Horizon Space Acquisition I (HSPO) - 2025 Q3 - Quarterly Report

Financial Performance - The company had a net income of $149,028 for the three months ended September 30, 2025, compared to a net income of $296,392 for the same period in 2024, reflecting a decrease of approximately 49.8%[154] - For the nine months ended September 30, 2025, the company reported a net income of $296,369, down from $1,659,067 in the same period of 2024, indicating an 82.1% decrease[155] - The company incurred operating costs of $87,438 for the three months ended September 30, 2025, compared to $499,346 for the same period in 2024, showing a decrease of approximately 82.5%[154] Capital and Financing - The company generated gross proceeds of $69,000,000 from the IPO by selling 6,900,000 units at an offering price of $10.00 per unit[134] - The company completed a private placement of 385,750 units, generating gross proceeds of $3,857,500 at a purchase price of $10.00 per unit[135] - The company issued a total of nine unsecured promissory notes for Monthly Extension Fees amounting to $1,080,000 from January 2025 to the date of the report[146] - The company issued a Sponsor Working Capital Note of $300,000 on June 13, 2025, to be used for general working capital purposes, with no interest and payable upon the consummation of the business combination or maturity date[165] Cash and Working Capital - As of September 30, 2025, the company had cash of $7,679 available for working capital needs, with all remaining cash held in the Trust Account[156] - As of September 30, 2025, the company had cash of $7,679 and a working capital deficiency of $3,448,729, raising substantial doubt about its ability to continue as a going concern[161] Business Combination and Extensions - The company has until November 27, 2025, to consummate its initial business combination, which could be extended up to April 26, 2026, by five Monthly Extensions[148] - The company has not selected any other target business for its initial business combination as of the date of the report[142] Trust Account and Assets - Assets held in the Trust Account amounted to $23,091,185, primarily in mutual funds, classified as trading securities[168] - The company’s investments held in the Trust Account are presented at fair value, with gains and losses included in interest and dividend income[168] Debt and Obligations - The company has no long-term debt or capital lease obligations as of September 30, 2025, and is obligated to issue 805,000 Deferred Underwriting Shares upon the completion of a business combination[163] - The company has not entered into any off-balance sheet financing arrangements as of September 30, 2025[162] Accounting and Tax - The company accounts for share-based compensation expense in accordance with ASC 718, recognizing it over the requisite service period[172] - The company has identified Cayman Islands as its only major tax jurisdiction, concluding no significant uncertain tax positions require recognition in its financial statements[179] - The company’s financial statements do not include adjustments that might result from the uncertainty regarding its ability to continue as a going concern[161] - The company complies with ASC 260 for net income (loss) per ordinary share, allocating undistributed income (loss) between redeemable and non-redeemable shares[175]