Dynamix Corp
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
DYNC$10.98+0.7%Stored close · as of Oct 29, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001213900-25-043273
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001213900-25-075657
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 36 previous paragraphs and 44 current paragraphs.
29 unchanged; 6 reworded; 8 added; 1 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Proposed Business Combination
Current report
On July 21, 2025, Dynamix Corporation (the “SPAC”) and The Ether Machine, Inc., a Delaware corporation (“Pubco”), entered into a Business Combination Agreement (the “Business Combination Agreement”) with ETH SPAC Merger Sub Ltd., a Cayman Islands exempted company and wholly-owned subsidiary of Pubco (“SPAC Merger Sub”), The Ether Reserve LLC, a Delaware limited liability company (the “Company”), Ethos Sub 1, Inc., a Delaware corporation and wholly-owned subsidiary of SPAC (“SPAC Subsidiary A”), Ethos Sub 2, Inc., a Delaware corporation and wholly-owned subsidiary of SPAC Subsidiary A (“SPAC Subsidiary B”), Ethos Sub 3, Inc., a Delaware corporation and wholly-owned subsidiary of SPAC Subsidiary B (“Company Merger Sub”), and ETH Partners LLC, a Delaware limited liability company (the “Seller”).
Current report
For additional information regarding the Business Combination Agreement and the transactions contemplated therein, see the Current Report on Form 8-K as filed with the SEC by the Company on July 25, 2025.
Current report
For the period from June 13, 2024 (inception) through June 30, 2024, we had a net loss of $26,661 which primarily consist of operating and formation costs.
Current report
For the period from June 13, 2024 (inception) through June 30, 2024, net cash used in operating activities was $0. Net loss of $26,661 was affected by formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares of $16,241. Changes in operating assets and liabilities provided $10,420 of cash from operating activities.
Current report
In connection with our assessment of going concern considerations in accordance with ASC 205-40 “Presentation of Financial Statements - Going Concern,” we have incurred and expect to continue to incur significant costs in pursuit of its
Current report
financing and acquisition plans. The working capital deficit and the expectation of significant future costs raises substantial doubt about our ability to continue as a going concern within one year after the date that the unaudited financial statements are issued. Management plans to address this uncertainty through debt or equity financing. There is no assurance that our plans to raise capital or to consummate a Business Combination will be successful within the Combination Period. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.
Current report
In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
Removed paragraphs (1)
Previous report
We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. 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.
Reworded paragraphs (6)
Previous wording
For the three months ended March 31, 2025, we had a net income of $1,032,650, which consisted of dividends earned on investments held in trust account of $1,749,366, change in fair value – over-allotment liability of $64,371 and interest earned in cash account of $12,716, partially offset by general and administrative expenses of $584,643 and change in fair value of warrant liabilities of $209,160.
Current wording
For the six months ended June 30, 2025, we had a net income of $783,920, which consisted of dividends earned on investments held in trust account of $3,507,375, change in fair value – over-allotment liability of $64,371 and interest earned in cash account of $23,448, partially offset by general and administrative expenses of $1,734,764 and change in fair value of warrant liabilities of $1,076,510.
Previous wording
On February 4, 2025, we entered into an advisory services agreement (the “advisory services agreement”) with Volta Tread LLC, an affiliate of our sponsor owned and controlled by our chief executive officer and chief financial officer (the “service provider”). Pursuant to the advisory services agreement, the service provider will provide management, consulting and other advisory services to the Company in connection with its initial business combination. In consideration for these services, we will (i) pay to the service provider an annual fee, payable on a monthly basis, until the consummation of a business combination, and (ii) reimburse the service provider and its affiliates for certain costs and expenses incurred in favor of third parties. The annual fee, together with any reimbursement, shall not exceed an annual limit of 10% of interest earned on funds held in the trust account (the “Cap”). For the three months ended March 31, 2025, the Company has paid the service provider $189,915 pursuant to the advisory services agreement.
Current wording
On February 4, 2025, we entered into an advisory services agreement (the “advisory services agreement”) with Volta Tread LLC, an affiliate of our sponsor owned and controlled by our chief executive officer and chief financial officer (the “service provider”). Pursuant to the advisory services agreement, the service provider will provide management, consulting and other advisory services to the Company in connection with its initial business combination. In consideration for these services, we will (i) pay to the service provider an annual fee, payable on a monthly basis, until the consummation of a business combination, and (ii) reimburse the service provider and its affiliates for certain costs and expenses incurred in favor of third parties. The annual fee, together with any reimbursement, shall not exceed an annual limit of 10% of interest earned on funds held in the trust account (the “Cap”). For the three and six months ended June 30, 2025, the Company has paid the service provider $177,718 and $367,633, respectively, pursuant to the advisory services agreement.
Previous wording
For the three months ended March 31, 2025, net cash used in operating activities was $504,051. Net income of $1,032,650 was affected by a change in fair value of warrant liabilities of $209,160, dividends earned on investments held in trust account of $1,749,366, and change in fair value of over-allotment liability of $64,371. Changes in operating assets and liabilities provided $67,876 of cash from operating activities.
Current wording
For the six months ended June 30, 2025, net cash used in operating activities was $870,400. Net income of $783,920 was affected by a change in fair value of warrant liabilities of $1,076,510, dividends earned on investments held in trust account of $3,507,375, and change in fair value of over-allotment liability of $64,371. Changes in operating assets and liabilities provided $840,916 of cash from operating activities.
Previous wording
At March 31, 2025, we had mutual funds which are invested primarily in money market funds held in the trust account of $168,724,276. We intend to use substantially all of the funds held in the trust account (including any amounts representing dividends earned on investments held in trust account, which dividends shall be net of taxes payable, if any, and excluding deferred underwriting fees) and not previously released to us pursuant to permitted withdrawals, to complete our initial business combination. We may withdraw earnings 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 a 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.
Current wording
At June 30, 2025, we had mutual funds which are invested primarily in money market funds held in the trust account of $170,304,723. We intend to use substantially all of the funds held in the trust account (including any amounts representing dividends earned on investments held in trust account, which dividends shall be net of taxes payable, if any, and excluding deferred underwriting fees) and not previously released to us pursuant to permitted withdrawals, to complete our initial business combination. We may withdraw earnings 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 a 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.
Previous wording
At March 31, 2025, we had cash of $1,229,430 held outside of the trust account. We intend to use the funds held outside the trust account primarily to 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 a business combination.
Current wording
At June 30, 2025, we had cash of $1,040,643 held outside of the trust account. We intend to use the funds held outside the trust account primarily to 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 a business combination.
Previous wording
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 condensed financial statements.
Current wording
Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the three months ended June 30, 2025, we had a net loss of $248,730, which consisted of dividends earned on investments held in trust account of $1,758,009, interest earned in cash account of $10,732, partially offset by general and administrative expenses of $1,150,121 and change in fair value of warrant liabilities of $867,350.