Registration of securities issued in business combination transactions

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
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

(102,900,344)

Plus:

Accretion of carrying value to redemption value

2,040,857

Common stock subject to possible redemption, December 31, 2023

$

16,949,887

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

Year Ended

Year Ended

December 31, 2023

December 31, 2022

Net income (loss)

 

$

(87,718)

 

$

722,115

Accretion of redeemable common stock to redemption amount

 

(2,040,857)

 

(1,084,374)

Excise taxes on stock redemption

(1,029,003)

Net loss including accretion of temporary equity to redemption value

$

(3,157,578)

$

(362,259)

For the Year Ended

For the Year Ended

December 31,

December 31,

2023

2022

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

$

(2,050,365)

$

(1,107,213)

$

(280,793)

$

(81,466)

Accretion of common stock to redemption value

 

2,040,857

 

 

 

Excise taxes on stock redemption

1,029,003

1,084,374

Net income (loss)

$

1,019,495

$

(1,107,213)

$

803,581

$

(81,466)

Denominator:

 

 

 

 

Basic and diluted weighted average shares outstanding

 

6,178,617

 

3,336,500

 

11,500,000

 

3,336,500

Basic and diluted net income (loss) per common share

$

0.17

$

(0.33)

$

0.07

$

(0.02)