Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 4

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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 (loss) 
    $2,222,746  
    $(28,464)
  
    Adjustments to reconcile net income (loss) to net cash used in operating activities 

    Interest earned on cash and marketable securities held in Trust Account 
     (2,464,218) 
     - 
  
    Formation Costs paid by Sponsor in exchange for issuance of Class B ordinary shares 
     -  
     6,364 
  
    Changes in operating assets and liabilities 

    Increase (decrease) in cash attributable to Prepaid Expense 
     48,600  
     - 
  
    Increase (decrease) in cash attributable to Accounts Payable and Accrued Expenses 
     7,484  
     22,100 
  
    Net cash used in operating activities 
     (185,388) 
     - 
  
    Net decrease in cash 
     (185,388) 
     - 
  
    Cash at beginning of the period 
     697,085  
     - 
  
    Cash at end of the period 
    $511,697  
    $- 

    Supplemental Disclosure of Non-cash for Investing and Financing Activities: 

    Formation costs and offering costs paid by Sponsor for the issuance of Founder Shares   
    $-  
    $25,000 
  
    Deferred offering costs included in accounts payable and accrued expenses 
    $-  
    $5,000 
  
    Offering costs paid through notes payable-related party 
    $-  
    $37,500 

The accompanying notes are an integral part of the condensed financial statements.

4

SIM ACQUISITION CORP. I 

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(UNAUDITED)

Note 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

SIM Acquisition Corp. I (the
“Company”) was incorporated as a Cayman Islands exempted company on January 29, 2024. The Company was incorporated for the
purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”).

As of March 31, 2025, the
Company had not commenced any operations. All activity for the period from inception to March 31, 202