Financial Performance - For the year ended December 31, 2022, the company reported a net loss of $34,487, which included interest income of $508,162 and general and administrative expenses of $358,821 [132]. - The company incurred net cash used in operating activities of $590,801 for the year ended December 31, 2022 [136]. - The company anticipates that if it cannot complete the Initial Business Combination, it may be forced to cease operations and liquidate the trust account [141]. Cash and Trust Account - The company had cash held in the trust account amounting to $69,987,957 as of December 31, 2022, intended for completing the Initial Business Combination [138]. - The company had $138,917 of cash held outside the trust account as of December 31, 2022, primarily for identifying and evaluating target businesses [139]. Initial Public Offering and Commissions - 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 [134]. - As of December 31, 2022, the company had recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [145]. Business Combination Timeline - The company has until April 18, 2024, to consummate a Business Combination, with the possibility of extending this date by depositing $80,000 into the Trust Account each month [142]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of the Initial Business Combination [130]. Debt and Financial Obligations - The company had no long-term debt or off-balance sheet arrangements as of December 31, 2022 [143][144].
Hudson Acquisition I (HUDA) - 2022 Q4 - Annual Report