Financial Performance - As of June 30, 2022, the Company reported a net loss of $114,949 for the three months ended, primarily due to $255,027 in legal and accounting expenses and $119,110 in insurance expenses[104]. - For the six months ended June 30, 2022, the Company had a net loss of $299,723, with total expenses including $289,191 in legal and accounting expenses and $221,205 in insurance expenses[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 within one year from the issuance of the financial statements[108]. Cash and Capital Structure - The Company had $339,626 in cash and working capital of $305,962 as of June 30, 2022[106]. - 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 from the IPO proceeds was placed in a U.S.-based trust account, with $2,250,000 deposited to the Company's operating account[102]. - The Company has no long-term debt or capital lease obligations as of June 30, 2022[110]. - The underwriter of the IPO is entitled to a deferred discount of $0.35 per unit, totaling $6,641,250, payable only upon completion of a Business Combination[112]. Operations and Business Status - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[103]. - As of June 30, 2022, the Company had 18,975,000 Class A ordinary shares subject to possible redemption, classified as temporary equity[116]. Internal Controls and Reporting - There has been no change in internal control over financial reporting that has materially affected the company during the most recently completed fiscal quarter[123]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[120]. - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of June 30, 2022, and concluded that they were effective[122].
CSLM Acquisition Corp.(CSLMU) - 2022 Q2 - Quarterly Report