| 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 |
Plus: |
|
|
|
Accretion of carrying value to redemption value |
|
|
576,751 |
Common stock subject to possible redemption, June 30, 2024 |
|
$ |
17,526,638 |
|
| Schedule of calculation of basic and diluted net (loss) income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months |
|
For the Six Months |
|
|
Ended June 30, |
|
Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net (loss) income |
|
$ |
(719,432) |
|
$ |
94,393 |
|
$ |
(840,629) |
|
$ |
802,949 |
Accretion of redeemable common stock to redemption amount |
|
|
(257,115) |
|
|
(729,454) |
|
|
(576,751) |
|
|
(1,604,027) |
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 |
|
$ |
(976,547) |
|
$ |
(1,565,169) |
|
$ |
(1,417,380) |
|
$ |
(1,731,186) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
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) income including accretion of temporary equity to redemption value |
|
$ |
(314,207) |
|
$ |
(662,340) |
|
$ |
(1,125,329) |
|
$ |
(439,840) |
|
$ |
(456,046) |
|
$ |
(961,334) |
|
$ |
(1,298,407) |
|
$ |
(432,779) |
Accretion of common stock to redemption value |
|
|
257,115 |
|
|
— |
|
|
729,454 |
|
|
— |
|
|
576,751 |
|
|
— |
|
|
1,604,027 |
|
|
— |
Excise taxes on stock redemption |
|
|
— |
|
|
— |
|
|
930,108 |
|
|
— |
|
|
— |
|
|
— |
|
|
930,108 |
|
|
— |
Net (loss) income |
|
$ |
(57,092) |
|
$ |
(662,340) |
|
$ |
534,233 |
|
$ |
(439,840) |
|
$ |
120,705 |
|
$ |
(961,334) |
|
$ |
1,235,728 |
|
$ |
(432,779) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
1,582,797 |
|
|
3,336,500 |
|
|
8,536,433 |
|
|
3,336,500 |
|
|
1,582,797 |
|
|
3,336,500 |
|
|
10,010,030 |
|
|
3,336,500 |
Basic and diluted net (loss) income per common share |
|
$ |
(0.04) |
|
$ |
(0.20) |
|
$ |
0.06 |
|
$ |
(0.13) |
|
$ |
0.08 |
|
$ |
(0.29) |
|
$ |
0.12 |
|
$ |
(0.13) |
|