Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $1,139,101, driven by interest income of $1,565,317 from investments held in the Trust Account, offset by operating costs of $213,567 and taxes [123]. - As of March 31, 2024, the company had investments in the Trust Account totaling $121,565,683, which includes $4,840,683 of interest income [129]. IPO and Related Costs - The company completed its IPO on June 16, 2023, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit [125]. - Following the IPO, the company incurred $5,368,092 in related costs, including a cash underwriting discount of $2,300,000 [126]. Cash and Liquidity - As of March 31, 2024, the company had cash of $1,820,447 available for operational activities and due diligence on potential target businesses [131]. - The company plans to use substantially all funds in the Trust Account to complete its Initial Business Combination, with remaining proceeds allocated for working capital [130]. Business Continuity and Risks - The company has determined that if a business combination does not occur by December 16, 2024, it may face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern [134]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024 [135]. Administrative Expenses - The company incurred a monthly fee of $5,000 for administrative services starting June 13, 2023, until the completion of the Initial Business Combination [136]. Shareholder Information - The company has identified 11,500,000 shares of Class A common stock subject to possible redemption, valued at $120,421,238 as of March 31, 2024 [141].
ESH Acquisition (ESHA) - 2024 Q1 - Quarterly Report