Aimfinity Investment Corp. I(AIMAU) - 2024 Q1 - Quarterly Report

IPO and Funding - 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 [115]. - A total of $82.11 million from the IPO and private placement was deposited into a trust account for the benefit of public shareholders [115]. - The company incurred$5,117,607 in transaction costs related to the IPO, including $1,610,000 in underwriting fees and$2,817,500 in deferred underwriting fees [143]. - The company issued a promissory note to I-Fa Chang for up to $500,000 for working capital, which is non-interest bearing and unsecured [139]. Business Combination - On October 13, 2023, the company entered into a Business Combination Agreement with Docter Inc., which will result in the company being merged into a publicly traded entity [118]. - The Business Combination will involve the issuance of 6 million PubCo Ordinary Shares, valued at$60 million, to the Pre-Closing Target Stockholders [120]. - An additional 2.5 million Earnout Shares may be issued based on sales performance, with 1 million shares contingent on selling at least 30,000 devices in fiscal year 2024 [121]. - The company plans to continue evaluating acquisition candidates and preparing for the consummation of its initial business combination [117]. Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $438,864, consisting of interest income of$568,384 on investments held in the Trust Account, offset by operating costs of $129,520 [142]. - As of March 31, 2024, the company held$44,618,047 in the Trust Account, which is invested in money market funds and U.S. Treasury Securities [144]. - The company has drawn $816,437 of working capital as of March 31, 2024, with a working capital deficiency of$2,041,465 [150]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its Initial Business Combination [141]. Operational Concerns - The company has incurred losses since inception and currently has no revenue, relying on the sale of securities and loans for funding [117]. - Management has raised substantial doubt about the company's ability to continue as a going concern if it cannot complete an Initial Business Combination by the Combination Deadline [152]. - The company has the right to withdraw interest from the Trust Account to pay taxes, if any [144]. - The company has no off-balance sheet financing arrangements as of March 31, 2024 [153]. - The company has the option to convert working capital loans into Private Placement Units at a conversion price of $10.00 per unit [135]. Extensions and Deadlines - The company has extended its Combination Deadline to April 28, 2024, by depositing$765,000 for nine one-month extensions [122]. - The New MA allows for further extensions up to January 28, 2025, with a reduced monthly extension payment of $60,000 [123]. - As of the report date, 860,884 Public Shares were tendered for redemption, leaving 3,604,998 Class A ordinary shares remaining [125].