IPO and Financing - 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[129]. - A private placement generated an additional $4.92 million from the sale of 492,000 units at the same price, totaling net proceeds of $82.11 million deposited in a trust account[129]. - 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[151]. - The company may need to obtain additional financing to complete its Initial Business Combination or due to significant public share redemptions[158]. Business Combination - 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 newly formed subsidiary[132]. - The Business Combination will involve the issuance of 6,000,000 PubCo Ordinary Shares valued at $60 million, with potential additional earnout shares based on future sales performance[134][135]. - The company has extended the period to consummate an Initial Business Combination to April 28, 2024, allowing for up to nine one-month extensions[138]. - The company has deposited $85,000 into the Trust Account for each monthly extension from July 2023 to October 2023, facilitating the extension of the Initial Business Combination period[142]. Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $540,850, with interest earned on investments in the Trust Account offset by operating costs of $397,927[148]. - For the nine months ended September 30, 2023, the company achieved a net income of $1,860,776, with total operating costs amounting to $844,605[148]. - As of September 30, 2023, the company held $42,978,326 in the Trust Account, primarily invested in U.S. Treasury Securities[153]. - As of September 30, 2023, the company had a working capital deficiency of $894,947 and cash of $5,503[156]. Revenue and Operations - The company has incurred losses since inception and currently has no revenue, relying on securities sales and loans for funding[131]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[147]. - The company intends to use funds held outside the Trust Account for identifying and evaluating target businesses and performing due diligence[154]. Tax and Accounting - The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense, with no unrecognized tax benefits or accrued amounts as of September 30, 2023[177]. - The Company is subject to potential examinations by federal and state taxing authorities regarding income taxes, but management does not expect significant changes in unrecognized tax benefits over the next twelve months[179]. - The Company determined that the Cayman Islands is its only major tax jurisdiction[178]. - The Company accounts for income taxes under ASC 740, recognizing deferred tax assets and liabilities for differences between financial statement and tax basis[174]. - ASC 740 requires a valuation allowance when it is more likely than not that deferred tax assets will not be realized[175]. - Management does not anticipate that any recently issued accounting standards will materially affect the Company's financial statements[181]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[182]. Financial Instruments - The fair value of the Company's financial instruments approximates the carrying amounts in the balance sheet due to their short-term nature[173]. - The fair value hierarchy includes three levels: Level 1 based on quoted prices in active markets, Level 2 based on quoted prices in inactive markets or other inputs, and Level 3 based on unobservable inputs[176].
AIMFINITY(AIMBU) - 2023 Q3 - Quarterly Report