Hudson Acquisition I (HUDA) - 2023 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2023, the company reported a net income of $121,221, which included interest earned on marketable securities of $2,276,593, offset by general and administrative expenses of $1,309,549, franchise tax expense of $200,000, and provision for income taxes of $646,000 [138]. - The company incurred net cash used in operating activities of $828,540 for the year ended December 31, 2023, which was comprised of net income of $121,221 and non-cash interest earned on marketable securities of $2,276,593 [144]. - The company had a net loss of $34,487 for the year ended December 31, 2022, which included interest earned on marketable securities of $508,162, offset by general and administrative expenses of $358,821, franchise tax expense of $65,828, and provision for income taxes of $118,000 [139]. Cash and Trust Account - As of December 31, 2023, the company had cash held in the trust account amounting to $26,036,953, which is intended to be used for completing the Initial Business Combination [146]. - The company had $11,700 in cash held outside of the trust account as of December 31, 2023, intended for identifying and evaluating target businesses [147]. Initial Public Offering and Business Combination - The company completed its Initial Public Offering on October 18, 2022, raising total gross proceeds of $60,000,000 from the sale of 6,000,000 Units at a price of $10.00 per Unit [141]. - The company has until October 18, 2025, to consummate a Business Combination, with the possibility of extending this date under certain conditions [151]. - The company incurred deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [154]. Acquisition Plans and Risks - The company may incur significant costs in pursuing its acquisition plans and cannot assure the success of completing an Initial Business Combination [136]. - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2023 [152].