Financial Performance - For the three months ended February 28, 2025, the company reported a net income of $658,379, driven by interest income of $767,148, offset by general and administrative expenses of $78,769 and related party administrative fees of $30,000[94]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination[92]. IPO and Capital Raising - 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[95]. - The company plans to use net proceeds from the IPO and private placement primarily for its initial business combination and related expenses[97]. - Upon closing a business combination, underwriters will receive a deferred fee of 3.5% of the IPO gross proceeds, amounting to $2,415,000[103]. Liquidity and Financial Position - As of February 28, 2025, the company had cash of $101,528 and working capital of $135,561, with liquidity needs previously satisfied through a $25,000 payment from the Sponsor and a $250,000 unsecured promissory note[98]. - The company has no off-balance sheet arrangements or contractual obligations as of February 28, 2025[101][108]. Business Combination Plans - The company has entered into a non-binding letter of intent with a target for a potential business combination, with a first deposit of $100,000 made to cover related costs[91]. - The company expects to incur significant expenses related to being a public company and due diligence costs in connection with identifying and completing a business combination[93]. Going Concern - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the specified period[100].
Black Hawk Acquisition Corporation(BKHA) - 2025 Q1 - Quarterly Report