Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

References in this report (the "Quarterly Report") to "we," "us" or the "Company" refer to Aimfinity Investment Corp. I. References to our "management" or our "management team" refer to our officers and directors, and references to the "Sponsor" refer to Aimfinity Investment, LLC. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this "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. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and variations thereof and similar words and expressions are intended to identify such forward-looking statements. Such forward- looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's final prospectus for its initial public offering (the "IPO" described below) filed with the Securities Exchange Commission (the "SEC") on April 26, 2022 (File No. 333-263874) (the "Prospectus"). The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated on July 26, 2021 (inception) as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the "Initial Business Combination"). We intend to effectuate our Initial Business Combination using cash from the proceeds of our IPO and the sale of our shares, debt or a combination of cash, equity and debt. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete an Initial Business Combination will be successful.

Our Initial Public Offering

On April 28, 2022, Aimfinity consummated its IPO of 8,050,000 units, which included 1,050,000 Public Units issued pursuant to the full exercise by the underwriters of their over-allotment option, with each Public Unit consisting of one AIMA Class A Ordinary Share, one AIMA Class 1 Warrants and one-half of one AIMA Class 2 Warrants, with each whole AIMA Class 1 or Class 2 Warrant entitling the holder thereof to purchase one AIMA Class A Ordinary Share for $11.50 per share. The Public Units were sold at a price of $10.00 per Unit, and the IPO generated gross proceeds of $80,500,000. Simultaneously with the closing of the IPO, Aimfinity consummated a Private Placement with the Sponsor of an aggregate of 492,000 Private Placement Units (including 42,000 Private Placement Units purchased pursuant to the full exercise by the underwriters of their over-allotment option) at a price of $10.00 per Private Placement Unit, generating gross proceeds to Aimfinity of $4,920,000. Each Private Placement Unit consists of one AIMA Class A Ordinary Share, one AIMA Class 1 Warrant, and one-half of one AIMA Class 2 Warrant. The terms and provisions of the Private Placement Warrants are identical to the Public Warrants, except that, subject to certain limited exceptions, they are subject to transfer restrictions until 30 days following the consummation of the Company's initial business combination. On April 28, 2022, a total of $82,110,000 of the net proceeds from the IPO and the Private Placement was deposited in the Trust Account established for the benefit of Aimfinity's Public Shareholders at a U.S. based Trust Account, with U.S. Bank, National Association, acting as trustee.

The AIMA Class 1 Warrants and AIMA Class 2 Warrants have similar terms, except that the AIMA Class 1 Warrants separated and began separate trading on June 16, 2022 (the 52^nd day following the effective date of the IPO). Holders have the option to continue to hold the Public Units or separate the AIMA Class 1 Warrants from the Public Units. Separation of the Class 1 Warrants from the Public Units will result in new units consisting of one AIMA Class A Ordinary Share and one-half of one AIMA Class 2 Warrant. Holders will need to have their brokers contact the Company's transfer agent in order to separate the Public Units into AIMA Class 1 Warrants and AIMA New Units consisting of one AIMA Class A Ordinary Share and one-half of one AIMA Class 2 Warrant. Additionally, the Public Units and the AIMA New Units will automatically separate into their component parts and will not be traded after completion of the initial business combination.

Since Aimfinity's IPO, its sole business activity has been identifying, evaluating suitable acquisition transaction candidates and preparing for consummation of an initial business combination. It presently has no revenue and have had losses since inception from incurring formation and operating costs. It has relied upon the sale of Aimfinity securities and loans from the Sponsor and other parties to fund its operations.

Business Combination with Docter Inc.

On October 13, 2023, Aimfinity entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the "Merger Agreement"), by and between Aimfinity, Docter Inc., a Delaware corporation (the "Target"), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and a newly formed wholly-owned subsidiary of Aimfinity ("PubCo"), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of PubCo ("Merger Sub"), pursuant to which (a) Aimfinity will be merged with and into PubCo (the "Reincorporation Merger"), with PubCo surviving the Reincorporation Merger, and (b) Merger Sub will be merged with and into the Docter (the "Acquisition Merger"), with Docter surviving the Acquisition Merger as a direct wholly owned subsidiary of PubCo (all transactions contemplated under the Merger Agreement, collectively, the "Business Combination"). Following the consummation of the Business Combination (the "Closing"), PubCo will be a publicly traded company.

