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Restatement of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2023
Restatement of Previously Issued Financial Statements [Abstract] |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS Restatement Background In connection with the preparation of the Company’s consolidated financial statements as of December 31, 2023, management determined it should restate its previously reported condensed consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, and September 30, 2023. The Company previously accounted for its subscription liability as a liability classified derivative instrument which resulted in the Company remeasuring the derivative instrument at fair value at each reporting period with the changes in fair value recorded within earnings. The need for the restatement arose out of the results of certain financial analysis the Company performed in the course of preparing a response to a comment letter received by the United States Securities and Exchange Commission on February 1, 2024, related to the Company’s Registration Statement on Form S-4 filed January 5, 2024. As a result of this analysis, the Company concluded that the transaction underlying the subscription liability was representative of the issuance of multiple freestanding instruments in a bundled transaction which should not have been remeasured at fair value at each reporting period and should have been accounted for using the relative fair value method of accounting in accordance with ASC 470 as previously concluded during the Company’s assessment of the Subscription Agreement. The error occurred as a result of the lack of certain financial analysis and management review in the course of preparing its consolidated financial statements during the periods previously identified above. As a result of the error, the subscription liability and corresponding debt discount recorded within the condensed consolidated balance sheets was overstated, and the change in fair value recorded within the condensed consolidated statements of operations resulted in the recognition of additional (expense) and income for certain periods as identified above. This resulted in an adjustment to the carrying value of debt discount, net of amortization, subscription liability, additional paid-in capital and accumulated deficit on the condensed balance sheet with the offset recorded to change in fair value of subscription liability and interest expense — debt discount on the condensed statement of operations. In connection with the changes listed above, the Company also restated its earnings per share. The restatement had no impact on the Company’s cash position or amount held in the trust account. The relevant unaudited interim financial information for the quarterly periods ended March 30, 2023, June 30, 2023, and September 30, 2023, is included in Note 11, Quarterly Financial Information (Unaudited). The categories of misstatements and their impact on the previously issued financial statements are described in more detail in the tables below. As previously disclosed, the Company determined that its subscription liability, net of debt discount as of the aforementioned periods had been misstated. The Company concluded that the impact of applying correction for these errors and misstatements on the aforementioned financial statements is material. Description of Misstatements Misstatements Associated with Subscription Liability (a) Subscription liability The Company previously accounted for its subscription liability as a liability classified derivative instrument which resulted in the Company remeasuring the derivative