Company: CSTAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044280
Chunk: 143

Company: Constellation Acquisition Corp I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 143
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 280. This ASU is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption
permitted. ASU 2023-07 became effective as of December 31, 2024 and our management adopted ASU 2023-07 in our financial statements and
related disclosures (see Note 9).

The Company’s management does not believe
that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the accompanying
unaudited condensed financial statements.

Off-Balance Sheet Arrangements

As of March 31, 2025, we did not have any off-balance
sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

Inflation

We do not believe that inflation had a material
impact on our business, revenues or operating results during the period presented.

JOBS Act

The JOBS Act contains provisions that, among other
things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and
under the JOBS Act are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly
traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with
new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.
As a result, the financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as
of public company effective dates.

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Additionally, we are in the process of evaluating
the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth
in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not be required to, among
other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to
Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank
Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the Public Company Accounting
Oversight Board regarding mandatory audit firm rotation or a supplement