At the effective time of the Reincorporation Merger (the "Reincorporation Merger Effective Time"), (i) each of the issued and outstanding AIMA Units will automatically separate into one AIMA Class 1 Warrant and one AIMA New Unit, (ii) upon separation of the AIMA Units, each of the issued and outstanding AIMA New Unit (except the AIMA New Units containing the redeemed AIMA Class A Ordinary Share and corresponding forfeited AIMA Class 2 Warrant) will automatically separate into one AIMA Class A Ordinary Share and one-half of one AIMA Class 2 Warrant, (iii) each of the issued and outstanding AIMA Ordinary Share will be converted automatically into one PubCo Ordinary Share, and (iv) each of the issued and outstanding AIMA Warrant shall be converted automatically into one PubCo Warrant. Each of the issued and outstanding security will automatically be cancelled and cease in existence and trading with respect to Aimfinity's security and converted into applicable security of PubCo except as provided in the Merger Agreement or under operation of law.

At the effective time of the Acquisition Merger (the "Effective Time"), which shall take place one business after the Reincorporation Merger Effective Time, by virtue of the Acquisition Merger and without any action on the part of us, PubCo, Merger Sub, Docter or the Docter Stockholders immediately prior to the Effective Time, each Docter Stockholder's shares of Docter Stock issued and outstanding immediately prior to the Effective Time (except certain excluded shares) will be cancelled and automatically converted into the right to receive, without interest, the applicable portion of the Closing Payment Shares as set forth in the Closing Consideration Spreadsheet (as defined in the Merger Agreement) on a pro rata basis based on the number of Target Shares held by them as of immediately prior to the Effective Time.

Up to an additional 2,500,000 PubCo ordinary shares may be issued to the Docter Stockholders as contingent post-closing earnout consideration. The Earnout Shares will not be issued until as below:

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1,000,000 Earnout Shares will be issued to each Docter Stockholder on a pro rata basis if and only if PubCo completes sales of at least 30,000 Devices (as defined in the Merger Agreement) during fiscal year 2024 as reflected in its audited consolidated annual financial statements for the fiscal year ending December 31, 2024 prepared in accordance with the U.S. GAAP as filed with the SEC;

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1,500,000 Earnout Shares will be issued to each Docter Stockholder on a pro rata basis if and only if PubCo completes sales of at least 40,000 Devices during fiscal year 2025 as reflected in its audited consolidated annual financial statements for the fiscal year ending December 31, 2025 prepared in accordance with the U.S. GAAP as filed with the SEC.

On June 5, 2024, Aimfinity, Purchaser, Merger Sub and Docter entered into an amendment to the Merger Agreement (the "Amendment No. 1") to modify the composition of PubCo 's board of directors upon and immediately following the completion of the Business Combination.

Before Amendment No. 1 was adopted, the Merger Agreement provided that, upon and immediately following the closing of the Business Combination, PubCo's board of directors shall consist of five (5) directors, among which four (4) directors will be designated by Aimfinity Investment LLC, the sponsor of the AIMA's initial public offering (the "Sponsor"), until the second general meeting of shareholders of PubCo, and one (1) director will be designated by Docter until the first general meeting of shareholders of PubCo

Pursuant to the Amendment No. 1, upon and immediately following the closing of the Business Combination, PubCo's board of directors shall consist of five (5) directors, among which three (3) directors will be designated by Docter until the first general meeting of shareholders of PubCo, and two (2) directors will be designated by the Sponsor until the second general meeting of shareholders of PubCo.

