IPO and Business Combination - 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[117]. - A total of $82.11 million from the IPO and private placement was deposited into a trust account for the benefit of public shareholders[117]. - 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[120]. - The Business Combination will involve the issuance of 6 million PubCo Ordinary Shares valued at $60 million, with potential additional earnout shares based on future sales performance[122][123]. - The company has extended the period to consummate an Initial Business Combination to April 28, 2024, allowing for up to nine one-month extensions[126][128]. - The company plans to issue up to 2.5 million additional shares as contingent post-closing earnout consideration based on device sales in fiscal years 2024 and 2025[123]. Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $540,850, compared to a net operating loss of $39,529 for the same period in 2022[134]. - The company has incurred significant costs in pursuing acquisition plans and cannot assure the success of its Initial Business Combination[116]. - The company had a working capital deficiency of $894,947 as of September 30, 2023[141]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial Business Combination[133]. Trust Account and Cash Position - As of September 30, 2023, the company held $42,978,326 in the Trust Account, which is invested in U.S. Treasury Securities[138]. - A total of $82,110,000 was placed in the Trust Account following the IPO and sale of Private Placement Units on April 28, 2022[135]. - The company intends to use funds held in the Trust Account to complete its Business Combination and may withdraw interest to pay taxes[138]. - As of September 30, 2023, the company had cash of $5,503 and no amounts outstanding under any Working Capital Loans[141]. - The company had an aggregate redemption amount of approximately $42,717,717 for 4,076,118 Public Shares redeemed at a price of approximately $10.48 per share[137]. Tax and Accounting - The Company accounts for income taxes under ASC 740, recognizing deferred tax assets and liabilities for expected future tax benefits[157]. - As of September 30, 2023, there were no unrecognized tax benefits and no amounts accrued for interest and penalties[160]. - The Company does not expect the total amount of unrecognized tax benefits to materially change over the next twelve months[161]. - The Company may be subject to potential examination by federal and state taxing authorities regarding income taxes[161]. - Management does not believe that any recently issued accounting standards would have a material effect on the Company's financial statements[162]. Internal Controls - The Chief Executive Officer and General Counsel concluded that the disclosure controls and procedures were not effective as of September 30, 2023[164]. - There has been no change in internal control over financial reporting that has materially affected the Company's internal control during the reporting period[165].
Aimfinity Investment Corp. I(AIMAU) - 2023 Q3 - Quarterly Report