ESH Acquisition (ESHA) - 2025 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2025, the company reported a net loss of $227,688, with operating costs of$273,943 and interest income of $86,251 from investments held in the Trust Account [140]. - For the three months ended March 31, 2024, the company achieved a net income of$1,139,101, driven by interest income of $1,565,317, offset by operating costs of$213,567 [141]. IPO and Trust Account - 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 [142]. - Following the IPO, a total of $116,725,000 was placed in the Trust Account, with IPO-related costs amounting to$5,368,092 [143]. - As of March 31, 2025, the company held investments in the Trust Account totaling $8,251,810, including$622,018 of interest income [146]. - The company intends to use substantially all funds in the Trust Account to complete the Initial Business Combination, with remaining proceeds allocated for working capital [147]. Liquidity and Financial Position - As of March 31, 2025, the company had cash of $923,433 and restricted cash of$356,657, primarily for evaluating target businesses and due diligence [148]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [153]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern for one year from the issuance of the financial statements [152]. - As of March 31, 2025, 739,881 shares of Class A common stock are presented at redemption value as temporary equity, amounting to $8,147,290 [159].