Financial Performance - As of March 31, 2022, the Company reported a net loss of $184,774, which included $34,164 in legal and accounting expenses and $102,095 in insurance expenses[104]. - The Company had cash of $400,661 and a working capital deficit of $595,007 as of March 31, 2022[105]. - The Company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern[107]. - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[103]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $189,750,000 from the sale of 18,975,000 units at a price of $10.00 per unit[99]. - A total of $191,647,500 was placed in a U.S.-based trust account, with $2,250,000 deposited to the Company's operating account[102]. - The underwriter is entitled to a deferred fee of $6,641,250, payable only upon the completion of a Business Combination[112]. - The Company completed a private sale of 7,942,500 private placement warrants, generating gross proceeds of $7,942,500[101]. Financial Position and Operations - The Company has no long-term debt or capital lease obligations as of March 31, 2022[110]. - The Company is evaluating the impact of the COVID-19 pandemic on its financial position and operations[107]. - The company is classified as a smaller reporting company and is not required to provide certain disclosures under the Exchange Act[120]. Internal Controls - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of March 31, 2022, concluding that they were effective[122]. - There have been no changes in internal control over financial reporting that materially affected or are likely to materially affect the company's internal control over financial reporting during the most recently completed fiscal quarter[123].
CSLM Acquisition Corp.(CSLMU) - 2022 Q1 - Quarterly Report