Financial Performance - The company reported a net loss of $66,302 for the period from March 11, 2022, through December 31, 2022, primarily due to operating expenses of $66,556, partially offset by interest income of $254 [96]. - The company has raised substantial doubt about its ability to continue as a going concern if it cannot complete a business combination within the specified period [112]. Cash and Funding - As of December 31, 2023, the company had cash of $367,321 held outside the Trust Account, intended for identifying and evaluating target businesses and related expenses [110]. - Huajin made a deposit of $330,969 to the company, which will be used to extend the time available for completing the business combination and to fund expenses [93]. - The company is obligated to pay the sponsor a monthly fee of $10,000 for general and administrative services, which may be delayed if funds are insufficient [116]. Initial Public Offering and Mergers - The company completed its initial public offering (IPO) on March 28, 2023, raising gross proceeds of $57,500,000 from the sale of 5,750,000 units at an offering price of $10.00 per unit [109]. - A merger agreement was entered into on August 11, 2023, with Huajin (China) Holdings Limited, with the merger expected to result in Huajin becoming a wholly-owned subsidiary of the company [105]. - The merger agreement was amended to extend the termination date of the proposed business combination transaction from March 23, 2024, to June 28, 2024 [107]. - The company has not selected a specific business combination target but intends to target businesses larger than what could be acquired with the net proceeds from the IPO [101]. Internal Controls - No changes in internal control over financial reporting were identified during the quarter ended December 31, 2023 [944]. - The principal executive officer and principal financial officer confirmed that internal controls remain effective [944]. - Evaluation of internal controls was conducted by the management team, including key executives [944]. - No material effects on financial reporting were noted during the most recent fiscal quarter [944]. - The assessment indicates a stable internal control environment as of December 31, 2023 [944]. - Management's evaluation did not reveal any reasonable likelihood of material impact on controls [944]. - The company maintains a consistent approach to internal control assessments [944]. - The evaluation process involved key financial oversight personnel [944]. - No significant changes in financial reporting processes were reported [944]. - The company continues to prioritize the integrity of its financial reporting [944].
Oak Woods Acquisition (OAKU) - 2023 Q4 - Annual Report