Mon, Sep 23, 5:23 PM (98 days ago)
For the quarter ended August 31, 2024, Black Hawk Acquisition Corporation reported a net income of $883,767, driven primarily by interest income of $968,670, offsetting general and administrative expenses of $54,903. The company's total assets surged to $71,371,165 from $263,000 at the previous reporting date, largely due to the completion of a $69 million IPO. Cash reserves increased to $323,846, while investments held in a trust account amounted to $70,978,661. The company has significant liabilities, including a deferred underwriting fee of $2,415,000 and accrued expenses of $50,509. Shareholders’ equity showed a deficit of $2,073,005, reflecting operational losses since inception. Management expressed substantial doubt regarding the company's ability to continue as a going concern, particularly if a business combination isn't completed within the stipulated timeframe. Future operations hinge on successfully identifying and merging with a target business, amidst uncertainties including geopolitical risks that could impact financial performance.