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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from           to

 

Commission File No. 001-41189

 

AETHERIUM ACQUISITION CORP.

 

(Exact name of registrant as specified in its charter)

 

Delaware   86-3449713

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

79B Pemberwick Rd.

Greenwich, CT

  06831
(Address of Principal Executive Offices)   (Zip Code)

 

(650) 450-6836

 

(Registrant’s telephone number, including area code)

 

N/A

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant   GMFIU   The Nasdaq Stock Market LLC
Class A Common Stock, par value $0.0001 per share   GMFI   The Nasdaq Stock Market LLC
Warrants   GMFIW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

 

As of May 12, 2022, there were 12,028,500 shares of Class A common stock, par value $0.0001 per share, and 2,875,000 shares of Class B common stock, par value $0.0001 per share, issued and outstanding.

 

 

 

 

 

 

AETHERIUM ACQUISITION CORP.

 

TABLE OF CONTENTS

 

    Page
PART I – FINANCIAL INFORMATION: 1
     
Item 1. Financial Statements: 1
  Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 (Audited) 1
  Statement of Operations for the Three Months Ended March 31, 2022 (Unaudited) 2
  Statement of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 (Unaudited) 3
  Statement of Cash Flows for the Three Months Ended March 31, 2022 (Unaudited) 4
  Notes to Financial Statements (Unaudited) 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
Item 3. Quantitative and Qualitative Disclosures About Market Risk 17
Item 4. Controls and Procedures 17
PART II - OTHER INFORMATION: 17
Item 1. Legal Proceedings 17
Item 1A. Risk Factors 17
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17
Item 3. Defaults Upon Senior Securities 18
Item 4. Mine Safety Disclosures 18
Item 5. Other Information 18
Item 6. Exhibits 18

 

 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

AETHERIUM ACQUISITION CORP.

BALANCE SHEETs

 

   March 31,   December 31, 
   2022   2021 
   (Unaudited)   (Audited) 
ASSETS          
Cash  $511,724   $25,000 
Deferred offering costs   -    304,786 
Prepaid expenses   145,125    - 
Total Current Assets   656,849    329,786 
           
Cash and marketable securities held in trust account   116,673,462    - 
           
Total assets  $117,330,311   $329,786 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities          
Accrued expenses  $97,500   $182,879 
Promissory note – related party   -    122,352 
Total current liabilities   97,500    305,231 
           
Deferred underwriter fee payable   4,025,000    - 
           
Total liabilities   4,122,500    305,231 
           
Commitments and Contingencies (Note 6)   -      
Class A common stock subject to possible redemption; 5,750,000 shares at redemption value ($10.10 per share)   116,725,000    - 
           
Stockholders’ Deficit          
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    - 
Class A common shares, $0.0001 par value; 100,000,000 shares authorized; 528,500 (excluding 11,500,000 Class A shares subject to redemption) and none issued and outstanding, respectively   53    - 
Class B common shares, par value $0.0001; 10,000,000 shares authorized; 2,875,000 issued and outstanding   288    288 
Additional paid-in capital   -    24,712
Accumulated deficit   (3,517,530)   (445)
Total Stockholders’ Deficit   (3,517,189)   24,555
Total Liabilities and Stockholders’ Deficit  $117,330,311   $329,786 

 

The accompanying notes are an integral part of these unaudited financial statements

 

1

 

 

AETHERIUM ACQUISITION CORP.

STATEMENT OF OPERATIONS

 

   For the Three Months Ended 
   March 31, 2022 
   (Unaudited) 
Formation and operating costs  $(287,320)
Loss from operations   (287,320)
      
Other income and expense:     
Unrealized Loss from marketable securities held in Trust Account   (51,538)
Net Loss  $(338,858)
      
Weighted average shares outstanding of Class A common stock   11,761,200 
Basic and diluted net loss per common stock   (0.02)
Weighted average shares outstanding of Class B common stock   2,875,000 
Basic and diluted net loss per common stock   (0.02)

 

The accompanying notes are an integral part of these unaudited financial statements.

 

2

 

 

AETHERIUM ACQUISITION CORP.

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2022

(Unaudited)

 

   Shares   Amount   Shares   Amount   Capital   Deficit   (Deficit) 
   Class A
Common Stock
   Class B
Common Stock
   Additional
Paid in
   Accumulated   Total Stockholders’
Equity
 
   Shares   Amount   Shares   Amount   Capital   Deficit   (Deficit) 
Balance - January 1, 2022   -   $-    2,875,000   $288   $24,712   $(445)  $24,555 
Sale of IPO Units   11,500,000    1,150    -    -    114,998,850    -    115,000,000 
Sale of Private Placement Units   528,500    53    -    -    5,284,947    -    5,285,000 
Offering and Underwriting costs   -    -    -    -    (6,762,886)   -    (6,762,886)
Class A Common Stock subject to possible redemption   (11,500,000)   (1,150)   -    -    (116,723,850)   -    (116,725,000)
Accretion APIC to deficit   -    -    -    -    3,178,227    (3,178,227)   - 
Net Loss   -    -    -    -    -    (338,858)   (338,858)
Balance – March 31, 2022   528,500   $53    2,875,000   $288   $-   $(3,517,530)  $(3,517,189)

 

The accompanying notes are an integral part of these unaudited financial statements

 

3

 

 

AETHERIUM ACQUISITION CORP.

STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2022

(Unaudited)

 

      
Cash flow from operating activities:     
Net loss  $(338,858)
Adjustments to reconcile net loss to net cash used in operating activities:     
Unrealized Loss from securities held in Trust Account   (51,538)
Changes in operating assets and liabilities:     
Deferred offering cost   304,786 
Prepaid expenses   (145,125)
Accrued expenses   (85,379)
Net cash used in operating activities   (316,114)
      
Cash flows from investing activities:     
Investment of cash in Trust Account   

(116,621,924

)
Net cash used in investing activities   

(116,621,924

)
      
Cash flow from financing activities:     
Proceeds from sale of Units, net of underwriting discount paid   112,262,114 
Proceeds from sale of private placement units   5,285,000 
Repayment of promissory note - related party   (122,352)
Net cash provided by financing activities   117,424,762 
      
Net change in cash   486,724 
Cash at the beginning of the period   25,000 
Cash at the end of the period  $511,724 
      
Supplemental disclosure of non-cash financing activities:     
Deferred underwriting fee payable   4,025,000 
Value of Class A common stock subject to possible redemption   116,725,000 

 

The accompanying notes are an integral part of these unaudited financial statements

 

4

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations

 

Aetherium Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 15, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). While the Company may pursue an initial business combination target in any business, industry or sector or geographical location, the Company intends to focus on businesses in the education, training and education technology (“EdTech”) industries, specifically in Asia (excluding China). The Company’s amended and restated certificate of incorporate will provide that the Company shall not undertake an initial business combination with any entity with its principal business operations in China (including Hong Kong and Macau).

 

As of March 31, 2022, the Company had not commenced any operations. All activity for the period from January 1, 2022 through March 31, 2022 relates to the Company’s formation and the Initial Public Offering (as defined below) and searching for a target company. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

The Company’s sponsor is Aetherium Capital Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on December 29, 2021. On January 3, 2022, the Company consummated its Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $115,000,000 (the “Initial Public Offering”), and incurring offering costs of $6,762,886, of which $4,025,000 was for deferred underwriting commissions (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional 1,500,000 Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment option was exercised in full.

 

Simultaneously with the closing of the Company’s initial public offering (the “Initial Public Offering” or “IPO”), the Company consummated the private placement of an aggregate of 528,500 units (the “Placement Units”) to the Sponsor at a price of $10.00 per Placement Unit, generating total gross proceeds of $5,285,000 (the “Private Placement”) (see Note 4).

 

Following the closing of the Initial Public Offering on January 3, 2022, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in a trust account (the “Trust Account”), located in the United States and held as cash items or may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.

 

The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

 

5

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations (Continued)

 

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent..

 

The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.15 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

 

If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

 

The Sponsor has agreed (a) to vote its shares of Class B common stock, the shares of Class A common stock included in the Placement Units (the “Placement Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B common stock) and Placement Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders’ rights of pre-Business Combination activities and (d) that the Class B common stock and Placement Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.

 

The Company will have until 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay the Company’s taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is the Company’s intention to redeem the Public Shares as soon as reasonably possible following the 15th month and, therefore, the Company does not intend to comply with those procedures. As such, the Company’s stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of the Company’s stockholders may extend well beyond the third anniversary of such date.

 

6

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations (Continued)

 

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor (other than the independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.15 per share (whether or not the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

 

Going Concern Consideration

 

The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.

 

Note 2 — Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

 

Emerging Growth Company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

 

7

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022, the Company had $511,724 of cash in its operating bank account.

 

Offering Costs Associated with the Initial Public Offering

 

Offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of the Initial Public Offering.

 

Income Taxes

 

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

 

The provision for income taxes was deemed to be de minimis for the period from January 1, 2022 to March 31, 2022.

 

Net Loss Per Share

 

Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

 

Net loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.

