XML 86 R44.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (504,148) $ (1,312,809)
Adjustments to reconcile net loss to net cash used in operating activities:    
Interest earned and unrealized loss on marketable securities held in Trust Account (283,114) (99,639)
Change in fair value of derivative liability - Forward Purchase Agreement 167,264  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 98,001 (441,033)
Accounts payable, accrued expenses and income tax payable 172,267 775,784
Franchise tax payable (141,200) 93,343
Net cash used in operating activities (490,930) (984,354)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash deposited to Trust Account (60,000) (116,150,000)
Cash withdrawn from Trust Account in connection with redemption 109,436,586  
Net cash provided by (used in) investing activities 109,376,586 (116,150,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from initial public offering, net of underwriters' discount   114,500,000
Proceeds from private placement   3,760,000
Redemption of Common Stock (109,436,586)  
Payment of Sponsor loan   (80,000)
Payment of offering costs   (431,000)
Net cash (used in) provided by financing activities (109,436,586) 117,749,000
NET CHANGE IN CASH (550,930) 614,646
CASH, BEGINNING OF PERIOD 809,481 3,913
CASH, END OF PERIOD 258,551 618,559
Supplemental disclosure of noncash activities:    
Issuance of Forward Purchase Agreement 430,021  
Excise tax liability arising from redemption of shares 1,094,366  
Accretion of common stock subject to redemption value $ 266,194 $ 5,712,733