Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $83,777, with investment income of $525,405 offset by operating costs of $459,347, franchise tax of $50,000, and provision for income tax of $99,835 [118]. - For the three months ended March 31, 2023, the company had a net income of $658,134, consisting of investment income of $1,186,703, offset by operating costs of $239,862, franchise tax of $50,000, and provision for income tax of $238,707 [119]. Working Capital and Financial Position - As of March 31, 2024, the company had a working capital deficit of $5,666,529 and only $181 in cash in its operating bank account [122]. - As of March 31, 2024, there was $696,176 outstanding under any Working Capital Loan, with $537,431 outstanding as of December 31, 2023 [130]. Initial Public Offering (IPO) and Financing - The company raised gross proceeds of $115,000,000 from its Initial Public Offering (IPO) on January 3, 2022, with offering costs of $6,762,886 [120]. - The company intends to target businesses larger than it could acquire with the net proceeds of the IPO and may require additional financing to complete such proposed initial Business Combination [124]. Business Combination Plans - 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 [116]. - The company has until April 3, 2024, to consummate a Business Combination, having received stockholder approval for extensions by depositing $150,000 for each one-month extension [131]. Investment Management - The company has instructed to liquidate investments in money market funds held in the Trust Account and hold funds in cash in an interest-bearing demand deposit account as of March 31, 2024 [121]. Advisory and Administrative Costs - The company has agreed to pay its financial advisor $10,000 per month for general and administrative services [129]. Accounting Policies and Disclosures - As of March 31, 2024, there were no critical accounting policies affecting the financial statements [136]. - Management does not anticipate any material effects from recently issued accounting pronouncements on financial statements [137]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [139].
Aetherium Acquisition (GMFI) - 2024 Q1 - Quarterly Report