 

8

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

The following table reflects the calculation of basic and diluted net income per common share:

 

  

For The

Three Months Ended March 31,

2022

 
Class A common stock     
Numerator: net loss allocable to Class A common stock   (282,419)
Denominator: weighted average number of Class A common stock   11,761,200 
Basic and diluted net income per redeemable Class A common stock  $(0.02)
      
Class B common stock     
Numerator: net loss allocable to Class B common stock   (56,439)
Denominator: weighted average number of Class B common stock   2,875,000 
Basic and diluted net loss per Class B common stock  $(0.02)

 

Class A Common Stock Subject to Possible Redemption

 

All of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. As of March 31, 2022, there were 11,500,000 shares of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. On March 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

 

9

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

 

Recent Accounting Standards

 

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement.

 

Risks and Uncertainties

 

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Note 3 — INITIAL PUBLIC OFFERING

 

On January 3, 2022, the Company consummated its Initial Public Offering of 11,500,000 Units (including the issuance of 1,500,000 Units as a result of the underwriter’s full exercise of its over-allotment option), at $10.00 per Unit, generating gross proceeds of $115,000,000.

 

Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (see Note 6).

 

As of January 3, 2022, the Company incurred offering costs of approximately $6,762,886, of which $4,025,000 was for deferred underwriting commissions.

 

Note 4 — Private Placement

 

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 528,500 Placement Units at a price of $10.00 per Placement Unit ($5,285,000 in the aggregate).

 

The proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units are identical to the Units sold in the Initial Public Offering, except for the placement warrants (“Placement Warrants”). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.

 

Note 5 — Related Party Transactions

 

Founder Shares

 

On May 11, 2021, the Sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per share. In June 2021, the Sponsor transferred 20,000 shares each to the Company’s Chief Executive Officer and David Kopp, 15,000 shares to the Company’s Chief Financial Officer and 10,000 shares to each of the Company’s independent director nominees. In July 2021, the Sponsor also transferred 431,250 shares to ARC Group Limited. In November 2021, ARC Group Limited transferred 140,400 shares to Max Mark Capital Limited, 140,400 shares to Jonathan Chan, and 10,000 shares to Mei Eng Goy. ARC Group Limited purchased its net 140,450 shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder shares, or $0.009. The number of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon completion of the IPO (excluding the placement units and underlying securities). The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. As of March 31, 2022, the Sponsor owned 2,358,750 shares of Class B common stock. As the underwriters’ over-allotment option has been exercised in full, 375,000 of such shares held by the Sponsor will not be subject to forfeiture.

 

10

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 5 — Related Party Transactions (Continued)

 

The initial stockholders have agreed not to transfer, assign or sell any of the shares of Class B common stock (except to certain permitted transferees) until the earlier to occur of: (A) six months after the completion of the Company’s initial business combination and (B) subsequent to the Company’s initial business combination, (x) if the reported last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property.

 

Promissory Note – Related Party

 

On May 10, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not to proceed with the Initial Public Offering. These amounts will be repaid shortly after completion of the Initial Public Offering out of the $660,000 of offering proceeds that has been allocated for the payment of offering expenses. As of December 31, 2021, the Company had borrowed $122,352 under the promissory note with the Sponsor. Following the IPO of the Company on January 3, 2022, a total of $122,352 under the promissory note was repaid on January 6, 2022.

 

Related Party Loans

 

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2022, there was no amount outstanding under any Working Capital Loan.

 

Administrative Services Arrangement

 

The Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. The Company has agreed to pay the financial advisor $10,000 per month for these services. For the period from January 1, 2022 to March 31, 2022, the Company has recognized $30,000 operating cost for the service provided by ARC Group Ltd. under this agreement.

 

Note 6 — Commitments and Contingencies

 

Registration Rights

 

The holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in payment of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company register such securities at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

11

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 6 — Commitments and Contingencies (Continued)

 

Underwriting Agreement

 

The underwriters purchased the 1,500,000 of additional Units to cover over-allotments, less the underwriting discounts and commissions.

 

The underwriters were entitled to a cash underwriting discount of: (i) two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $2,300,000 as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred fee of three and one half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $4,025,000 upon closing of the Business Combination. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

 

On December 29, the underwriter gave the Company a rebatement of $500,000. So the cash underwriting fee for the Initial Public Offering was $1,800,000.

 

Note 7 – Stockholders’ Equity

 

Class A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. On March 31, 2022, there were there were 528,500 shares of Class A Common Stock issued and outstanding, excluding 11,500,000 shares of Class A Common Stock subject to possible redemption.

 

Class B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. On May 11, 2021, the Sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per share. On January 3, 2022, as the underwriters’ over-allotment option has been exercised in full, 375,000 of such shares held by the Sponsor will not be subject to forfeiture. At March 31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. Shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Company’s initial business combination on a one-for-one basis.

 

Preferred Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At March 31, 2022, there were no preferred shares issued or outstanding.

 

Note 8 – Subsequent Events

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to May 12, 2022, the date the unaudited financial statements were available to issue. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

12

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

References to the “Company,” “us,” “our” or “we” refer to Aetherium Acquisition Corp. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and related notes included herein.

 

Special Note Regarding Forward-Looking Statements

 

All statements other than statements of historical fact included in this Form 10-K including, without limitation, statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. When used in this Form 10-K, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the SEC.

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

 

Overview

 

We are a blank check company formed under the laws of the State of Delaware on April 15, 2021 for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). We intend to effectuate our Business Combination using cash from the proceeds of the IPO and the sale of the Private Warrants, our capital stock, debt or a combination of cash, stock and debt.

 

All activity through March 31, 2022 relates to our formation, IPO (as defined below), and search for a prospective initial business combination target.

 

We are incurring significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

 

Results of Operations

 

We have neither engaged in any operations nor generated any revenues to date. Our only activities from January 1, 2022 through March 31, 2022 were organizational activities, those necessary to consummate the IPO, as described below, and identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest income on marketable securities held after the IPO. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

 

For the three months ended March 31, 2022, we had net loss of $338,858, which consisted of unrealized loss from marketable securities held in the Trust Account of $51,538 and operating costs of $287,320.

 

13

 

 

Liquidity and Capital Resources

 

As indicated in the accompanying financial statements, at March 31, 2022, the Company had $511,724 of cash in its operating bank account and a working capital of $559,349. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. We cannot assure you that our plans to raise capital or to consummate an initial business combination will be successful.

 

On January 3, 2022, the Company consummated its Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $115,000,000 (the “Initial Public Offering,” or “IPO”), and incurring offering costs of $6,762,886, of which $4,025,000 was for deferred underwriting commissions. The Company granted the underwriter a 45-day option to purchase up to an additional 1,500,000 Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment option was exercised in full. Simultaneously with the consummation of the closing of the IPO, the Company consummated the private placement of an aggregate of 528,500 units (the “Placement Units”) to the Sponsor at a price of $10.00 per Placement Unit, generating total gross proceeds of $5,285,000 (the “Private Placement”). A total of $116,725,000 of the net proceeds from the IPO and the Private Placement was deposited in a trust account established for the benefit of the Company’s public stockholders. The proceeds held in the trust account were invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. A total of $1,451,900 was deposited into the operating account of the Company.

 

We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less deferred underwriting commissions), to complete our initial business combination. We may withdraw interest to pay taxes. We estimate our annual franchise tax obligations, based on the number of shares of our common stock authorized and outstanding after the completion of the IPO, to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which we may pay from funds from the IPO held outside of the trust account or from interest earned on the funds held in our trust account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient to pay our income taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

 

We expect our primary liquidity requirements for operating our business prior to our initial business combination to include approximately $230,000 for legal, accounting, due diligence, travel and other expenses associated with structuring, negotiating and documenting successful business combinations; $150,000 for legal and accounting fees related to regulatory reporting requirements; $50,000 for Nasdaq continued listing fees; $150,000 for office space, utilities and secretarial and administrative support; and approximately $20,000 for working capital that will be used for miscellaneous expenses and reserves.

 

These amounts are estimates and may differ materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed initial business combination, although we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.

 

14

 

 

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds on a non-interest bearing basis as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial Business Combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial Business Combination. The units would be identical to the Placement Units. Other than as described above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. 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.

 

Moreover, we may need to obtain additional financing either to complete our initial Business Combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of the IPO and the sale of the Placement Units, and may as a result be required to seek additional financing to complete such proposed initial Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

 

Going Concern Consideration

 

The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.

 

Related Party Transactions

 

The Sponsor advanced the Company an aggregate of $122,352 of up to $300,000 to cover expenses related to the IPO. The note is non-interest bearing and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not to proceed with the Initial Public Offering. Following the IPO on January 3, 2022, a total of $122,352 under the promissory note was repaid on January 6, 2022.

 

On May 11, 2021, the Sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per share. In June 2021, the Sponsor transferred 20,000 shares each to the Company’s Chief Executive Officer and David Kopp, 15,000 shares to the Company’s Chief Financial Officer and 10,000 shares to each of the Company’s independent director nominees. In July 2021, the Sponsor also transferred 431,250 shares to ARC Group Limited. In November 2021, ARC Group Limited transferred 140,400 shares to Max Mark Capital Limited, 140,400 shares to Jonathan Chan, and 10,000 shares to Mei Eng Goy. ARC Group Limited purchased its net 140,450 shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder shares, or $0.009. The number of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon completion of the IPO (excluding the Placement Units and underlying securities). The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. As of March 31, 2022, the Sponsor owned 2,358,750 shares of Class B common stock. As the underwriters’ over-allotment option has been exercised in full, 375,000 of such shares held by the Sponsor will not be subject to forfeiture.

