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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File No. 001-41189
AETHERIUM
ACQUISITION CORP.
(Exact
name of registrant as specified in its charter)
Delaware |
|
86-3449713 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
79B
Pemberwick Rd.
Greenwich,
CT |
|
06831 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(650)
450-6836
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one share of Class A Common Stock and one Redeemable Warrant |
|
GMFIU |
|
The
Nasdaq Stock Market LLC |
Class
A Common Stock, par value $0.0001 per share |
|
GMFI |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
GMFIW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
As
of February 22, 2024, there were 3,519,503 shares of Class A common stock, par value $0.0001 per share, and 2,875,000 shares of Class
B common stock, par value $0.0001 per share, issued and outstanding.
AETHERIUM
ACQUISITION CORP.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
AETHERIUM
ACQUISITION CORP.
BALANCE
SHEETs
(Unaudited)
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
ASSETS | |
| | | |
| | |
Cash | |
$ | 107 | | |
$ | 334 | |
Cash and marketable securities held in trust account | |
| 31,501,906 | | |
| 117,914,699 | |
Total Current Assets | |
| 31,502,013 | | |
| 117,915,033 | |
| |
| | | |
| | |
Total assets | |
$ | 31,502,013 | | |
$ | 117,915,033 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 713,543 | | |
$ | 468,331 | |
Franchise tax payable | |
| 300,050 | | |
| 200,050 | |
Income tax payable | |
| 320,527 | | |
| 207,733 | |
Working capital loan – related party | |
| 407,803 | | |
| 91,124 | |
Deferred underwriter fee payable | |
| 4,025,000 | | |
| 4,025,000 | |
Total current liabilities | |
| 5,766,923 | | |
| 4,992,238 | |
| |
| | | |
| | |
Total liabilities | |
| 5,766,923 | | |
| 4,992,238 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 6) | |
| - | | |
| - | |
Class A common stock subject to possible redemption; 2,991,003 and 11,500,000
shares (at redemption value at June 30, 2023 and December 31, 2022, respectively) | |
| 30,881,329 | | |
| 117,914,699 | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Class A common shares, $0.0001 par
value; 100,000,000 shares
authorized; 528,500 (excluding 2,991,003 and 11,500,000 Class
A shares subject to redemption at June 30, 2023 and December 31, 2022, respectively) issued and outstanding, respectively | |
| 53 | | |
| 53 | |
Class B common shares, par value $0.0001; 10,000,000 shares authorized; 2,875,000 issued and outstanding | |
| 288 | | |
| 288 | |
Common
shares, value | |
| | | |
| | |
Additional paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (5,146,580 | ) | |
| (4,992,245 | ) |
Total Stockholders’ Deficit | |
| (5,146,239 | ) | |
| (4,991,904 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 31,502,013 | | |
$ | 117,915,033 | |
The
accompanying notes are an integral part of these unaudited financial statements
AETHERIUM
ACQUISITION CORP.
STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
For the Three Months Ended | | |
For the Six Months Ended | | |
For the Three Months Ended | | |
For the Six
Months Ended | |
| |
June 30, 2023 | | |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2022 | |
Formation and operating costs | |
$ | (37,236 | ) | |
$ | (277,098 | ) | |
$ | (462,089 | ) | |
$ | (749,409 | ) |
Franchise tax | |
| (50,000 | ) | |
| (100,000 | ) | |
| - | | |
| - | |
Loss from operations | |
| (87,236 | ) | |
| (377,098 | ) | |
| (462,089 | ) | |
| (749,409 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income and expense: | |
| | | |
| | | |
| | | |
| | |
Investment income earned on investments held in Trust Account | |
| 736,219 | | |
| 1,922,922 | | |
| 167,102 | | |
| 115,564 | |
Total other income (expense) | |
| 736,219 | | |
| 1,922,922 | | |
| 167,102 | | |
| 115,564 | |
Provision for income taxes | |
| (144,107 | ) | |
| (382,814 | ) | |
| - | | |
| - | |
Net Income (loss) | |
$ | 504,876 | | |
$ | 1,163,010 | | |
$ | (294,987 | ) | |
$ | (633,845 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding of Class A common stock | |
| 3,519,503 | | |
| 7,374,408 | | |
| 12,028,500 | | |
| 11,895,588 | |
Basic and diluted net income (loss) per common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
Weighted average shares outstanding of Class B common stock | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income (loss) per common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.03 | ) | |
$ | (0.05 | ) |
The
accompanying notes are an integral part of these unaudited financial statements.
AETHERIUM
ACQUISITION CORP.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid in | | |
Accumulated | | |
Total Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance - January 1, 2023 | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (4,992,245 | ) | |
$ | (4,991,904 | ) |
Re-measurement of ordinary shares subject to redemption | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (490,213 | ) | |
| (490,213 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 658,134 | | |
| 658,134 | |
Balance – March 31, 2023 | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (4,824,324 | ) | |
$ | (4,823,983 | ) |
Re-measurement of ordinary shares subject to redemption | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (542,132 | ) | |
| (542,132 | ) |
Additional amount deposited into Trust Account for extension | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (285,000 |
) | |
| (285,000 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 504,876 | | |
| 504,876 | |
Balance – June 30, 2023 | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (5,146,580 | ) | |
$ | (5,146,239 | ) |
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid in | | |
Accumulated | | |
Total Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance - January 1, 2022 | |
| - | | |
$ | - | | |
| 2,875,000 | | |
$ | 288 | | |
$ | 24,712 | | |
$ | (445 | ) | |
$ | 24,555 | |
Sale of IPO Units | |
| 11,500,000 | | |
| 1,150 | | |
| - | | |
| - | | |
| 114,998,850 | | |
| - | | |
| 115,000,000 | |
Sale of Private Placement Units | |
| 528,500 | | |
| 53 | | |
| - | | |
| - | | |
| 5,284,947 | | |
| - | | |
| 5,285,000 | |
Offering and Underwriting costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,762,886 | ) | |
| - | | |
| (6,762,886 | ) |
Class A Common Stock subject to possible redemption | |
| (11,500,000 | ) | |
| (1,150 | ) | |
| - | | |
| - | | |
| (116,723,850 | ) | |
| - | | |
| (116,725,000 | ) |
Accretion APIC to deficit | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,178,227 | | |
| (3,178,227 | ) | |
| - | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (338,858 | ) | |
| (338,858 | ) |
Balance – March 31, 2022 | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,517,530 | ) | |
$ | (3,517,189 | ) |
Balance | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,517,530 | ) | |
$ | (3,517,189 | ) |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (294,987 | ) | |
| (294,987 | ) |
Balance – June 30, 2022 | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,812,517 | ) | |
$ | (3,812,176 | ) |
Balance | |
| 528,500 | | |
$ | 53 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (3,812,517 | ) | |
$ | (3,812,176 | ) |
The
accompanying notes are an integral part of these unaudited financial statements
AETHERIUM
ACQUISITION CORP.
STATEMENTS
OF CASH FLOWS
(UNAUDITED)
| |
For the Six Months Ended June 30, 2023 | | |
For the Six Months Ended June 30, 2022 | |
Cash flow from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | 1,163,010 | | |
$ | (633,845 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Investment income earned on investments held in Trust Account | |
| (1,922,922 | ) | |
| (115,564 | ) |
Expenses paid by related party | |
| 31,679 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Deferred offering cost | |
| - | | |
| 304,786 | |
Prepaid expenses | |
| - | | |
| (96,750 | ) |
Franchise tax payable | |
| 100,000 | | |
| - | |
Income tax payable | |
| 112,794 | | |
| - | |
Accrued expenses | |
| 245,212 | | |
| (127,879 | ) |
Net cash used in operating activities | |
| (270,226 | ) | |
| (669,252 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash withdrawn from trust account in connection with redemptions | |
| 88,350,715 | | |
| - | |
Cash withdrawn from trust account for tax obligations | |
| 270,000 | | |
| - | |
Investment of cash in trust account | |
| (285,000 | ) | |
| (116,725,000 | ) |
Net cash provided by (used in) investing
activities | |
| 88,335,715 | | |
| (116,725,000 | ) |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Redemption of Class A common stock | |
| (88,350,715 | ) | |
| - | |
Proceeds from sale of Units, net of underwriting discount paid | |
| - | | |
| 112,262,114 | |
Proceeds from sale of private placement units | |
| - | | |
| 5,285,000 | |
Proceeds from working capital loan | |
| 285,000 | | |
| - | |
Repayment of promissory note - related party | |
| - | | |
| (122,352 | ) |
Net cash provided by (used in) financing
activities | |
| (88,065,715 | ) | |
| 117,424,762 | |
| |
| | | |
| | |
Net change in cash | |
| (227 | ) | |
| 30,510 | |
Cash at the beginning of the period | |
| 334 | | |
| 25,000 | |
Cash at the end of the period | |
$ | 107 | | |
$ | 55,510 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash financing activities: | |
| | | |
| | |
Amount deposited into Trust Account for extension | |
$ | 285,000 | | |
$ | - | |
Deferred underwriting fee payable | |
$ | - | | |
$ | 4,025,000 | |
Value of Class A common stock subject to redemption | |
$ | - | | |
$ | 116,725,000 | |
Re-measurement of Class A common stock subject to redemption | |
$ | 1,032,345 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited financial statements
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations
Aetherium
Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 15, 2021. The Company
was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or
substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). While the Company may pursue an initial business combination
target in any business, industry or sector or geographical location, the Company intends to focus on businesses in the education, training
and education technology (“EdTech”) industries, specifically in Asia (excluding China). The Company’s amended and restated
certificate of incorporate will provide that the Company shall not undertake an initial business combination with any entity with its
principal business operations in China (including Hong Kong and Macau).
