IPO and Financial Overview - The company completed its IPO on April 28, 2022, raising gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[95]. - The company incurred total transaction costs of $5,117,607 related to the IPO, including $1,610,000 in underwriting fees and $2,817,500 in deferred underwriting fees[103]. - A total of $82,110,000 from the IPO and Private Placement was deposited in a Trust Account for the benefit of public shareholders[95]. Financial Position - As of March 31, 2023, the Trust Account held $83,563,893 in money market funds, primarily invested in U.S. Treasury Securities[104]. - As of March 31, 2023, the company had cash of $5,169 and working capital of $55,966[108]. - The company did not have any cash equivalents as of March 31, 2023[119]. - As of March 31, 2023, the company has no off-balance sheet financing arrangements or obligations[111]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of $679,539, primarily from interest earned on investments in the Trust Account, offset by operating costs of $148,492[102]. - The company has incurred and expects to continue incurring significant costs in pursuit of its financing and acquisition plans[109]. Business Operations - The company has not yet engaged in any operations or generated revenues, with expectations to do so only after completing a Business Combination[101]. - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence[106]. - The company may need to obtain additional financing to complete its Business Combination or if a significant number of public shares are redeemed[110]. Shareholder Information - The redemption value of ordinary shares subject to possible redemption is $10.38 and $10.28 per share as of March 31, 2023, and December 31, 2022, respectively[120]. Compliance and Controls - The company is classified as an "emerging growth company" and has elected not to opt out of the extended transition period for new accounting standards[116]. - The company’s disclosure controls and procedures were deemed not effective as of March 31, 2023[135]. - There has been no change in internal control over financial reporting that materially affected the company during the reporting period[136]. Legal and Risk Factors - The company is currently not involved in any legal proceedings[138]. - The company has not experienced losses on its cash account and believes it is not exposed to significant credit risks[124]. - There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2023[133].
Aimfinity Investment Corp. I(AIMAU) - 2023 Q1 - Quarterly Report