 

The Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. The Company has agreed to pay the financial advisor $10,000 per month for these services.

 

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2022, there was no amount outstanding under any Working Capital Loan.

 

15

 

 

On January 3, 2022, concurrent with the closing of the IPO, the Sponsor purchased an aggregate of 528,500 Placement Units at a price of $10.00 per unit for an aggregate purchase price of $5,285,000. Each Placement Unit consists of one share of Class A common stock and one warrant. Each warrant is exercisable to purchase one share of Class A common stock at $11.50 per share. There are no redemption rights or liquidating distributions from the trust account with respect to the founder shares, the placement shares, or the placement warrants, which will expire worthless if we do not consummate a Business Combination within 15 months from the closing of the IPO, or April 3, 2023. The Placement Units are identical to the units sold in the IPO except that the Placement Units and their component securities (a) will not be transferable, assignable or saleable until 30 days after the consummation of our initial Business Combination except to permitted transferees and (b) so long as they are held by our Sponsor or its permitted transferees, will be entitled to registration rights.

 

Our initial stockholders have agreed to waive their redemption rights with respect to their founder shares and placement shares (i) in connection with the consummation of a Business Combination, (ii) in connection with a stockholder vote to amend our Amended and Restated Certificate of Incorporation (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial Business Combination or certain amendments to our Amended and Restated Certificate of Incorporation prior thereto or to redeem 100% of our public shares if we do not complete our initial Business Combination within 15 months from the completion of the IPO or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activities and (iii) if we fail to consummate a Business Combination within 15 months from the completion of the IPO or if we liquidate prior to the expiration of the 15-month period. However, our initial stockholders will be entitled to redemption rights with respect to any public shares held by them if we fail to consummate a Business Combination or liquidate within the 15-month period.

 

Pursuant to a registration rights agreement we have entered into with our initial stockholders, we may be required to register certain securities for sale under the Securities Act. These holders, and holders of units issued upon conversion of working capital loans, if any, are entitled under the registration rights agreement to make up to three demands that we register certain of our securities held by them for sale under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415 under the Securities Act. In addition, these holders have the right to include their securities in other registration statements filed by us. We will bear the costs and expenses of filing any such registration statements. See the section of this prospectus entitled “Certain Relationships and Related Party Transactions.”

 

Off-balance sheet financing arrangements

 

We did not have any off-balance sheet arrangements as of March 31, 2022.

 

Critical Accounting Policies

 

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. As of March 31, 2022, there were none critical accounting policies.

 

Recent accounting standards

 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our financial statements.

 

16

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

We are a smaller reporting company and are not required to provide the information otherwise required under this item.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2022, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls and procedures were not effective.

 

Changes in Internal Control over Financial Reporting

 

During the quarter ended March 31, 2022, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

Item 1 Legal Proceedings

 

The Company is not party to any legal proceedings as of the filing date of this Form 10-Q.

 

Item 1A. Risk Factors.

 

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final prospectus for our IPO dated December 29, 2021 and filed with the SEC on January 3, 2022. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our final prospectus.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Recent Sale of Unregistered Securities

 

None.

 

Use of Proceeds

 

For a description of the use of the proceeds generated in the IPO, see Part I, Item 2 of this Quarterly Report on Form 10-Q.

 

Purchases of Equity Securities by the Issuer and Related Purchasers

 

None.

 

17

 

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not Applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

Exhibit No.   Description
3.1   Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 filed with the Form 8-K filed by the Registrant on January 4, 2022).
3.2   Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 filed with the Form 8-K filed by the Registrant on January 4, 2022).
31.1   Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2   Certification of Principal Financial and Accounting Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*   Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

18

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  AETHERIUM ACQUISITION CORP.
     
Date: May 12, 2022 By: /s/ Jonathan Chan
    Jonathan Chan
    Chief Executive Officer

 

Date: May 12, 2022 By: /s/ Alex Lee
   

Alex Lee

Chief Financial Officer

 

19

EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Jonathan Chan, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 of Aetherium Acquisition Corp.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. [Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313];
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: May 12, 2022 By: /s/ Jonathan Chan
    Jonathan Chan
    Chief Executive Officer
    (Principal Executive Officer)

 

 
EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Alex Lee, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 of Aetherium Acquisition Corp.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. [Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313];
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: May 12, 2022 By: /s/ Alex Lee
    Alex Lee
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 
EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Aetherium Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathan Chan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 12, 2022   /s/ Jonathan Chan
  Name: Jonathan Chan
  Title: Chief Executive Officer
    (Principal Executive Officer)

 

 
EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO 31

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Aetherium Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alex Lee, Chief Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 12, 2022   /s/ Alex Lee
  Name: Alex Lee
  Title: Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 

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Total liabilities 4,122,500 305,231
Commitments and Contingencies (Note 6)  
Class A common stock subject to possible redemption; 5,750,000 shares at redemption value ($10.10 per share) 116,725,000
Stockholders’ Deficit    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-in capital 24,712
Accumulated deficit (3,517,530) (445)
Total Stockholders’ Deficit (3,517,189) 24,555
Total Liabilities and Stockholders’ Deficit 117,330,311 329,786
Common Class A [Member]    
Stockholders’ Deficit    
Common shares, value 53
Common Class B [Member]    
Stockholders’ Deficit    
Common shares, value $ 288 $ 288
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.22.1
Balance Sheets (Parenthetical)
Mar. 31, 2022
$ / shares
shares
Preferred stock, par value | $ / shares $ 0.0001
Preferred stock, shares authorized 1,000,000
Preferred stock, shares issued 0
Preferred stock, shares outstanding 0
Common Class A [Member]  
Subject to redemption, number of shares 11,500,000
Temporary equity, par value | $ / shares $ 10.10
Common stock, par value | $ / shares $ 0.0001
Common stock, shares authorized 100,000,000
Common stock, shares issued 528,500
Common stock, shares outstanding 528,500
Common Class A [Member] | Common Stock Subject to Mandatory Redemption [Member]  
Subject to redemption, number of shares 5,750,000
Common Class B [Member]  
Common stock, par value | $ / shares $ 0.0001
Common stock, shares authorized 10,000,000
Common stock, shares issued 2,875,000
Common stock, shares outstanding 2,875,000
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Statement of Operations
3 Months Ended
Mar. 31, 2022
USD ($)
$ / shares
shares
Formation and operating costs $ (287,320)
Loss from operations (287,320)
Other income and expense:  
Unrealized Loss from marketable securities held in Trust Account (51,538)
Net Loss $ (338,858)
Common Class A [Member]  
Other income and expense:  
Weighted average shares outstanding of common stock | shares 11,761,200
Basic and diluted net loss per common stock | $ / shares $ (0.02)
Common Class B [Member]  
Other income and expense:  
Weighted average shares outstanding of common stock | shares 2,875,000
Basic and diluted net loss per common stock | $ / shares $ (0.02)
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2022 - USD ($)
Common Stock [Member]
Common Class A [Member]
Common Stock [Member]
Common Class B [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance, value at Dec. 31, 2021 $ 288 $ 24,712 $ (445) $ 24,555
Balance, shares at Dec. 31, 2021 2,875,000      
Sale of IPO Units $ 1,150 114,998,850 115,000,000
Sale of IPO Units, shares 11,500,000        
Sale of Private Placement Units $ 53 5,284,947 5,285,000
Sale of Private Placement Units, shares 528,500        
Offering and Underwriting costs (6,762,886) (6,762,886)
Class A Common Stock subject to possible redemption $ (1,150) (116,723,850) (116,725,000)
Class A Common Stock subject to possible redemption, shares (11,500,000)        
Accretion APIC to deficit 3,178,227 (3,178,227)
Net Loss (338,858) (338,858)
Balance, value at Mar. 31, 2022 $ 53 $ 288 $ (3,517,530) $ (3,517,189)
Balance, shares at Mar. 31, 2022 528,500 2,875,000      
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Statement of Cash Flows
3 Months Ended
Mar. 31, 2022
USD ($)
Cash flow from operating activities:  
Net loss $ (338,858)
Adjustments to reconcile net loss to net cash used in operating activities:  
Unrealized Loss from securities held in Trust Account (51,538)
Changes in operating assets and liabilities:  
Deferred offering cost 304,786
Prepaid expenses (145,125)
Accrued expenses (85,379)
Net cash used in operating activities (316,114)
Cash flows from investing activities:  
Investment of cash in Trust Account (116,621,924)
Net cash used in investing activities (116,621,924)
Cash flow from financing activities:  
Proceeds from sale of Units, net of underwriting discount paid 112,262,114
Proceeds from sale of private placement units 5,285,000
Repayment of promissory note - related party (122,352)
Net cash provided by financing activities 117,424,762
Net change in cash 486,724
Cash at the beginning of the period 25,000
Cash at the end of the period 511,724
Supplemental disclosure of non-cash financing activities:  
Deferred underwriting fee payable 4,025,000
Value of Class A common stock subject to possible redemption $ 116,725,000
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Description of Organization and Business Operations
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Organization and Business Operations

Note 1 — Description of Organization and Business Operations

 

Aetherium Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 15, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). While the Company may pursue an initial business combination target in any business, industry or sector or geographical location, the Company intends to focus on businesses in the education, training and education technology (“EdTech”) industries, specifically in Asia (excluding China). The Company’s amended and restated certificate of incorporate will provide that the Company shall not undertake an initial business combination with any entity with its principal business operations in China (including Hong Kong and Macau).

