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Correction of Previously Issued Financial Statements | 9 Months Ended
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Sep. 30, 2023
Correction of Previously Issued Financial Statements (restated) [Abstract] |
Correction of Previously Issued Financial Statements | Note 2 - Correction of Previously Issued Financial Statements In connection with the preparation of the Company’s unaudited condensed consolidated financial statements for the year ended December 31, 2023, management identified a classification error, between financing activities and operating activities in the Company’s unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2023 included in the Quarterly Report on Form 10-Q as of and for the three and nine months ended September 30, 2023 and 2022 which the Company filed with the SEC on November 14, 2023. The Company previously classified cash outflows associated with transaction costs incurred in connection with the Business Combination as a financing activity. Based on the predominance principle in ASC 240, Statement of Cash flows, the Company determined that these cash outflows should be classified within operating activities in the Unaudited Condensed Consolidated Statements of Cash Flows (the “correction”). The Company assessed the materiality of the misstatement quantitatively and qualitatively and has concluded that the correction of the classification error is material to the unaudited condensed consolidated financials taken as a whole. The correction had no impact on the unaudited condensed consolidated balance sheets, the unaudited condensed consolidated statements of operations or the unaudited condensed consolidated statements of change in stockholders’ equity. The impact of the restatements on the line items within the previously reported Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 previously filed in the Original Report is as follows:
|  | Nine Months Ended September 30, 2023 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Operating Activities |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | (2,017,390 | ) |  |  | 1,335,919 |  |  | $ | (681,471 | )
Accounts payables |  | $ | 8,648,290 |  |  |  | (6,050,828 | ) |  | $ | 2,597,462 |
Accrued expenses |  | $ | 4,268,432 |  |  |  | (1,422,468 | ) |  | $ | 2,845,964 |
Net cash used in operating activities |  | $ | (12,274,951 | ) |  |  | (6,137,377 | ) |  | $ | (18,412,328 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs incurred in connection with the Business Combination |  | $ | (6,137,377 | ) |  |  | 6,137,377 |  |  | $ | - |
Net cash provided by financing activities |  | $ | 37,066,542 |  |  |  | 6,137,377 |  |  | $ | 43,203,919 |
Cash and cash equivalents, end of period |  | $ | 25,255,909 |  |  |  | — |  |  | $ | 25,255,909 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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