Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 5

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
---
    Formation Costs paid by Sponsor in exchange for issuance of Class B ordinary shares 
     -  
     6,364 
  
    Change in deferred operating costs 
     -  
     (145,807)
  
    Changes in operating assets and liabilities 

    Increase (decrease) in cash attributable to Prepaid Expense 
     97,200  
     - 
  
    Increase (decrease) in cash attributable to Accounts Payable and Accrued Expenses 
     (25,109) 
     - 
  
    Net cash used in operating activities 
     (350,916) 
     (180,748)
  
    Cash Flows from Financing Activities 

    Promissory note - related party 
     -  
     200,000 
  
    Net increase (decrease) in cash 
     (350,916) 
     19,252 
  
    Cash at beginning of the period 
     697,085  
     - 
  
    Cash at end of the period 
    $346,169  
    $19,252 

    Supplemental Disclosure of Non-cash for Investing and Financing Activities: 

    Formation costs and offering costs paid by Sponsor for the issuance of Founder Shares 
    $-  
    $25,000 
  
    Deferred offering costs included in accounts payable and accrued expenses 
    $-  
    $5,000 
  
    Offering costs paid through Notes payable-related party 
    $-  
    $37,500 

The accompanying notes are an integral part
of the condensed financial statements.

4

SIM ACQUISITION CORP. I

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

Note 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

SIM Acquisition Corp. I (the
“Company”) was incorporated as a Cayman Islands exempted company on January 29, 2024. The Company was incorporated for the
purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”).

As of June 30, 2025, the Company
had not commenced any operations. All activity for the period from inception to June 30, 2025 relates to the Company’s formation
and the