Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 10

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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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,” management has determined that the mandatory liquidation and subsequent
dissolution raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not
include any adjustments that may be necessary if the Company is unable to continue as a going concern. It is uncertain that the company
will be able to consummate a Business Combination by July 11, 2026. If a Business Combination is not consummated by this date, there will
be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation and subsequent
dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to
the carrying amounts of assets or liabilities should the Company be required to liquidate after July 11, 2026. In addition, the Company’s cash balance does not exceed its current budgeted operating requirements, and management has concluded
that this indicates the Company will not have sufficient liquidity to meet its obligations as they become due within one year after the
date these financial statements are issued.

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