Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 586

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 586
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 9, 2024, we entered into with Cantor, as representative of
the several underwriters of the Initial Public Offering. If we fail to consummate an initial Business Combination within the Combination
Period, such deferred fee will be included with the funds held in the Trust Account that will be available to fund the redemption of our
Public Shares upon the liquidation of the Trust Account.

Administrative Services
Agreement

Commencing
on July 10, 2024, and until completion of our initial Business Combination or liquidation, we pay an affiliate of our Sponsor $10,000
per month for certain office space, utilities and secretarial and administrative support pursuant to the Administrative
Services Agreement. Under the Administrative Services Agreement, there was $60,000 incurred and paid for the year ending December 31,
2024.

Critical Accounting
Estimates

The
preparation of the audited financial statements contained elsewhere in this Report in conformity with GAAP 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. Making estimates requires Management to
exercise significant judgement. 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, actual results could materially differ from those estimates.
As of December 31, 2024, we did not have any critical accounting estimates to be disclosed.

Item 7A. Quantitative and
Qualitative Disclosures about Market Risk. 

We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Item
8. Financial Statements and Supplementary Data.

Reference is made to pages
F-1 through F-18 comprising a portion of this Report, which are incorporated herein by reference.

24

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item
9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures
are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time