XML 99 R6.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 11 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Cash flow from operating activities:      
Net income $ 5,135,790 $ 336,658  
Adjustments to reconcile net income to net cash used in operating activities:      
Offering costs allocated to warrant liabilities 625,059    
Stock-based compensation expense 0 2,825,960  
Dividends, realized and unrealized gain in Trust Account (19,097) (1,371,689)  
Interest earned on securities held in Trust Account (1,876)    
Change in fair value of warrant liability (6,325,281) (4,489,110)  
Changes in operating assets and liabilities:      
Prepaid expense (83,061) 83,061  
Accrued expenses 125,972 1,553,849  
Franchise tax payable 164,008 (94,042)  
Income tax payable 0 214,850  
Net cash used in operating activities (378,487) (940,463)  
Cash flow from investing activities:      
Investment of cash in Trust Account (117,300,000) (2,545,838)  
Interest withdrawn from Trust Account 0 299,601  
Net cash used in investing activities (117,300,000) (2,246,237)  
Cash flow from financing activities:      
Proceeds from issuance of Class B common stock 25,000    
Proceeds from sale of Units, net of underwriting discount paid 112,700,000    
Proceeds from sale of Private units 5,852,750    
Payment of offering costs (446,112)    
Proceeds from promissory note 78,925   $ 78,925
Repayment of promissory note (78,925)    
Advances from related parties 0 11,500  
Proceeds from working capital loan 0 207,081  
Proceeds from extension loans 0 2,545,838  
Net cash provided by financing activities 118,131,638 2,764,419  
Net change in cash 453,151 (422,281)  
Cash at the beginning of the period 0 453,151  
Cash at the end of the period 453,151 30,870 $ 453,151
Supplemental disclosure of non-cash financing activities:      
Re-measurement of Class A common stock subject to possible redemption 0 3,359,593  
Redemption of Class A common stock held in Trust, including interest 0 $ 91,909,483  
Deferred underwriting fee payable 4,025,000    
Initial classification of warrant liability $ 11,176,949