instrument at fair value at each reporting period with the changes in fair value recorded within earnings. However, the subscription liability should not have been remeasured at fair value at each reporting period and should have been accounted for using the relative fair value method of accounting in accordance with ASC 470. The subscription liability recorded within the condensed consolidated balance sheets was overstated, and the change in fair value recorded within the condensed consolidated statements of operations resulted in the recognition of additional (expense) and income for certain periods as identified above. (b) Debt discount The debt discount corresponding to the subscription liability recorded within the condensed consolidated balance sheets was overstated, and the amortization of the debt discount within the condensed consolidated statements of operations resulted in the recognition of additional (expense) and income for certain periods as identified above. (c) Additional paid-in capital The correction of the subscription liability resulted in an increase in additional paid-in capital. (d) Accumulated deficit The correction of the subscription liability and debt discount resulted in additional (expense) and income for certain periods as identified above. Description of Restatement Tables The impact of the revision on the Company’s financial statements is reflected in the following table:
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Balance Sheet as of September 30, 2023 |  |  |  |  |  |
Debt discount |  | $ | 4,372,334 |  |  | $ | (4,372,334 | ) |  | $ | — |
Total assets |  | $ | 39,589,273 |  |  | $ | (4,372,334 | ) |  | $ | 35,216,939 |
Subscription liability |  | $ | 9,191,162 |  |  | $ | (9,191,162 | ) |  | $ | — |
Subscription liability, net of debt discount |  | $ | — |  |  | $ | 1,060,112 |  |  | $ | 1,060,112 |
Total current liabilities |  | $ | 14,676,822 |  |  | $ | (8,131,050 | ) |  | $ | 6,545,772 |
Total liabilities |  | $ | 15,435,255 |  |  | $ | (8,131,050 | ) |  | $ | 7,304,205 |
Additional paid-in capital |  | $ | 5,404,501 |  |  | $ | 914,776 |  |  | $ | 6,319,277 |
Accumulated deficit |  | $ | (16,347,949 | ) |  | $ | 2,843,940 |  |  | $ | (13,504,009 | )
Total shareholders’ deficit |  | $ | (10,942,649 | ) |  | $ | 3,758,716 |  |  | $ | (7,183,933 | )
Total liabilities, redeemable ordinary shares and shareholders’ deficit |  | $ | 39,589,273 |  |  | $ | (4,372,334 | ) |  | $ | 35,216,939 |
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Balance Sheet as of June 30, 2023 |  |  |  |  |  |
Debt discount |  | $ | 2,479,445 |  |  | $ | (2,479,445 | ) |  | $ | — |
Total assets |  | $ | 57,707,827 |  |  | $ | (2,479,445 | ) |  | $ | 55,228,382 |
Subscription liability |  | $ | 1,946,467 |  |  | $ | (1,946,467 | ) |  | $ | — |
Subscription liability, net of debt discount |  | $ | — |  |  | $ | 467,274 |  |  | $ | 467,274 |
Total current liabilities |  | $ | 7,382,247 |  |  | $ | (1,479,193 | ) |  | $ | 5,903,054 |
Total liabilities |  | $ | 7,805,705 |  |  | $ | (1,479,193 | ) |  | $ | 6,326,512 |
Additional paid-in capital |  | $ | 6,488,812 |  |  | $ | 423,601 |  |  | $ | 6,912,413 |
Accumulated deficit |  | $ | (11,742,106 | ) |  | $ | (1,423,853 | ) |  | $ | (13,165,959 | )
Total shareholders’ deficit |  | $ | (5,252,495 | ) |  | $ | (1,000,252 | ) |  | $ | (6,252,747 | )
Total liabilities, redeemable ordinary shares and shareholders’ deficit |  | $ | 57,707,827 |  |  | $ | (2,479,445 | ) |  | $ | 55,228,382 |
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Balance Sheet as of March 31, 2023 |  |  |  |  |  |
Subscription liability |  | $ | 800,746 |  |  | $ | (800,746 | ) |  | $ | — |
