Financial Performance - For the three months ended June 30, 2025, the company reported a net loss of $203,872, primarily due to $206,051 in legal and accounting expenses and $44,656 in insurance expenses [154]. - For the six months ended June 30, 2025, the company had a net loss of $2,265,769, which included a $1,822,844 loss on extinguishment of debt [154]. - The company reported a net income of $422,450 for the three months ended June 30, 2024, driven by $689,680 in dividends on marketable securities held in the Trust Account [154]. - For the six months ended June 30, 2024, the company had a net income of $570,542, which included $1,369,022 in dividends on marketable securities [155]. Trust Account and Financing - A total of $191,647,500 was placed in a U.S.-based trust account, with $2,250,000 deposited to the Company's operating account [136]. - The Company intends to use substantially all funds in the Trust Account to complete the Initial Business Combination and for working capital of the target business [143]. - The company has exercised twelve of the fifteen one-month extension periods, depositing an aggregate of $910,000 into the Trust Account [139]. - The Company has extended the time to complete a business combination to October 18, 2025, by depositing $30,000 into the Trust Account for each month [140]. Business Combination and Agreements - The Merger Agreement with Fusemachines Inc. was entered into on January 22, 2024, with Fusemachines becoming a wholly owned subsidiary of the Company [147]. - An amendment to the Merger Agreement increased the borrowing limit from the Sponsor from $2,000,000 to $2,750,000 [148]. - The Company may borrow up to $3,000,000 under a promissory note, with a conversion feature allowing for conversion into Class A ordinary shares at $4.00 per share [149]. - The company entered into a capital markets advisory agreement with an advisory fee of $100,000 in cash and 75,000 common shares, contingent upon the consummation of the initial business combination [166]. Operational Status and Concerns - As of June 30, 2025, the Company had not commenced any operations and will not generate operating revenues until after completing a Business Combination [131]. - The company has incurred significant costs in pursuit of financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern within one year from the issuance of the financial statements [158]. - As of June 30, 2025, the company had cash of $14,041 and a working capital deficit of $4,958,706, compared to cash of $83,227 and a working capital deficit of $4,056,679 as of December 31, 2024 [156]. - The company has no long-term debt or capital lease obligations as of June 30, 2025, but has a deferred underwriter fee of $6,641,250 contingent upon completing a Business Combination [160]. Stock-Based Compensation - The company has unrecognized stock-based compensation expenses related to consulting agreements amounting to $819,950 as of June 30, 2025 [165]. Shareholder Activity - Shareholders redeemed 14,202,813 Class A shares for $149,486,187, approximately $10.53 per share, during the Special Meeting [138].
silium Acquisition I(CSLM) - 2025 Q2 - Quarterly Report