Future Vision II Acquisition Corp. Liquidation Value

Future Vision II Acquisition Corp. (FVN) is a Cayman Islands blank check SPAC incorporated January 30, 2024, with no operating business. Under a liquidation lens, the recovery posture is unusually favorable relative to most going concerns, but only because the asset base is dominated by a grantor trust holding U.S. Treasury money market funds. As of December 31, 2025, total assets of $62.1M consist almost entirely of $61.0M in marketable securities held in the Trust Account (Level 1, U.S. government obligations) and $1.0M in operating cash. Under the liquidation lens, trust securities receive a 100% recovery haircut (liquid, marked-to-market daily, no impairment risk), and operating cash receives 100%. Liquidation value of assets is therefore approximately $62.1M.

Against this, the liability stack is minimal: total liabilities of $158K, consisting entirely of $158K due to a related party (sponsor administrative fee accrual, non-interest bearing, due on demand). There are no long-term debt obligations, operating leases, pension liabilities, or deferred underwriting commissions recorded on-balance-sheet as liabilities.

Critical structural caveat: $60.1M of the $62.1M in assets is classified as TemporaryEquity (ordinary shares subject to possible redemption), representing 5,750,000 public shares accreted to $60.10/share redemption value as of December 31, 2025 (up from $52.1M / $9.07/share at December 31, 2024, driven by $7.96M of accretion during 2025 reflecting trust income allocation). In a wind-up scenario, public shareholders have contractual priority to the trust proceeds. Residual recovery to the 1,794,000 non-redeemable shares (founders, private placement, representative shares) is the amount remaining after satisfying the $60.1M redemption obligation and $158K in trade payables, approximately $1.8M, consistent with the reported stockholders' equity of $1.8M.

The MFFAIS CLV/LLV/OLV of $1.89M aligns with this residual. Key changes since the prior filing (10-Q, September 30, 2025): trust balance grew from $60.5M to $61.0M; operating cash declined from $1.1M to $1.0M; related-party payable grew from $127K to $158K; TemporaryEquity accreted from approximately $57.5M to $60.1M. The VIWO Technology merger agreement was terminated December 29, 2025 (miss of outside closing date). A new merger agreement with MicroTouch Technology INC was signed January 16, 2026, subsequent to the balance sheet date. The company has until September 13, 2026 to consummate a business combination, with mandatory liquidation if not completed. Auditors issued a going-concern qualification. Deferred underwriting commission of $575,000 cash plus 28,750 shares is disclosed in commitments but is NOT recorded as a liability on the balance sheet — it is contingent on consummation of a business combination and therefore absent from the current liability stack. Filing discusses this deferred commission in Note 7 but does not separately tag it in XBRL as a liability.