Financial Performance - As of September 30, 2022, the company reported a net loss of $247,072 for the nine months ended, with operating costs amounting to $900,276 and investment income of $653,204[87]. - The company has no revenues generated to date and does not expect to generate operating revenues until after the completion of a business combination[86]. Cash and Working Capital - The company had $518 in cash in its operating bank account and a working capital of $113,299,597 as of September 30, 2022[89]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) on January 3, 2022, generated gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit, with offering costs totaling $6,762,886[90]. - A total of $116,725,000 from the IPO and private placement was deposited in a trust account, which is intended to be used for the initial business combination[90]. - The sponsor advanced the company $122,352 to cover IPO-related expenses, which was repaid shortly after the IPO[98]. Business Combination and Expenses - The company expects to incur approximately $930,000 for legal, accounting, due diligence, and other expenses related to structuring and negotiating business combinations prior to the initial business combination[92]. - The company has incurred significant costs in pursuit of its acquisition plans and cannot assure the success of completing a business combination[85]. - The company may need to seek additional financing to complete its initial business combination, especially if it targets larger businesses than the net proceeds from the IPO can cover[96]. - Initial stockholders agreed to waive redemption rights for founder and placement shares in connection with a Business Combination and related amendments[104]. Financial Obligations and Accounting - The company has a maximum estimated annual franchise tax obligation of $200,000, which may be paid from funds held outside the trust account or from interest earned on the trust account[91]. - No off-balance sheet financing arrangements were reported as of September 30, 2022[106]. - Management does not believe that recently issued accounting pronouncements will materially affect financial statements[108]. - As of September 30, 2022, there were no critical accounting policies identified[107]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[110].
Aetherium Acquisition (GMFI) - 2022 Q3 - Quarterly Report