Financial Performance - The company reported a net loss of $39,529 for the three months ended September 30, 2022, and a net loss of $165,421 for the nine months ended September 30, 2022[101]. - As of September 30, 2022, the net loss per ordinary share was calculated by dividing the net loss by the weighted average number of Class B ordinary shares outstanding, resulting in a basic and diluted loss per share that are the same due to the absence of dilutive securities[125]. IPO and Fundraising - The IPO generated gross proceeds of $80,500,000 from the sale of 8,050,000 Public Units, with each unit priced at $10.00[103]. - 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[104]. Cash and Investments - As of September 30, 2022, the company had $82,153,675 held in the Trust Account, which is invested in money market funds and U.S. Treasury Securities[105]. - The company had cash of $748,475 and working capital of $770,811 as of September 30, 2022[109]. - The company had approximately $498,000 in a cash account exceeding the FDIC limit as of September 30, 2022, indicating no significant credit risk exposure[127]. - The fair value of the company's financial instruments approximates their carrying amounts due to their short-term nature, as per ASC Topic 820[129]. Business Operations - The company has not engaged in any operations or generated any revenues to date, and does not expect to do so until after completing a Business Combination[100]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence[107]. Financial Arrangements and Risks - The company has no off-balance sheet financing arrangements as of September 30, 2022[112]. - The company has the option to convert up to $1,500,000 of loans into units of the post-business combination entity at a price of $10.00 per unit[108]. Regulatory and Compliance - The company is classified as an "emerging growth company" and may take advantage of certain exemptions from various reporting requirements[118]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[138]. - There were no unrecognized tax benefits or amounts accrued for interest and penalties as of September 30, 2022, indicating a stable tax position[133]. - The company is subject to potential examinations by federal and state taxing authorities regarding income taxes, but management does not expect significant changes in unrecognized tax benefits over the next twelve months[135]. - Management does not anticipate that any recently issued accounting standards will materially affect the company's financial statements[137].
Aimfinity Investment Corp. I(AIMAU) - 2022 Q3 - Quarterly Report