Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $82,504, with interest income from marketable securities amounting to $340,660[116] - For the three months ended March 31, 2023, the company had net income of $290,779, with interest earned on marketable securities of $746,698[117] - The company had net cash used in operating activities of $272,052 for the three months ended March 31, 2024[121] Cash and Investments - As of March 31, 2024, the company had cash held in the trust account of $26,235,157, which is intended for completing the Initial Business Combination[123] - The company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses and performing due diligence[124] Initial Public Offering - The company generated gross proceeds of $60,000,000 from its Initial Public Offering of 6,000,000 Units at $10.00 per Unit on October 18, 2022[119] Expenses and Liabilities - The company incurred general and administrative expenses of $282,344 for the three months ended March 31, 2024[116] - As of March 31, 2024, the company had 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 capital lease obligations as of March 31, 2024[130] Business Combination Timeline - The company has until October 18, 2025, to consummate a Business Combination, with the possibility of extending this date under certain conditions[128]
Hudson Acquisition I Corp.(HUDAU) - 2024 Q1 - Quarterly Report