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from April 15, 2021 (inception) through June
30, 2023 relates to the Company’s formation and the Initial Public Offering (as defined below) and searching for a target company.
The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.
The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived
from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
The
Company’s sponsor is Aetherium Capital Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration
statement for the Company’s initial public offering was declared effective on December 29, 2021. On January 3, 2022, the Company
consummated its Initial Public Offering of units (the “Units” and, with respect to the shares of Class A common
stock included in the Units being offered, the “Public Shares”), at $ per Unit, generating gross proceeds of $
(the “Initial Public Offering,” or “IPO”), and incurring offering costs of $, of which $ was
for deferred underwriting commissions (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional
Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment option
was exercised in full.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private placement of an aggregate of units (the
“Placement Units”) to the Sponsor at a price of $ per Placement Unit, generating total gross proceeds of $
(the “Private Placement”) (see Note 4).
Following
the closing of the Initial Public Offering on January 3, 2022, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in a trust
account (the “Trust Account”), located in the United States and held as cash items or may be invested in U.S. government
securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in
any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment
Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution
of the funds in the Trust Account to the Company’s stockholders, as described below.
The
Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a
Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination
at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against
a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least
$5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding
shares voted are voted in favor of the Business Combination.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
If
the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules,
the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption
rights with respect to 15% or more of the Public Shares without the Company’s prior written consent..
The
public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$10.15 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock will be recorded at a redemption
value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards
Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
If
a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the
Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules
of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information
as would be included in a proxy statement with the SEC prior to completing a Business Combination.
The
Sponsor has agreed (a) to vote its shares of Class B common stock, the shares of Class A common stock included in the Placement Units
(the “Placement Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business
Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to
the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides
dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to
redeem any shares (including the Class B common stock) and Placement Units (including underlying securities) into the right to receive
cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender
offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote
to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders’ rights of pre-Business
Combination activities and (d) that the Class B common stock and Placement Units (including underlying securities) shall not participate
in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled
to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering
if the Company fails to complete its Business Combination.
The
Company had 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the
“Combination Period”). On March 23, 2023, the Company held a special meeting of its stockholders (the “Special
Meeting”). At the Special Meeting, the Company’s stockholders approved the proposal to amend the Company’s amended
and restated certificate of incorporation, to extend the date by which the Company must consummate a business combination up to
twelve (12) times, each such extension for an additional one (1) month period from April 3, 2023 to April 3, 2024, by depositing
into the trust account established for the benefit of the Company’s public stockholders the lesser of (A)
$0.055 per non-redeeming publicly held share of common stock and (B) $150,000 (the “Extension Payment”) for each
one-month extension. In connection with such
proposal, stockholders elected to redeem 8,508,997 shares
of the Company’s Class A common stock, par value $0.0001 per
share (“Class A Common Stock”), which represents approximately 74%
of the shares that were part of the units that were sold in the Company’s IPO. Following such redemptions, $31,501,906 remains
in the trust account as of June 30, 2023 and 3,519,503 shares
of Class A Common Stock will remain issued and outstanding of which 2,991,003
are redeemable as of June 30, 2023. On each of April 3, May 3, July 11, July 31, and December 4, 2023,
the Company’s Sponsor has deposited into the Company’s trust account $ to extend the period of time it has to
consummate its initial business combination by six months from April 3, 2023 to October 3, 2023. On December 14, 2023, the Company deposited
$ into the Trust Account to further extend the period of time it has to consummate a business combination by six months from December
4, 2023 to June 4, 2024.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor (other than the independent registered
public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company
has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $ per share (whether or not
the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of
any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters
of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible
to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have
to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s
independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute
agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Management’s Plan
Prior
to the completion of the IPO, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which
is considered to be one year from the issuance date of the financial statements. The Company has since completed its IPO at which time
capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general
working capital purposes. The Company have incurred and expect to continue to incur significant costs in pursuit of our financing and
acquisition plans. Management plans to address this uncertainty during period leading up to the business combination. However, there
is no assurance that the Company’s plans to consummate an initial Business Combination will be successful within the Combination
Period.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company
is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the
requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate and dissolve raises substantial
doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the
outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs
of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s
amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted
accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going
concern.
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed
on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the
Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise
tax.
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the U.S. Department of the Treasury. In addition, because the excise tax would be payable by the
Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing
could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete
a Business Combination.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”). Certain information and note disclosures normally included in the annual financial statements prepared in accordance
with generally accepted accounting principles have been omitted pursuant to those rules and regulations, although the Company believes
that the disclosures made are adequate to make the information not misleading. The interim financial statements as of June 30, 2023 and
for the three and six months ended June 30, 2022, respectively, are unaudited. In the opinion of management, the interim financial statements
include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the
interim periods. The accompanying balance sheet as of December 31, 2022, is derived from the audited financial statements presented in
the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
As of June 30, 2023, the Company had $107 of cash in its operating bank account. As of December 31, 2022, the Company
had $334 of cash in its operating bank account. As of June 30,
2023 and December 31, 2022, the Company had no cash equivalents.
Cash
and Marketable Securities Held in Trust Account
The
Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The Company’s investments
held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value
at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment
income earned on investment held in Trust Account in the accompanying statements of operations. The estimated fair values of investments
held in the Trust Account are determined using available market information. At June 30, 2023 and December 31, 2022, substantially all
of the assets held in the Trust Account were held in U.S. Treasury Securities Money Market Funds.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related
to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of
the Initial Public Offering.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2023 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
provision for income taxes for the three and six months ended June 30, 2023 was $144,107 and $382,814, respectively. The provision for income taxes
was deemed to be de minimis for the three months and six months ended June 30, 2022.
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income (Loss) Per Common Share
| |
For The Three Months Ended June 30, 2023 | | |
For The Six Months Ended June 30, 2023 | | |
For The Three Months Ended June 30, 2022 | | |
For the Six Months Ended June 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
| 277,881 | | |
| 836,781 | | |
| (540,050 | ) | |
| (487,318 | ) |
Denominator: weighted average number of Class A common stock | |
| 3,519,503 | | |
| 7,374,408 | | |
| 12,028,500 | | |
| 11,895,588 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class B common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Numerator: net income (loss) allocable to common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per Class B common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.03 | ) | |
$ | (0.05 | ) |
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the
redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated
certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A
common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the
occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary
liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from
the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently,
the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (stockholders’ equity) to
be less than $5,000,001.
The Company’s Class A common stock features certain redemption rights that are considered by the Company to be outside of the
Company’s control and subject to the occurrence of uncertain future events. On April 10, 2023, $88,350,715
was paid to shareholders for redemption of 8,508,997
shares of the Company’s Class A common stock. Accordingly, at June 30, 2023 and December 31, 2022, 2,991,003
and 11,500,000
Class A common shares, respectively, are subject to possible redemption in the amount of $30,881,329
and $117,914,699
at redemption value per Public Share are presented as temporary equity, outside of the shareholders’ deficit section of the
Company’s balance sheet.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. On June 30, 2023, the Company had not experienced losses
on this account and management believes the Company is not exposed to significant risks on such account.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Recent
Accounting Standards
Management of the Company does not
believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s
financial statements.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or
search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
3 — Initial Public Offering
On
January 3, 2022, the Company consummated its Initial Public Offering of Units (including the issuance of Units as
a result of the underwriter’s full exercise of its over-allotment option), at $ per Unit, generating gross proceeds of $.
Each
Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles
the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (see Note 6).
As
of January 3, 2022, the Company incurred offering costs of approximately $, of which $ was for deferred underwriting
commissions.
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of Placement Units at a price of $ per
Placement Unit ($ in the aggregate).
The
proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units
are identical to the Units sold in the Initial Public Offering, except for the placement warrants (“Placement Warrants”).
If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units
will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants will
expire worthless.
Note
5 — Related Party Transactions
Founder
Shares
On
May 11, 2021, the Sponsor purchased founder shares for an aggregate purchase price of $, or approximately $ per
share. In June 2021, the Sponsor transferred 20,000 shares each to the Company’s Chief Executive Officer and David Kopp, 15,000
shares to the Company’s Chief Financial Officer and 10,000 shares to each of the Company’s independent director nominees.
In July 2021, the Sponsor also transferred 431,250 shares to ARC Group Limited. In November 2021, ARC Group Limited transferred 140,400
shares to Max Mark Capital Limited, 140,400 shares to Jonathan Chan, and 10,000 shares to Mei Eng Goy. ARC Group Limited purchased its
net 140,450 shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial
Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder
shares, or $. The number of founder shares issued was determined based on the expectation that such founder shares would represent
20% of the outstanding shares upon completion of the IPO (excluding the placement units and underlying securities). The per share purchase
price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder
shares issued. As of June 30, 2023, the Sponsor owned 2,358,750 shares of Class B common stock. As the underwriters’ over-allotment
option has been exercised in full, of such shares held by the Sponsor will not be subject to forfeiture.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
The
initial stockholders have agreed not to transfer, assign or sell any of the shares of Class B common stock (except to certain permitted
transferees) until the earlier to occur of:
Promissory
Note – Related Party
On
May 10, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing
and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not to proceed
with the Initial Public Offering. These amounts will be repaid shortly after completion of the Initial Public Offering out of the $
of offering proceeds that has been allocated for the payment of offering expenses. As of December 31, 2021, the Company had borrowed
$ under the promissory note with the Sponsor. Following the IPO of the Company on January 3, 2022, a total of $ under the
promissory note was repaid on January 6, 2022.
