| Schedule of reconciliation of common stock subject to possible redemption reflected in the balance sheets |
|
|
|
|
Gross proceeds |
|
$ |
115,000,000 |
Less: |
|
|
|
Common stock issuance costs |
|
|
(1,625,220) |
Plus: |
|
|
|
Accretion of carrying value to redemption value |
|
|
3,350,220 |
Common stock subject to possible redemption, December 31, 2021 |
|
$ |
116,725,000 |
Plus: |
|
|
|
Accretion of carrying value to redemption value |
|
|
1,084,374 |
Common stock subject to possible redemption, December 31, 2022 |
|
$ |
117,809,374 |
|
| Schedule of calculation of basic and diluted net income (loss) per common share |
The following tables reflect the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):
|
|
|
|
|
|
|
|
|
For the Year |
|
For the Year |
|
|
Ended |
|
Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
Net income (loss) |
|
$ |
722,115 |
|
$ |
(166,644) |
Accretion of redeemable common stock to redemption amount |
|
|
(1,084,374) |
|
|
(3,350,220) |
Net loss including accretion of temporary equity to redemption value |
|
$ |
(362,259) |
|
$ |
(3,516,864) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
For the Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
|
Redeemable |
|
Non-redeemable |
|
Redeemable |
|
Non-redeemable |
|
|
Common stock |
|
Common stock |
|
Common stock |
|
Common stock |
Basic and diluted net income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net loss, including accretion of temporary equity to redemption value |
|
$ |
(280,793) |
|
$ |
(81,466) |
|
$ |
(900,239) |
|
$ |
(2,616,625) |
Accretion of common stock to redemption value |
|
|
1,084,374 |
|
|
— |
|
|
3,350,220 |
|
|
— |
Net income (loss) |
|
$ |
803,581 |
|
$ |
(81,466) |
|
$ |
2,449,981 |
|
$ |
(2,616,625) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
11,500,000 |
|
|
3,336,500 |
|
|
882,192 |
|
|
2,564,170 |
Basic and diluted net income (loss) per common share |
|
$ |
0.07 |
|
$ |
(0.02) |
|
$ |
2.78 |
|
$ |
(1.02) |
|