On January 29, 2025, Aimfinity, Purchaser, Merger Sub and Docter entered into an amendment to the Merger Agreement (the "Amendment No. 2") to modify the earnout arrangement as follows:

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1,000,000 Earnout Shares will be issued to each Docter Stockholder on a pro rata basis if and only if PubCo completes sales of at least 30,000 Devices (as defined in the Merger Agreement) during fiscal year 2025 as reflected in its audited consolidated annual financial statements for the fiscal year ending December 31, 2025 prepared in accordance with the U.S. GAAP as filed with the SEC;

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1,500,000 Earnout Shares will be issued to each Docter Stockholder on a pro rata basis if and only if PubCo completes sales of at least 40,000 Devices during fiscal year 2026 as reflected in its audited consolidated annual financial statements for the fiscal year ending December 31, 2026 prepared in accordance with the U.S. GAAP as filed with the SEC.

Extensions

Following the closing of the IPO, under the Company's then-effective amended and restated memorandum and articles of association, the Company would have until July 28, 2023 (or January 28, 2024 if the Company extends the period of time to consummate an initial business combination) to consummate an initial business combination. On July 27, 2023, the Company held an extraordinary general meeting of shareholders (the "First EGM"). At the First EGM, the shareholders of the Company, by special resolution, approved the proposal to amend the Company's then effective amended and restated memorandum and articles of association (the "First Charter Amendment") to (i) allow the Company until July 28, 2023 to consummate an initial business combination, and to (ii) elect to extend the period (the "Combination Deadline") to consummate an initial business combination up to nine times, each by an additional one-month period, for a total of up to nine months to April 28, 2024, by depositing to the Company's Trust Account the amount lesser of (i) $85,000 for each one-month extension or (ii) $0.04 for each Public Share for each one-month extension (the "First Charter Amendment Proposal"). Under Cayman Islands law, the First Charter Amendment took effect upon approval of the First Charter Amendment Proposal by the shareholders at the First EGM. Pursuant to the First Charter Amendment, a total of 9 one-month extensions, each in the amount of $85,000 (each, a "First Charter Amendment Monthly Extension"), were sought by the Company, with a total of $765,000 deposited by the Sponsor or its designee to the Trust Account, extending the Combination Deadline from July 28, 2023 to April 28, 2024.

In connection with the First EGM, the AIMA Public Shareholders were afforded with an opportunity to redeem their AIMA Public Shares. In connection with the redemptions, 4,076,118 AIMA New Units, or about 50.9% of the AIMA New Units issued and outstanding at the time, were submitted for redemption and the components thereof, including the Public Shares and the AIMA Class 2 Warrants thereof, were cancelled.

On April 23, 2024, the Company held a second extraordinary general meeting of shareholders (the "Second EGM"). At the Second EGM, the shareholders of the Company, by special resolution, approved the proposal to amend the Company's then-effective amended and restated memorandum and articles of association (the "Second Charter Amendment") to (i) allow the Company until April 28, 2024 to consummate an initial business combination, and to (ii) elect to extend the Combination Deadline up to nine times, each by an additional one-month period (each a "Second Charter Amendment Monthly Extension"), for a total of up to nine months to January 28, 2025, by depositing to the Company's Trust Account the amount lesser of (i) $60,000 for each one-month extension or (ii) $0.035 for each Public Share for each one-month extension (the "Second Charter Amendment Monthly Extension"). Under Cayman Islands law, the Second Charter Amendment took effect upon approval of the Second Charter Amendment Proposal by the shareholders at the Second EGM. Pursuant to the Second Charter Amendment, a total of 9 one-month extensions, each in the amount of $60,000 (each, a "First Charter Amendment Monthly Extension"), were sought by the Company, with a total of $540,000 deposited by the Sponsor or its designee to the Trust Account, extending the Combination Deadline from April 28, 2025 to January 28, 2025.

In connection with the Second EGM, the AIMA Public Shareholders were afforded with an additional opportunity to redeem their AIMA Public Shares. 860,884 AIMA New Units, or about 21.7% of the AIMA New Units issued and outstanding at the time, were submitted for redemption and the components thereof, including the Public Shares and the AIMA Class 2 Warrants thereof, were cancelled. As a result, an aggregate of approximately $9,684,945 were distributed from the Trust Account to the redeeming Public Shareholders.