Subscription liability, net of debt discount |  | $ | — |  |  | $ | 251,880 |  |  | $ | 251,880 |
Total current liabilities |  | $ | 6,533,748 |  |  | $ | (548,866 | ) |  | $ | 5,984,882 |
Total liabilities |  | $ | 8,935,451 |  |  | $ | (548,866 | ) |  | $ | 8,386,585 |
Additional paid-in capital |  | $ | 7,275,132 |  |  | $ | 256,635 |  |  | $ | 7,531,767 |
Accumulated deficit |  | $ | (16,010,590 | ) |  | $ | 292,231 |  |  | $ | (15,718,359 | )
Total shareholders’ deficit |  | $ | (8,734,659 | ) |  | $ | 548,866 |  |  | $ | (8,185,793 | )
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Operations for the three months ended September 30, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | (2,467,496 | ) |  | $ | 2,188,483 |  | $ | (279,013 | )
Change in fair value of subscription liability |  | $ | (2,079,310 | ) |  | $ | 2,079,310 |  | $ | — |
Total other (expense) income, net |  | $ | (4,252,471 | ) |  | $ | 4,267,793 |  | $ | 15,322 |
Net income (loss) |  | $ | (4,605,843 | ) |  | $ | 4,267,793 |  | $ | (338,050 | )
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.36 | ) |  | $ | 0.33 |  | $ | (0.03 | )
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares |  | $ | (0.36 | ) |  | $ | 0.33 |  | $ | (0.03 | )
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares |  | $ | (0.36 | ) |  | $ | 0.33 |  | $ | (0.03 | )
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Operations for the nine months ended September 30, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | (3,815,529 | ) |  | $ | 3,401,585 |  |  | $ | (413,944 | )
Change in fair value of subscription liability |  | $ | 557,645 |  |  | $ | (557,645 | ) |  | $ | — |
Total other (expense) income, net |  | $ | 1,035,971 |  |  | $ | 2,843,940 |  |  | $ | 3,879,911 |
Net income (loss) |  | $ | (1,049,638 | ) |  | $ | 2,843,940 |  |  | $ | 1,794,302 |
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.05 | ) |  | $ | 0.14 |  |  | $ | 0.09 |
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares |  | $ | (0.05 | ) |  | $ | 0.14 |  |  | $ | 0.09 |
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares |  | $ | (0.05 | ) |  | $ | 0.14 |  |  | $ | 0.09 |
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Operations for the three months ended June 30, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | (1,045,564 | ) |  | $ | 939,148 |  |  | $ | (106,416 | )
Change in fair value of subscription liability |  | $ | 2,655,232 |  |  | $ | (2,655,232 | ) |  | $ | — |
Total other (expense) income, net |  | $ | 4,847,438 |  |  | $ | (1,716,084 | ) |  | $ | 3,131,354 |
Net income (loss) |  | $ | 4,268,484 |  |  | $ | (1,716,084 | ) |  | $ | 2,552,400 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | 0.20 |  |  | $ | (0.08 | ) |  | $ | 0.12 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | 0.20 |  |  | $ | (0.08 | ) |  | $ | 0.12 |
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Operations for the six months ended June 30, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | (1,348,033 | ) |  | $ | 1,213,102 |  |  | $ | (134,931 | )
Change in fair value of subscription liability |  | $ | 2,636,955 |  |  | $ | (2,636,955 | ) |  | $ | — |
Total other (expense) income, net |  | $ | 5,288,442 |  |  | $ | (1,423,853 | ) |  | $ | 3,864,589 |
Net income (loss) |  | $ | 3,556,206 |  |  | $ | (1,423,853 | ) |  | $ | 2,132,353 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | 0.15 |  |  | $ | (0.06 | ) |  | $ | 0.09 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | 0.15 |  |  | $ | (0.06 | ) |  | $ | 0.09 |
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | (302,469 | ) |  | $ | 273,954 |  | $ | (28,515 | )
