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[111]. - 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[126]. - 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 consummation of a business combination[136]. Financial Position and Performance - As of June 30, 2023, the Trust Account held $84,502,266 in money market funds, primarily invested in U.S. Treasury Securities[127]. - For the three months ended June 30, 2023, the company reported a net income of $640,387, primarily from interest earned on investments in the Trust Account[123]. - As of June 30, 2023, the company had cash of $5,169 and a working capital deficiency of $242,020[130]. - The company incurred operating costs of $297,986 and $446,678 for the three and six months ended June 30, 2023, respectively[123]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[122]. Business Combination and Future Plans - The company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets[110]. - The company has the option to extend the period to consummate an initial Business Combination up to nine times, each by an additional one-month period, until April 28, 2024[118]. - The company may utilize up to $1,500,000 in loans convertible into units of the post-business combination entity at a price of $10.00 per unit[129]. - The company believes it will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from the filing date[131]. - The company has incurred and expects to continue incurring significant costs in pursuit of financing and acquisition plans[131]. Shareholder Actions and Accounting - A total of 4,076,118 Public Shares were rendered for redemption during the extraordinary general meeting held on July 27, 2023[119]. - The company accounts for ordinary shares subject to possible redemption at a redemption value of $10.50 per share as of June 30, 2023[142]. - There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2023[151]. - The company does not expect the total amount of unrecognized tax benefits to materially change over the next twelve months[153]. - Management does not believe that any recently issued accounting standards would have a material effect on the company's financial statements[155]. Accounting Firm and Changes - The company appointed MaloneBailey, LLP as its new independent registered public accounting firm effective April 27, 2023, replacing Marcum LLP[117]. - The company has no off-balance sheet financing arrangements as of June 30, 2023[133].
AIMFINITY(AIMBU) - 2023 Q2 - Quarterly Report