Financial Performance - For the year ended December 31, 2024, the company reported a net loss of $817,025, with general and administrative expenses amounting to $993,775[135] - For the year ended December 31, 2023, the company reported net income of $121,221, with general and administrative expenses of $1,309,549[136] - Cash used in operating activities for the year ended December 31, 2024 was $1,081,935, primarily due to a net loss and various expenses[140] Cash Position - The company had cash held in the trust account of $1,122,381 as of December 31, 2024, intended for completing the Initial Business Combination[145] - Cash provided by investing activities for the year ended December 31, 2024 was $25,492,597, primarily from cash withdrawn from the Trust Account[142] - The company generated cash proceeds of $60,000,000 from its Initial Public Offering of 6,000,000 Units at $10.00 per Unit on October 18, 2022[138] Business Combination - The company executed a Business Combination Agreement with Aiways Automobile Europe GmbH on November 22, 2024, focusing on electric vehicles[133] - The company has until October 18, 2025, to consummate a Business Combination, with the possibility of extending this date under certain conditions[151] Tax Liabilities - As of December 31, 2024, the company had accrued but unpaid income tax liability of $943,000 and unpaid Delaware franchise tax liability of $298,886[149] Financing Activities - The company incurred cash used in financing activities of $24,353,604 for the year ended December 31, 2024, mainly for the redemption of Public Units[143] Accounting Estimates - The company relies on significant accounting estimates, including the valuation allowance for deferred tax assets and fair value assessments of convertible promissory notes[157] - Management's estimates and assumptions could lead to actual results that materially differ from reported amounts of assets and liabilities[156]
Hudson Acquisition I (HUDA) - 2024 Q4 - Annual Report