Iron Horse Acquisitions(IROH) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $473,415, driven by interest earned on marketable securities of$858,253 and a gain on lawsuit settlements of $295,000[116]. - The company had a net loss of$104,532 for the three months ended March 31, 2023, primarily due to formation and operating costs[117]. - Cash used in operating activities for the three months ended March 31, 2024, was $374,077, with net income affected by changes in fair value of overallotment liability[121]. Cash and Funding - As of March 31, 2024, the company held$69,854,916 in cash within the trust account, intended for completing a business combination[123]. - The company raised gross proceeds of $69,000,000 from its IPO of 6,900,000 units at$10.00 per unit, along with an additional $2,457,000 from the sale of Private Placement Warrants[118]. - The underwriters are entitled to a deferred underwriting discount of 3.65$2,518,500, payable upon the closing of an initial business combination[130]. - The company may need to raise additional funds to meet operating expenditures and complete a business combination, which could involve issuing additional securities or incurring debt[125]. Going Concern - The company has determined that there is substantial doubt about its ability to continue as a going concern through December 29, 2024, if a business combination does not occur[127]. Debt and Obligations - The company has no long-term debt or capital lease obligations as of March 31, 2024, and is party to an administrative services agreement with its sponsor[129]. Accounting Policies - The company has not identified any critical accounting policies that could materially affect its financial statements as of March 31, 2024[131].