 

As of March 31, 2022, the Company had not commenced any operations. All activity for the period from January 1, 2022 through March 31, 2022 relates to the Company’s formation and the Initial Public Offering (as defined below) and searching for a target company. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

 

The Company’s sponsor is Aetherium Capital Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on December 29, 2021. On January 3, 2022, the Company consummated its Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $115,000,000 (the “Initial Public Offering”), and incurring offering costs of $6,762,886, of which $4,025,000 was for deferred underwriting commissions (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional 1,500,000 Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment option was exercised in full.

 

Simultaneously with the closing of the Company’s initial public offering (the “Initial Public Offering” or “IPO”), the Company consummated the private placement of an aggregate of 528,500 units (the “Placement Units”) to the Sponsor at a price of $10.00 per Placement Unit, generating total gross proceeds of $5,285,000 (the “Private Placement”) (see Note 4).

 

Following the closing of the Initial Public Offering on January 3, 2022, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in a trust account (the “Trust Account”), located in the United States and held as cash items or may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.

 

The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations (Continued)

 

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent..

 

The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.15 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

 

If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

 

The Sponsor has agreed (a) to vote its shares of Class B common stock, the shares of Class A common stock included in the Placement Units (the “Placement Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B common stock) and Placement Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders’ rights of pre-Business Combination activities and (d) that the Class B common stock and Placement Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.

 

The Company will have until 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay the Company’s taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is the Company’s intention to redeem the Public Shares as soon as reasonably possible following the 15th month and, therefore, the Company does not intend to comply with those procedures. As such, the Company’s stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of the Company’s stockholders may extend well beyond the third anniversary of such date.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations (Continued)

 

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor (other than the independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.15 per share (whether or not the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

 

Going Concern Consideration

 

The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.

 

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

 

Emerging Growth Company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022, the Company had $511,724 of cash in its operating bank account.

 

Offering Costs Associated with the Initial Public Offering

 

Offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of the Initial Public Offering.

 

Income Taxes

 

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

 

The provision for income taxes was deemed to be de minimis for the period from January 1, 2022 to March 31, 2022.

 

Net Loss Per Share

 

Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

 

Net loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

The following table reflects the calculation of basic and diluted net income per common share:

 

  

For The

Three Months Ended March 31,

2022

 
Class A common stock     
Numerator: net loss allocable to Class A common stock   (282,419)
Denominator: weighted average number of Class A common stock   11,761,200 
Basic and diluted net income per redeemable Class A common stock  $(0.02)
      
Class B common stock     
Numerator: net loss allocable to Class B common stock   (56,439)
Denominator: weighted average number of Class B common stock   2,875,000 
Basic and diluted net loss per Class B common stock  $(0.02)

 

Class A Common Stock Subject to Possible Redemption

 

All of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. As of March 31, 2022, there were 11,500,000 shares of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. On March 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

 

Recent Accounting Standards

 

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement.

 

Risks and Uncertainties

 

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
INITIAL PUBLIC OFFERING
3 Months Ended
Mar. 31, 2022
Initial Public Offering  
INITIAL PUBLIC OFFERING

Note 3 — INITIAL PUBLIC OFFERING

 

On January 3, 2022, the Company consummated its Initial Public Offering of 11,500,000 Units (including the issuance of 1,500,000 Units as a result of the underwriter’s full exercise of its over-allotment option), at $10.00 per Unit, generating gross proceeds of $115,000,000.

 

Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (see Note 6).

 

As of January 3, 2022, the Company incurred offering costs of approximately $6,762,886, of which $4,025,000 was for deferred underwriting commissions.

 

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Private Placement
3 Months Ended
Mar. 31, 2022
Private Placement  
Private Placement

Note 4 — Private Placement

 

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 528,500 Placement Units at a price of $10.00 per Placement Unit ($5,285,000 in the aggregate).

 

The proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units are identical to the Units sold in the Initial Public Offering, except for the placement warrants (“Placement Warrants”). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.

 

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Related Party Transactions
3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 — Related Party Transactions

 

Founder Shares

 

On May 11, 2021, the Sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per share. In June 2021, the Sponsor transferred 20,000 shares each to the Company’s Chief Executive Officer and David Kopp, 15,000 shares to the Company’s Chief Financial Officer and 10,000 shares to each of the Company’s independent director nominees. In July 2021, the Sponsor also transferred 431,250 shares to ARC Group Limited. In November 2021, ARC Group Limited transferred 140,400 shares to Max Mark Capital Limited, 140,400 shares to Jonathan Chan, and 10,000 shares to Mei Eng Goy. ARC Group Limited purchased its net 140,450 shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder shares, or $0.009. The number of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon completion of the IPO (excluding the placement units and underlying securities). The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. As of March 31, 2022, the Sponsor owned 2,358,750 shares of Class B common stock. As the underwriters’ over-allotment option has been exercised in full, 375,000 of such shares held by the Sponsor will not be subject to forfeiture.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 5 — Related Party Transactions (Continued)

 

The initial stockholders have agreed not to transfer, assign or sell any of the shares of Class B common stock (except to certain permitted transferees) until the earlier to occur of: (A) six months after the completion of the Company’s initial business combination and (B) subsequent to the Company’s initial business combination, (x) if the reported last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property.

 

Promissory Note – Related Party

 

On May 10, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not to proceed with the Initial Public Offering. These amounts will be repaid shortly after completion of the Initial Public Offering out of the $660,000 of offering proceeds that has been allocated for the payment of offering expenses. As of December 31, 2021, the Company had borrowed $122,352 under the promissory note with the Sponsor. Following the IPO of the Company on January 3, 2022, a total of $122,352 under the promissory note was repaid on January 6, 2022.

 

Related Party Loans

 

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2022, there was no amount outstanding under any Working Capital Loan.

 

Administrative Services Arrangement

 

The Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. The Company has agreed to pay the financial advisor $10,000 per month for these services. For the period from January 1, 2022 to March 31, 2022, the Company has recognized $30,000 operating cost for the service provided by ARC Group Ltd. under this agreement.

 

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 6 — Commitments and Contingencies

 

Registration Rights

 

The holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in payment of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company register such securities at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 6 — Commitments and Contingencies (Continued)

 

Underwriting Agreement

 

The underwriters purchased the 1,500,000 of additional Units to cover over-allotments, less the underwriting discounts and commissions.

 

The underwriters were entitled to a cash underwriting discount of: (i) two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $2,300,000 as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred fee of three and one half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $4,025,000 upon closing of the Business Combination. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

 

On December 29, the underwriter gave the Company a rebatement of $500,000. So the cash underwriting fee for the Initial Public Offering was $1,800,000.

 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders’ Equity
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders’ Equity

Note 7 – Stockholders’ Equity

 

Class A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. On March 31, 2022, there were there were 528,500 shares of Class A Common Stock issued and outstanding, excluding 11,500,000 shares of Class A Common Stock subject to possible redemption.

 

Class B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. On May 11, 2021, the Sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.009 per share. On January 3, 2022, as the underwriters’ over-allotment option has been exercised in full, 375,000 of such shares held by the Sponsor will not be subject to forfeiture. At March 31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. Shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Company’s initial business combination on a one-for-one basis.

 

Preferred Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At March 31, 2022, there were no preferred shares issued or outstanding.

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 8 – Subsequent Events

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to May 12, 2022, the date the unaudited financial statements were available to issue. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

 

Emerging Growth Company

Emerging Growth Company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022, the Company had $511,724 of cash in its operating bank account.

 

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

 

Offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of the Initial Public Offering.

 

Income Taxes

Income Taxes

 

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

 

The provision for income taxes was deemed to be de minimis for the period from January 1, 2022 to March 31, 2022.

 

Net Loss Per Share

Net Loss Per Share

 

Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

 

Net loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

The following table reflects the calculation of basic and diluted net income per common share:

 

  

For The

Three Months Ended March 31,

2022

 
Class A common stock     
Numerator: net loss allocable to Class A common stock   (282,419)
Denominator: weighted average number of Class A common stock   11,761,200 
Basic and diluted net income per redeemable Class A common stock  $(0.02)
      
Class B common stock     
Numerator: net loss allocable to Class B common stock   (56,439)
Denominator: weighted average number of Class B common stock   2,875,000 
Basic and diluted net loss per Class B common stock  $(0.02)

 

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

 

All of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. As of March 31, 2022, there were 11,500,000 shares of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.

 

Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. On March 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

 

 

AETHERIUM ACQUISITION CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

 

Note 2 — Summary of Significant Accounting Policies (Continued)

 

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

 

Recent Accounting Standards

Recent Accounting Standards

 

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement.