On January 9, 2025, the Company held a third extraordinary general meeting of shareholders (the "Third EGM"). At the Third EGM, the shareholders of the Company, by special resolution, approved the proposal to amend the Company's then-effective amended and restated memorandum and articles of association (the "Third Charter Amendment") to (i) allow the Company until January 28, 2025 to consummate an initial business combination, and to (ii) elect to extend the Combination Deadline up to nine times, each by an additional one-month period (each a "Third Charter Amendment Monthly Extension"), for a total of up to nine months to October 28, 2025, by depositing to the Company's Trust Account the amount of $0.05 for each Public Share for each one-month extension (the "Third Charter Amendment Monthly Extension"). Under Cayman Islands law, the Third Charter Amendment took effect upon approval of the Third Charter Amendment Proposal by the shareholders at the Third EGM. Pursuant to the Third Charter Amendment, a total of 9 one-month extensions, each in the amount of $55,823.8 (each, a "Third Charter Amendment Monthly Extension"), were sought by the Company, with a total of $502,414.2 deposited by the Sponsor or its designee to the Trust Account, extending the Combination Deadline from January 28, 2025 to October 28, 2025.

In connection with the Third EGM, the AIMA Public Shareholders were afforded with an additional opportunity to redeem their AIMA Public Shares. As a result, 1,996,522 AIMA New Units, or about 64.2% of the public AIMA New Units issued and outstanding at the time, were submitted for redemption and the components thereof, including the Public Shares and the AIMA Class 2 Warrants thereof, were cancelled. As a result, an aggregate of approximately $23,778,577 were distributed from the Trust Account to the redeeming Public Shareholders.

On October 27, 2025, the Company held a fourth extraordinary general meeting of shareholders (the "Fourth EGM"). At the Fourth EGM, the shareholders of the Company, by special resolution, approved the proposal to amend the Company's then-effective amended and restated memorandum and articles of association (the "Fourth Charter Amendment") to (i) allow the Company until October 28, 2025 to consummate an initial business combination, and to (ii) elect to extend the Combination Deadline up to nine times, each by an additional one-month period (each a "Fourth Charter Amendment Monthly Extension"), for a total of up to nine months to July 28, 2025, by depositing to the Company's Trust Account the amount of $500 for each one-month extension (the "Fourth Charter Amendment Monthly Extension"). Under Cayman Islands law, the Fourth Charter Amendment took effect upon approval of the Fourth Charter Amendment Proposal by the shareholders at the Fourth EGM.

In connection with the Fourth EGM, the AIMA Public Shareholders were afforded with an additional opportunity to redeem their AIMA Public Shares. As a result, 572,989 AIMA New Units, or about 51.3% of the public AIMA New Units issued and outstanding at the time, were submitted for redemption and the components thereof, including the Public Shares and the AIMA Class 2 Warrants thereof, were cancelled. As a result, an aggregate of approximately $7,357,178.76 were distributed from the Trust Account to the redeeming Public Shareholders. In connection with the Fourth Monthly Extensions, as of the date hereof, two payments for the Forth Charter Amendment Monthly Extension in the aggregate amount of $1,000 have been deposited into the Trust Account, allowing Aimfinity to extend the Combination Period until December 28, 2025.

As of the date hereof, the Company made nine payments for First Charter Amendment Monthly Extensions, nine payments for Second Charter Amendment Monthly Extensions, nine payments for the Third Charter Amendment Monthly Extensions into Trust Account for the Public Shareholders, and two payments for the Fourth Charter Amendment Monthly Extensions into resulting in an extension of the Combination Deadline to October 28, 2025.

For each payment in connection with the First Charter Amendment Monthly Extensions, the Second Charter Amendment Monthly Extensions, or the Fourth Monthly Extensions, on the date such payment was deposited to the Company's Trust Account, we issued an unsecured promissory note to I-Fa Chang to evidence the payments made by him for the deposit of such payment (in the amount of $85,000, $60,000, $55,823.8 or $500), as the case may be (in each case, a "Monthly Extension Note").

