Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $443,146, with general and administrative expenses of $678,504 [105]. - For the nine months ended September 30, 2023, the company had a net loss of $9,767, offset by interest earned on marketable securities of $1,940,473 [106]. - The company reported a net cash used in operating activities of $610,200 for the nine months ended September 30, 2023 [111]. Cash and Assets - As of September 30, 2023, the company had cash held in the trust account amounting to $25,540,833, intended for the Initial Business Combination [113]. - The company had cash held outside the trust account of $28,332 as of September 30, 2023, to fund operational activities and due diligence [114]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023 [119]. Initial Public Offering and Business Combination - 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 [108]. - The company incurred deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination [121]. - The company expects to continue incurring significant costs in pursuit of acquisition plans, with no assurance of successful completion of an Initial Business Combination [102]. - 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 [117].
Hudson Acquisition I (HUDA) - 2023 Q3 - Quarterly Report