Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 73

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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completion of our initial Business Combination, we do not expect to seek loans from parties other than our Sponsor or an affiliate of
our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek
access to funds in our Trust Account.

19

In connection with the Company’s
assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” as of March 31, 2025, the Company has sufficient funds for its working capital needs until
a minimum of one year from the date of issuance of the accompanying financial statements. The Company cannot assure that its plans to
consummate a Business Combination will be successful.

We do not believe we will
need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the
costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual
amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover,
we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant
number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt
in connection with such Business Combination. 

Off-Balance Sheet Arrangements

As of March 31, 2025 and December
31, 2024, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and
did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in the unaudited condensed
financial statements and the notes thereto included in this Report under “Item 1. Financial Statements” as we have not conducted
any operations to date.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of
$10,000 per month to the Sponsor or an affiliate thereof for office space, utilities, and secretarial and administrative support. We began
incurring these fees on July 9, 2024 and will continue to incur these fees monthly until the earlier of the completion of the