Each of such Monthly Extension Notes has the same terms, except with regard to the amount. Each note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company's Initial Business Combination or (ii) the date of expiry of the term of the Company (the "Maturity Date"). The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of the Company's obligations thereunder; (iv) any cross defaults; (v) an enforcement proceedings against the Company; and (vi) any unlawfulness and invalidity in connection with the performance of the obligations thereunder, in which case such Monthly Extension Note may be accelerated.

The payee of each Monthly Extension Note, I-Fa Chang, has the right, but not the obligation, to convert each Monthly Extension Note, in whole or in part, respectively, into Private Placement Units of the Company, that are identical to the Private Placement Units issued by the Company in the Private Placement consummated simultaneously with the Company's IPO, subject to certain exceptions, as described in the Prospectus, by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the Initial Business Combination. The number of Private Placement Units to be received by I-Fa Chang in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to the Sponsor by (y) $10.00.

The issuance of the Monthly Extension Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

As of the date hereof, the Company has issued three promissory notes (the "Working Capital Notes") to Mr. Chang (the manager and designee of the sponsor of the Company): one on December 8, 2023, for up to $500,000, to be used for a portion of the Company's working capital, one on April 8, 2024, for up to $500,000, to be used for a portion of the Company's working capital, and one on October 21, 2024, for up to $1,500,000, to be used for a portion of the Company's working capital. As of September 30, 2025, an aggregate of $1,539,134 of working capital loans have been provided by Mr. Chang under the Working Capital Notes, and it is expected that further working capital loans may be provided by Mr. Chang under the Working Capital Notes before the closing of the Business Combination.

Pursuant to the Merger Agreement, up to $1,500,000 in Working Capital Notes or Monthly Extension Notes may be converted into private units of the Company, each of which is the same as the private placement units sold in the private sales consummated simultaneously with the initial public offering of the Company.

Pursuant to a certain exchange agreement, dated April 8, 2025, by and among the Company, Mr. Chang and certain other parties to the Merger Agreement, upon the closing of the Business Combination by and between the Company and Docter, all $1,472,471 under the Monthly Extension Notes outstanding and $27,529 under the Working Capital Notes outstanding will be converted into 150,000 Private Units of the Company, and the remaining balance of the Working Capital Notes, including any working capital loans that may be provided prior to the closing of the Business Combination, and any additional Monthly Extension Notes outstanding, less $27,529, will be exchanged for such number of Purchaser ordinary shares, par value $0.0001 per share ("Purchaser ordinary shares"), at a conversion price of $10.00 per share.

Transaction Financing

On April 8, 2025, Purchaser, Docter, and Horn Enterprise Co., Ltd. ("Horn Enterprise"), the wholly-owned subsidiary of Docter, entered into two separate exchange agreements (the "Docter Exchange Agreements") with Mr. Hsin-Ming Huang, CEO of Docter and Horn Enterprise, and Ms. Yi-Jun Ye, a Taiwanese national, respectively, each of which had previously loaned funds to Docter and/or Horn (the "Docter Note Holders"), pursuant to which the Docter Note Holders agree to convert all outstanding principal and interest of loans owed by Docter or Horn Enterprise as of the closing of the Business Combination into such number of PubCo Ordinary Shares at a conversion price of $10.00 per share.

Also on April 8, the Company, Purchaser, Docter, and Mr. Chang, as the holder of certain Working Capital Notes and the Monthly Extension Notes, entered into an exchange agreement (the "AIMUF Exchange Agreement"), dated April 8, 2025, by and among the (as defined therein), all $1,472,471 under the Extension Notes and $27,529 under the Working Capital Notes will be converted into 150,000 private placement units of AIMUF, and the remaining balance of the Working Capital Notes, including any working capital loans that may be provided prior to the closing of the Business Combination, and any additional Monthly Extension Notes outstanding, less $27,529, will be exchanged for such number of PubCo Ordinary Shares at a conversion price of $10.00 per share.

Pursuant to a certain securities purchase agreement, dated May 27, 2025, by and between Purchaser and I-Fa Chang, sole member and manager of the Sponsor, and Inkrock Holding Limited, a British Virgin Islands company, Purchaser issued 687,054 ordinary shares, par value $0.0001 per share to I-Fa Chang in exchange for acquiring the control of Inkrock Holding Limited from I-Fa Chang. Inkrock Holding Limited owns a real property located in Mercer Island, Washington State.

