Financial Performance - For the three months ended March 31, 2025, the company reported a net loss of $282,614, with general and administrative expenses amounting to $309,058 [133]. - The company incurred a net loss of $82,504 for the three months ended March 31, 2024, with general and administrative expenses of $282,344 [134]. - Cash used in operating activities for the three months ended March 31, 2025, was $73,633, primarily due to the net loss and changes in accounts payable [138]. Business Combination - The company executed a Business Combination Agreement with Aiways Automobile Europe GmbH on November 22, 2024, focusing on electric vehicles [131]. - The company has until October 18, 2025, to consummate a Business Combination, with the possibility of extending this date under certain conditions [148]. Financial Position - The company had cash held in the trust account of $1,091,680 as of March 31, 2025, intended for completing the Initial Business Combination [142]. - As of March 31, 2025, the company had accrued but unpaid income tax liability of $943,000 and unpaid excise tax liability of $719,176 [146]. - The company withdrew $638,043 from the Trust Account to pay liabilities related to income taxes and Delaware franchise taxes since its IPO [146]. - The company had recorded deferred underwriting commissions of $2,723,060 payable only upon completion of the Initial Business Combination [151]. Capital Raising - The company raised total gross proceeds of $60,000,000 from its Initial Public Offering of 6,000,000 Units at $10.00 per Unit on October 18, 2022 [136]. 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 [153]. - Actual results may materially differ from management's estimates and assumptions used in financial statement preparation [152].
Hudson Acquisition I Corp.(HUDAU) - 2025 Q1 - Quarterly Report