Change in fair value of subscription liability |  | $ | (18,277 | ) |  | $ | 18,277 |  | $ | — |
Total other (expense) income, net |  | $ | 441,004 |  |  | $ | 292,231 |  | $ | 733,235 |
Net income (loss) |  | $ | (712,278 | ) |  | $ | 292,231 |  | $ | (420,047 | )
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.02 | ) |  | $ | 0.01 |  | $ | (0.01 | )
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares |  | $ | (0.02 | ) |  | $ | 0.01 |  | $ | (0.01 | )
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Deficit for the three months ended September 30, 2023 |  |  |  |  |  |
Additional paid-in capital |  | $ | 5,404,501 |  |  | $ | 914,776 |  | $ | 6,319,277 |
Accumulated deficit |  | $ | (16,347,949 | ) |  | $ | 2,843,940 |  | $ | (13,504,009 | )
Issuance of subscription shares |  | $ | — |  |  | $ | 491,176 |  | $ | 491,176 |
Net income (loss) |  | $ | (4,605,843 | ) |  | $ | 4,267,793 |  | $ | (338,050 | )
Total stockholders’ deficit |  | $ | (10,942,649 | ) |  | $ | 3,758,716 |  | $ | (7,183,933 | )
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Deficit for the three months ended June 30, 2023 |  |  |  |  |  |
Additional paid-in capital |  | $ | 6,488,812 |  |  | $ | 423,601 |  |  | $ | 6,912,413 |
Accumulated deficit |  | $ | (11,742,106 | ) |  | $ | (1,423,853 | ) |  | $ | (13,165,959 | )
Issuance of subscription shares |  | $ | — |  |  | $ | 166,965 |  |  | $ | 166,965 |
Net income (loss) |  | $ | 4,268,484 |  |  | $ | (1,716,084 | ) |  | $ | 2,552,400 |
Total stockholders’ deficit |  | $ | (5,252,495 | ) |  | $ | (1,000,252 | ) |  | $ | (6,252,747 | )
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Deficit for the three months ended March 31, 2023 |  |  |  |  |  |
Additional paid-in capital |  | $ | 7,275,132 |  |  | $ | 256,635 |  | $ | 7,531,767 |
Accumulated deficit |  | $ | (16,010,590 | ) |  | $ | 292,231 |  | $ | (15,718,360 | )
Issuance of subscription shares |  | $ | — |  |  | $ | 256,635 |  | $ | 256,635 |
Net income (loss) |  | $ | (712,278 | ) |  | $ | 292,231 |  | $ | (420,047 | )
Total stockholders’ deficit |  | $ | (8,734,659 | ) |  | $ | 548,866 |  | $ | (8,185,793 | )
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | 3,815,529 |  |  | $ | (3,401,585 | ) |  | $ | 413,944
Change in fair value of subscription liability |  | $ | (557,645 | ) |  | $ | 557,645 |  |  | $ | —
Net income (loss) |  | $ | (1,049,638 | ) |  | $ | 2,843,940 |  |  | $ | 1,794,302
Issuance of subscription shares |  | $ | — |  |  | $ | 914,776 |  |  | $ | 914,776
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | 1,348,033 |  |  | $ | (1,213,102 | ) |  | $ | 134,931
Change in fair value of subscription liability |  | $ | (2,636,955 | ) |  | $ | 2,636,955 |  |  | $ | —
Net income (loss) |  | $ | 3,556,206 |  |  | $ | (1,423,853 | ) |  | $ | 2,132,353
Issuance of subscription shares |  | $ | — |  |  | $ | 423,600 |  |  | $ | 423,600
|  | As Reported |  | Adjustment |  | As Restated
Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023 |  |  |  |  |  |
Interest expense – debt discount |  | $ | 302,469 |  |  | $ | (273,954 | ) |  | $ | 28,515 |
Change in fair value of subscription liability |  | $ | 18,277 |  |  | $ | (18,277 | ) |  | $ | — |
Net income (loss) |  | $ | (712,278 | ) |  | $ | 292,231 |  |  | $ | (420,047 | )
Issuance of subscription shares |  | $ | — |  |  | $ | 256,635 |  |  | $ | 256,635 |
|  | As of September 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 92,722 |  |  |  |  |  |  |  |  | $ | 92,722 |
Prepaid expense |  |  | 27,550 |  |  |  |  |  |  |  |  |  | 27,550 |
Total current assets |  |  | 120,272 |  |  |  |  |  |  |  |  |  | 120,272 |
