IPO and Fundraising - 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[124]. - 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[124]. - 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[148]. 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[127]. - 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[129][130]. - The company has extended the deadline to consummate an initial business combination to April 28, 2024, with provisions for up to nine one-month extensions[134]. - The first charter amendment allowed for a total of $765,000 to be deposited for extensions, with each extension costing $85,000 or $0.04 per public share[134]. - The second charter amendment allows for extensions until January 28, 2025, with a reduced cost of $60,000 or $0.035 per public share for each one-month extension[135]. - As of the latest update, the company has made three payments of $60,000 each for the second charter amendment extensions, extending the deadline to August 28, 2024[136]. - The company has issued unsecured promissory notes for the payments made for the extensions, which are payable upon the consummation of the initial business combination or at the maturity date[138]. Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $438,510, consisting of interest income of $570,206 on investments held in the Trust Account, offset by operating costs of $131,696[145]. - For the six months ended June 30, 2024, the company had a net income of $877,374, with interest income of $1,138,590 on investments held in the Trust Account, offset by operating costs of $261,216[146]. - As of June 30, 2024, the company held $35,683,308 in the Trust Account, invested in money market funds and U.S. Treasury Securities[149]. - As of June 30, 2024, the company had a working capital deficiency of $2,353,161 and cash of $4,895[155]. Operational Status - The company has incurred losses since inception and currently has no revenue, relying on the sale of securities and loans to fund operations[126]. - The company has not engaged in any operations or generated revenues since its inception on July 26, 2021, and does not expect to generate operating revenues until after completing its Initial Business Combination[144]. - Management has raised substantial doubt about the company's ability to continue as a going concern if it cannot complete an Initial Business Combination by the Combination Deadline[156]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence[150]. - The company has no off-balance sheet financing arrangements as of June 30, 2024[157]. Debt and Financing - The company issued a promissory note to I-Fa Chang for up to $500,000 to be used for working capital, which is non-interest bearing and due upon the completion of the Initial Business Combination or liquidation[152].
AIMFINITY(AIMBU) - 2024 Q2 - Quarterly Report