We have neither engaged in any operations nor generated any operating revenues to date. Our only activities from inception through March 31, 2024 were organizational activities and those necessary to prepare, and consummate, for the IPO, which is described below, and subsequent to the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination.
We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.
For the three months ended March 31, 2024, we had a net loss of $393,098, which consisted of interest earned on investments held in the Trust Account of $457,853, offset by general and administrative expenses of $746,269, franchise tax expense of $10,800, and income tax expense of $93,882. For the three months ended March 31, 2023, we had a net income of $296,953, which consisted of interest earned on investments held in the Trust Account of $623,637, offset by general and administrative expenses of $186,240, franchise tax expense of $12,000, and income tax expense of $128,444.
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