Investments held in Trust Account |  |  | 35,096,667 |  |  |  |  |  |  |  |  |  | 35,096,667 |
Debt discount |  |  | 4,372,334 |  |  |  | (4,372,334 | ) |  | b |  |  | — |
TOTAL ASSETS |  | $ | 39,589,273 |  |  | $ | (4,372,334 | ) |  |  |  | $ | 35,216,939 |
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accounts payable |  | $ | 3,976,694 |  |  |  |  |  |  |  |  | $ | 3,976,694 |
Due to related party |  |  | 258,966 |  |  |  |  |  |  |  |  |  | 258,966 |
Convertible promissory note – related party |  |  | 1,000,000 |  |  |  |  |  |  |  |  |  | 1,000,000 |
Promissory Note – related party |  |  | 250,000 |  |  |  |  |  |  |  |  |  | 250,000 |
Subscription liability |  |  | 9,191,162 |  |  |  | (9,191,162 | ) |  | a |  |  | — |
Subscription liability, net of debt discount |  |  | — |  |  |  | 1,060,112 |  |  | a |  |  | 1,060,112 |
Total current liabilities |  |  | 14,676,822 |  |  |  | (8,131,050 | ) |  |  |  |  | 6,545,772 |
Warrant liabilities |  |  | 758,433 |  |  |  |  |  |  |  |  |  | 758,433 |
Deferred underwriting commissions liabilities |  |  | — |  |  |  |  |  |  |  |  |  | — |
TOTAL LIABILITIES |  |  | 15,435,255 |  |  |  | (8,131,050 | ) |  |  |  |  | 7,304,205 |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Ordinary shares subject to possible redemption, 3,255,593 and 31,921,634 shares at $10.78 and $10.15 redemption value as of September 30, 2023 and December 31, 2022, respectively |  |  | 35,096,667 |  |  |  |  |  |  |  |  |  | 35,096,667 |
Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |  |  | — |  |  |  |  |  |  |  |  |  | — |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 7,980,409 and 0 shares issued and outstanding (excluding 3,255,593 and 31,921,634 shares subject to possible redemption) as of September 30, 2023 and December 31, 2022, respectively |  |  | 799 |  |  |  |  |  |  |  |  |  | 799 |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 0 and 7,980,409 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |  |  | — |  |  |  |  |  |  |  |  |  | — |
Additional paid-in capital |  |  | 5,404,501 |  |  |  | 914,776 |  |  | c |  |  | 6,319,277 |
Accumulated deficit |  |  | (16,347,949 | ) |  |  | 2,843,940 |  |  | d |  |  | (13,504,009 | )
TOTAL SHAREHOLDERS’ DEFICIT |  |  | (10,942,649 | ) |  |  | 3,758,716 |  |  |  |  |  | (7,183,933 | )
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT |  | $ | 39,589,273 |  |  | $ | (4,372,334 | ) |  |  |  | $ | 35,216,939 |
|  | For the three months ended September 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Formation and operating costs |  | $ | 353,372 |  |  |  |  |  |  |  | $ | 353,372 |
Loss from operations |  |  | (353,372 | ) |  |  |  |  |  |  |  | (353,372 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities |  |  | (334,975 | ) |  |  |  |  |  |  |  | (334,975 | )
Change in fair value of subscription liability |  |  | (2,079,310 | ) |  |  | 2,079,310 |  | a |  |  | — |
Change in fair value of Forward Purchase Agreement |  |  | — |  |  |  |  |  |  |  |  | — |
Issuance of Forward Purchase Agreement |  |  | — |  |  |  |  |  |  |  |  | — |
Reduction of deferred underwriter fee payable |  |  | — |  |  |  |  |  |  |  |  | — |
Interest Expense – Debt Discount |  |  | (2,467,496 | ) |  |  | 2,188,483 |  | b |  |  | (279,013 | )
Interest income – trust account |  |  | 629,310 |  |  |  |  |  |  |  |  | 629,310 |
Total other (expense) income, net |  |  | (4,252,471 | ) |  |  | 4,267,793 |  |  |  |  | 15,322 |
Net (loss) income |  | $ | (4,605,843 | ) |  | $ | 4,267,793 |  | d |  | $ | (338,050 | )
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 4,970,919 |  |  |  |  |  |  |  |  | 4,970,919 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.36 | ) |  | $ | 0.33 |  |  |  | $ | (0.03 | )
