Financial Performance - As of March 31, 2022, the Company reported a net loss of $184,774, which included $34,164 in legal and accounting expenses and $102,095 in insurance expenses[99]. - The Company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern within one year from the date of the financial statements[102]. Cash and Working Capital - The Company had $400,661 in cash and a working capital deficit of $595,007 as of March 31, 2022[100]. - 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[97]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $189,750,000 from the sale of 18,975,000 units at a price of $10.00 per unit[94]. - The underwriter of the IPO is entitled to a deferred discount of $0.35 per unit, totaling $6,641,250, payable only upon completion of a Business Combination[104]. Operations and Revenue - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[98]. - The Company plans to address liquidity needs through related party loans and aims to effect a Business Combination[102]. Shareholder Equity - As of March 31, 2022, the Company had 18,975,000 shares of Class A ordinary shares subject to possible redemption, classified as temporary equity[110]. Regulatory and Compliance - The company is classified as a smaller reporting company and is not required to provide certain disclosures under the Exchange Act[115]. - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of March 31, 2022, concluding they were effective[117]. - There have been no changes in internal control over financial reporting that materially affected or are likely to materially affect the company's internal control over financial reporting during the most recently completed fiscal quarter[118]. Private Placement - The Company completed a private sale of 7,942,500 private placement warrants, generating gross proceeds of $7,942,500[96].
silium Acquisition I(CSLM) - 2022 Q1 - Quarterly Report