Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $473,415, compared to a net loss of $104,532 for the same period in 2023[98]. - Cash used in operating activities for the three months ended March 31, 2024, was $374,077, with net income affected by interest earned on marketable securities of $858,253[101]. IPO and Fundraising - The company generated gross proceeds of $69,000,000 from its IPO of 6,900,000 units at $10.00 per unit, including an over-allotment option[99]. - The company incurred total expenses of $4,651,705 related to the IPO, including $586,500 in cash underwriting fees and $2,518,500 in deferred underwriting fees[100][111]. - The company may need to raise additional funds to meet operating expenditures and complete a business combination[105]. Cash Position - As of March 31, 2024, the company had $69,854,916 in cash held in the trust account, with an additional $179,323 in cash outside the trust account[103][104]. - The company intends to use substantially all funds in the trust account to complete its business combination and for working capital of the target business[103]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024[108][110]. Going Concern - Management has expressed substantial doubt about the company's ability to continue as a going concern through December 29, 2024, if a business combination is not completed[107]. Accounting Policies - The company has not identified any critical accounting policies that could materially affect its financial statements as of March 31, 2024[112].
Iron Horse Acquisitions Corp.(IROHU) - 2024 Q1 - Quarterly Report