Financial Position - As of March 31, 2025, the company had approximately $818,000 in cash and cash equivalents and working capital of approximately $534,000, which includes $451,000 of deferred compensation payable upon closing of an initial business combination[97]. - As of March 31, 2025, the company had no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[112]. - The company has no off-balance sheet financing arrangements or obligations as of March 31, 2025[110]. Operating Costs - The company incurred operating costs of approximately $327,000 for the three months ended March 31, 2025, primarily due to executive and director compensation and administrative service fees[99]. - The company expects to incur approximately $350,000 for legal, accounting, and due diligence expenses related to business combinations, along with other operational costs[105]. - The company pays $10,000 per month for administrative support under an agreement with an affiliate of its Sponsor[112]. Revenue and Income - Other income for the three months ended March 31, 2025, included approximately $2,375,000 of interest income, with about $2,366,000 from the trust account[101]. - The company has not engaged in any operations or generated revenues to date, with all activities focused on preparing for the initial public offering[98]. Business Combination Plans - The net proceeds from the Initial Public Offering were approximately $222,500,000, with $221,100,000 deposited in the trust account for future business combinations[102]. - The company plans to utilize substantially all funds in the trust account to complete its initial business combination[103]. - The company has not selected any specific business combination target and has not engaged in substantive discussions regarding potential targets[95]. Management Compensation - Starting September 6, 2024, the CEO and CFO will each receive $33,000 per month, with $16,500 payable currently and the balance upon the completion of the initial business combination[113]. - The Executive Director will also receive $33,000 per month, all payable upon the completion of the initial business combination[113]. Going Concern - The company has significant costs anticipated in pursuing acquisition and financing plans, raising concerns about its ability to continue as a going concern within one year[109]. Accounting and Reporting - The company does not believe it has any critical accounting estimates that could materially affect reported financial results[115]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[116].
Vine Hill Capital Investment Corp.(VCIC) - 2025 Q1 - Quarterly Report