On July 25, 2025, Purchaser and Horn Enterprise entered into a stock purchase agreement with each of Ji-Jung Chou, a Taiwanese national, and Shi-Jyun Lan, a Taiwanese national (together with Ji-Jung Chou, the "Horn PIPE Investors"), pursuant to each of which, each Horn PIPE Investor agreed to purchase from Purchaser such number of ordinary shares of Purchaser, par value $0.0001 per share (the "Purchaser Shares"), equal to the outstanding principal amount of a non-interest bearing loan of $45,000,000 New Taiwanese Dollar (or approximately $1,536,413) Horn borrowed from such PIPE Investor, divided by $10.00, immediately prior to or at the closing of the Business Combination. The PIPE Investors shall accept the Purchaser Shares as satisfaction of the payment of their loans in lieu of repayment of loans by Horn in cash.

Discharge Agreements

On June 13, 2025, the Company, Purchaser, Merger Sub, and Docter entered into agreements for the satisfaction and discharge of indebtedness (each a "Discharge Agreement", together, the "Discharge Agreements") with D. Boral Capital LLC (f/k/a EF Hutton LLC, division of Benchmark Investments, LLC, "D. Boral") and US Tiger Securities, Inc. ("US Tiger"), respectively. D. Boral and US Tiger were the underwriters (collectively, the "Underwriters") of the initial public offering of AIMUF ("IPO") and the Discharge Agreements have identical terms and conditions. Pursuant to the Discharge Agreements, in lieu of payment of the deferred underwriting commission of $2,817,500 ("Deferred Commission"), each of D. Boral and US Tiger will accept (1) $80,000 in cash at Closing; and (2) 132,875 Purchaser Ordinary Shares at Closing, subject to any adjustments as provided in the Discharge Agreement.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from July 26, 2021 (inception) to September 30, 2025 were organizational activities, those necessary to prepare for the IPO, described below, and, after the IPO, identifying a target company for an Initial Business Combination. We do not expect to generate any operating revenues until after the completion of our Initial Business Combination. We may generate non-operating income in the form of interest income on marketable securities held in the Trust Account. 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 in connection with completing an Initial Business Combination.

For the nine months ended September 30, 2025, we had a net income of $117,673 which consisted of interest income of $630,505 on cash and investments held in Trust Account which was offset by operating cost of $512,832.

For the nine months ended September 30, 2024, we had a net income of $902,163 which consisted of interest income of $1,603,118 on cash and investments held in Trust Account which was offset by operating cost of $700,955.

Liquidity and Capital Resources

Until the consummation of the IPO, our only source of liquidity was an initial purchase of ordinary shares by the Sponsor and loans from our Sponsor.

Following the closing of the IPO and sale of the Private Placement Units on April 28, 2022, a total of $82,110,000 was placed in the Trust Account, and we had $1,495,650 of cash held outside of the Trust Account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO, we incurred $5,117,607 in transaction costs, consisting of $1,610,000 of underwriting fees, $2,817,500 of deferred underwriting fees and $690,107 of other offering costs.

As of September 30, 2025, $14,294,569 was held in the Trust Account in money market funds, which are invested in U.S. Treasury Securities. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, excluding deferred underwriting commissions, to complete our Initial Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete an 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.

Aimfinity intends to use the funds held outside the Trust Account to primarily identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete an initial business combination.

In order to fund working capital deficiencies or finance transaction costs in connection with an initial business combination, the Sponsor or an affiliate of the Sponsor or certain of Aimfinity's officers and directors may, but are not obligated to, loan us funds as may be required.

