EF Hutton Acquisition I(EFHT) - 2022 Q3 - Quarterly Report

Initial Public Offering - The company completed its Initial Public Offering on September 13, 2022, raising gross proceeds of $115 million from the sale of 11,500,000 units at $10.00 per unit[126]. - A total of $116,150,000 was placed in the trust account, with $4,950,750 incurred in initial public offering related costs[128]. - The underwriters are entitled to deferred underwriting commissions of 3.5% of the gross proceeds of the Initial Public Offering, amounting to $4,025,000, upon completion of the initial business combination[143]. Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $72,860, primarily from interest income on marketable securities[130]. - Cash used in operating activities for the nine months ended September 30, 2022, was $240,425, with a net income of $8,513 affected by interest income and stock-based compensation[133]. - As of September 30, 2022, the company held marketable securities in the trust account valued at $116,276,881, including approximately $126,881 of interest income[135]. Business Combination and Financing - The company has until June 13, 2023, to complete a business combination, with a potential extension to March 13, 2024[141]. - The company intends to use substantially all funds in the trust account to complete its business combination and for working capital for the target business[136]. - The company may need to raise additional capital through loans or investments from sponsors or third parties to finance transaction costs[140]. Regulatory and Reporting Considerations - The company has elected not to opt out of the extended transition period under the JOBS Act, allowing it to adopt new or revised financial accounting standards at the same time as private companies[155]. - As an emerging growth company, the company may face challenges in comparing its financial statements with those of other public companies due to potential differences in accounting standards[155]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[156]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet financing arrangements as of September 30, 2022[142].