Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $290,779, which included interest earned on marketable securities of $746,698, offset by general and administrative expenses of $211,919, franchise tax expense of $50,000, and provision for income taxes of $194,000 [109]. - The company incurred a net loss of $17,458 for the three months ended March 31, 2022, primarily due to general and administrative expenses [109]. Cash and Trust Account - As of March 31, 2023, the company had cash held in the trust account amounting to $70,734,655, which is intended to be used for completing the Initial Business Combination [115]. - The company had $36,085 of cash held outside the trust account as of March 31, 2023, which is intended for identifying and evaluating target businesses [116]. Initial Public Offering - The company completed its Initial Public Offering on October 18, 2022, raising total gross proceeds of $60,000,000 from the sale of 6,000,000 Units at a price of $10.00 per Unit [111]. Operating Activities - The company incurred net cash used in operating activities of $102,832 for the three months ended March 31, 2023, with changes in operating assets and liabilities providing $353,087 of cash from operating activities [113]. - The company does not expect to generate any operating revenues until after the completion of its Initial Business Combination [107]. 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 [119]. - As of March 31, 2023, the company recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [122]. Debt and Liabilities - The company has no long-term debt or significant off-balance sheet arrangements as of March 31, 2023 [120].
Hudson Acquisition I (HUDA) - 2023 Q1 - Quarterly Report