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Horizon Space Acquisition I (HSPO) - 2023 Q1 - Quarterly Report
HSPOHorizon Space Acquisition I (HSPO)2023-05-09 20:19

Financial Position - As of March 31, 2023, the cash held for working capital needs was 402,754,withtotalassetsintheTrustAccountamountingto402,754, with total assets in the Trust Account amounting to 71,036,987[106][117]. - The company has a working capital of 552,929asofMarch31,2023,butfacessubstantialdoubtaboutitsabilitytocontinueasagoingconcernwithoutcompletingabusinesscombination[110].−Thecompanyhasnolong−termdebtoroff−balancesheetfinancingarrangementsasofMarch31,2023[111][113].IncomeandExpenses−Thecompanyreportedanetincomeof552,929 as of March 31, 2023, but faces substantial doubt about its ability to continue as a going concern without completing a business combination[110]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[111][113]. Income and Expenses - The company reported a net income of 698,136 for the three months ended March 31, 2023, primarily due to an unrealized gain of 816,136oninvestmentsheldintheTrustAccount[105].−CashusedinoperatingactivitiesforthethreemonthsendedMarch31,2023,was816,136 on investments held in the Trust Account[105]. - Cash used in operating activities for the three months ended March 31, 2023, was 158,652[106]. - The company has incurred significant expenses related to being a public entity and expects to continue incurring such costs[104]. Business Strategy - The company plans to use substantially all net proceeds from the IPO, including $2,415,000 for deferred underwriting commissions, to acquire a target business[107]. - The company intends to use funds held outside the Trust Account for identifying and evaluating prospective acquisition candidates over the next 12 months[108]. - The company has not generated any revenues to date and is focused on finding a suitable target for its initial business combination[104]. Investments and Risks - The company’s investments in the Trust Account are classified as trading securities and are presented at fair value[117]. - As of March 31, 2023, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government treasury bills and money market funds[134]. Regulatory and Accounting Matters - The company is considered an exempted Cayman Islands Company and is not subject to income taxes in the Cayman Islands or the United States[132]. - The adoption of ASU 2020-06 on July 1, 2022, did not have a material effect on the company's financial statements[132].