On December 8, 2023, the Company issued a promissory note to I-Fa Chang, sole member and manager of the Sponsor, under which I-Fa Chang agreed to loan the Company up to $500,000 to be used for a portion of the working capital. This loan is non-interest bearing, unsecured and is due at the earlier of (1) the date on which the Company consummates its initial business combination or (2) the date on which the Company liquidates and dissolves. I-Fa Chang, as the payee, has the right, but not the obligation, to convert the note, in whole or in part, into Private Placement Units of the Company, that are identical to the Private Placement Units issued by the Company in the Private Placement consummated simultaneously with the Company's IPO, subject to certain exceptions, as described in the IPO Prospectus, by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the Initial Business Combination. The number of Private Placement Units to be received by I-Fa Chang in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to I-Fa Chang by (y) $10.00.

On April 4, 2024, the Company issued a promissory note to I-Fa Chang, as the designee, sole member and manager of the Sponsor, under which I-Fa Chang agreed to loan the Company up to $500,000 to be used for a portion of the working capital. This loan is non-interest bearing, unsecured and is due at the earlier of (1) the date on which the Company consummates its initial business combination or (2) the date on which the Company liquidates and dissolves. I-Fa Chang, as the payee, has the right, but not the obligation, to convert the note, in whole or in part, into Private Placement Units of the Company, that are identical to the Private Placement Units issued by the Company in the Private Placement consummated simultaneously with the Company's IPO, subject to certain exceptions, as described in the IPO Prospectus, by providing the Company with written notice of the intention to convert at least two business days prior to the closing of the Initial Business Combination. The number of Private Placement Units to be received by I-Fa Chang in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to I-Fa Chang by (y) $10.00.

As of September 30, 2025, the Company had $1,539,134 borrowings under the working capital loans.

As of September 30, 2025, the Company had cash of $3,517 and a working capital deficiency of $2,785,815.

In addition, in order to finance transaction costs in connection with an initial business combination, the Company's Sponsor or an affiliate of the Sponsor or certain of the Aimfinity's officers and directors have been provided the Company working capital loans (the "Working Capital Loans"). As of September 30, 2025, there were $1,539,134 in Working Capital Loans outstanding.

In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern. In addition, if the Company is unable to complete an initial business combination by the Combination Deadline, the Company's board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company's plans to consummate an initial business combination will be successful by the Combination Deadline. As a result, management has determined that such additional conditions also raise substantial doubt about the Company's ability to continue as a going concern. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

Registration Rights

The holders of the founder shares, Private Placement Units and Private Warrants, including any of those issued upon conversion of Working Capital Loans (and any Private Placement Units issuable upon the exercise of the Private Warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement signed on April 25, 2022. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed after the completion of our Initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs and expenses of filing any such registration statements.

Underwriting Agreement

We granted the underwriters a 45-day option from the date of the IPO to purchase up to 1,050,000 additional Public Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriters exercised the over-allotment option in full on April 27, 2022.

The underwriters received a cash underwriting discount of $0.20 per Public Unit, or $1,610,000 in the aggregate and paid at the closing of the IPO. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Public Unit, or approximately $2,817,500 in the aggregate upon the consummation of an initial business combination. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes its initial Business Combination, subject to the terms of the underwriting agreement.

On June 13, 2025, we, Pubco, Merger Sub, and Docter entered into agreements for the satisfaction and discharge of indebtedness (each a "Discharge Agreement", together, the "Discharge Agreements") with D. Boral Capital LLC (f/k/a EF Hutton LLC, division of Benchmark Investments, LLC, "D. Boral") and US Tiger Securities, Inc. ("US Tiger"), respectively. D. Boral and US Tiger were the underwriters (collectively, the "Underwriters") of the initial public offering of AIMUF ("IPO") and the Discharge Agreements have identical terms and conditions. Pursuant to the Discharge Agreements, in lieu of payment of the deferred underwriting commission of $2,817,500 ("Deferred Commission"), each of D. Boral and US Tiger will accept (1) $80,000 in cash at Closing; and (2) 132,875 Purchaser Ordinary Shares at Closing, subject to any adjustments as provided in the Discharge Agreement.

Critical Accounting Policies

The accompanying unaudited financial statements are presented in conformity with GAAP and pursuant to the rules and regulations of the SEC.

Recent Accounting Pronouncements

On November 4, 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 amends ASC 220, Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the Company's unaudited consolidated financial statements.

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.