IPO and Financial Proceeds - 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[100]. - The Company incurred total transaction costs of $5,117,607 related to the IPO, including $1,610,000 in underwriting fees and $2,817,500 in deferred underwriting fees[111]. - The underwriters received a cash underwriting discount of $0.20 per Public Unit, totaling $1,610,000, and a deferred fee of approximately $2,817,500 upon the completion of a business combination[121]. Financial Position - As of March 31, 2023, the Trust Account held $83,563,893 in money market funds, primarily invested in U.S. Treasury Securities[112]. - As of March 31, 2023, the Company had cash of $5,169 and working capital of $55,966, with no amounts outstanding under any Working Capital Loans[115]. - As of March 31, 2023, the company has no off-balance sheet financing arrangements or obligations[118]. - The company has not experienced losses on its cash account and believes it is not exposed to significant credit risk as of March 31, 2023[130]. Business Operations and Strategy - The Company has not engaged in any operations or generated revenues to date, with activities focused on preparing for the IPO and identifying a target for a Business Combination[107]. - The Company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence[113]. - The Company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets[98]. - The Company expects to incur significant costs in pursuit of its acquisition plans and does not anticipate generating operating revenues until after completing a Business Combination[107]. - The company does not anticipate needing to raise additional funds to meet operational expenditures prior to its initial Business Combination[117]. Management and Governance - The Company appointed I-Fa Chang as the sole director and CEO on March 17, 2023, following the resignation of all previous directors and officers[103]. Tax and Compliance - There were no unrecognized tax benefits or amounts accrued for interest and penalties as of March 31, 2023[136]. - The company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense, with no amounts accrued as of March 31, 2023[139]. - Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months[138]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[123].
AIMFINITY(AIMBU) - 2023 Q1 - Quarterly Report