Extension
Loan
The
Company had 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the “Combination
Period”). On March 23, 2023, the Company
held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders
approved the proposal to amend the Company’s amended and restated certificate of incorporation, to extend the date by which the
Company must consummate a business combination up to twelve (12) times, each such extension for an additional one (1) month period from
April 3, 2023 to April 3, 2024, by depositing into the trust account established for the benefit of the Company’s public stockholders
the lesser of (A) $0.055 per non-redeeming publicly held share of common stock and (B) $150,000 (the “Extension Payment”)
for each one-month extension. During the six
months June 30, 2023, the Company had deposited a total of $285,000
into the Trust Account in connection with the
extension loans.
This
extension loan is non-interest bearing and will be due upon consummation of the initial business combination. If the Company
complete the initial business combination, the Company will, at the option of the sponsor, repay such loaned amounts out of the
proceeds of the trust account released to the Company or convert a portion or all of the total loan amount into units at a price of
$ per unit, which units will be identical to the Private Placement Units. If the Company does not complete a business
combination, the Company will repay such loans only from funds held outside of the trust account.
Working Capital Loans
In order to finance transaction costs in connection with a Business Combination,
the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company
funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The
notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to
$ of notes may be converted upon consummation of a Business Combination into additional Placement Units at a price of $
per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account
to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of
June 30, 2023, there was $ outstanding under Working Capital Loan. As of December 31, 2022, there was $ outstanding under
Working Capital Loan.
Administrative
Services Arrangement
The
Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ
through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company
certain general and administrative services, including office space, utilities and administrative services, as the Company may require
from time to time. The Company has agreed to pay the financial advisor $10,000 per month for these services. For the six months
ended June 30, 2023, the Company has recognized $60,000 operating cost for the service provided by ARC Group Ltd. under this agreement.
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in
payment of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior
to or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to
three demands that the Company register such securities at any time after the Company consummates a Business Combination. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the
consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
6 — Commitments and Contingencies (Continued)
Underwriting
Agreement
The
underwriters purchased the 1,500,000 of additional Units to cover over-allotments, less the underwriting discounts and commissions.
The
underwriters were entitled to a cash underwriting discount of: (i) two percent (2.00%) of the gross proceeds of the Initial Public Offering,
or $2,300,000 as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred
fee of three and one half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $4,025,000 upon closing of the Business
Combination. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account,
subject to the terms of the underwriting agreement.
On
December 29, the underwriter gave the Company a rebatement of $500,000. So the cash underwriting fee for the Initial Public Offering
was $1,800,000.
Note
7 – Stockholders’ Equity
Class
A Common Stock — The Company is authorized to issue 100,000,000
shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. On June 30, 2023, there were 528,500
shares of Class A Common Stock issued and outstanding, excluding 2,991,003
shares subject to redemption. On December 31, 2022, there were 528,500 shares of Class A Common Stock issued and outstanding,
excluding 11,500,000 shares subject to redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000
shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. On May 11, 2021, the Sponsor
purchased
founder shares for an aggregate purchase price of $,
or approximately $
per share. On January 3, 2022, as the underwriters’ over-allotment option has been exercised in full,
of such shares held by the Sponsor will not be subject to forfeiture. At June 30, 2023 and December 31, 2022, there were 2,875,000
shares of Class B common stock issued and outstanding. Shares of Class B common stock will automatically convert into shares of
Class A common stock at the time of the Company’s initial business combination on a one-for-one basis.
Preferred
Shares — The Company is authorized to issue 1,000,000
preferred shares with a par value of $0.0001
per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of
Directors. At June 30, 2023 and December 31, 2022, there were no
preferred shares issued or outstanding.
Note
8 — Fair Value Measurements
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine
such fair value.
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs
other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments
in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations
derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Schedule
of Fair Value Assets
| |
Level | | |
June
30, 2023 | | |
December 31, 2022 | |
Assets: | |
| | | |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 1 | | |
$ | 31,501,906 | | |
$ | 117,914,699 | |
Note
9 – Subsequent Events
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events
or transactions that occurred up to February 27, 2024, the date the unaudited financial statements were available to issue. Based
upon this review, other than as described below, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the financial statements.
On July 13, 2023, August
4, 2023, and December 14, 2023, the Company deposited $150,000, $150,000, and $300,000, respectively
into the Trust Account to further extend the period of time it has to consummate a business combination to June 4, 2024.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “us,” “our” or “we” refer to Aetherium Acquisition Corp. The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial
statements and related notes included herein.
Special
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward-looking statements. When used in this Form 10-Q,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s
management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors
detailed in our filings with the SEC.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties.
Overview
We
are a blank check company formed under the laws of the State of Delaware on April 15, 2021 for the purpose of acquiring, engaging in
a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual
arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”).
We intend to effectuate our Business Combination using cash from the proceeds of the IPO and the sale of the Private Warrants, our capital
stock, debt or a combination of cash, stock and debt.
All
activity through June 30, 2023 relates to our formation, IPO (as defined below), and search for a prospective initial business combination
target.
We
are incurring significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination
will be successful.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from January 1, 2022 through June 30,
2023 were organizational activities, those necessary to consummate the IPO, as described below, and identifying a target company for
a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We
generate non-operating income in the form of interest income on marketable securities held after the IPO. We incur expenses as a result
of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
For the six months ended June 30, 2023, we had a net income of $1,163,010,
which consisted of interest earned on securities held in the Trust Account of $1,922,922 offset by operating costs of $277,098, franchise
tax expense of $100,000, and the provision for income taxes of $382,814.
For the three months ended June 30, 2023, we had a net income of $504,876,
which consisted of interest earned on securities held in the Trust Account of $736,219 offset by operating costs of $37,236, franchise
tax expense of $50,000, and the provision for income taxes of $144,107.
For the six months ended June 30, 2022, we had net loss of $633,845, which
consisted of interest earned on securities held in the Trust Account of $115,564 offset by operating costs of $749,409.
For the three months ended June 30, 2022, we had net loss of $294,987,
which consisted of interest earned on securities held in the Trust Account of $167,102 offset by operating costs of $462,089.
Liquidity
and Capital Resources
On
January 3, 2022, the Company consummated its Initial Public Offering of 11,500,000 units (the “Units” and, with respect to
the shares of Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating
gross proceeds of $115,000,000 (the “Initial Public Offering,” or “IPO”), and incurring offering costs of $6,762,886,
of which $4,025,000 was for deferred underwriting commissions. The Company granted the underwriter a 45-day option to purchase up to
an additional 1,500,000 Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment
option was exercised in full. Simultaneously with the consummation of the closing of the IPO, the Company consummated the private placement
of an aggregate of 528,500 units (the “Placement Units”) to the Sponsor at a price of $10.00 per Placement Unit, generating
total gross proceeds of $5,285,000 (the “Private Placement”). A total of $116,725,000 of the net proceeds from the IPO and
the Private Placement was deposited in a trust account established for the benefit of the Company’s public stockholders. The proceeds
held in the trust account were invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money
market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government
treasury obligations. A total of $1,451,900 was deposited into the operating account of the Company.
As
indicated in the accompanying financial statements, at June 30, 2023, the Company had $107 of cash in its operating bank account and
a working capital deficit of $1,741,816. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing
and acquisition plans. We cannot assure you that our plans to raise capital or to consummate an initial business combination will be
successful.
In
order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination,
our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds on a
non-interest bearing basis as may be required. If we complete our initial business combination, we would repay such loaned amounts. In
the event that our initial Business Combination does not close, we may use a portion of the working capital held outside the trust account
to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of such loans
may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial Business Combination.
The units would be identical to the Placement Units. Other than as described above, the terms of such loans by our officers and directors,
if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties
other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide
a waiver against any and all rights to seek access to funds in our trust account.
Moreover,
we may need to obtain additional financing either to complete our initial Business Combination or because we become obligated to redeem
a significant number of our public shares upon completion of our initial Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination. In addition, we intend to target businesses larger than we could
acquire with the net proceeds of the IPO and the sale of the Placement Units and may as a result be required to seek additional financing
to complete such proposed initial Business Combination. Subject to compliance with applicable securities laws, we would only complete
such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our initial Business
Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account.
In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing
in order to meet our obligations.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company
is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the
requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate and dissolve raises substantial
doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the
outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs
of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s
amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted
accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going
concern.
Related
Party Transactions
The
Sponsor advanced the Company an aggregate of $122,352 of up to $300,000 to cover expenses related to the IPO. The note is non-interest
bearing and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not
to proceed with the Initial Public Offering. Following the IPO on January 3, 2022, a total of $122,352 under the promissory note was
repaid on January 6, 2022.
On
May 11, 2021, the Sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per
share. In June 2021, the Sponsor transferred 20,000 shares each to the Company’s Chief Executive Officer and David Kopp, 15,000
shares to the Company’s Chief Financial Officer and 10,000 shares to each of the Company’s independent director nominees.
