Financial Performance - The company has not generated any operating revenues to date and will only do so after completing the initial business combination[312]. - Other income for the period from inception to December 31, 2024 included approximately $3,194,000 in interest income from the trust account[313]. - Net income per ordinary share is calculated by dividing net income applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding[329]. Initial Public Offering - The company raised a total of $220,000,000 from the Initial Public Offering by selling 22,000,000 Units at a price of $10.00 per Unit[308]. - The net proceeds from the Initial Public Offering and private placement totaled approximately $222,500,000 after deducting offering expenses of about $1,000,000 and underwriting commissions of $4,000,000[314]. - The company does not anticipate needing to raise additional funds following the Initial Public Offering to meet operational expenditures[322]. Financial Position - As of December 31, 2024, the company had approximately $1,088,000 in cash and cash equivalents and approximately $1,218,000 in working capital, excluding $253,000 of deferred compensation[320]. - The company has sufficient funds for working capital needs until at least one year from the date of the financial statements issuance[320]. - As of December 31, 2024, the company has no off-balance sheet financing arrangements or obligations[323]. Costs and Expenses - The company incurred approximately $310,000 in professional fees and $337,000 in costs related to identifying and evaluating target businesses from inception to December 31, 2024[312]. - The company expects to incur significant costs in pursuit of its acquisition and financing plans, with primary liquidity requirements estimated at approximately $350,000 for legal and due diligence expenses[317]. - The company may incur additional expenses related to maintaining compliance as a publicly traded company, which are expected to increase[312]. Agreements and Compensation - The company has entered into an Administrative Support Agreement, paying $10,000 per month for office space and administrative support[325]. - Starting September 6, 2024, the CEO and CFO will be compensated $33,000 per month prior to the initial business combination, with $16,500 payable currently[326]. Investment and Use of Funds - The funds in the trust account will be used to complete the initial business combination and will be invested in cash or U.S. government treasury bills[315]. - Class A ordinary shares are subject to possible redemption and are presented as temporary equity outside of permanent equity[328]. Accounting Standards - Management does not expect any recently issued accounting standards to materially affect financial statements[330].
Vine Hill Capital Investment Corp.(VCIC) - 2024 Q4 - Annual Report