Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 1003

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 1003
---
 opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

/s/
WithumSmith+Brown, PC

We
have served as the Company’s auditor since 2021.

New
York, New York

March
31, 2025

PCAOB
ID Number 100

F-2

VALUENCE
MERGER CORP. I

BALANCE
SHEETS

    2024  
    2023 

    December 31, 

    2024  
    2023 

    ASSETS 

    Current assets 

    Cash 
    $61,037  
    $684,816 
  
    Prepaid expenses 
     48,474  
     78,070 
  
    Total current assets 
     109,511  
     762,886 

    Cash and investments held in Trust Account 
     22,206,637  
     69,402,338 
  
    TOTAL ASSETS 
    $22,316,148  
    $70,165,224 

    LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT 

    Current liabilities 

    Accrued expenses and accounts payable 
    $766,821  
    $2,228,646 
  
    Advances from related party 
     1,008,384  
     198,384 
  
    Convertible promissory notes - sponsor 
     913,207  
     613,207 
  
    Convertible promissory note - related party 
     1,650,941  
     1,650,941 
  
    Convertible promissory note 
     1,650,941  
     1,650,941 

    Total current liabilities 
     4,339