Financial Performance - For the six months ended June 30, 2023, the Company reported a net income of $3,711,924, consisting of $4,424,169 realized gain and dividends on marketable securities, offset by various expenses totaling $571,345 [126]. - The Company incurred a net income of $2,093,294 for the three months ended June 30, 2023, with realized gains of $2,318,917 and total expenses of $225,823 [143]. - For the three months ended June 30, 2022, the Company reported a net loss of $114,949, primarily due to legal and accounting expenses [159]. Marketable Securities and Trust Account - As of June 30, 2023, the Company's marketable securities held in the Trust Account were valued at $199,192,054, an increase from $194,767,885 at December 31, 2022 [136]. - A total of $191,647,500 was placed in a U.S.-based trust account, which includes proceeds from the IPO and the sale of private placement warrants [157]. - The funds in the trust account will not be released until the completion of an initial business combination or other specified conditions [157]. Debt and Liquidity - The Company has no long-term debt or long-term liabilities as of June 30, 2023, indicating a strong liquidity position [127]. - As of June 30, 2023, the Company had $173,914 in cash and a working capital deficit of $(560,294) [160]. Business Combination and Operations - The Company has extended the time to complete a business combination until October 18, 2024, requiring a deposit of $70,000 into the Trust Account for each of the fifteen additional one-month extension periods [142]. - The Company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination [140]. - The Company will not generate operating revenues until the completion of its Business Combination [158]. - The Company is not limited to a specific industry or geographic location for its Business Combination [155]. Financing and Costs - 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 [126]. - The Company has raised $189,750,000 from its Initial Public Offering, selling 18,975,000 units at $10.00 per unit [124]. - The Company completed a private sale of 7,942,500 private placement warrants at a purchase price of $1.00 per warrant, generating gross proceeds of $7,942,500 [156]. Underwriter and Fees - 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 [147]. - The underwriter received a cash underwriting discount of $0.20 per unit, totaling $3,795,000, and is entitled to a deferred fee of $0.35 per unit, totaling $6,641,250 [162]. Accounting and Risks - The Company has not identified any critical accounting estimates that could materially affect reported amounts [163]. - The Company is subject to risks associated with being an early stage and emerging growth company [155].
silium Acquisition I(CSLM) - 2023 Q2 - Quarterly Report