Financial Performance - The company reported a net loss of $610,871 for the nine months ended September 30, 2025, compared to a net loss of $596,826 for the same period in 2024[157][158]. - The company incurred general and administrative expenses of $499,724 for the nine months ended September 30, 2025[157]. - Cash used in operating activities for the nine months ended September 30, 2025 was $675,462, compared to $961,938 for the same period in 2024[162][163]. Cash and Investments - As of September 30, 2025, the company had cash held in the trust account amounting to $1,078,515, which is intended for completing the Initial Business Combination[167]. - The company generated interest income of $34,177 from marketable securities held in the trust account for the nine months ended September 30, 2025[157]. - The company withdrew $674,236 from the trust account to pay liabilities related to income taxes and Delaware franchise taxes since its IPO[171]. Business Combination - The company executed a Business Combination Agreement with Aiways Automobile Europe GmbH on November 22, 2024, focusing on electric vehicles[155]. - The company has until July 18, 2026, to consummate a Business Combination, with options for extensions[173]. - The company agreed to issue 136,906 representative shares to the underwriter upon the completion of the Initial Business Combination due to the partial exercise of the over-allotment[176]. Financial Obligations and Liabilities - As of September 30, 2025, the company recorded deferred underwriting commissions and representative shares totaling $2,723,060, which includes cash commissions of $2,395,855[176]. - The company does not have any long-term debt or off-balance sheet arrangements as of September 30, 2025[174][175]. Accounting Estimates - The preparation of financial statements requires management to make estimates and assumptions that could materially affect reported amounts of assets and liabilities[177]. - Significant accounting estimates include the valuation allowance for deferred tax assets and fair value estimates for convertible promissory notes[178]. - The company is not required to disclose quantitative and qualitative market risk information as it qualifies as a smaller reporting company[179].
Hudson Acquisition I (HUDA) - 2025 Q3 - Quarterly Report