In July 2021, the Sponsor also transferred 431,250 shares to ARC Group Limited. In November 2021, ARC Group Limited transferred 140,400
shares to Max Mark Capital Limited, 140,400 shares to Jonathan Chan, and 10,000 shares to Mei Eng Goy. ARC Group Limited purchased its
net 140,450 shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial
Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder
shares, or $0.009. The number of founder shares issued was determined based on the expectation that such founder shares would represent
20% of the outstanding shares upon completion of the IPO (excluding the Placement Units and underlying securities). The per share purchase
price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder
shares issued. As of June 30, 2023, the Sponsor owned 2,358,750 shares of Class B common stock. As the underwriters’ over-allotment
option has been exercised in full, 375,000 of such shares held by the Sponsor will not be subject to forfeiture.
The
Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ
through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company
certain general and administrative services, including office space, utilities and administrative services, as the Company may require
from time to time. The Company has agreed to pay the financial advisor $10,000 per month for these services.
In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).
Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination,
without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination
into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does not close, the Company may
use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account
would be used to repay the Working Capital Loans. As of June 30, 2023, there was $407,803 outstanding under Working Capital Loans.
On
January 3, 2022, concurrent with the closing of the IPO, the Sponsor purchased an aggregate of 528,500 Placement Units at a price of
$10.00 per unit for an aggregate purchase price of $5,285,000. Each Placement Unit consists of one share of Class A common stock and
one warrant. Each warrant is exercisable to purchase one share of Class A common stock at $11.50 per share. There are no redemption rights
or liquidating distributions from the trust account with respect to the founder shares, the placement shares, or the placement warrants,
which will expire worthless if we do not consummate a Business Combination within 15 months from the closing of the IPO, or April 3,
2023. The Placement Units are identical to the units sold in the IPO except that the Placement Units and their component securities (a)
will not be transferable, assignable or saleable until 30 days after the consummation of our initial Business Combination except to permitted
transferees and (b) so long as they are held by our Sponsor or its permitted transferees, will be entitled to registration rights.
Our
initial stockholders have agreed to waive their redemption rights with respect to their founder shares and placement shares (i) in connection
with the consummation of a Business Combination, (ii) in connection with a stockholder vote to amend our Amended and Restated Certificate
of Incorporation (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial Business
Combination or certain amendments to our Amended and Restated Certificate of Incorporation prior thereto or to redeem 100% of our public
shares if we do not complete our initial Business Combination within 15 months from the completion of the IPO or (B) with respect to
any other provision relating to stockholders’ rights or pre-initial Business Combination activities and (iii) if we fail to consummate
a Business Combination within 15 months from the completion of the IPO or if we liquidate prior to the expiration of the 15-month period.
However, our initial stockholders will be entitled to redemption rights with respect to any public shares held by them if we fail to
consummate a Business Combination or liquidate within the 15-month period.
Pursuant
to a registration rights agreement we have entered into with our initial stockholders, we may be required to register certain securities
for sale under the Securities Act. These holders, and holders of units issued upon conversion of working capital loans, if any, are entitled
under the registration rights agreement to make up to three demands that we register certain of our securities held by them for sale
under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415 under the Securities Act.
In addition, these holders have the right to include their securities in other registration statements filed by us. We will bear the
costs and expenses of filing any such registration statements. See the section of this prospectus entitled “Certain Relationships
and Related Party Transactions.”
Off-balance
sheet financing arrangements
We
did not have any off-balance sheet arrangements as of June 30, 2023.
Critical
Accounting Policies
The
preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual
results could materially differ from those estimates. As of June 30, 2023, there were no critical accounting policies.
Recent
accounting standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on our financial statements.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
We
are a smaller reporting company and are not required to provide the information otherwise required under this item.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting
officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter
ended June 30, 2023, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal
executive officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure
controls and procedures were not effective.
Changes
in Internal Control over Financial Reporting
During
the quarter ended June 30, 2023, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f)
and 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
PART
II - OTHER INFORMATION
Item
1 Legal Proceedings
The
Company is not party to any legal proceedings as of the filing date of this Form 10-Q.
Item
1A. Risk Factors.
Factors
that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final
prospectus for our IPO dated December 29, 2021 and filed with the SEC on January 3, 2022. Any of these factors could result in a significant
or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or
that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there
have been no material changes to the risk factors disclosed in our final prospectus.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Recent
Sale of Unregistered Securities
None.
Use
of Proceeds
For
a description of the use of the proceeds generated in the IPO, see Part I, Item 2 of this Quarterly Report on Form 10-Q.
Purchases
of Equity Securities by the Issuer and Related Purchasers
None.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
Applicable.
Item
5. Other Information.
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
* |
These
certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing
under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
AETHERIUM
ACQUISITION CORP. |
|
|
Date:
February 23, 2024 |
By: |
/s/
Jonathan Chan |
|
|
Jonathan
Chan |
|
|
Chief
Executive Officer |
Date:
February 23, 2024 |
By: |
/s/
Alex Lee |
|
|
Alex
Lee |
|
|
Chief
Financial Officer |
EXHIBIT
31.1
CERTIFICATION
PURSUANT
TO RULES 13a-14(a) AND 15d-14(a)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Jonathan Chan, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Aetherium Acquisition Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
[Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313]; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date:
February 23, 2024 |
By: |
/s/
Jonathan Chan |
|
|
Jonathan
Chan |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
PURSUANT
TO RULES 13a-14(a) AND 15d-14(a)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Alex Lee, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Aetherium Acquisition Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
[Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313]; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date:
February 23, 2024 |
By: |
/s/
Alex Lee |
|
|
Alex
Lee |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Aetherium Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended
June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathan
Chan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1)
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
February 23, 2024 |
|
/s/
Jonathan Chan |
|
Name:
|
Jonathan
Chan |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO 31
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Aetherium Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended
June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alex Lee,
Chief Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1)
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
February 23, 2024 |
|
/s/
Alex Lee |
|
Name:
|
Alex
Lee |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
v3.24.0.1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Feb. 22, 2024 |
Document Type |
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|
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|
|
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|
|
Entity File Number |
001-41189
|
|
Entity Registrant Name |
AETHERIUM
ACQUISITION CORP.
|
|
Entity Central Index Key |
0001866547
|
|
Entity Tax Identification Number |
86-3449713
|
|
Entity Incorporation, State or Country Code |
DE
|
|
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79B
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|
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CT
|
|
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Title of 12(b) Security |
Units,
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|
|
Trading Symbol |
GMFIU
|
|
Security Exchange Name |
NASDAQ
|
|
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Title of 12(b) Security |
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v3.24.0.1
Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Cash |
$ 107
|
$ 334
|
Cash and marketable securities held in trust account |
31,501,906
|
117,914,699
|
Total Current Assets |
31,502,013
|
117,915,033
|
Total assets |
31,502,013
|
117,915,033
|
Current liabilities |
|
|
Accrued expenses |
713,543
|
468,331
|
Franchise tax payable |
300,050
|
200,050
|
Income tax payable |
320,527
|
207,733
|
Working capital loan – related party |
407,803
|
91,124
|
Deferred underwriter fee payable |
4,025,000
|
4,025,000
|
Total current liabilities |
5,766,923
|
4,992,238
|
Total liabilities |
5,766,923
|
4,992,238
|
Commitments and Contingencies (Note 6) |
|
|
Class A common stock subject to possible redemption; 2,991,003 and 11,500,000 shares (at redemption value at June 30, 2023 and December 31, 2022, respectively) |
30,881,329
|
117,914,699
|
Stockholders’ Deficit |
|
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(5,146,580)
|
(4,992,245)
|
Total Stockholders’ Deficit |
(5,146,239)
|
(4,991,904)
|
Total Liabilities and Stockholders’ Deficit |
31,502,013
|
117,915,033
|
Common Class A [Member] |
|
|
Stockholders’ Deficit |
|
|
Common shares, value |
53
|
53
|
Common Class B [Member] |
|
|
Stockholders’ Deficit |
|
|
Common shares, value |
$ 288
|
$ 288
|
X |
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v3.24.0.1
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Common stock subject to possible redemption |
2,991,003
|
11,500,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares outstanding |
