Iron Horse Acquisitions(IROH) - 2024 Q4 - Annual Report

IPO and Transaction Expenses - 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, including an over-allotment option [105]. - The company incurred transaction expenses of $4,651,705 related to the IPO, which included$586,500 in cash underwriting fees and $2,518,500 in deferred underwriting fees [106]. Financial Performance - For the year ended December 31, 2024, the company reported a net income of$1,375,819, driven by interest income of $3,526,053 from marketable securities held in the Trust Account [115]. - As of December 31, 2024, the company had$72,752,485 in cash held in the Trust Account, with only $454 held outside the Trust Account [119][120]. - Cash used in operating activities for the year ended December 31, 2024, was$1,012,960, with changes in operating assets and liabilities providing $1,148,409 of cash [117]. Business Operations and Future Outlook - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [113]. - The company entered into a business combination agreement on September 29, 2024, to acquire Zhong Guo Liang Tou Group Limited, potentially issuing between 40,988,000 and 47,888,000 shares of Common Stock [108]. - The company may need to raise additional funds to meet expenditures required for operating its business and completing a business combination [121]. - The company faces substantial doubt about its ability to continue as a going concern if it does not complete a business combination by March 29, 2025 [123]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2024 [124][125].