Iron Horse Acquisitions(IROH) - 2024 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $481,927, consisting of interest earned on marketable securities of$931,428, offset by formation and operating costs of $238,406 and provision for income taxes of$178,042[85]. - For the six months ended June 30, 2024, the company had a net income of $955,342, which includes interest earned on marketable securities of$1,789,681 and a gain on lawsuit settlements of $295,000, offset by total operating costs of$718,264[85]. - Cash used in operating activities for the six months ended June 30, 2024, was $426,955, with net income affected by changes in fair value and unrealized losses on marketable securities[87]. Cash and Assets - As of June 30, 2024, the company had$70,753,290 in cash held in the trust account, which is intended to be used for completing a business combination[88]. - The company has no long-term debt or significant off-balance sheet financing arrangements as of June 30, 2024[93][94]. IPO and Offering Costs - The company completed its IPO on December 29, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at$10.00 per unit[86]. - The company incurred total offering costs of $4,651,705 related to the IPO, including cash underwriting fees of$586,500 and deferred underwriting fees of $2,518,500[86]. Business Combination Plans - The company plans to complete a business combination before the mandatory liquidation date of December 29, 2024, but there is no assurance that this will occur[92]. - The company intends to use funds held outside the trust account for SEC compliance and due diligence on prospective target businesses[89]. - The company may need to raise additional funds to meet expenditures required for operating its business and completing a business combination[90].