Hudson Acquisition I Corp.(HUDAU) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $290,779, consisting of interest earned on marketable securities of $746,698, offset by general and administrative expenses of $211,919, franchise tax expense of $50,000, and provision for income taxes of $194,000 [106]. - The company experienced a net loss of $17,458 for the three months ended March 31, 2022, primarily due to general and administrative expenses [106]. Cash and Trust Account - As of March 31, 2023, the company had cash held in the trust account amounting to $70,734,655, which is intended to be used for completing the Initial Business Combination [111]. - The company had $36,085 of cash held outside the trust account as of March 31, 2023, which is intended for identifying and evaluating target businesses [112]. Initial Public Offering - 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 [108]. Operating Activities - The company incurred net cash used in operating activities of $102,832 for the three months ended March 31, 2023, with changes in operating assets and liabilities providing $353,087 of cash from operating activities [110]. Business Combination Timeline - The company has until April 18, 2024, to consummate a Business Combination, with the possibility of extending this date by depositing $80,000 into the Trust Account each month [115]. Deferred Commissions - As of March 31, 2023, the company recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [118]. Financing Needs - The company may need to obtain additional financing to complete its Initial Business Combination or to meet obligations if cash on hand is insufficient [114]. Internal Control Issues - The company has identified material weaknesses in its internal control over financial reporting, which were not fully remediated as of March 31, 2023 [122].