 

Risks and Uncertainties

Risks and Uncertainties

 

Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of Basic and Diluted Net Income Per Common Share

The following table reflects the calculation of basic and diluted net income per common share:

 

  

For The

Three Months Ended March 31,

2022

 
Class A common stock     
Numerator: net loss allocable to Class A common stock   (282,419)
Denominator: weighted average number of Class A common stock   11,761,200 
Basic and diluted net income per redeemable Class A common stock  $(0.02)
      
Class B common stock     
Numerator: net loss allocable to Class B common stock   (56,439)
Denominator: weighted average number of Class B common stock   2,875,000 
Basic and diluted net loss per Class B common stock  $(0.02)
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.1
Description of Organization and Business Operations (Details Narrative) - USD ($)
3 Months Ended
Jan. 03, 2022
May 11, 2021
Mar. 31, 2022
Dec. 31, 2021
Proceeds from issuance of private placement     $ 5,285,000  
Offering costs     $ 304,786
Business combination, net tangible assets     5,000,001  
Maximum [Member]        
Interest pay for dissolution expenses     $ 100,000  
Public Shares [Member]        
Issued price per share     $ 10.15  
Closing Initial Public Offering [Member]        
Issued price per share $ 10.15      
Proceeds from issuance of private placement $ 116,725,000      
Sponsor [Member]        
Units issued during the period   2,875,000    
Issued price per share   $ 0.009    
Proceeds from issuance of private placement   $ 25,000    
IPO [Member]        
Units issued during the period 11,500,000      
Issued price per share $ 10.00      
Proceeds from issuance of private placement $ 115,000,000      
Offering costs 6,762,886      
Deferred underwriting commissions $ 4,025,000      
IPO [Member] | Sponsor [Member]        
Units issued during the period 11,500,000      
Issued price per share $ 10.00      
Proceeds from issuance of private placement $ 115,000,000      
Offering costs 6,762,886      
Deferred underwriting commissions $ 4,025,000      
Over-Allotment Option [Member]        
Units issued during the period 1,500,000      
Over-Allotment Option [Member] | Sponsor [Member]        
Units issued during the period 1,500,000      
Private Placement [Member] | Sponsor [Member]        
Units issued during the period 528,500      
Issued price per share $ 10.00      
Proceeds from issuance of private placement $ 5,285,000      
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.1
Schedule of Basic and Diluted Net Income Per Common Share (Details)
3 Months Ended
Mar. 31, 2022
USD ($)
$ / shares
shares
Common Class A [Member]  
Numerator: net loss allocable to Class B common stock | $ $ (282,419)
Denominator: weighted average number of Class B common stock | shares 11,761,200
Basic and diluted net loss per Class B common stock | $ / shares $ (0.02)
Common Class B [Member]  
Numerator: net loss allocable to Class B common stock | $ $ (56,439)
Denominator: weighted average number of Class B common stock | shares 2,875,000
Basic and diluted net loss per Class B common stock | $ / shares $ (0.02)
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]    
Cash $ 511,724 $ 25,000
Unrecognized tax benefits 0  
Unrecognized tax benefits penalties and interest accrued 0  
Business combination, net tangible assets $ 5,000,001  
Temporary equity, shares outstanding 11,500,000  
Federal depository insurance coverage $ 250,000  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.1
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
3 Months Ended
Jan. 03, 2022
Mar. 31, 2022
Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]      
Proceeds from issuance of private placement   $ 5,285,000  
Offering costs   $ 304,786
Public Warrant [Member]      
Subsidiary, Sale of Stock [Line Items]      
Warrant description Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”)    
Warrant exercise price $ 11.50    
IPO [Member]      
Subsidiary, Sale of Stock [Line Items]      
Units issued during the period 11,500,000    
Issued price per share $ 10.00    
Proceeds from issuance of private placement $ 115,000,000    
Offering costs 6,762,886    
Deferred underwriting commissions $ 4,025,000    
Over-Allotment Option [Member]      
Subsidiary, Sale of Stock [Line Items]      
Units issued during the period 1,500,000    
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.1
Private Placement (Details Narrative) - USD ($)
3 Months Ended
Jan. 03, 2022
May 11, 2021
Mar. 31, 2022
Subsidiary, Sale of Stock [Line Items]      
Proceeds from issuance of private placement     $ 5,285,000
Sponsor [Member]      
Subsidiary, Sale of Stock [Line Items]      
Units issued during the period   2,875,000  
Issued price per share   $ 0.009  
Proceeds from issuance of private placement   $ 25,000  
Private Placement [Member] | Sponsor [Member]      
Subsidiary, Sale of Stock [Line Items]      
Units issued during the period 528,500    
Issued price per share $ 10.00    
Proceeds from issuance of private placement $ 5,285,000    
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.22.1
Related Party Transactions (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended
Jan. 03, 2022
May 11, 2021
May 10, 2021
Nov. 30, 2021
Jul. 31, 2021
Jun. 30, 2021
Mar. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]                
Aggregate purchase price             $ 5,285,000  
Percentage of issued and outstanding shares             20.00%  
Offering proceeds     $ 660,000          
Promissory notes repaid             $ 122,352  
Working capital loan outstanding             0  
Payment for financial advisor services             10,000  
Operating cost             30,000  
Affiliate Sponsor [Member]                
Related Party Transaction [Line Items]                
Business acquisition, transaction costs             $ 1,500,000  
Share price             $ 10.00  
Over-Allotment Option [Member]                
Related Party Transaction [Line Items]                
Stock issued during period, shares, new issues 1,500,000              
Common Class B [Member]                
Related Party Transaction [Line Items]                
Common stock, shares, outstanding             2,875,000 2,875,000
Common Class B [Member] | Business Acquisition [Member]                
Related Party Transaction [Line Items]                
Business combination commencing period description             20 trading days within any 30-trading day period commencing after the Company’s initial business combination  
ARC Group Limited [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period         431,250      
Shares issued for services   140,450            
Max Mark Capital Limited [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period       140,400        
Sponsor [Member] | Promissory Note [Member]                
Related Party Transaction [Line Items]                
Maximum borrowing capacity     $ 300,000          
Notes payable               $ 122,352
Promissory notes repaid $ 122,352              
Sponsor [Member] | Common Class B [Member]                
Related Party Transaction [Line Items]                
Price per shares             $ 12.00  
Sponsor [Member]                
Related Party Transaction [Line Items]                
Stock issued during period, shares, new issues   2,875,000            
Aggregate purchase price   $ 25,000            
Share price per share   $ 0.009            
Sponsor [Member] | Over-Allotment Option [Member]                
Related Party Transaction [Line Items]                
Stock issued during period, shares, new issues 1,500,000              
Sponsor [Member] | Common Class B [Member]                
Related Party Transaction [Line Items]                
Share price per share   $ 0.009            
Common stock, shares, outstanding             2,358,750  
Sponsor [Member] | Common Class B [Member] | Over-Allotment Option [Member]                
Related Party Transaction [Line Items]                
Share based payment award, options, exercises in period, shares 375,000              
Chief Executive Officer [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period           20,000    
Chief Financial Officer [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period           15,000    
Independent Director Nominees [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period           10,000    
Jonathan Chan [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period       140,400        
Mei Eng Goy [Member]                
Related Party Transaction [Line Items]                
Stock transferred during period       10,000        
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.1
Commitments and Contingencies (Details Narrative) - USD ($)
3 Months Ended
Dec. 29, 2021
May 10, 2021
Mar. 31, 2022
Loss Contingencies [Line Items]      
Proceeds from initial public offering   $ 660,000  
Underwriters Agreement [Member]      
Loss Contingencies [Line Items]      
Deferred underwriting fee     $ 4,025,000
Underwriting rebatement $ 500,000    
Underwriting fee $ 1,800,000    
Underwriters Agreement [Member] | Deferred Fee [Member]      
Loss Contingencies [Line Items]      
Percentage of underwriting discount     3.50%
IPO [Member] | Underwriters Agreement [Member]      
Loss Contingencies [Line Items]      
Number of options granted     1,500,000
Percentage of underwriting discount     2.00%
Proceeds from initial public offering     $ 2,300,000
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders’ Equity (Details Narrative) - USD ($)
Jan. 03, 2022
May 11, 2021
Mar. 31, 2022
Dec. 31, 2021
Class of Stock [Line Items]        
Preferred stock, shares authorized     1,000,000 1,000,000
Preferred stock, par value     $ 0.0001 $ 0.0001
Preferred stock, shares outstanding     0 0
Preferred stock, shares issued     0 0
Sponsor [Member]        
Class of Stock [Line Items]        
Share price per share   $ 0.009    
Common Class A [Member]        
Class of Stock [Line Items]        
Common stock, shares authorized     100,000,000 100,000,000
Common stock, par value     $ 0.0001 $ 0.0001
Common stock, shares issued     528,500 0
Shares outstanding     528,500 0
Share subject to possible redemption     11,500,000 11,500,000
Common Class B [Member]        
Class of Stock [Line Items]        
Common stock, shares authorized     10,000,000 10,000,000
Common stock, par value     $ 0.0001 $ 0.0001
Common stock, shares issued     2,875,000 2,875,000
Shares outstanding     2,875,000 2,875,000
Number of shares purchased   2,875,000    
Common Class B [Member] | Sponsor [Member]        
Class of Stock [Line Items]        
Shares outstanding     2,358,750  
Aggregate purchase price   $ 25,000    
Share price per share   $ 0.009    
Common Class B [Member] | Sponsor [Member] | Over-Allotment Option [Member]        
Class of Stock [Line Items]        
Stock exercised $ 375,000      
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DE 86-3449713 79B Pemberwick Rd. Greenwich CT 06831 (650) 450-6836 Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant GMFIU NASDAQ Class A Common Stock, par value $0.0001 per share GMFI NASDAQ Warrants GMFIW NASDAQ Yes Yes Non-accelerated Filer true true false true 12028500 2875000 511724 25000 304786 145125 656849 329786 116673462 117330311 329786 97500 182879 122352 97500 305231 4025000 4122500 305231 5750000 10.10 116725000 0.0001 0.0001 1000000 1000000 0 0 0 0 0.0001 0.0001 100000000 100000000 528500 528500 11500000 11500000 0 0 53 0.0001 0.0001 10000000 10000000 2875000 2875000 2875000 2875000 288 288 288 288 24712 -3517530 -445 -3517189 24555 117330311 329786 287320 -287320 -51538 -338858 11761200 -0.02 2875000 2875000 -0.02 2875000 288 24712 -445 24555 2875000 288 24712 -445 24555 11500000 1150 114998850 115000000 528500 53 5284947 5285000 -6762886 -6762886 -11500000 -1150 -116723850 -116725000 3178227 -3178227 -338858 -338858 528500 53 2875000 288 -3517530 -3517189 528500 53 2875000 288 -3517530 -3517189 -338858 51538 -304786 145125 -85379 -316114 116621924 -116621924 112262114 5285000 122352 117424762 486724 25000 511724 4025000 116725000 <p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z9U9cg6tv0S6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — <span id="xdx_82B_zwvIIY3mfF0f">Description of Organization and Business Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aetherium Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on April 15, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). While the Company may pursue an initial business combination target in any business, industry or sector or geographical location, the Company intends to focus on businesses in the education, training and education technology (“EdTech”) industries, specifically in Asia (excluding China). The Company’s amended and restated certificate of incorporate will provide that the Company shall not undertake an initial business combination with any entity with its principal business operations in China (including Hong Kong and Macau).