Financial Performance - For the year ended December 31, 2022, the company reported a net loss of $34,487, which included interest income of $508,162 and general and administrative expenses of $358,821 [169]. - The company incurred net cash used in operating activities of $590,801 for the year ended December 31, 2022 [173]. Cash Position - The company had cash held in the trust account amounting to $69,987,957 as of December 31, 2022, intended for completing the Initial Business Combination [175]. - As of December 31, 2022, the company had $138,917 of cash held outside the trust account, primarily for identifying and evaluating target businesses [176]. - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2022 [181]. Initial Public Offering - The Initial Public Offering on October 18, 2022, raised total gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit [171]. - Deferred underwriting commissions and representative shares recorded as of December 31, 2022, amounted to $2,723,060, payable only upon completion of the Initial Business Combination [183]. Business Combination Plans - The company has until April 18, 2024, to consummate a Business Combination, with the possibility of extending this date by depositing $80,000 each month [179]. - The company expects to continue incurring significant costs in pursuit of acquisition plans, with no assurance of successful completion of the Initial Business Combination [167]. - The company anticipates that it may need additional financing to complete the Initial Business Combination or to meet obligations if cash on hand is insufficient [178].
Hudson Acquisition I Corp.(HUDAU) - 2022 Q4 - Annual Report