| 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) |
|