Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $658,134, driven by investment income of $1,186,703, offset by operating costs of $239,862, franchise tax of $50,000, and income tax provision of $238,707[95]. - The company generated gross proceeds of $115,000,000 from its Initial Public Offering (IPO) on January 3, 2022, with offering costs amounting to $6,762,886[96]. Working Capital and Cash Position - As of March 31, 2023, the company had a working capital of $25,230,214 and only $511 in cash in its operating bank account[97]. - The company has outstanding loans of $122,802 under Working Capital Loans, which may be converted into units upon consummation of a Business Combination[105]. Business Combination and Operations - The company has incurred significant costs in pursuit of its acquisition plans and does not expect to generate operating revenues until after completing a Business Combination[94]. - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and identifying a target for a Business Combination[94]. - The company expects to incur significant costs in pursuit of its financing and acquisition plans, raising concerns about its ability to continue as a going concern if it fails to complete a Business Combination within the prescribed timeframe[101]. Financing and Trust Account - The company has deposited $116,725,000 of net proceeds from the IPO and Private Placement into a trust account, invested in U.S. government treasury obligations[96]. - The company may need additional financing to complete its initial Business Combination or to redeem public shares, which could involve issuing additional securities or incurring debt[99]. - The company has no off-balance sheet financing arrangements as of March 31, 2023[109].
Aetherium Acquisition (GMFI) - 2023 Q1 - Quarterly Report