Financial Performance - As of June 30, 2024, the company reported a net loss of $108,631, compared to a net income of $433,379 for the same period in 2023[105]. - The company incurred general and administrative expenses of $469,509 for the six months ended June 30, 2024, compared to $558,736 for the same period in 2023[105]. Cash and Investments - The company had cash held in the trust account of $1,190,740 as of June 30, 2024, which is intended to be used for completing the Initial Business Combination[111]. - The company generated non-operating income of $549,620 from interest on marketable securities held in the trust account for the six months ended June 30, 2024[105]. - As of June 30, 2024, the company had $135,131 of cash held outside the trust account, primarily for identifying and evaluating target businesses[112]. 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[108]. - The company has recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination[117]. - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of completing an Initial Business Combination[103]. - The company has until October 18, 2025, to consummate a Business Combination, with potential extensions available[115]. Cybersecurity - The company has not encountered any cybersecurity challenges that have materially impaired its operations or financial standing[121].
Hudson Acquisition I (HUDA) - 2024 Q2 - Quarterly Report