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 1,474,641 |  |  |  |  |  |  |  |  | 1,474,641 |
Basic and diluted net income per ordinary share, Class A ordinary shares |  | $ | (0.36 | ) |  | $ | 0.33 |  |  |  | $ | (0.03 | )
Weighted average shares outstanding, Class B ordinary shares |  |  | 6,505,768 |  |  |  |  |  |  |  |  | 6,505,768 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | (0.36 | ) |  | $ | 0.33 |  |  |  | $ | (0.03 | )
|  | For the nine months ended September 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Formation and operating costs |  | $ | 2,085,609 |  |  |  |  |  |  |  |  | $ | 2,085,609 |
Loss from operations |  |  | (2,085,609 | ) |  |  |  |  |  |  |  |  | (2,085,609 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities |  |  | (379,216 | ) |  |  |  |  |  |  |  |  | (379,216 | )
Change in fair value of subscription liability |  |  | 557,645 |  |  |  | (557,645 | ) |  | a |  |  | — |
Change in fair value of Forward Purchase Agreement |  |  | 308,114 |  |  |  |  |  |  |  |  |  | 308,114 |
Issuance of Forward Purchase Agreement |  |  | (308,114 | ) |  |  |  |  |  |  |  |  | (308,114 | )
Reduction of deferred underwriter fee payable |  |  | 328,474 |  |  |  |  |  |  |  |  |  | 328,474 |
Interest Expense – Debt Discount |  |  | (3,815,529 | ) |  |  | 3,401,585 |  |  | b |  |  | (413,944 | )
Interest income – trust account |  |  | 4,344,597 |  |  |  |  |  |  |  |  |  | 4,344,597 |
Total other (expense) income, net |  |  | 1,035,971 |  |  |  | 2,843,940 |  |  |  |  |  | 3,879,911 |
Net (loss) income |  | $ | (1,049,638 | ) |  |  | 2,843,940 |  |  | d |  | $ | 1,794,302 |
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 12,083,753 |  |  |  |  |  |  |  |  |  | 12,083,753 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.05 | ) |  | $ | 0.14 |  |  |  |  | $ | 0.09 |
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 526,181 |  |  |  |  |  |  |  |  |  | 526,181 |
Basic and diluted net income per ordinary share, Class A ordinary shares |  | $ | (0.05 | ) |  | $ | 0.14 |  |  |  |  | $ | 0.09 |
Weighted average shares outstanding, Class B ordinary shares |  |  | 7,454,228 |  |  |  |  |  |  |  |  |  | 7,454,228 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | (0.05 | ) |  | $ | 0.14 |  |  |  |  | $ | 0.09 |
|  | As of June 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 20,880 |  |  |  |  |  |  |  |  | $ | 20,880 |
Prepaid expense |  |  | 52,885 |  |  |  |  |  |  |  |  |  | 52,885 |
Total current assets |  |  | 73,765 |  |  |  |  |  |  |  |  |  | 73,765 |
Investments held in Trust Account |  |  | 55,154,617 |  |  |  |  |  |  |  |  |  | 55,154,617 |
Debt discount |  |  | 2,479,445 |  |  |  | (2,479,445 | ) |  | b |  |  | — |
TOTAL ASSETS |  | $ | 57,707,827 |  |  | $ | (2,479,445 | ) |  |  |  | $ | 55,228,382 |
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accounts payable |  | $ | 3,853,954 |  |  |  |  |  |  |  |  | $ | 3,853,954 |
Due to related party |  |  | 331,826 |  |  |  |  |  |  |  |  |  | 331,826 |
Convertible promissory note – related party |  |  | 1,000,000 |  |  |  |  |  |  |  |  |  | 1,000,000 |
Promissory Note – related party |  |  | 250,000 |  |  |  |  |  |  |  |  |  | 250,000 |
Subscription liability |  |  | 1,946,467 |  |  |  | (1,946,467 | ) |  | a |  |  | — |
Subscription liability, net of debt discount |  |  | — |  |  |  | 467,274 |  |  | a |  |  | 467,274 |
Total current liabilities |  |  | 7,382,247 |  |  |  | (1,479,193 | ) |  |  |  |  | 5,903,054 |
Warrant liabilities |  |  | 423,458 |  |  |  |  |  |  |  |  |  | 423,458 |
Deferred underwriting commissions liabilities |  |  | — |  |  |  |  |  |  |  |  |  | — |
