Hudson Acquisition I Corp.(HUDAU) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $142,600, with interest earned on marketable securities of $800,417, offset by general and administrative expenses of $346,817, franchise tax expense of $50,000, and provision for income taxes of $261,000 [106]. - For the six months ended June 30, 2023, the company had a net income of $433,379, consisting of interest earned on marketable securities of $1,547,115, offset by general and administrative expenses of $558,736, franchise tax expense of $100,000, and provision for income taxes of $455,000 [107]. Cash and Assets - As of June 30, 2023, the company had cash held in the trust account amounting to $71,535,072, which is intended to be used for completing the Initial Business Combination [113]. - The company had $3,251 of cash held outside the trust account as of June 30, 2023, intended for identifying and evaluating target businesses [115]. Operating Activities - The company incurred net cash used in operating activities of $135,666 for the six months ended June 30, 2023, with changes in operating assets and liabilities providing $978,070 of cash from operating activities [111]. 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 $10.00 per Unit [109]. 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 [118]. - As of June 30, 2023, the company recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [121]. Debt and Obligations - The company does not have any long-term debt or capital lease obligations, only incurring a monthly fee of $20,000 to the sponsor for administrative support [120]. Accounting Estimates - The company has not identified any critical accounting estimates that could materially differ from actual results [123].