Company: CSLMF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076682
Chunk: 114

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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 fees, offset by $225,000
of expected credit losses, $514,438 of legal and accounting expenses, $114,113 of insurance expense, $67,601 of dues and subscriptions
expense, $60,000 of administrative expense – related party, and $42,328 of interest, general and administrative expenses.

23

Liquidity and Capital Resources

As of June 30, 2025 and December 31, 2024, the Company had $14,041
and $83,227 in cash, respectively, and a working capital deficit of $4,958,706 and $4,056,679, respectively, excluding Marketing Securities
held in the Trust Account and the Deferred Underwriter Fee liability.

The Company’s liquidity needs through June 30, 2025 had been
satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“Class B ordinary
shares” and shares thereof, “founder shares”), the Initial Public Offering and the sale of the private placement warrants.
Additionally, the Company drew on an unsecured promissory note to pay certain offering costs and an unsecured promissory note bearing
interest at 4.75% per annum to pay for working capital needs.

The Company has incurred and expects to continue to incur significant
costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to
continue as a going concern for a period within one year after the date that the financial statements are issued. Management plans to
address this uncertainty through related party loans from the Sponsor, an affiliate of the Sponsor, or certain of the Company’s
officers and directors or their affiliates (“Working Capital Loans”) and effecting a Business Combination. However, there
is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful
within the Combination Period. In addition, management is currently evaluating the impact of various factors that could cause economic
uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other
things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, adverse developments affecting
the financial services industry, and geopolitical instability, such as the military conflict in the Ukraine.

These factors, among others, raise substantial doubt about the Company’s
ability to continue as a going concern one