Financial Performance - For the year ended December 31, 2023, the company reported a net income of $121,221, which included interest earned on marketable securities of $2,276,593, offset by general and administrative expenses of $1,309,549, franchise tax expense of $200,000, and provision for income taxes of $646,000[173]. - The company incurred net cash used in operating activities of $828,540 for the year ended December 31, 2023, which was comprised of net income and non-cash interest earned on marketable securities[178]. - The company had a net loss of $34,487 for the year ended December 31, 2022, with interest earned on marketable securities of $508,162[174]. Cash and Assets - The company had cash held in the trust account of $26,036,953 as of December 31, 2023, intended for completing the Initial Business Combination[180]. - The company had $11,700 of cash held outside the trust account as of December 31, 2023, primarily for identifying and evaluating target businesses[181]. - As of December 31, 2023, the company had recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination[188]. - The company does not have any long-term debt or off-balance sheet arrangements as of December 31, 2023[186]. Business Combination Plans - 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[175]. - The company expects to incur significant costs in pursuing acquisition plans and cannot assure the success of completing an Initial Business Combination[171]. - The company has until October 18, 2025, to consummate a Business Combination, with the possibility of extending this date under certain conditions[185].
Hudson Acquisition I Corp.(HUDAU) - 2023 Q4 - Annual Report