Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 403

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 403
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93 million as compared to $1.97 million for the quarter ended March 31, 2024. This decrease was primarily due to a decrease in stock-based compensation of $0.28 million primarily due to the
completion of vesting for previously granted awards. Additionally, the cost incurred for consulting and commission has been decreased by $0.07 million and $0.02 million respectively as compared to March 31, 2024. Rent or lease
expenses also decreased by $0.04 million. These reductions were partially offset by increases in payroll expenses of $0.19 million and bad debt expenses of $0.17 million.

Research and development expenses– Research and development expenses include costs associated with software product development,
testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance.

Research and development
expenses for the quarter ended March 31, 2025, decreased $0.06 million to $0.17 million as compared to $0.22 million for the quarter ended March 31, 2024. The decrease was primarily

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due to stock-based compensation of $0.08 million due to the completion of vesting for previously granted awards. These reductions were partially offset by increases in payroll expenses of
$0.03 million.

Interest expense– Interest expense represents interest payable on our borrowings reflected in the
unaudited condensed balance sheet as at March 31, 2025.

Interest expense increased by $0.02 million to $0.07 million for
the quarter ended March 31, 2025, from $0.05 million for the quarter ended March 31, 2024. The increase was primarily due to a higher outstanding balance of promissory notes reflecting the issuance of new promissory notes between the
periods and accrued interest for Cumulative Mandatorily Redeemable common and preferred stock liability.

Loss on extinguishment of debt– Loss on extinguishment of debt represents $ 0.1 million related to April 2024 Convertible Note, $ 0.1 million related to June 2024 Convertible Note and $ 0.2 million related to September 2024 Convertible Notes. Loss on
extinguishment of debt are related to modification of the aforementioned loan on account of change in conversion price from $4.94 to $3.15 will be accounted for under the substantial premium model in accordance with ASC 470 Debt where the excess
above the fair value of these notes will be recorded as