Aetherium Acquisition (GMFI) - 2022 Q2 - Quarterly Report

Financial Performance - The company reported a net loss of $633,845 for the six months ended June 30, 2022, consisting of unrealized gains from marketable securities of $115,564 and operating costs of $749,409[83]. - As of June 30, 2022, the company had $55,510 in cash and a working capital of $97,260, indicating limited liquidity[85]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on January 3, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit[86]. - The company incurred offering costs of $6,762,886 during the IPO, including $4,025,000 for deferred underwriting commissions[86]. - A total of $116,725,000 from the IPO and private placement was deposited in a trust account for the benefit of public stockholders, invested in U.S. government treasury obligations[86]. - The sponsor advanced the company $122,352 to cover IPO-related expenses, which was repaid shortly after the IPO[94]. Future Financial Obligations - The company expects to incur approximately $230,000 for legal, accounting, and due diligence expenses prior to the initial business combination[88]. - The company may need to seek additional financing to complete its initial business combination, targeting larger businesses than could be acquired with current net proceeds[92]. - The company has a maximum estimated annual franchise tax obligation of $200,000, which may be paid from funds held outside the trust account[87]. - The company has agreed to pay its financial advisor $10,000 per month for general and administrative services until the completion of a business combination[96]. Accounting Policies and Disclosures - As of June 30, 2022, there were no off-balance sheet arrangements reported by the company[102]. - The company does not have any critical accounting policies that could materially affect financial statements as of June 30, 2022[103]. - Management believes that recently issued accounting pronouncements will not have a material effect on financial statements if adopted[104]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[106].