Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $443,146, compared to a net loss of $13,478 for the same period in 2022, indicating a significant increase in losses [116]. - For the nine months ended September 30, 2023, the company had a net loss of $9,767, which was an increase from a net loss of $59,695 for the same period in 2022 [117]. - The company incurred general and administrative expenses of $678,504 for the three months ended September 30, 2023, which was a significant increase compared to $6,978 for the same period in 2022 [116]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $610,200, compared to $180,571 for the same period in 2022 [122]. Cash and Assets - As of September 30, 2023, the company had cash held in the trust account amounting to $25,540,833, which is intended for completing the Initial Business Combination [124]. - The company generated non-operating income of $393,358 from interest earned on marketable securities held in the trust account for the three months ended September 30, 2023 [116]. - As of September 30, 2023, the company recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [131]. - The company does not have any long-term debt or off-balance sheet arrangements as of September 30, 2023 [129][130]. 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 [128]. 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 [119].
Hudson Acquisition I Corp.(HUDAU) - 2023 Q3 - Quarterly Report