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2022, the Company had not commenced any operations. All activity for the period from January 1, 2022 through March 31, 2022 relates to the Company’s formation and the Initial Public Offering (as defined below) and searching for a target company. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s sponsor is Aetherium Capital Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on December 29, 2021. On January 3, 2022, the Company consummated its Initial Public Offering of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zyIYgcqm90s9" title="Units issued during the period">11,500,000</span> units (the “Units” and, with respect to the shares of Class A common stock included in the Units being offered, the “Public Shares”), at $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zldiMSehy79e" title="Issued price per share">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zUjh1CEDvFod" title="Proceeds from issuance of private placement">115,000,000</span> (the “Initial Public Offering”), and incurring offering costs of $<span id="xdx_90F_eus-gaap--DeferredOfferingCosts_iI_pp0p0_c20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zxo2y4pjQUna" title="Offering costs">6,762,886</span>, of which $<span id="xdx_900_eus-gaap--PaymentsForCommissions_pp0p0_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zOXiXWyMYv79" title="Deferred underwriting commissions">4,025,000</span> was for deferred underwriting commissions (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zeHEX8tdVDt6" title="Units issued during the period">1,500,000</span> Units at the Initial Public Offering price to cover over-allotments, if any. On January 3, 2022, the over-allotment option was exercised in full.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the Company’s initial public offering (the “Initial Public Offering” or “IPO”), the Company consummated the private placement of an aggregate of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zwkMStLlXZb8">528,500 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">units (the “Placement Units”) to the Sponsor at a price of $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zaGC1Aactfr8">10.00 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per Placement Unit, generating total gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_z5scFoA8WBmb">5,285,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the “Private Placement”) (see Note 4).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering on January 3, 2022, an amount of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20220102__20220103__srt--StatementScenarioAxis__custom--ClosingIPOMember_zOCjtYfNSA2j" title="Proceeds from issuance of private placement">116,725,000</span> ($<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220103__srt--StatementScenarioAxis__custom--ClosingIPOMember_zQwTRHeRUtgi" title="Issued price per share">10.15</span> per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Placement Units was placed in a trust account (the “Trust Account”), located in the United States and held as cash items or may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $<span id="xdx_903_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pp0p0_c20220331_zJnoMqaYZdwe" title="Business combination, net tangible assets">5,000,001</span> upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — Description of Organization and Business Operations (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent..</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220331__us-gaap--AwardTypeAxis__custom--PublicSharesMember_zPAtfoo2Oz37" title="Issued price per share">10.15</span> per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed (a) to vote its shares of Class B common stock, the shares of Class A common stock included in the Placement Units (the “Placement Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B common stock) and Placement Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders’ rights of pre-Business Combination activities and (d) that the Class B common stock and Placement Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will have until 15 months from the closing of the Initial Public Offering (See Note 3) to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay the Company’s taxes (less up to $<span id="xdx_907_ecustom--InterestPayForDissolutionExpenses_iI_pp0p0_c20220331__srt--RangeAxis__srt--MaximumMember_zEhMJpuNndHh" title="Interest pay for dissolution expenses">100,000</span> of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is the Company’s intention to redeem the Public Shares as soon as reasonably possible following the 15th month and, therefore, the Company does not intend to comply with those procedures. As such, the Company’s stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of the Company’s stockholders may extend well beyond the third anniversary of such date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — Description of Organization and Business Operations (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor (other than the independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220103__srt--StatementScenarioAxis__custom--ClosingIPOMember_zHLTDLAy5PKg" title="Issued price per share">10.15</span> per share (whether or not the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern Consideration</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s amended and restated memorandum of association. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> 11500000 10.00 115000000 6762886 4025000 1500000 528500 10.00 5285000 116725000 10.15 5000001 10.15 100000 10.15 <p id="xdx_806_eus-gaap--SignificantAccountingPoliciesTextBlock_zgHmcOWMXwra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — <span id="xdx_821_zaJIkJrAoWee">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zHamA12nDlYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_zjF1Tky6T6S5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Growth Company</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_zzQCgr1b2Dj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z50kcp3bAtu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. <span style="background-color: white">As of March 31, 2022, the Company had $<span id="xdx_900_eus-gaap--Cash_iI_do_c20220331_zMr1n20nW93j" title="Cash">511,724</span> of cash in its operating bank account.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--OfferingCostsAssociatedWithTheInitialPublicOfferingPolicyTextBlock_zSaQ2mKynrA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering Costs Associated with the Initial Public Offering</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of the Initial Public Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_zUL5XM61oop7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Taxes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were <span id="xdx_90F_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20220331_zdVCipKGUnZg" title="Unrecognized tax benefits">no</span> unrecognized tax benefits as of March 31, 2022 and <span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20220331_zQhxiqoaxjP4" title="Unrecognized tax benefits penalties and interest accrued">no</span> amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income taxes was deemed to be de minimis for the period from January 1, 2022 to March 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zIY7mLYB3ZPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Loss Per Share</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zHDWao8IyFQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reflects the calculation of basic and diluted net income per common share:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_z2BI7Oewh09e" style="display: none">Schedule of Basic and Diluted Net Income Per Common Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49F_20220101__20220331_znIX6oXuo5Rl" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For The </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months Ended</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> March 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Class A common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ProfitLoss_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEttgdlTi9zb" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: justify">Numerator: net loss allocable to Class A common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">(282,419</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3cX7YrU95x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Denominator: weighted average number of Class A common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,761,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7ThMpXHVyVi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Basic and diluted net income per redeemable Class A common stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ProfitLoss_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z7rOdjpYUahb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Numerator: net loss allocable to Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,439</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvNA2LDDwFG5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Denominator: weighted average number of Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,875,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxeeaNA6KbW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Basic and diluted net loss per Class B common stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A0_zqNSufd1jcW8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_ecustom--ClassACommonStockSubjectToPossibleRedemptionPolicyTextBlock_zefKfkuglDmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class A Common Stock Subject to Possible Redemption</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $<span id="xdx_90F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_c20220331_zX9oKjhrRxQ7" title="Business combination, net tangible assets">5,000,001</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As of March 31, 2022, there were <span id="xdx_903_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20220331_zv8ItydpQZu6" title="Temporary equity, shares outstanding">11,500,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zHFukRlMR0n9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_90C_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20220331_zoQJd9SXmx77" title="Federal depository insurance coverage">250,000</span>. On March 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zK6HQFRGGeyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value of Financial Instruments</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zYF3kkOtMXWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent Accounting Standards</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--UnusualRisksAndUncertaintiesPolicyTextBlock_z2qoHeBC3T3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks and Uncertainties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p id="xdx_85F_z4mX46XrDWB" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zHamA12nDlYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_zjF1Tky6T6S5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Growth Company</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_zzQCgr1b2Dj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z50kcp3bAtu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. <span style="background-color: white">As of March 31, 2022, the Company had $<span id="xdx_900_eus-gaap--Cash_iI_do_c20220331_zMr1n20nW93j" title="Cash">511,724</span> of cash in its operating bank account.