Financial Performance - For the six months ended June 30, 2023, the company reported a net income of $1,163,010, primarily from interest earned on securities held in the Trust Account of $1,922,922, after accounting for operating costs of $277,098, franchise tax expense of $100,000, and income tax provision of $382,814[94]. - For the three months ended June 30, 2023, the company achieved a net income of $504,876, with interest income of $736,219 offset by operating costs of $37,236, franchise tax expense of $50,000, and income tax provision of $144,107[95]. Acquisition Plans - The company incurred significant costs in pursuit of its acquisition plans and does not expect to generate operating revenues until after completing a Business Combination[92]. Financial Position - As of June 30, 2023, the company had $107 in cash in its operating bank account and a working capital deficit of $1,741,816[98]. - The company has outstanding Working Capital Loans of $407,803 as of June 30, 2023, which may be converted into units upon consummation of a Business Combination[106]. - The company has a total of $116,725,000 of net proceeds from the IPO and Private Placement deposited in a trust account, invested in U.S. government treasury obligations or money market funds[97]. - The company may need to seek additional financing to complete its initial Business Combination or to redeem a significant number of public shares[100]. - The company has incurred offering costs of $6,762,886 related to the IPO, including $4,025,000 for deferred underwriting commissions[97]. - The company has no off-balance sheet financing arrangements as of June 30, 2023[111]. 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[97].
Aetherium Acquisition (GMFI) - 2023 Q2 - Quarterly Report