Financial Performance - As of September 30, 2023, the company reported a net income of $1,322,389, primarily from investment income of $2,328,876, after accounting for operating costs of $398,923 and taxes [96]. - For the nine months ended September 30, 2022, the company reported a net loss of $247,072, with operating costs of $750,276 [97]. Working Capital and Cash Position - The company had a working capital deficit of $2,288,391 and only $4 in cash in its operating bank account as of September 30, 2023 [99]. - The company has outstanding working capital loans totaling $722,803 as of September 30, 2023, which may be converted into units upon the completion of a business combination [107]. IPO and Financing - The company completed its 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 [98]. - The company has a total of $116,725,000 from the IPO and private placement deposited in a trust account, invested in U.S. government treasury obligations [98]. - 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 [101]. Business Operations and Future Outlook - The company has not engaged in any operations or generated revenues to date, focusing solely on identifying a target for a business combination [95]. - The company has incurred significant costs related to its acquisition plans and does not expect to generate operating revenues until after completing a business combination [95]. - 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 [103].
Aetherium Acquisition (GMFI) - 2023 Q3 - Quarterly Report