Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $49,438, primarily from $1,148,125 in income from marketable securities[125]. - For the six months ended June 30, 2023, the company reported a net loss of $290,353, primarily due to $2,201,235 in operating costs[125]. - As of June 30, 2023, the company had a working capital deficit of $2,607,549 and cash held outside the trust account of $3,163[132]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a business combination[124]. 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[120]. - The company incurred $4,950,750 in initial public offering related costs, including $4,025,000 in deferred underwriting fees[122]. Business Combination - A merger agreement was entered into on March 3, 2023, with Humble Imports Inc., which will result in the company changing its name to "E.C.D. Automotive Design Inc."[123]. - The company has until September 13, 2023, to complete a business combination, or until March 13, 2024, if an extension is granted[135]. - The company may need to raise additional capital through loans or investments to finance transaction costs related to its intended business combination[134]. Accounting Standards - The company adopted ASU No. 2020-06, which simplifies accounting for convertible instruments, effective for fiscal years beginning after December 15, 2023[145]. - The company adopted ASU 2016-13 on January 1, 2023, which requires financial assets to be presented at the net amount expected to be collected, but it did not have a material impact on financial statements[146]. - Management does not believe that any recently issued accounting standards will materially affect the unaudited condensed consolidated financial statements[147]. - The company has elected not to opt out of the extended transition period for new or revised financial accounting standards, allowing it to adopt standards at the same time as private companies[151]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[152]. Economic Impact - Inflation did not have a material impact on the company's business, revenues, or operating results during the reported period[149]. - The company qualifies as an "emerging growth company" and benefits from certain exemptions from reporting requirements applicable to other public companies[150].
EF Hutton Acquisition I(EFHT) - 2023 Q2 - Quarterly Report