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 511724 <p id="xdx_84A_ecustom--OfferingCostsAssociatedWithTheInitialPublicOfferingPolicyTextBlock_zSaQ2mKynrA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering Costs Associated with the Initial Public Offering</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial Public Offering executed on January 3, 2022 and that were charged to stockholders’ equity upon the completion of the Initial Public Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_zUL5XM61oop7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Taxes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were <span id="xdx_90F_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20220331_zdVCipKGUnZg" title="Unrecognized tax benefits">no</span> unrecognized tax benefits as of March 31, 2022 and <span id="xdx_90E_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_do_c20220331_zQhxiqoaxjP4" title="Unrecognized tax benefits penalties and interest accrued">no</span> amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income taxes was deemed to be de minimis for the period from January 1, 2022 to March 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zIY7mLYB3ZPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Loss Per Share</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zHDWao8IyFQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reflects the calculation of basic and diluted net income per common share:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_z2BI7Oewh09e" style="display: none">Schedule of Basic and Diluted Net Income Per Common Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49F_20220101__20220331_znIX6oXuo5Rl" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For The </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months Ended</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> March 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Class A common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ProfitLoss_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEttgdlTi9zb" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: justify">Numerator: net loss allocable to Class A common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">(282,419</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3cX7YrU95x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Denominator: weighted average number of Class A common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,761,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7ThMpXHVyVi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Basic and diluted net income per redeemable Class A common stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ProfitLoss_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z7rOdjpYUahb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Numerator: net loss allocable to Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,439</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvNA2LDDwFG5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Denominator: weighted average number of Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,875,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxeeaNA6KbW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Basic and diluted net loss per Class B common stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A0_zqNSufd1jcW8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zHDWao8IyFQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reflects the calculation of basic and diluted net income per common share:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_z2BI7Oewh09e" style="display: none">Schedule of Basic and Diluted Net Income Per Common Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49F_20220101__20220331_znIX6oXuo5Rl" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For The </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months Ended</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> March 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Class A common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ProfitLoss_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEttgdlTi9zb" style="vertical-align: bottom; background-color: White"> <td style="width: 78%; text-align: justify">Numerator: net loss allocable to Class A common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">(282,419</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3cX7YrU95x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Denominator: weighted average number of Class A common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,761,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7ThMpXHVyVi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Basic and diluted net income per redeemable Class A common stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ProfitLoss_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z7rOdjpYUahb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Numerator: net loss allocable to Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,439</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvNA2LDDwFG5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Denominator: weighted average number of Class B common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,875,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxeeaNA6KbW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Basic and diluted net loss per Class B common stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.02</td><td style="text-align: left">)</td></tr> </table> -282419 11761200 -0.02 -56439 2875000 -0.02 <p id="xdx_845_ecustom--ClassACommonStockSubjectToPossibleRedemptionPolicyTextBlock_zefKfkuglDmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class A Common Stock Subject to Possible Redemption</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $<span id="xdx_90F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_c20220331_zX9oKjhrRxQ7" title="Business combination, net tangible assets">5,000,001</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As of March 31, 2022, there were <span id="xdx_903_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20220331_zv8ItydpQZu6" title="Temporary equity, shares outstanding">11,500,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock sold as part of the Units in the Public Offering issued and subject to possible redemption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 5000001 11500000 <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zHFukRlMR0n9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_90C_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20220331_zoQJd9SXmx77" title="Federal depository insurance coverage">250,000</span>. On March 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 250000 <p id="xdx_846_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zK6HQFRGGeyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value of Financial Instruments</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zYF3kkOtMXWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent Accounting Standards</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_ecustom--UnusualRisksAndUncertaintiesPolicyTextBlock_z2qoHeBC3T3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks and Uncertainties</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, close of the IPO, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p id="xdx_800_ecustom--InitialPublicOfferingTextBlock_zypYOQGX5Nxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 —<span id="xdx_821_zd9Stm4pvbal"> INITIAL PUBLIC OFFERING</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 3, 2022, the Company consummated its Initial Public Offering of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zk1yT4S48en4" title="Units issued during the period">11,500,000</span> Units (including the issuance of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zzMzAPJ35jR8" title="Units issued during the period">1,500,000</span> Units as a result of the underwriter’s full exercise of its over-allotment option), at $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zWpEs9Qz7yu1" title="Issued price per share">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zdfCmWKf10Lh" title="Proceeds from issuance of private placement">115,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--WarrantDescription_c20220102__20220103__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantMember_zZP2ppLmshr7" title="Warrant description">Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”)</span>. Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220103__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantMember_zoPd9fhI65ed" title="Warrant exercise price">11.50</span> per share (see Note 6).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of January 3, 2022, the Company incurred offering costs of approximately $<span id="xdx_90F_eus-gaap--DeferredOfferingCosts_iI_pp0p0_c20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zZXoHieQOF9l" title="Offering costs">6,762,886</span>, of which $<span id="xdx_903_eus-gaap--PaymentsForCommissions_pp0p0_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRpfHTktaHm3" title="Deferred underwriting commissions">4,025,000</span> was for deferred underwriting commissions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 11500000 1500000 10.00 115000000 Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”) 11.50 6762886 4025000 <p id="xdx_801_ecustom--PrivatePlacementTextBlock_ziCgxCFFx9i6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4 — <span id="xdx_822_z2uMibZdBgoi">Private Placement</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zhTRqe5P8pO5" title="Units issued during the period">528,500</span> Placement Units at a price of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_z7FZNDroIAyf" title="Issued price per share">10.00</span> per Placement Unit ($<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20220102__20220103__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zRe1e0CEzpGf" title="Proceeds from issuance of private placement">5,285,000</span> in the aggregate).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds from the sale of the Placement Units were added to the net proceeds from the IPO held in the Trust Account. The Placement Units are identical to the Units sold in the Initial Public Offering, except for the placement warrants (“Placement Warrants”). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 528500 10.00 5285000 <p id="xdx_80E_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zzfTW39k76G8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5 — <span id="xdx_82D_zAp9a7juL10c">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Founder Shares</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 11, 2021, the Sponsor purchased <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210509__20210511__srt--TitleOfIndividualAxis__custom--SponsorMember_zcCERVOAgfRl" title="Stock issued during period, shares, new issues">2,875,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">founder shares for an aggregate purchase price of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20210509__20210511__srt--TitleOfIndividualAxis__custom--SponsorMember_zA1FHJXlzJDa" title="Aggregate purchase price">25,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, or approximately $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210511__srt--TitleOfIndividualAxis__custom--SponsorMember_zMNfixrhh9Ok" title="Share price per share">0.009 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. In June 2021, the Sponsor transferred <span id="xdx_90C_ecustom--StockTransferredDuringPeriod_pid_c20210601__20210630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zMUSqZg5Zh57">20,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares each to the Company’s Chief Executive Officer and David Kopp, <span id="xdx_904_ecustom--StockTransferredDuringPeriod_pid_c20210601__20210630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zOIGbxilbuH8">15,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to the Company’s Chief Financial Officer and <span id="xdx_901_ecustom--StockTransferredDuringPeriod_pid_c20210601__20210630__srt--TitleOfIndividualAxis__custom--IndependentDirectorNomineesMember_zfFudj2aaXfa">10,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to each of the Company’s independent director nominees. In July 2021, the Sponsor also transferred <span id="xdx_909_ecustom--StockTransferredDuringPeriod_pid_c20210701__20210731__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARCGroupLimitedMember_zzdpXN5IDOJl">431,250 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to ARC Group Limited. In November 2021, ARC Group Limited transferred <span id="xdx_90A_ecustom--StockTransferredDuringPeriod_pid_c20211101__20211130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MaxMarkCapitalLimitedMember_zjd0ZrfuvQzf">140,400 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to Max Mark Capital Limited, <span id="xdx_907_ecustom--StockTransferredDuringPeriod_pid_c20211101__20211130__srt--TitleOfIndividualAxis__custom--JonathanChanMember_z5HagAL5jBvb">140,400 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to Jonathan Chan, and <span id="xdx_902_ecustom--StockTransferredDuringPeriod_pid_c20211101__20211130__srt--TitleOfIndividualAxis__custom--MeiEngGoyMember_zKJldn62Ws17">10,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to Mei Eng Goy. ARC Group Limited purchased its net <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210509__20210511__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARCGroupLimitedMember_zW6IFQ2xTMX6" title="Shares issued for services">140,450 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares in consideration of services provided by such party as financial advisor to the Company in connection with the Initial Public Offering. Each of the transfers above were completed at the same per share purchase price as the Sponsor paid for the founder shares, or $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210511__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zPlmzJ8yRBF2">0.009</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The number of founder shares issued was determined based on the expectation that such founder shares would represent <span id="xdx_90B_ecustom--PercentageOfIssuedAndOutstandingShares_pid_dp_uPure_c20220101__20220331_zxNU8lWyhfr7">20</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the outstanding shares upon completion of the IPO (excluding the placement units and underlying securities). The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. As of March 31, 2022, the Sponsor owned <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--SponsorMember_z0NO8aKJNPi8" title="Common stock, shares, outstanding">2,358,750 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B common stock. As the underwriters’ over-allotment option has been exercised in full, <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20220102__20220103__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zcXmpt5fF3V8" title="Share based payment award, options, exercises in period, shares">375,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of such shares held by the Sponsor will not be subject to forfeiture.