| 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 |
Less: |
|
|
|
Shares Redeemed |
|
|
(93,010,772) |
Plus: |
|
|
|
Accretion of carrying value to redemption value |
|
|
1,604,027 |
Common stock subject to possible redemption, June 30, 2023 |
|
$ |
26,402,629 |
|
| 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 Three Months |
|
For the Six Months |
|
|
Ended June 30, |
|
Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income (loss) |
|
$ |
94,393 |
|
$ |
10,666 |
|
$ |
802,949 |
|
$ |
(141,072) |
Accretion of redeemable common stock to redemption amount |
|
|
(729,454) |
|
|
(72,983) |
|
|
(1,604,027) |
|
|
(72,983) |
Excise taxes on stock redemption |
|
|
(930,108) |
|
|
— |
|
|
(930,108) |
|
|
— |
Net loss including accretion of temporary equity to redemption value and excise taxes on stock redemption |
|
$ |
(1,565,169) |
|
$ |
(62,317) |
|
$ |
(1,731,186) |
|
$ |
(214,055) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
Redeemable |
|
Non-redeemable |
|
Redeemable |
|
Non-redeemable |
|
Redeemable |
|
Non-redeemable |
|
Redeemable |
|
Non-redeemable |
|
|
Common stock |
|
Common stock |
|
Common stock |
|
Common stock |
|
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 |
|
$ |
(1,125,329) |
|
$ |
(439,840) |
|
$ |
(48,303) |
|
$ |
(14,014) |
|
$ |
(1,298,407) |
|
$ |
(432,779) |
|
$ |
(165,917) |
|
$ |
(48,138) |
Accretion of common stock to redemption value |
|
|
729,454 |
|
|
— |
|
|
72,983 |
|
|
— |
|
|
1,604,027 |
|
|
— |
|
|
72,983 |
|
|
— |
Excise taxes on stock redemption |
|
|
930,108 |
|
|
— |
|
|
— |
|
|
— |
|
|
930,108 |
|
|
— |
|
|
— |
|
|
— |
Net income (loss) |
|
$ |
534,233 |
|
$ |
(439,840) |
|
$ |
24,680 |
|
$ |
(14,014) |
|
$ |
1,235,728 |
|
$ |
(432,779) |
|
$ |
(92,934) |
|
$ |
(48,138) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
8,536,433 |
|
|
3,336,500 |
|
|
11,500,000 |
|
|
3,336,500 |
|
|
10,010,030 |
|
|
3,336,500 |
|
|
11,500,000 |
|
|
3,336,500 |
Basic and diluted net income (loss) per common share |
|
$ |
0.06 |
|
$ |
(0.13) |
|
$ |
0.00 |
|
$ |
(0.00) |
|
$ |
0.12 |
|
$ |
(0.13) |
|
$ |
(0.01) |
|
$ |
(0.01) |
|