528,500
|
528,500
|
Common stock, shares issued |
528,500
|
528,500
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares outstanding |
2,875,000
|
2,875,000
|
Common stock, shares issued |
2,875,000
|
2,875,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.0.1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Formation and operating costs |
$ (37,236)
|
$ (462,089)
|
$ (277,098)
|
$ (749,409)
|
Franchise tax |
(50,000)
|
|
(100,000)
|
|
Loss from operations |
(87,236)
|
(462,089)
|
(377,098)
|
(749,409)
|
Other income and expense: |
|
|
|
|
Investment income earned on investments held in Trust Account |
736,219
|
167,102
|
1,922,922
|
115,564
|
Total other income (expense) |
736,219
|
167,102
|
1,922,922
|
115,564
|
Income (loss) before provision for income taxes |
648,983
|
(294,987)
|
1,545,824
|
(633,845)
|
Provision for income taxes |
(144,107)
|
|
(382,814)
|
|
Net Income (loss) |
$ 504,876
|
$ (294,987)
|
$ 1,163,010
|
$ (633,845)
|
Common Class A [Member] |
|
|
|
|
Other income and expense: |
|
|
|
|
Weighted average shares outstanding, Basic |
3,519,503
|
12,028,500
|
7,374,408
|
11,895,588
|
Weighted average shares outstanding, Diluted |
3,519,503
|
12,028,500
|
7,374,408
|
11,895,588
|
Basic net income (loss) per common stock |
$ 0.08
|
$ (0.04)
|
$ 0.11
|
$ (0.04)
|
Diluted net income (loss) per common stock |
$ 0.08
|
$ (0.04)
|
$ 0.11
|
$ (0.04)
|
Common Class B [Member] |
|
|
|
|
Other income and expense: |
|
|
|
|
Weighted average shares outstanding, Basic |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Weighted average shares outstanding, Diluted |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Basic net income (loss) per common stock |
$ 0.08
|
$ (0.03)
|
$ 0.11
|
$ (0.05)
|
Diluted net income (loss) per common stock |
$ 0.08
|
$ (0.03)
|
$ 0.11
|
$ (0.05)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.0.1
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 288
|
$ 24,712
|
$ (445)
|
$ 24,555
|
Balance, shares at Dec. 31, 2021 |
|
2,875,000
|
|
|
|
Net Loss |
|
|
|
(338,858)
|
(338,858)
|
Sale of IPO Units |
$ 1,150
|
|
114,998,850
|
|
115,000,000
|
Sale of IPO Units, shares |
11,500,000
|
|
|
|
|
Sale of Private Placement Units |
$ 53
|
|
5,284,947
|
|
5,285,000
|
Sale of Private Placement Units, shares |
528,500
|
|
|
|
|
Offering and Underwriting costs |
|
|
(6,762,886)
|
|
(6,762,886)
|
Class A Common Stock subject to possible redemption |
$ (1,150)
|
|
(116,723,850)
|
|
(116,725,000)
|
Class A Common Stock subject to possible redemption, shares |
(11,500,000)
|
|
|
|
|
Accretion APIC to deficit |
|
|
3,178,227
|
(3,178,227)
|
|
Balance at Mar. 31, 2022 |
$ 53
|
$ 288
|
|
(3,517,530)
|
(3,517,189)
|
Balance, shares at Mar. 31, 2022 |
528,500
|
2,875,000
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 288
|
24,712
|
(445)
|
24,555
|
Balance, shares at Dec. 31, 2021 |
|
2,875,000
|
|
|
|
Net Loss |
|
|
|
|
(633,845)
|
Balance at Jun. 30, 2022 |
$ 53
|
$ 288
|
|
(3,812,517)
|
(3,812,176)
|
Balance, shares at Jun. 30, 2022 |
528,500
|
2,875,000
|
|
|
|
Balance at Mar. 31, 2022 |
$ 53
|
$ 288
|
|
(3,517,530)
|
(3,517,189)
|
Balance, shares at Mar. 31, 2022 |
528,500
|
2,875,000
|
|
|
|
Net Loss |
|
|
|
(294,987)
|
(294,987)
|
Balance at Jun. 30, 2022 |
$ 53
|
$ 288
|
|
(3,812,517)
|
(3,812,176)
|
Balance, shares at Jun. 30, 2022 |
528,500
|
2,875,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 53
|
$ 288
|
|
(4,992,245)
|
(4,991,904)
|
Balance, shares at Dec. 31, 2022 |
528,500
|
2,875,000
|
|
|
|
Re-measurement of ordinary shares subject to redemption |
|
|
|
(490,213)
|
(490,213)
|
Net Loss |
|
|
|
658,134
|
658,134
|
Balance at Mar. 31, 2023 |
$ 53
|
$ 288
|
|
(4,824,324)
|
(4,823,983)
|
Balance, shares at Mar. 31, 2023 |
528,500
|
2,875,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 53
|
$ 288
|
|
(4,992,245)
|
(4,991,904)
|
Balance, shares at Dec. 31, 2022 |
528,500
|
2,875,000
|
|
|
|
Net Loss |
|
|
|
|
1,163,010
|
Balance at Jun. 30, 2023 |
$ 53
|
$ 288
|
|
(5,146,580)
|
(5,146,239)
|
Balance, shares at Jun. 30, 2023 |
528,500
|
2,875,000
|
|
|
|
Balance at Mar. 31, 2023 |
$ 53
|
$ 288
|
|
(4,824,324)
|
(4,823,983)
|
Balance, shares at Mar. 31, 2023 |
528,500
|
2,875,000
|
|
|
|
Re-measurement of ordinary shares subject to redemption |
|
|
|
(542,132)
|
(542,132)
|
Net Loss |
|
|
|
504,876
|
504,876
|
Additional amount deposited into Trust Account for extension |
|
|
|
(285,000)
|
(285,000)
|
Balance at Jun. 30, 2023 |
$ 53
|
$ 288
|
|
$ (5,146,580)
|
$ (5,146,239)
|
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528,500
|
2,875,000
|
|
|
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v3.24.0.1
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flow from operating activities: |
|
|
Net income (loss) |
$ 1,163,010
|
$ (633,845)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Investment income earned on investments held in Trust Account |
(1,922,922)
|
(115,564)
|
Expenses paid by related party |
31,679
|
|
Changes in operating assets and liabilities: |
|
|
Deferred offering cost |
|
304,786
|
Prepaid expenses |
|
(96,750)
|
Franchise tax payable |
100,000
|
|
Income tax payable |
112,794
|
|
Accrued expenses |
245,212
|
(127,879)
|
Net cash used in operating activities |
(270,226)
|
(669,252)
|
Cash flows from investing activities: |
|
|
Cash withdrawn from trust account in connection with redemptions |
88,350,715
|
|
Cash withdrawn from trust account for tax obligations |
270,000
|
|
Investment of cash in trust account |
(285,000)
|
(116,725,000)
|
Net cash provided by (used in) investing activities |
88,335,715
|
(116,725,000)
|
Cash flow from financing activities: |
|
|
Redemption of Class A common stock |
(88,350,715)
|
|
Proceeds from sale of Units, net of underwriting discount paid |
|
112,262,114
|
Proceeds from sale of private placement units |
|
5,285,000
|
Proceeds from working capital loan |
285,000
|
|
Repayment of promissory note - related party |
|
(122,352)
|
Net cash provided by (used in) financing activities |
(88,065,715)
|
117,424,762
|
Net change in cash |
(227)
|
30,510
|
Cash at the beginning of the period |
334
|
25,000
|
Cash at the end of the period |
107
|
55,510
|
Supplemental disclosure of non-cash financing activities: |
|
|
Amount deposited into Trust Account for extension |
285,000
|
|
Deferred underwriting fee payable |
|
4,025,000
|
Value of Class A common stock subject to redemption |
|
116,725,000
|
Re-measurement of Class A common stock subject to redemption |
$ 1,032,345
|
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v3.24.0.1
Description of Organization and Business Operations
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
Aetherium
Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 15, 2021. The Company
was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or
substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). While the Company may pursue an initial business combination
target in any business, industry or sector or geographical location, the Company intends to focus on businesses in the education, training
and education technology (“EdTech”) industries, specifically in Asia (excluding China). The Company’s amended and restated
certificate of incorporate will provide that the Company shall not undertake an initial business combination with any entity with its
principal business operations in China (including Hong Kong and Macau).
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from April 15, 2021 (inception) through June
30, 2023 relates to the Company’s formation and the Initial Public Offering (as defined below) and searching for a target company.
The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.
The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived
from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
The
Company’s sponsor is Aetherium Capital Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration
statement for the Company’s initial public offering was declared effective on December 29, 2021. On January 3, 2022, the Company
consummated its Initial Public Offering of units (the “Units” and, with respect to the shares of Class A common
stock included in the Units being offered, the “Public Shares”), at $ per Unit, generating gross proceeds of $
(the “Initial Public Offering,” or “IPO”), and incurring offering costs of $, of which $ was
for deferred underwriting commissions (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional
Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment option
was exercised in full.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private placement of an aggregate of units (the
“Placement Units”) to the Sponsor at a price of $ per Placement Unit, generating total gross proceeds of $
(the “Private Placement”) (see Note 4).
Following
the closing of the Initial Public Offering on January 3, 2022, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in a trust
account (the “Trust Account”), located in the United States and held as cash items or may be invested in U.S. government
securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in
any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment
Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution
of the funds in the Trust Account to the Company’s stockholders, as described below.
The
Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a
Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination
at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against
a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least
$5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding
shares voted are voted in favor of the Business Combination.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
If
the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules,
the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption
rights with respect to 15% or more of the Public Shares without the Company’s prior written consent..
The
public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$10.15 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock will be recorded at a redemption
value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards
Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”
If
a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the
Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules
of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information
as would be included in a proxy statement with the SEC prior to completing a Business Combination.
The
Sponsor has agreed (a) to vote its shares of Class B common stock, the shares of Class A common stock included in the Placement Units
(the “Placement Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business
Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to
the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides
dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to
redeem any shares (including the Class B common stock) and Placement Units (including underlying securities) into the right to receive
cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender
offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote
to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders’ rights of pre-Business
Combination activities and (d) that the Class B common stock and Placement Units (including underlying securities) shall not participate
in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled
to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering
if the Company fails to complete its Business Combination.