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5 — Related Party Transactions (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The initial stockholders have agreed not to transfer, assign or sell any of the shares of Class B common stock (except to certain permitted transferees) until the earlier to occur of: (A) six months after the completion of the Company’s initial business combination and (B) subsequent to the Company’s initial business combination, (x) if the reported last sale price of the Class A common stock equals or exceeds $<span id="xdx_907_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zpZ8lPmOK3a2" title="Price per shares">12.00 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any <span id="xdx_90E_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20220101__20220331__us-gaap--BusinessAcquisitionAxis__custom--BusinessAcquisitionMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1uFlUsFAtq9" title="Business combination commencing period description">20 trading days within any 30-trading day period commencing after the Company’s initial business combination</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Promissory Note – Related Party</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 10, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20210510__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zs4aoLgWv6u5" title="Maximum borrowing capacity">300,000</span>, to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing and payable on the earlier of the consummation of the Initial Public Offering or the date on which the Company determines not to proceed with the Initial Public Offering. These amounts will be repaid shortly after completion of the Initial Public Offering out of the $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20210509__20210510_z2axGldv6zpj" title="Offering proceeds">660,000</span> of offering proceeds that has been allocated for the payment of offering expenses. As of December 31, 2021, the Company had borrowed $<span id="xdx_90D_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zQKhD4fV3xI4" title="Notes payable">122,352</span> under the promissory note with the Sponsor. Following the IPO of the Company on January 3, 2022, a total of $<span id="xdx_90B_eus-gaap--RepaymentsOfRelatedPartyDebt_pp0p0_c20220102__20220103__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zXUCBDWuXJKc" title="Promissory notes repaid">122,352</span> under the promissory note was repaid on January 6, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Loans</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $<span id="xdx_909_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pp0p0_c20220331__us-gaap--BusinessAcquisitionAxis__custom--AffiliateSponsorMember_zwiQA958Ovy1" title="Business acquisition, transaction costs">1,500,000</span> of notes may be converted upon consummation of a Business Combination into additional Placement Units at a price of $<span id="xdx_907_eus-gaap--BusinessAcquisitionSharePrice_iI_c20220331__us-gaap--BusinessAcquisitionAxis__custom--AffiliateSponsorMember_z5nrqihvTy45" title="Share price">10.00</span> per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2022, there was <span id="xdx_907_ecustom--WorkingCapitalLoan_iI_do_c20220331_z7jq6sPho3Z2" title="Working capital loan outstanding">no</span> amount outstanding under any Working Capital Loan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrative Services Arrangement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial advisor has agreed, commencing from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. The Company has agreed to pay the financial advisor $<span id="xdx_90A_ecustom--PaymentForFinancialAdvisorServices_c20220101__20220331_zvpa2lUnc5u7" title="Payment for financial advisor services">10,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month for these services. For the period from January 1, 2022 to March 31, 2022, the Company has recognized $<span id="xdx_905_eus-gaap--OperatingCostsAndExpenses_c20220101__20220331_zqQJ1rcxyY7" title="Operating cost">30,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating cost for the service provided by ARC Group Ltd. under this agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2875000 25000 0.009 20000 15000 10000 431250 140400 140400 10000 140450 0.009 0.20 2358750 375000 12.00 20 trading days within any 30-trading day period commencing after the Company’s initial business combination 300000 660000 122352 122352 1500000 10.00 0 10000 30000 <p id="xdx_805_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zPrcL0PzevOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 — <span id="xdx_82A_zXXC37ia3Zu4">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration Rights</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the insider shares, as well as the holders of the Placement Units (and underlying securities) and any securities issued in payment of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company register such securities at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AETHERIUM ACQUISITION CORP.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 — Commitments and Contingencies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriting Agreement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The underwriters purchased the <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20220101__20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_z6FORYz9neU7" title="Number of options granted">1,500,000</span> of additional Units to cover over-allotments, less the underwriting discounts and commissions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The underwriters were entitled to a cash underwriting discount of: (i) two percent (<span id="xdx_902_ecustom--PercentageOfUnderwritingDiscount_pid_dp_c20220101__20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zfJZjS5baGV" title="Percentage of underwriting discount">2.00</span>%) of the gross proceeds of the Initial Public Offering, or $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20220101__20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_ziEnXKAxrRfc" title="Proceeds from initial public offering">2,300,000</span> as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred fee of three and one half percent (<span id="xdx_907_ecustom--PercentageOfUnderwritingDiscount_pid_dp_c20220101__20220331__us-gaap--IncomeStatementLocationAxis__custom--DeferredFeeMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zhpyeSg6kT4g" title="Percentage of underwriting discount">3.50</span>%) of the gross proceeds of the Initial Public Offering, or $<span id="xdx_902_ecustom--DeferredUnderwritingFee_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zOva08D8VyRa" title="Deferred underwriting fee">4,025,000</span> upon closing of the Business Combination. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, the underwriter gave the Company a rebatement of $<span id="xdx_90C_ecustom--UnderwritingRebatement_pp0p0_c20211228__20211229__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zWMmzrpUlSq2" title="Underwriting rebatement">500,000</span>. So the cash underwriting fee for the Initial Public Offering was $<span id="xdx_903_eus-gaap--PaymentsForUnderwritingExpense_pp0p0_c20211228__20211229__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zNskGRBARDL9" title="Underwriting fee">1,800,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1500000 0.0200 2300000 0.0350 4025000 500000 1800000 <p id="xdx_809_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_ztnxfaIbsio2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7 – <span id="xdx_828_z8KF0Nme4OU2">Stockholders’ Equity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class A Common Stock</i></b> — The Company is authorized to issue <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zThd6xwU9Cz9" title="Common stock, shares authorized">100,000,000</span> shares of Class A common stock with a par value of $<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z79MUrTCqqT1" title="Common stock, par value">0.0001</span> per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. On March 31, 2022, there were there were <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2tbLxEHeei6" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMzpPZhTiSt9" title="Shares outstanding">528,500</span></span> shares of Class A Common Stock issued and outstanding, excluding <span id="xdx_903_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOHtWSuv6dV3" title="Share subject to possible redemption">11,500,000</span> shares of Class A Common Stock subject to possible redemption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class B Common Stock</i></b> — The Company is authorized to issue <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zHlG8XYGUYZf" title="Common stock, shares authorized">10,000,000</span> shares of Class B common stock with a par value of $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zYTfZUWSV7mb" title="Common stock, par value">0.0001</span> per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. On May 11, 2021, the Sponsor purchased <span id="xdx_907_eus-gaap--StockRepurchasedDuringPeriodShares_c20210509__20210511__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zPk4AqbZwjRj" title="Number of shares purchased">2,875,000</span> founder shares for an aggregate purchase price of $<span id="xdx_902_eus-gaap--StockRepurchasedDuringPeriodValue_pp0p0_c20210509__20210511__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zUaPuvt3gb37" title="Aggregate purchase price">25,000</span>, or approximately $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_c20210511__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--SponsorMember_pdd" title="Share price per share">0.009</span> per share. On January 3, 2022, as the underwriters’ over-allotment option has been exercised in full, <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_pdp0_c20220102__20220103__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zx78rCVSiD2f" title="Stock exercised">375,000</span> of such shares held by the Sponsor will not be subject to forfeiture. At March 31, 2022, there were <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zhn53AzKYhYb" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqTSqlz4HvRe" title="Shares outstanding">2,875,000</span></span> shares of Class B common stock issued and outstanding. Shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Company’s initial business combination on a one-for-one basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred Shares</i></b> — The Company is authorized to issue <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20220331_zE4WFQrH17yi" title="Preferred stock, shares authorized">1,000,000</span> preferred shares with a par value of $<span id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220331_zEN76OcmCrlj" title="Preferred stock, par value">0.0001</span> per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At March 31, 2022, there were <span id="xdx_90A_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20220331_zFEH3kDy2reb" title="Preferred stock, shares outstanding"><span id="xdx_90B_eus-gaap--PreferredStockSharesIssued_iI_pid_do_c20220331_zOwpU95dBMT" title="Preferred stock, shares issued">no</span></span> preferred shares issued or outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 100000000 0.0001 528500 528500 11500000 10000000 0.0001 2875000 25000 0.009 375000 2875000 2875000 1000000 0.0001 0 0 <p id="xdx_801_eus-gaap--SubsequentEventsTextBlock_zzuqXY8sYME7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8 – <span id="xdx_826_zAi9cXSGVEN7">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to May 12, 2022, the date the unaudited financial statements were available to issue. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.</span></p> EXCEL 36 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( /2#K%0'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " #T@ZQ4KCQ9[NX K @ $0 &1O8U!R;W!S+V-O&ULS9+! 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