Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 11

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 concern. It is uncertain that the
company will be able to consummate a Business Combination by July 11, 2026. If a Business Combination is not consummated by this date,
there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation
and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have
been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after July 11, 2026. In addition,
the Company’s cash balance does not exceed its current budgeted operating requirements, and management has concluded that this indicates
the Company will not have sufficient liquidity to meet its obligations as they become due within one year after the date these financial
statements are issued.

Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES

Basis of Presentation

The accompanying unaudited
condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the U.S. Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included
in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the
SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation
of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial
statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial
position, operating results and cash flows for the periods presented.

The accompanying unaudited
condensed financial statements should be read in conjunction with the Company’s final prospectus for its Initial Public Offering
as filed with the SEC on July 10, 2024, the Company’s Current Report on Form 8-K filed with the SEC on July 17, 2024, and the Company’s
Annual Report on Form 10-K for the period ended December 31, 2024. The interim results for the three and nine months ended September 30,
2025 are not necessarily indicative of future performance.

7

Emerging Growth Company

The Company is an “emerging
growth company,” as defined in Section 2(a)