The
Company had 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the
“Combination Period”). On March 23, 2023, the Company held a special meeting of its stockholders (the “Special
Meeting”). At the Special Meeting, the Company’s stockholders approved the proposal to amend the Company’s amended
and restated certificate of incorporation, to extend the date by which the Company must consummate a business combination up to
twelve (12) times, each such extension for an additional one (1) month period from April 3, 2023 to April 3, 2024, by depositing
into the trust account established for the benefit of the Company’s public stockholders the lesser of (A)
$0.055 per non-redeeming publicly held share of common stock and (B) $150,000 (the “Extension Payment”) for each
one-month extension. In connection with such
proposal, stockholders elected to redeem 8,508,997 shares
of the Company’s Class A common stock, par value $0.0001 per
share (“Class A Common Stock”), which represents approximately 74%
of the shares that were part of the units that were sold in the Company’s IPO. Following such redemptions, $31,501,906 remains
in the trust account as of June 30, 2023 and 3,519,503 shares
of Class A Common Stock will remain issued and outstanding of which 2,991,003
are redeemable as of June 30, 2023. On each of April 3, May 3, July 11, July 31, and December 4, 2023,
the Company’s Sponsor has deposited into the Company’s trust account $ to extend the period of time it has to
consummate its initial business combination by six months from April 3, 2023 to October 3, 2023. On December 14, 2023, the Company deposited
$ into the Trust Account to further extend the period of time it has to consummate a business combination by six months from December
4, 2023 to June 4, 2024.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor (other than the independent registered
public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company
has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $ per share (whether or not
the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of
any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters
of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible
to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have
to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s
independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute
agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Management’s Plan
Prior
to the completion of the IPO, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which
is considered to be one year from the issuance date of the financial statements. The Company has since completed its IPO at which time
capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general
working capital purposes. The Company have incurred and expect to continue to incur significant costs in pursuit of our financing and
acquisition plans. Management plans to address this uncertainty during period leading up to the business combination. However, there
is no assurance that the Company’s plans to consummate an initial Business Combination will be successful within the Combination
Period.
Going
Concern Consideration
The
Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company
is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the
requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate and dissolve raises substantial
doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the
outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs
of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s
amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted
accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going
concern.
Inflation
Reduction Act of 2022
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed
on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the
Treasury has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise
tax.
Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the U.S. Department of the Treasury. In addition, because the excise tax would be payable by the
Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing
could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete
a Business Combination.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
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v3.24.0.1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”). Certain information and note disclosures normally included in the annual financial statements prepared in accordance
with generally accepted accounting principles have been omitted pursuant to those rules and regulations, although the Company believes
that the disclosures made are adequate to make the information not misleading. The interim financial statements as of June 30, 2023 and
for the three and six months ended June 30, 2022, respectively, are unaudited. In the opinion of management, the interim financial statements
include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the
interim periods. The accompanying balance sheet as of December 31, 2022, is derived from the audited financial statements presented in
the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
As of June 30, 2023, the Company had $107 of cash in its operating bank account. As of December 31, 2022, the Company
had $334 of cash in its operating bank account. As of June 30,
2023 and December 31, 2022, the Company had no cash equivalents.
Cash
and Marketable Securities Held in Trust Account
The
Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The Company’s investments
held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value
at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment
income earned on investment held in Trust Account in the accompanying statements of operations. The estimated fair values of investments
held in the Trust Account are determined using available market information. At June 30, 2023 and December 31, 2022, substantially all
of the assets held in the Trust Account were held in U.S. Treasury Securities Money Market Funds.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related
to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of
the Initial Public Offering.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2023 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
provision for income taxes for the three and six months ended June 30, 2023 was $144,107 and $382,814, respectively. The provision for income taxes
was deemed to be de minimis for the three months and six months ended June 30, 2022.
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income (Loss) Per Common Share
| |
For The Three Months Ended June 30, 2023 | | |
For The Six Months Ended June 30, 2023 | | |
For The Three Months Ended June 30, 2022 | | |
For the Six Months Ended June 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
| 277,881 | | |
| 836,781 | | |
| (540,050 | ) | |
| (487,318 | ) |
Denominator: weighted average number of Class A common stock | |
| 3,519,503 | | |
| 7,374,408 | | |
| 12,028,500 | | |
| 11,895,588 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class B common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Numerator: net income (loss) allocable to common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per Class B common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.03 | ) | |
$ | (0.05 | ) |
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the
redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated
certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A
common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the
occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary
liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from
the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently,
the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (stockholders’ equity) to
be less than $5,000,001.
The Company’s Class A common stock features certain redemption rights that are considered by the Company to be outside of the
Company’s control and subject to the occurrence of uncertain future events. On April 10, 2023, $88,350,715
was paid to shareholders for redemption of 8,508,997
shares of the Company’s Class A common stock. Accordingly, at June 30, 2023 and December 31, 2022, 2,991,003
and 11,500,000
Class A common shares, respectively, are subject to possible redemption in the amount of $30,881,329
and $117,914,699
at redemption value per Public Share are presented as temporary equity, outside of the shareholders’ deficit section of the
Company’s balance sheet.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. On June 30, 2023, the Company had not experienced losses
on this account and management believes the Company is not exposed to significant risks on such account.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Recent
Accounting Standards
Management of the Company does not
believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s
financial statements.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or
search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
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v3.24.0.1
Initial Public Offering
|
6 Months Ended |
Jun. 30, 2023 |
Initial Public Offering |
|
Initial Public Offering |
Note
3 — Initial Public Offering
On
January 3, 2022, the Company consummated its Initial Public Offering of Units (including the issuance of Units as
a result of the underwriter’s full exercise of its over-allotment option), at $ per Unit, generating gross proceeds of $.
Each
Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles
the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (see Note 6).
As
of January 3, 2022, the Company incurred offering costs of approximately $, of which $ was for deferred underwriting
commissions.
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v3.24.0.1
Private Placement
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement |
|
Private Placement |
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of Placement Units at a price of $ per
Placement Unit ($ in the aggregate).
The
proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units
are identical to the Units sold in the Initial Public Offering, except for the placement warrants (“Placement Warrants”).
If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units
will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants will
expire worthless.
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v3.24.0.1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 — Related Party Transactions
Founder
Shares
On
May 11, 2021, the Sponsor purchased founder shares for an aggregate purchase price of $, or approximately $ per
share. In June 2021, the Sponsor transferred 20,000 shares each to the Company’s Chief Executive Officer and David Kopp, 15,000
shares to the Company’s Chief Financial Officer and 10,000 shares to each of the Company’s independent director nominees.
In July 2021, the Sponsor also transferred 431,250 shares to ARC Group Limited. In November 2021, ARC Group Limited transferred 140,400
shares to Max Mark Capital Limited, 140,400 shares to Jonathan Chan, and 10,000 shares to Mei Eng Goy. ARC Group Limited purchased its
net 140,450 shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial
Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder
shares, or $. The number of founder shares issued was determined based on the expectation that such founder shares would represent
20% of the outstanding shares upon completion of the IPO (excluding the placement units and underlying securities). The per share purchase
price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder
shares issued. As of June 30, 2023, the Sponsor owned 2,358,750 shares of Class B common stock. As the underwriters’ over-allotment
option has been exercised in full, of such shares held by the Sponsor will not be subject to forfeiture.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
The
initial stockholders have agreed not to transfer, assign or sell any of the shares of Class B common stock (except to certain permitted
transferees) until the earlier to occur of:
Promissory
Note – Related Party
On
May 10, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing
and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not to proceed
with the Initial Public Offering. These amounts will be repaid shortly after completion of the Initial Public Offering out of the $
of offering proceeds that has been allocated for the payment of offering expenses. As of December 31, 2021, the Company had borrowed
$ under the promissory note with the Sponsor. Following the IPO of the Company on January 3, 2022, a total of $ under the
promissory note was repaid on January 6, 2022.
Extension
Loan
The
Company had 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the “Combination
Period”). On March 23, 2023, the Company
held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders
approved the proposal to amend the Company’s amended and restated certificate of incorporation, to extend the date by which the
Company must consummate a business combination up to twelve (12) times, each such extension for an additional one (1) month period from
April 3, 2023 to April 3, 2024, by depositing into the trust account established for the benefit of the Company’s public stockholders
the lesser of (A) $0.055 per non-redeeming publicly held share of common stock and (B) $150,000 (the “Extension Payment”)
for each one-month extension. During the six
months June 30, 2023, the Company had deposited a total of $285,000
into the Trust Account in connection with the
extension loans.
This
extension loan is non-interest bearing and will be due upon consummation of the initial business combination. If the Company
complete the initial business combination, the Company will, at the option of the sponsor, repay such loaned amounts out of the
proceeds of the trust account released to the Company or convert a portion or all of the total loan amount into units at a price of
$ per unit, which units will be identical to the Private Placement Units. If the Company does not complete a business
combination, the Company will repay such loans only from funds held outside of the trust account.
Working Capital Loans
In order to finance transaction costs in connection with a Business Combination,
the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company
funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The
notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to
$ of notes may be converted upon consummation of a Business Combination into additional Placement Units at a price of $
per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account
to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of
June 30, 2023, there was $ outstanding under Working Capital Loan. As of December 31, 2022, there was $ outstanding under
Working Capital Loan.
Administrative
Services Arrangement
The
Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ
through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company
certain general and administrative services, including office space, utilities and administrative services, as the Company may require
from time to time. The Company has agreed to pay the financial advisor $10,000 per month for these services. For the six months
ended June 30, 2023, the Company has recognized $60,000 operating cost for the service provided by ARC Group Ltd. under this agreement.
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v3.24.0.1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in
payment of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior
to or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to
three demands that the Company register such securities at any time after the Company consummates a Business Combination. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the
consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
6 — Commitments and Contingencies (Continued)
Underwriting
Agreement
The
underwriters purchased the 1,500,000 of additional Units to cover over-allotments, less the underwriting discounts and commissions.
The
underwriters were entitled to a cash underwriting discount of: (i) two percent (2.00%) of the gross proceeds of the Initial Public Offering,
or $2,300,000 as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred
fee of three and one half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $4,025,000 upon closing of the Business
Combination. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account,
subject to the terms of the underwriting agreement.
