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Correction of Previously Issued Financial Statements
 9 Months Ended
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