Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
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Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
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 fluctuations in interest rates,
increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical
instability, such as the military conflicts in Ukraine and the Middle East. The Company cannot at this time predict the likelihood of
one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company’s business
and its ability to complete an initial Business Combination.

Liquidity and Capital Sources

 As of March 31, 2025 and December
31, 2024, the Company had a cash balance of $511,697 and $697,085 and a working capital surplus of $550,204 and $791,676, respectively.
Further, the Company has incurred and expects to continue to incur significant costs in pursuit of a Business Combination. In connection
with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” as of March 31, 2025, management has determined
that the Company has access to funds from certain of the holders of Founder Shares (as defined in Note 5), and such individuals have the
financial ability to provide such funds, that are sufficient to fund the working capital needs of the Company in excess of one year. Further,
due to the closing of the Initial Public Offering on July 11, 2024, the Company has sufficient funds for the working capital needs of
the Company until a minimum of one year from the date of issuance of these financial statements. The Company cannot assure that its plans
to consummate a Business Combination will be successful or that additional funds from holders of its Founder Shares will be available
on attractive terms, if at all.

Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES

Basis of Presentation

The accompanying unaudited
condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the U.S. Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included
in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the
SEC for interim financial reporting. Accordingly, they do not include all the information and