| 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 |
|
|
442,365 |
Common stock subject to possible redemption, September 30, 2022 |
|
|
117,167,365 |
|
| 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 |
|
For the Nine |
|
|
Months Ended |
|
Months Ended |
|
|
September 30, 2022 |
|
September 30, 2022 |
Net income |
|
$ |
304,331 |
|
$ |
163,259 |
Accretion of redeemable common stock to redemption amount |
|
|
(369,382) |
|
|
(442,365) |
Net loss including accretion of temporary equity to redemption value |
|
$ |
(65,051) |
|
$ |
(279,106) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Three Months Ended |
|
|
September 30, |
|
September 30, |
|
|
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 |
|
$ |
(50,422) |
|
$ |
(14,629) |
|
$ |
— |
|
$ |
(105) |
Accretion of common stock to redemption value |
|
|
369,382 |
|
|
— |
|
|
— |
|
|
— |
Net income (loss) |
|
$ |
318,960 |
|
$ |
(14,629) |
|
$ |
— |
|
$ |
(105) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
11,500,000 |
|
|
3,336,500 |
|
|
— |
|
|
2,500,000 |
Basic and diluted net income (loss) per common share |
|
$ |
0.03 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
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 income (loss) including accretion of temporary equity to redemption value |
|
$ |
(216,339) |
|
$ |
(62,767) |
|
$ |
— |
|
$ |
(90) |
Accretion of common stock to redemption value |
|
|
442,365 |
|
|
— |
|
|
— |
|
|
— |
Net income (loss) |
|
$ |
226,026 |
|
$ |
(62,767) |
|
$ |
— |
|
$ |
(90) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
11,500,000 |
|
|
3,336,500 |
|
|
— |
|
|
2,500,000 |
Basic and diluted net income (loss) per common share |
|
$ |
0.02 |
|
$ |
(0.01) |
|
$ |
— |
|
$ |
— |
|