Financial Performance - As of June 30, 2022, the Company reported a net loss of $114,949 for the three months ended, primarily due to $255,027 in legal and accounting expenses and $119,110 in insurance expenses, offset by a $293,206 unrealized gain on marketable securities [104]. - For the six months ended June 30, 2022, the Company had a net loss of $299,723, with total expenses including $289,191 in legal and accounting expenses and $221,205 in insurance expenses, while realizing a $352,851 unrealized gain on marketable securities [105]. - 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 issuance of the financial statements [108]. Liquidity and Capital Structure - The Company had $339,626 in cash and working capital of $305,962 as of June 30, 2022, indicating liquidity needs were met through various funding sources [106]. - A total of $191,647,500 from the IPO and private placement warrants was placed in a U.S.-based trust account, which will not be released until the completion of a Business Combination or other specified conditions [102]. - The Company completed its Initial Public Offering on January 18, 2022, raising gross proceeds of $189,750,000 from the sale of 18,975,000 units at $10.00 per unit [99]. - The underwriter of the IPO is entitled to a deferred discount of $0.35 per unit, totaling $6,641,250, payable only upon the completion of a Business Combination [110]. - As of June 30, 2022, the Company had no long-term debt or capital lease obligations, indicating a clean balance sheet [110]. Operations and Business Development - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination [103]. - The Company is evaluating the impact of the COVID-19 pandemic on its financial position and operations, which may affect its search for a target company [108]. Internal Controls and Reporting - There has been no change in the internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting during the most recently completed fiscal quarter [124]. - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of June 30, 2022 [123]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [121].
silium Acquisition I(CSLM) - 2022 Q2 - Quarterly Report