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]. - 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]. - The company generated non-operating income of $582,231 from interest on marketable securities held in the trust account for the year ended December 31, 2024[135]. - As of December 31, 2024, the company had accrued but unpaid income tax liabilities totaling $943,000[149]. 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 deadline under certain conditions[151]. Cash Flow - 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 - Cash provided by investing activities for the year ended December 31, 2024 was $25,492,597, primarily from cash withdrawn from the Trust Account[142].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 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]. Initial Public Offering - The company completed its Initial Public Offering on October 18, 2022, raising total gross proceeds of $60,000,000 from the sale of 6,000,000 Units[138]. 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 Corp.(HUDAU) - 2024 Q4 - Annual Report