On
December 29, the underwriter gave the Company a rebatement of $500,000. So the cash underwriting fee for the Initial Public Offering
was $1,800,000.
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v3.24.0.1
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 – Stockholders’ Equity
Class
A Common Stock — The Company is authorized to issue 100,000,000
shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. On June 30, 2023, there were 528,500
shares of Class A Common Stock issued and outstanding, excluding 2,991,003
shares subject to redemption. On December 31, 2022, there were 528,500 shares of Class A Common Stock issued and outstanding,
excluding 11,500,000 shares subject to redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000
shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. On May 11, 2021, the Sponsor
purchased
founder shares for an aggregate purchase price of $,
or approximately $
per share. On January 3, 2022, as the underwriters’ over-allotment option has been exercised in full,
of such shares held by the Sponsor will not be subject to forfeiture. At June 30, 2023 and December 31, 2022, there were 2,875,000
shares of Class B common stock issued and outstanding. Shares of Class B common stock will automatically convert into shares of
Class A common stock at the time of the Company’s initial business combination on a one-for-one basis.
Preferred
Shares — The Company is authorized to issue 1,000,000
preferred shares with a par value of $0.0001
per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of
Directors. At June 30, 2023 and December 31, 2022, there were no
preferred shares issued or outstanding.
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v3.24.0.1
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note
8 — Fair Value Measurements
The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine
such fair value.
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level 1, defined as observable
inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|
|
|
|
● |
Level 2, defined as inputs
other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments
in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
|
|
|
|
● |
Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations
derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Schedule
of Fair Value Assets
| |
Level | | |
June
30, 2023 | | |
December 31, 2022 | |
Assets: | |
| | | |
| | | |
| | |
Cash and marketable securities held in trust account | |
| 1 | | |
$ | 31,501,906 | | |
$ | 117,914,699 | |
|
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v3.24.0.1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
9 – Subsequent Events
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events
or transactions that occurred up to February 27, 2024, the date the unaudited financial statements were available to issue. Based
upon this review, other than as described below, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the financial statements.
On July 13, 2023, August
4, 2023, and December 14, 2023, the Company deposited $150,000, $150,000, and $300,000, respectively
into the Trust Account to further extend the period of time it has to consummate a business combination to June 4, 2024.
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v3.24.0.1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”). Certain information and note disclosures normally included in the annual financial statements prepared in accordance
with generally accepted accounting principles have been omitted pursuant to those rules and regulations, although the Company believes
that the disclosures made are adequate to make the information not misleading. The interim financial statements as of June 30, 2023 and
for the three and six months ended June 30, 2022, respectively, are unaudited. In the opinion of management, the interim financial statements
include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the
interim periods. The accompanying balance sheet as of December 31, 2022, is derived from the audited financial statements presented in
the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
As of June 30, 2023, the Company had $107 of cash in its operating bank account. As of December 31, 2022, the Company
had $334 of cash in its operating bank account. As of June 30,
2023 and December 31, 2022, the Company had no cash equivalents.
|
Cash and Marketable Securities Held in Trust Account |
Cash
and Marketable Securities Held in Trust Account
The
Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The Company’s investments
held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value
at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment
income earned on investment held in Trust Account in the accompanying statements of operations. The estimated fair values of investments
held in the Trust Account are determined using available market information. At June 30, 2023 and December 31, 2022, substantially all
of the assets held in the Trust Account were held in U.S. Treasury Securities Money Market Funds.
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
Offering
costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related
to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of
the Initial Public Offering.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2023 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
provision for income taxes for the three and six months ended June 30, 2023 was $144,107 and $382,814, respectively. The provision for income taxes
was deemed to be de minimis for the three months and six months ended June 30, 2022.
|
Net Loss Per Share |
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income (Loss) Per Common Share
| |
For The Three Months Ended June 30, 2023 | | |
For The Six Months Ended June 30, 2023 | | |
For The Three Months Ended June 30, 2022 | | |
For the Six Months Ended June 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
| 277,881 | | |
| 836,781 | | |
| (540,050 | ) | |
| (487,318 | ) |
Denominator: weighted average number of Class A common stock | |
| 3,519,503 | | |
| 7,374,408 | | |
| 12,028,500 | | |
| 11,895,588 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class B common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Numerator: net income (loss) allocable to common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per Class B common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.03 | ) | |
$ | (0.05 | ) |
|
Class A Common Stock Subject to Possible Redemption |
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the
redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated
certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A
common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the
occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary
liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from
the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently,
the Company will not redeem its Public Shares in an amount that would cause its net tangible assets (stockholders’ equity) to
be less than $5,000,001.
The Company’s Class A common stock features certain redemption rights that are considered by the Company to be outside of the
Company’s control and subject to the occurrence of uncertain future events. On April 10, 2023, $88,350,715
was paid to shareholders for redemption of 8,508,997
shares of the Company’s Class A common stock. Accordingly, at June 30, 2023 and December 31, 2022, 2,991,003
and 11,500,000
Class A common shares, respectively, are subject to possible redemption in the amount of $30,881,329
and $117,914,699
at redemption value per Public Share are presented as temporary equity, outside of the shareholders’ deficit section of the
Company’s balance sheet.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. On June 30, 2023, the Company had not experienced losses
on this account and management believes the Company is not exposed to significant risks on such account.
AETHERIUM
ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
Recent Accounting Standards |
Recent
Accounting Standards
Management of the Company does not
believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s
financial statements.
|
Risks and Uncertainties |
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that
the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or
search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
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v3.24.0.1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Basic and Diluted Net Income (Loss) Per Common Share |
The
following table reflects the calculation of basic and diluted net income per common share:
Schedule
of Basic and Diluted Net Income (Loss) Per Common Share
| |
For The Three Months Ended June 30, 2023 | | |
For The Six Months Ended June 30, 2023 | | |
For The Three Months Ended June 30, 2022 | | |
For the Six Months Ended June 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
| 277,881 | | |
| 836,781 | | |
| (540,050 | ) | |
| (487,318 | ) |
Denominator: weighted average number of Class A common stock | |
| 3,519,503 | | |
| 7,374,408 | | |
| 12,028,500 | | |
| 11,895,588 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class B common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Numerator: net income (loss) allocable to common stock | |
| 226,995 | | |
| 326,229 | | |
| (89,141 | ) | |
| (146,527 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per Class B common stock | |
$ | 0.08 | | |
$ | 0.11 | | |
$ | (0.03 | ) | |
$ | (0.05 | ) |
|
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- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.24.0.1
Description of Organization and Business Operations (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
|
|
|
|
|
|
|
|
|
Apr. 10, 2023 |
Mar. 23, 2023 |
Jan. 03, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 14, 2023 |
Dec. 04, 2023 |
Aug. 04, 2023 |
Jul. 31, 2023 |
Jul. 13, 2023 |
Jul. 11, 2023 |
May 03, 2023 |
Apr. 03, 2023 |
Dec. 31, 2022 |
Proceeds from issuance of private placement |
|
|
|
|
$ 5,285,000
|
|
|
|
|
|
|
|
|
|
Business combination, net tangible assets |
|
|
|
5,000,001
|
|
|
|
|
|
|
|
|
|
|
Deposits held in trust |
|
|
|
$ 31,501,906
|
|
|
|
|
|
|
|
|
|
$ 117,914,699
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits held in trust |
|
|
|
|
|
$ 300,000
|
|
$ 150,000
|
|
$ 150,000
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits held in trust |
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
$ 150,000
|
|
Sponsor [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits held in trust |
|
|
|
|
|
$ 300,000
|
$ 150,000
|
|
$ 150,000
|
|
$ 150,000
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Redeemed or Called During Period, Shares |
8,508,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
Common stock, shares issued |
|
|
|
528,500
|
|
|
|
|
|
|
|
|
|
528,500
|
Common stock, shares outstanding |
|
|
|
528,500
|
|
|
|
|
|
|
|
|
|
528,500
|
Common stock subject to possible redemption |
|
|
|
2,991,003
|
|
|
|
|
|
|
|
|
|
11,500,000
|
Public Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
|
$ 10.15
|
|
|
|
|
|
|
|
|
|
|
Closing Initial Public Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
$ 10.15
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
|
|
$ 116,725,000
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non redeeming common stock description |
|
(A)
$0.055 per non-redeeming publicly held share of common stock and (B) $150,000 (the “Extension Payment”) for each
one-month extension.
