Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 9

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 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 footnotes necessary for a complete presentation
of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial
statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial
position, operating results and cash flows for the periods presented.

The accompanying unaudited
condensed financial statements should be read in conjunction with the Company’s final prospectus for its Initial Public Offering
as filed with the SEC on July 10, 2024, the Company’s Current Report on Form 8-K filed with the SEC on July 17, 2024, and the Company’s
Annual Report on Form 10-K for the period ended December 31, 2024. The interim results