Financial Performance - As of September 30, 2022, the Company reported a net income of $818,936 for the three months ended, primarily due to $1,013,450 earnings on marketable securities held in the trust account[111]. - For the nine months ended September 30, 2022, the Company had a net income of $519,213, with $1,366,301 earnings on marketable securities offsetting various expenses[112]. Initial Public Offering (IPO) - The Company completed its Initial Public Offering on January 18, 2022, raising gross proceeds of $189,750,000 from the sale of 18,975,000 units[106]. - A total of $191,647,500 from the IPO proceeds and private placement warrants was placed in a U.S.-based trust account[109]. - The underwriter of the IPO is entitled to a deferred discount of $6,641,250, payable only upon the completion of a Business Combination[119]. Financial Position - As of September 30, 2022, the Company had $280,325 in cash and a working capital deficit of $367,992[113]. - The Company has no long-term debt or capital lease obligations as of September 30, 2022[117]. Business Operations and Risks - 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[115]. - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[110]. - The Company has identified risks associated with being an early-stage and emerging growth company, which may impact its future performance[104]. Internal Controls - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of September 30, 2022, concluding they were effective[128]. - There were no changes in internal control over financial reporting during the most recently completed fiscal quarter that materially affected the internal control[129].
CSLM Acquisition Corp.(CSLMU) - 2022 Q3 - Quarterly Report