Financial Performance - For the six months ended June 30, 2024, the company reported a net loss of $108,631, with interest income from marketable securities amounting to $549,620[122]. - For the six months ended June 30, 2023, the company reported net income of $433,379, primarily from interest earned on marketable securities of $1,547,115[123]. - The company incurred general and administrative expenses of $469,509 for the six months ended June 30, 2024[122]. Cash and Trust Account - As of June 30, 2024, the company had cash held in the trust account of $1,190,740, which is intended to be used for completing the Initial Business Combination[131]. - The company intends to use funds held outside the trust account, totaling $135,131, primarily for identifying and evaluating target businesses[132]. Initial Public Offering and Commissions - The company generated gross proceeds of $60,000,000 from its Initial Public Offering of 6,000,000 Units at a price of $10.00 per Unit on October 18, 2022[127]. - As of June 30, 2024, the company had recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination[138]. Business Combination Plans - The company has until October 18, 2025, to consummate a Business Combination, with potential extensions available under certain conditions[135]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of success in completing an Initial Business Combination[120]. Debt and Obligations - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $20,000 to the sponsor for administrative support[137].
Hudson Acquisition I Corp.(HUDAU) - 2024 Q2 - Quarterly Report