Hudson Acquisition I (HUDA) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $142,600, with interest earned on marketable securities of $800,417, offset by total expenses of $658,817[107]. - For the six months ended June 30, 2023, the company achieved a net income of $433,379, driven by interest income of $1,547,115, against total expenses of $1,113,736[108]. - For the six months ended June 30, 2022, the company reported a net loss of $46,217, with total expenses of $46,217[108]. Cash and Trust Account - As of June 30, 2023, the company held cash in the trust account amounting to $71,535,072, intended for completing an Initial Business Combination[114]. - As of June 30, 2023, the company had cash held outside the trust account of $3,251, primarily for evaluating target businesses and due diligence[115]. Initial Public Offering and Costs - The company completed its Initial Public Offering on October 18, 2022, raising total gross proceeds of $60,000,000 from 6,000,000 units sold at $10.00 per unit[110]. - The company incurred a deferred underwriting commission of $2,723,060, payable only upon the completion of its Initial Business Combination[121]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of an Initial Business Combination[105]. 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 each month[118]. Off-Balance Sheet Arrangements - The company does not have any off-balance sheet arrangements as of June 30, 2023[119].