EF Hutton Acquisition I(EFHT) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $339,791, primarily due to$1,333,155 in operating costs[118]. - Cash used in operating activities for the three months ended March 31, 2023, was $92,377, with a net loss of$339,791 offset by interest income from marketable securities[120]. - As of March 31, 2023, the company had marketable securities in its trust account totaling $118,498,801, which includes$2,348,801 of interest income[121]. Initial Public Offering - The company completed its Initial Public Offering on September 13, 2022, raising gross proceeds of $115 million from the sale of 11,500,000 units at$10.00 per unit[113]. - The company has incurred $4,950,750 in initial public offering related costs, including$4,025,000 in deferred underwriting fees[115]. Business Combination - The company entered into a Merger Agreement on March 3, 2023, with Humble Imports Inc., which will result in the company becoming a wholly-owned subsidiary of the parent[116]. - The company intends to use substantially all funds in the trust account to complete its business combination, with remaining proceeds for working capital[122]. - The company has until June 13, 2023, to complete a business combination, or until March 13, 2024, if the extension is utilized[126]. Financial Position - As of March 31, 2023, the company had cash held outside the trust account of $237,336, intended for evaluating target businesses and due diligence[123]. - The company has no long-term debt obligations or off-balance sheet financing arrangements as of March 31, 2023[127]. Accounting Standards - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[137]. - Management does not believe that any recently issued accounting standards will materially affect the unaudited condensed consolidated financial statements[138]. - The company has elected not to opt out of the extended transition period for new or revised financial accounting standards, aligning its adoption with private companies[142]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[143]. Economic Impact - Inflation did not have a material impact on the company's business, revenues, or operating results during the reported period[140]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions[141].