| 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 |
|
|
1,792,959 |
Common stock subject to possible redemption, September 30, 2023 |
|
$ |
26,591,561 |
|
|
|
|
|
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 (loss) income per common share (in dollars, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the |
|
For the |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net (loss) income |
|
$ |
(646,092) |
|
$ |
304,331 |
|
$ |
156,857 |
|
$ |
163,259 |
Accretion of redeemable common stock to redemption amount |
|
|
(188,932) |
|
|
(369,382) |
|
|
(1,792,959) |
|
|
(442,365) |
Excise taxes on stock redemption |
|
|
— |
|
|
— |
|
|
(930,108) |
|
|
— |
Net loss including accretion of temporary equity to redemption value and excise taxes on stock redemption |
|
$ |
(835,024) |
|
$ |
(65,051) |
|
$ |
(2,566,210) |
|
$ |
(279,106) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
September 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 (loss) income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net loss including accretion of temporary equity to redemption value |
|
$ |
(358,531) |
|
$ |
(476,493) |
|
$ |
(50,422) |
|
$ |
(14,629) |
|
$ |
(1,774,826) |
|
$ |
(791,384) |
|
$ |
(216,339) |
|
$ |
(62,767) |
Accretion of common stock to redemption value |
|
|
188,932 |
|
|
— |
|
|
369,382 |
|
|
— |
|
$ |
1,792,959 |
|
|
— |
|
|
442,365 |
|
|
— |
Excise taxes on stock redemption |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
930,108 |
|
|
— |
|
|
— |
|
|
— |
Net (loss) income |
|
$ |
(169,599) |
|
$ |
(476,493) |
|
$ |
318,960 |
|
$ |
(14,629) |
|
$ |
948,241 |
|
$ |
(791,384) |
|
$ |
226,026 |
|
$ |
(62,767) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
2,510,512 |
|
|
3,336,500 |
|
|
11,500,000 |
|
|
3,336,500 |
|
|
7,482,720 |
|
|
3,336,500 |
|
|
11,500,000 |
|
|
3,336,500 |
Basic and diluted net (loss) income per common share |
|
$ |
(0.07) |
|
$ |
(0.14) |
|
$ |
0.03 |
|
$ |
(0.00) |
|
$ |
0.13 |
|
$ |
(0.24) |
|
$ |
0.02 |
|
$ |
(0.02) |
|
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) |
|