Financial Performance - For the nine months ended September 30, 2022, the company reported a net income of $519,213, which included a realized gain of $1,366,301 on marketable securities held in the Trust Account[5]. - For the three months ended September 30, 2023, the net income was $857,708, compared to $818,936 for the same period in 2022, representing a growth of approximately 4.7%[32]. - The company reported total other income of $5,594,241 for the nine months ended September 30, 2023, compared to $1,366,301 for the same period in 2022, indicating a significant increase of approximately 310.5%[32]. - The basic and diluted net income per share for Class A ordinary shares was $0.12 for the three months ended September 30, 2023, compared to $0.05 for the same period in 2022[32]. - The company experienced a net loss of $(184,774) as of September 30, 2022, indicating ongoing financial challenges[44]. Assets and Liabilities - The total assets as of September 30, 2023, amounted to $51,336,835, a significant decrease from $195,515,665 as of December 31, 2022[29]. - The company has incurred total liabilities of $7,974,804 as of September 30, 2023, compared to $7,237,079 as of December 31, 2022[29]. - The company has no long-term debt or long-term liabilities as of September 30, 2023[7]. - As of September 30, 2023, the company had cash of $64,500 and a working capital deficit of $(1,082,658), compared to cash of $224,474 and working capital of $151,951 as of December 31, 2022[45]. - The company has $51,085,939 in marketable securities held in the Trust Account as of September 30, 2023[29]. Operations and Business Combination - As of September 30, 2023, the company had not commenced any operations and will not generate operating revenues until after the completion of a Business Combination[2]. - The company has no operating revenues and will generate non-operating income in the form of interest income from the Initial Public Offering proceeds[2]. - The company plans to address financial uncertainties through related party loans and aims to effect a Business Combination[6]. - The company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern[6]. - The company extended the time to complete a business combination until October 18, 2024, allowing for fifteen additional one-month periods[42]. Initial Public Offering - The company raised gross proceeds of $189,750,000 from its Initial Public Offering of 18,975,000 units on January 18, 2022[40]. - The company had a total of 18,975,000 Class A ordinary shares issued in its IPO, with an additional 2,475,000 units issued due to the underwriter's over-allotment option[40]. Operating Expenses - Total operating expenses for the nine months ended September 30, 2023, were $1,024,609, an increase from $847,088 in the same period of 2022, reflecting a rise of about 20.9%[32]. - The company reported a loss from operations of $(312,364) for the three months ended September 30, 2023, compared to $(194,514) for the same period in 2022, reflecting an increase in losses of approximately 60.5%[32]. Internal Controls and Legal Proceedings - No material changes in internal control over financial reporting during the most recently completed fiscal quarter[187]. - The company is not currently subject to any material legal proceedings[188].
silium Acquisition I(CSLM) - 2023 Q3 - Quarterly Report