Financial Position - As of June 30, 2025, the company had approximately $606,000 in cash and cash equivalents and working capital of approximately $65,000[95] - As of June 30, 2025, the Company had cash and cash equivalents of approximately $606,000 and working capital of approximately $65,000[108] - There are no off-balance sheet financing arrangements or long-term liabilities as of June 30, 2025[109][110] Operating Costs - The company incurred operating costs of approximately $327,000 and $654,000 for the three and six months ended June 30, 2025, primarily related to executive compensation and administrative services[97] - The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans, indicating a need for additional working capital[108] - The company expects to incur approximately $350,000 for legal, accounting, and due diligence expenses related to business combinations[104] - The Company has ongoing professional costs to maintain compliance as a publicly traded entity, which are expected to increase as it identifies business combination targets[103] - The Company pays an affiliate of its Sponsor $10,000 per month for office space, utilities, and administrative support[111] - The Company has agreed to compensate its Chief Executive Officer and Chief Financial Officer $33,000 per month prior to the consummation of the initial business combination[112] Revenue and Income - The company has no operating revenues to date and will not generate revenues until after completing an initial business combination[96] - Other income for the three and six months ended June 30, 2025, included approximately $2,399,000 and $4,774,000, respectively, of interest income from the trust account[99] Business Combination and Future Plans - The net proceeds from the initial public offering were approximately $222,500,000, with $221,100,000 deposited in the trust account[101] - The company plans to use substantially all funds in the trust account to complete its initial business combination[102] - The company anticipates significant costs in pursuing acquisition and financing plans, with no assurance of success[95] - The company may need to raise additional funds to complete its initial business combination, which could lead to significant dilution for public shareholders[107] - If the Company cannot complete a business combination before June 9, 2026, it may be forced to wind up operations unless it receives an extension approval from shareholders[108] Accounting and Compliance - The Company has no critical accounting estimates that could materially differ from actual results[114] - The financial statements do not include adjustments that might result from uncertainties regarding the Company's ability to continue as a going concern[108] - The Company has not entered into any agreements for non-financial assets or guaranteed any debt of other entities[110] Cash Management - The Company plans to work closely with vendors and service providers to preserve cash while seeking additional working capital if necessary[108]
Vine Hill Capital Investment Corp.(VCIC) - 2025 Q2 - Quarterly Report