Financial Position - As of September 30, 2024, the company had approximately $1,416,000 in cash and cash equivalents and approximately $1,504,000 in working capital[97]. - The company has determined it has sufficient funds for working capital needs for at least one year from the date of the financial statements[109]. - As of September 30, 2024, the company has no long-term debt, capital lease obligations, or long-term liabilities[114]. Initial Public Offering - The company completed its initial public offering of 20,000,000 units at an offering price of $10.00 per unit, generating gross proceeds of $200,000,000[98]. - An additional 2,000,000 units were purchased by underwriters, bringing total proceeds held in the trust account to $221,100,000[99]. - The net proceeds from the initial public offering, after deducting offering expenses and underwriting commissions, were approximately $222,500,000[103]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination[104]. Operating Costs and Financial Expectations - The company has incurred operating costs of approximately $136,000 for the three months ended September 30, 2024, and approximately $176,000 for the period from inception to September 30, 2024[102]. - The company expects to incur significant costs in pursuit of its acquisition and financing plans, with estimated primary liquidity requirements totaling approximately $1,500,000[107]. - The company does not anticipate needing to raise additional funds post-initial public offering to cover operational expenditures[111]. Management and Compensation - Compensation for the CEO and CFO is set at $33,000 per month, with $16,500 payable currently and the remainder upon completion of the initial business combination[115]. - The company has entered into an Administrative Support Agreement, paying $10,000 per month for office space and administrative support[114]. Financial Operations - The company has not engaged in any operations or generated any revenues to date, with future income expected to come from interest or dividend income on cash and cash equivalents[102]. - The company has not engaged in any off-balance sheet financing arrangements or established special purpose entities[113]. - There are no critical accounting estimates identified by management that could materially affect reported financial results[116]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[117]. Financing Arrangements - Up to $2,500,000 of loans from the sponsor may be convertible into warrants at a price of $1.00 per warrant[110].
Vine Hill Capital Investment Corp.(VCIC) - 2024 Q3 - Quarterly Report