UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40970 Deep Medicine Acquisition Corp. (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission File No. 001-40970 DEEP MEDICINE ACQUISITION CORP. | --- | --- | |----------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40970 Deep Medicine Acquisition Corp. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited financial statements for Deep Medicine Acquisition Corp., a blank check company with minimal activity and a net loss, as of September 30, 2021 [Balance Sheets](index=3&type=section&id=Balance%20Sheets) Balance Sheet as of September 30, 2021 (Unaudited) | Account | September 30, 2021 ($) | March 31, 2021 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash | $326,371 | $500,067 | | Total Assets | $401,371 | $537,567 | | **Liabilities & Stockholders' (Deficit)** | | | | Total Liabilities | $506,039 | $546,962 | | Total Stockholders' (Deficit) | ($104,668) | ($9,395) | [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) Statements of Operations (Unaudited) | Period | Three Months Ended Sep 30, 2021 ($) | Six Months Ended Sep 30, 2021 ($) | | :--- | :--- | :--- | | Total Operating Expense | $78,774 | $95,273 | | Net Loss | ($78,774) | ($95,273) | | Basic and Diluted Net Loss per Share | ($0.03) | ($0.03) | [Statement of Changes in Stockholders' (Deficit)](index=5&type=section&id=Statement%20of%20Changes%20in%20Stockholders'%20(Deficit)) - The company's accumulated deficit increased from **($59,395)** at March 31, 2021, to **($154,668)** at September 30, 2021, primarily due to the net loss incurred during the period[15](index=15&type=chunk) [Statement of Cash Flows](index=6&type=section&id=Statement%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended September 30, 2021 (Unaudited) | Cash Flow Activity | Amount ($) | | :--- | :--- | | Net cash used in operating activities | ($173,596) | | Net cash used in financing activities | ($100) | | **Net decrease in cash** | **($173,696)** | | Cash at beginning of period | $500,067 | | Cash at end of period | $326,371 | [Notes to Condensed Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) These notes detail the company's blank check status, accounting policies, related party transactions, and the subsequent IPO consummation on October 29, 2021 - The company is a blank check company incorporated on July 8, 2020, to pursue a Business Combination, targeting the digital healthcare and AI in medicine sector[23](index=23&type=chunk) - The company's IPO was declared effective on October 26, 2021, and consummated on October 29, 2021, raising gross proceeds of **$126.5 million** from the sale of **12,650,000 units**[25](index=25&type=chunk)[26](index=26&type=chunk)[59](index=59&type=chunk) - Upon closing the IPO, **$127,765,000** from the IPO and private placement sales was deposited into a trust account[29](index=29&type=chunk)[61](index=61&type=chunk) - As of September 30, 2021, the Sponsor had a loan payable of **$500,000** to the company with zero interest to pay for offering expenses[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's blank check status, financial condition, results of operations, and post-IPO liquidity, noting no operations or revenue - The company is a blank check company formed to effect a merger, asset acquisition, or similar business combination, without a selected target[91](index=91&type=chunk)[93](index=93&type=chunk) - Since inception, activities have been limited to organizational tasks and IPO preparation, generating no revenue[97](index=97&type=chunk) - Following the IPO, approximately **$764,101** was held outside the Trust Account for working capital, deemed sufficient for at least one year of operations[92](index=92&type=chunk)[98](index=98&type=chunk)[101](index=101&type=chunk) - The Sponsor may provide up to **$1.5 million** in Working Capital Loans, convertible into private placement-equivalent units at **$10.00 per unit**[103](index=103&type=chunk)[120](index=120&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - The company states that this item is not applicable as it is a smaller reporting company[126](index=126&type=chunk) [Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of September 30, 2021, with no material internal control changes during the quarter - As of September 30, 2021, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were not effective[128](index=128&type=chunk) - No material changes in internal control over financial reporting occurred during the fiscal quarter[129](index=129&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings - The company has no legal proceedings to report[132](index=132&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the final prospectus dated October 26, 2021 - There have been no material changes from the risk factors disclosed in the final prospectus filed with the SEC on October 28, 2021[133](index=133&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the **$127.765 million** proceeds from the IPO and private placement, placed into the Trust Account upon October 29, 2021 consummation IPO and Private Placement Summary (October 29, 2021) | Item | Details | | :--- | :--- | | IPO Units Sold | 12,650,000 Units | | IPO Price per Unit | $10.00 | | IPO Gross Proceeds | $126,500,000 | | Private Placement Units Sold | 519,500 Units | | Private Placement Price per Unit | $10.00 | | Private Placement Gross Proceeds | $5,195,000 | | Total Placed in Trust Account | $127,765,000 | - Total transaction costs for the IPO amounted to **$7,282,500**, consisting of underwriting commissions, a business combination marketing fee, and other offering costs[137](index=137&type=chunk) [Defaults Upon Senior Securities](index=25&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - The company reports 'None'[139](index=139&type=chunk) [Mine Safety Disclosures](index=25&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable - This item is 'Not Applicable'[140](index=140&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) The company reports no other information - The company reports 'None'[141](index=141&type=chunk) [Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including key agreements and certifications - Exhibits filed with the report include the Underwriting Agreement, Business Combination Marketing Agreement, Rights Agreement, and Certifications of the Principal Executive and Financial Officers[143](index=143&type=chunk)