Financial Position - As of March 31, 2025, the company had cash of $17,565 and a working capital deficit of $1,146,045[202]. - The fair value of converted loans was $14,375 as of March 31, 2025, included in contingently issuable private placement warrants[203]. - The company has no off-balance sheet arrangements as of March 31, 2025[222]. Operating Performance - For the three months ended March 31, 2025, the company reported a net loss of approximately $363,640, which included general and administrative expenses of approximately $192,000[208]. - For the three months ended March 31, 2024, the company had a net loss of approximately $1.2 million, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.0 million[209]. - The company does not expect to generate operating revenues until the closing and completion of its initial Business Combination[207]. Business Operations - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[204]. - The company recognized 22,050,000 warrants as derivative liabilities, which will be subject to re-measurement at each balance sheet date until exercised[212]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[205]. Financing Activities - The company issued a loan of $1.15 million convertible into 1,150,000 warrants at a conversion price of $1.00 per warrant[203].
Chain Bridge I(CBRGU) - 2025 Q1 - Quarterly Report