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Redeemed or Called During Period, Shares |
|
8,508,997
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of shares sold unit part of ipo |
|
74.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption Premium |
|
$ 31,501,906
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
3,519,503
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
|
3,519,503
|
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units issued during the period |
|
|
11,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
|
|
$ 115,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Offering costs |
|
|
6,762,886
|
|
|
|
|
|
|
|
|
|
|
|
Deferred underwriting commissions |
|
|
$ 4,025,000
|
|
|
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units issued during the period |
|
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
|
10.15
|
|
|
|
|
|
|
|
|
|
|
Private Placement [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units issued during the period |
|
|
528,500
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
|
|
$ 5,285,000
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.0.1
Schedule of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Common Class A [Member] |
|
|
|
|
Numerator: net income (loss) allocable to common stock |
$ 277,881
|
$ (540,050)
|
$ 836,781
|
$ (487,318)
|
Denominator: weighted average number of common stock, basic |
3,519,503
|
12,028,500
|
7,374,408
|
11,895,588
|
Denominator: weighted average number of common stock, diluted |
3,519,503
|
12,028,500
|
7,374,408
|
11,895,588
|
Basic net income (loss) per redeemable common stock |
$ 0.08
|
$ (0.04)
|
$ 0.11
|
$ (0.04)
|
Diluted net income (loss) per redeemable common stock |
$ 0.08
|
$ (0.04)
|
$ 0.11
|
$ (0.04)
|
Common Class B [Member] |
|
|
|
|
Numerator: net income (loss) allocable to common stock |
$ 226,995
|
$ (89,141)
|
$ 326,229
|
$ (146,527)
|
Denominator: weighted average number of common stock, basic |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Denominator: weighted average number of common stock, diluted |
2,875,000
|
2,875,000
|
2,875,000
|
2,875,000
|
Basic net income (loss) per redeemable common stock |
$ 0.08
|
$ (0.03)
|
$ 0.11
|
$ (0.05)
|
Diluted net income (loss) per redeemable common stock |
$ 0.08
|
$ (0.03)
|
$ 0.11
|
$ (0.05)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
Apr. 10, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Cash |
|
$ 107
|
|
$ 107
|
|
$ 334
|
Cash equivalents at carrying value |
|
0
|
|
0
|
|
0
|
Unrecognized tax benefits |
|
0
|
|
0
|
|
|
Unrecognized tax benefits accrued for interest and penalties |
|
0
|
|
0
|
|
|
Income tax provision |
|
144,107
|
|
382,814
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment |
|
5,000,001
|
|
5,000,001
|
|
|
Redemption of class A common stock |
$ 88,350,715
|
|
|
88,350,715
|
|
|
Subject to possible redemption value |
|
30,881,329
|
|
30,881,329
|
|
$ 117,914,699
|
Federal depository insurance coverage |
|
$ 250,000
|
|
$ 250,000
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
Class A common stock |
8,508,997
|
|
|
|
|
|
Common stock subject to possible redemption |
|
2,991,003
|
|
2,991,003
|
|
11,500,000
|
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v3.24.0.1
Initial Public Offering (Details Narrative) - USD ($)
|
|
6 Months Ended |
Jan. 03, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Proceeds from issuance of private placement |
|
|
$ 5,285,000
|
Public Warrant [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Warrant description |
Each
Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”).
|
|
|
Warrant exercise price |
$ 11.50
|
|
|
IPO [Member] | Sponsor [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Units issued during the period |
11,500,000
|
|
|
Issued price per share |
$ 10.00
|
|
|
Proceeds from issuance of private placement |
$ 115,000,000
|
|
|
Offering costs |
6,762,886
|
|
|
Deferred underwriting commissions |
$ 4,025,000
|
|
|
Over-Allotment Option [Member] | Sponsor [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Units issued during the period |
1,500,000
|
|
|
Issued price per share |
|
$ 10.15
|
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- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.24.0.1
Private Placement (Details Narrative) - USD ($)
|
|
6 Months Ended |
Jan. 03, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Proceeds from issuance of private placement |
|
|
$ 5,285,000
|
Private Placement [Member] | Sponsor [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Units issued during the period |
528,500
|
|
|
Issued price per share |
$ 10.00
|
$ 10.00
|
|
Proceeds from issuance of private placement |
$ 5,285,000
|
|
|
X |
- DefinitionThe cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
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v3.24.0.1
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Jan. 03, 2022 |
May 11, 2021 |
May 10, 2021 |
Nov. 30, 2021 |
Jul. 31, 2021 |
Jun. 30, 2021 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Apr. 15, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
|
|
|
|
|
$ 115,000,000
|
|
|
|
|
|
Percentage of issued and outstanding shares |
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
Promissory notes repaid |
|
|
|
|
|
|
|
|
$ 122,352
|
|
|
|
Extension loan description |
|
|
|
|
|
|
|
On March 23, 2023, the Company
held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders
approved the proposal to amend the Company’s amended and restated certificate of incorporation, to extend the date by which the
Company must consummate a business combination up to twelve (12) times, each such extension for an additional one (1) month period from
April 3, 2023 to April 3, 2024, by depositing into the trust account established for the benefit of the Company’s public stockholders
the lesser of (A) $0.055 per non-redeeming publicly held share of common stock and (B) $150,000 (the “Extension Payment”)
for each one-month extension
|
|
|
|
|
Payments to Acquire Investments |
|
|
|
|
|
|
|
$ 285,000
|
$ 116,725,000
|
|
|
|
Administrative services arrangement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses per month |
|
|
|
|
|
|
|
10,000
|
|
|
|
|
Expenses incurred related to agreement |
|
|
|
|
|
|
|
$ 60,000
|
|
|
|
|
ARC Group Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
|
431,250
|
|
|
|
|
|
|
|
Shares issued for services |
|
140,450
|
|
|
|
|
|
|
|
|
|
|
Max Mark Capital Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
140,400
|
|
|
|
|
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
|
|
2,875,000
|
|
2,875,000
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
|
|
528,500
|
|
528,500
|
|
|
Sponsor [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
Offering proceeds |
|
|
$ 660,000
|
|
|
|
|
|
|
|
|
|
Borrowed under promissory notes |
|
|
|
|
|
|
|
|
|
|
$ 122,352
|
|
Promissory notes repaid |
$ 122,352
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Working Capital Loans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
Outstanding loans |
|
|
|
|
|
|
|
$ 407,803
|
|
$ 91,124
|
|
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
|
|
|
|
|
|
$ 10.15
|
|
|
|
|
Sponsor [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
528,500
|
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
$ 10.00
|
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
2,875,000
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
Issued price per share |
|
$ 0.009
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
|
|
2,358,750
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock exercised |
375,000
|
|
|
|
|
|
|
|
|
|
|
|
Sponsor [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock transaction, description |
|
|
|
|
|
|
|
(A) six months after the completion of the Company’s initial business combination and
(B) subsequent to the Company’s initial business combination, (x) if the reported last sale price of the Class A common stock equals
or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing after the Company’s initial business combination, or (y) the date on
which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in
all of the Company’s stockholders having the right to exchange their shares of Class A common stock for cash, securities or other
property.
|
|
|
|
|
Price per shares |
|
|
|
|
|
|
|
$ 12.00
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
|
|
20,000
|
|
|
|
|
|
|
David Kopp [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
|
|
20,000
|
|
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
|
|
15,000
|
|
|
|
|
|
|
Independent Director Nominees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
|
|
10,000
|
|
|
|
|
|
|
Jonathan Chan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
140,400
|
|
|
|
|
|
|
|
|
Mei Eng Goy [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares transferred by sponsor |
|
|
|
10,000
|
|
|
|
|
|
|
|
|
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v3.24.0.1
Commitments and Contingencies (Details Narrative) - Underwriters Agreement [Member] - USD ($)
|
|
6 Months Ended |
Dec. 29, 2021 |
Jun. 30, 2023 |
Over-Allotment Option [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of options granted |
|
1,500,000
|
IPO [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Percentage of underwriting discount |
|
2.00%
|
Proceeds from initial public offering |
|
$ 2,300,000
|
Percentage of underwriting deferred fee |
|
3.50%
|
Deferred underwriting fee |
|
$ 4,025,000
|
Underwriting rebatement |
$ 500,000
|
|
Underwriting fee |
$ 1,800,000
|
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v3.24.0.1
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
|
Jan. 03, 2022 |
May 11, 2021 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
Stock issued during period, value new issues |
|
|
$ 115,000,000
|
|
|
Preferred stock, shares authorized |
|
|
|
1,000,000
|
1,000,000
|
Preferred stock, par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares issued |
|
|
|
0
|
0
|
Preferred stock, shares outstanding |
|
|
|
0
|
0
|
Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Stock issued during period, shares, new issues |
1,500,000
|
|
|
|
|
Share price per share |
|
|
|
$ 10.15
|
|
Common Class A [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, shares authorized |
|
|
|
100,000,000
|
100,000,000
|
Common stock, par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares issued |
|
|
|
528,500
|
528,500
|
Common stock, shares outstanding |
|
|
|
528,500
|
528,500
|
Common stock subject to possible redemption |
|
|
|
2,991,003
|
11,500,000
|
Common Class B [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, shares authorized |
|
|
|
10,000,000
|
10,000,000
|
Common stock, par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares issued |
|
|
|
2,875,000
|
2,875,000
|
Common stock, shares outstanding |
|
|
|
2,875,000
|
2,875,000
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
2,358,750
|
|
Stock issued during period, shares, new issues |
|
2,875,000
|
|
|
|
Stock issued during period, value new issues |
|
$ 25,000
|
|
|
|
Share price per share |
|
$ 0.009
|
|
|
|
Common Class B [Member] | Sponsor [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Stock exercised |
375,000
|
|
|
|
|
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v3.24.0.1
Schedule of Fair Value Assets (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and marketable securities held in trust account |
$ 31,501,906
|
$ 117,914,699
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and marketable securities held in trust account |
$ 1
|
|
X |
- DefinitionThe amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate within one year of the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited.
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v3.24.0.1
Subsequent Events (Details Narrative) - USD ($)
|
Dec. 14, 2023 |
Aug. 04, 2023 |
Jul. 13, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
Deposits in trust account |
|
|
|
$ 31,501,906
|
$ 117,914,699
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Deposits in trust account |
$ 300,000
|
$ 150,000
|
$ 150,000
|
|
|
X |
- DefinitionThe amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate within one year of the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited.
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