Black Hawk Acquisition Corporation(BKHA) - 2024 Q3 - Quarterly Report

Financial Performance - For the three months ended August 31, 2024, the company reported a net income of $883,767, with interest income of $968,670 offsetting general and administrative expenses of $54,903 and related party administrative fees of $30,000[89]. - For the nine months ended August 31, 2024, the company had a net income of $1,164,002, driven by interest income of $1,638,810 against general and administrative expenses of $420,863 and related party administrative fees of $53,945[89]. IPO and Fundraising - The company completed its IPO on March 22, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit, along with an additional $2,355,000 from the sale of 235,500 private placement units[90][91]. - The company plans to use substantially all net proceeds from the IPO and private placement for its initial business combination and related expenses, including a deferred underwriting fee of 3.5% of the total gross proceeds raised in the IPO[92][99]. Liquidity and Financial Position - As of August 31, 2024, the company had cash of $323,846 and working capital of $341,995, with liquidity needs previously satisfied through a $25,000 payment from the Sponsor and a $250,000 unsecured promissory note[93]. - The company has incurred significant professional costs to remain publicly traded and expects to continue incurring transaction costs in pursuit of a business combination, raising concerns about its ability to continue as a going concern[96]. - The company has no off-balance sheet arrangements or contractual obligations as of August 31, 2024, and has not entered into any off-balance sheet financing arrangements[97][102]. Administrative Agreements and Services - The company has entered into an Administrative Services Agreement with the Sponsor, agreeing to pay $10,000 per month for office space and administrative services[98]. Accounting Policies - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements[101]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[103].