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Horizon Space Acquisition I Corp.(HSPOU) - 2023 Q3 - Quarterly Report
HSPOUHorizon Space Acquisition I Corp.(HSPOU)2023-11-08 21:00

Financial Performance - The company had a net income of 794,031forthethreemonthsendedSeptember30,2023,primarilyfrominterestanddividendincomeof794,031 for the three months ended September 30, 2023, primarily from interest and dividend income of 936,211 on investments held in the Trust Account, offset by operating costs of 142,180[109].−FortheninemonthsendedSeptember30,2023,thecompanyreportedanetincomeof142,180[109]. - For the nine months ended September 30, 2023, the company reported a net income of 2,250,037, consisting of interest and dividend income of 2,577,275,withoperatingcostsamountingto2,577,275, with operating costs amounting to 327,238[110]. - The company has not generated any revenue to date and has incurred losses since inception due to formation and operating costs[90]. Capital Raising - The company raised gross proceeds of 69,000,000fromtheIPObyselling6,900,000PublicUnitsatanofferingpriceof69,000,000 from the IPO by selling 6,900,000 Public Units at an offering price of 10.00 per unit[91]. - The company completed a Private Placement of 385,750 units, generating gross proceeds of 3,857,500atapurchasepriceof3,857,500 at a purchase price of 10.00 per unit[92]. Cash and Working Capital - As of September 30, 2023, the company had cash of 289,464availableforworkingcapitalneeds,withallremainingcashheldintheTrustAccount[112].−AsofSeptember30,2023,thecompanyhadcashof289,464 available for working capital needs, with all remaining cash held in the Trust Account[112]. - As of September 30, 2023, the company had cash of 289,464 and working capital of 228,107,raisingsubstantialdoubtaboutitsabilitytocontinueasagoingconcern[117].BusinessCombination−ThecompanyhasuntilSeptember27,2023,toconsummateaninitialbusinesscombination,withthepossibilityofextendingthisperioduptoMarch27,2024,throughmonthlyextensions[95].−Thecompanyhasenteredintoanon−bindingletterofintentwithShenzhenSquirrelEnlivenedMediaGroupCo.Ltdforapotentialbusinesscombination[103].TrustAccountandLiabilities−TheTrustAccountheldassetsof228,107, raising substantial doubt about its ability to continue as a going concern[117]. Business Combination - The company has until September 27, 2023, to consummate an initial business combination, with the possibility of extending this period up to March 27, 2024, through monthly extensions[95]. - The company has entered into a non-binding letter of intent with Shenzhen Squirrel Enlivened Media Group Co. Ltd for a potential business combination[103]. Trust Account and Liabilities - The Trust Account held assets of 72,868,126 as of September 30, 2023, primarily in mutual funds, classified as trading securities[123]. - The company has no long-term debt or capital lease obligations as of September 30, 2023, and is obligated to pay underwriters a deferred fee of 3.5% of the IPO gross proceeds[119]. - The company has no off-balance sheet financing arrangements or long-term liabilities as of September 30, 2023[118]. - Upon completion of a business combination, $2,415,000 will be paid to underwriters from the Trust Account[119]. Professional Costs and Taxation - The company has incurred significant professional costs to remain publicly traded and expects to continue incurring these costs[117]. - The company is considered an exempted Cayman Islands Company and is not subject to income taxes in the Cayman Islands or the United States[138]. - The company has not identified any significant uncertain tax positions requiring recognition in its financial statements[136]. Market and Risk Factors - The company was not subject to any market or interest rate risk as of September 30, 2023, with investments primarily in U.S. government treasury securities[141]. - The company has determined that its warrants qualify for equity accounting treatment[125].