 current paragraphs.
32 unchanged; 5 reworded; 1 added; 1 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
On October 23, 2025, we issued an unsecured promissory note to the Sponsor, pursuant to which we borrowed up to an aggregate principal amount of $75,000, in exchange for Sponsor depositing such amount into the our trust account in order to extend the amount of time it has available to complete a business combination.
Removed paragraphs (1)
Previous report
For the three months ended June 30, 2024, we had a net loss of approximately $42,035, which consisted of formation and operation cost of $42,035. For the six months ended June 30, 2024, we had a net loss of approximately $52,658, which consisted of formation and operation cost of $52,658.
Reworded paragraphs (5)
Previous wording
Simultaneously with the closing of our initial public offering on July 26, 2024, we consummated the private placement with DT Cloud Star Management Limited, the sponsor (“Sponsor”), of 206,900 private units at a price of $10.00 per private unit, generating total gross proceeds of $2,069,000. As of July 26, 2024, a total of $69,000,000 of the net proceeds from our initial public offering were deposited in a trust account established for the benefit of our public stockholders, with Wilmington Trust National Association acting as trustee.
Current wording
Simultaneously with the closing of our initial public offering on July 26, 2024, we consummated the private placement with the Sponsor of 206,900 private units at a price of $10.00 per private unit, generating total gross proceeds of $2,069,000. As of July 26, 2024, a total of $69,000,000 of the net proceeds from our initial public offering were deposited in a trust account established for the benefit of our public stockholders, with Wilmington Trust National Association acting as trustee.
Previous wording
For the six months ended June 30, 2025, cash used by operating activities was, primarily due to prepayment of formation and operational costs. As of June 30, 2025, we had cash at bank of $126,055.
Current wording
For the nine months ended September 30, 2025, cash used in operating activities was $391,312, primarily due to prepayment of formation and operational costs. As of September 30, 2025, we had cash at bank of $20,117.
Previous wording
On June 30, 2025, the Company had working capital of $121,641, excluding deferred underwriting commissions andthe available cash held in the Trust Account for marketable securities, which indicated a lack of liquidity it needed to sustain operations for a reasonable period of time, which was considered to be one year from the issuance of the financial statements.
Current wording
On September 30, 2025, the Company had negative working capital of $53,347, excluding deferred underwriting commissions andthe available cash held in the Trust Account for marketable securities, which indicated a lack of liquidity it needed to sustain operations for a reasonable period of time, which was considered to be one year from the issuance of the financial statements.
Previous wording
On October 28, 2024, we issued an unsecured promissory note to the sponsor, pursuant to which we may borrow up to an aggregate principal amount of $300,000 (the “Promissory Note”). The Promissory Note is non-interest-bearing and payable on the consummation of the initial business combination or converted upon consummation of the business combination into additional private units at a price of $10.00 per unit. As of June 30, 2025, the principal amount due and owing under the Promissory Note was $nil. On July 29, 2025, we entered into a letter agreement to the Promissory Note with the Sponsor, pursuant to which we and the Sponsor agreed to terminate the Promissory Note and confirmed that the outstanding amount that we borrowed under the Promissory Note was nil.
Current wording
On October 28, 2024, we issued an unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest-bearing and payable on the consummation of the initial business combination or converted upon consummation of the business combination into additional private units at a price of $10.00 per unit. On July 29, 2025, we entered into a letter agreement to the Promissory Note with the Sponsor, pursuant to which we and the Sponsor agreed to terminate the Promissory Note and confirmed that the outstanding amount that we borrowed under the Promissory Note was nil. As of September 30, 2025, the principal amount due and owing under the Promissory Note was nil.
Previous wording
For the three months ended June 30, 2025, we had net income of $631,498, which consisted of operating costs of $110,661, offset by interest and dividends earned on marketable securities held in the operating account and Trust Account of $742,159. For the six months ended June 30, 2025, we had net income of $1,261,782, which consisted of operating costs of $218,083, offset by interest and dividends earned on marketable securities held in the operating account and Trust Account of $1,479,865.
Current wording
For the three months ended September 30, 2025, we had net income of $582,964, which consisted of operating costs of $169,080, offset by interest and dividends earned on marketable securities held in the operating account and Trust Account of $752,044. For the nine months ended September 30, 2025, we had net income of $1,844,746, which consisted of operating costs of $392,650, offset by interest and dividends earned on marketable securities held in the operating account and Trust Account of $2,237,396.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the three months ended September 30, 2024, we had a net income of $526,781, which consisted of operating costs of $127,361. For the nine months ended September 30, 2024, we had a net income of $474,123, which consisted of operating costs of $180,019, offset by interest and dividends earned on marketable securities held in the operating account and Trust Account of $654,142.