Company: CSLMF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076682
Chunk: 146

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 146
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,000 of covenant fees, offset by $225,000
of expected credit losses, $99,110 of legal and accounting expenses, $50,659 of insurance expense, $28,720 of dues and subscriptions expense,
$30,000 of administrative expense – related party, and $23,741 of interest, general and administrative expenses.

For the six months ended June 30, 2024, we had a net income of $570,542,
which consisted of $1,369,022 dividends on marketable securities held in the Trust Account and $225,000 of covenant 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