TOTAL LIABILITIES |  |  | 7,805,705 |  |  |  | (1,479,193 | ) |  |  |  |  | 6,326,512 |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Ordinary shares subject to possible redemption, 5,228,218 and 31,921,634 shares at $10.55 and $10.15 redemption value as of June 30, 2023 and December 31, 2022, respectively |  |  | 55,154,617 |  |  |  |  |  |  |  |  |  | 55,154,617 |
Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |  |  | — |  |  |  |  |  |  |  |  |  | — |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no shares issued and outstanding (excluding 5,228,218 and 31,921,634 shares subject to possible redemption) as of June 30, 2023 and December 31, 2022, respectively |  |  | — |  |  |  |  |  |  |  |  |  | — |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,980,409 shares issued and outstanding as of June 30, 2023 and December 31, 2022 |  |  | 799 |  |  |  |  |  |  |  |  |  | 799 |
Additional paid-in capital |  |  | 6,488,812 |  |  |  | 423,601 |  |  | c |  |  | 6,912,413 |
Accumulated deficit |  |  | (11,742,106 | ) |  |  | (1,423,853 | ) |  | d |  |  | (13,165,959 | )
TOTAL SHAREHOLDERS’ DEFICIT |  |  | (5,252,495 | ) |  |  | (1,000,252 | ) |  |  |  |  | (6,252,747 | )
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT |  | $ | 57,707,827 |  |  | $ | (2,479,445 | ) |  |  |  | $ | 55,228,382 |
|  | For the three months ended June 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Formation and operating costs |  | $ | 578,954 |  |  |  |  |  |  |  |  | $ | 578,954 |
Loss from operations |  |  | (578,954 | ) |  |  |  |  |  |  |  |  | (578,954 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities |  |  | 1,978,245 |  |  |  |  |  |  |  |  |  | 1,978,245 |
Change in fair value of subscription liability |  |  | 2,655,232 |  |  |  | (2,655,232 | ) |  | a |  |  | — |
Change in fair value of Forward Purchase Agreement |  |  | 633,205 |  |  |  |  |  |  |  |  |  | 633,205 |
Issuance of Forward Purchase Agreement |  |  | — |  |  |  |  |  |  |  |  |  | — |
Reduction of deferred underwriter fee payable |  |  | — |  |  |  |  |  |  |  |  |  | — |
Interest Expense – Debt Discount |  |  | (1,045,564 | ) |  |  | 939,148 |  |  | b |  |  | (106,416 | )
Interest income – trust account |  |  | 626,320 |  |  |  |  |  |  |  |  |  | 626,320 |
Total other (expense) income, net |  |  | 4,847,438 |  |  |  | (1,716,084 | ) |  |  |  |  | 3,131,354 |
Net (loss) income |  | $ | 4,268,484 |  |  | $ | (1,716,084 | ) |  | d |  | $ | 2,552,400 |
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 13,208,627 |  |  |  |  |  |  |  |  |  | 13,208,627 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | 0.20 |  |  | $ | (0.08 | ) |  |  |  | $ | 0.12 |
Weighted average shares outstanding, Class B ordinary |  |  | 7,980,409 |  |  |  |  |  |  |  |  |  | 7,980,409 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | 0.20 |  |  | $ | (0.08 | ) |  |  |  | $ | 0.12 |
|  | For the six months ended June 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Formation and operating costs |  | $ | 1,732,236 |  |  |  |  |  |  |  |  | $ | 1,732,236 |
Loss from operations |  |  | (1,732,236 | ) |  |  |  |  |  |  |  |  | (1,732,236 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities |  |  | (44,241 | ) |  |  |  |  |  |  |  |  | (44,241 | )
Change in fair value of subscription liability |  |  | 2,636,955 |  |  |  | (2,636,955 | ) |  | a |  |  | — |
Change in fair value of Forward Purchase Agreement |  |  | 308,114 |  |  |  |  |  |  |  |  |  | 308,114 |
Issuance of Forward Purchase Agreement |  |  | (308,114 | ) |  |  |  |  |  |  |  |  | (308,114 | )
Reduction of deferred underwriter fee payable |  |  | 328,474 |  |  |  |  |  |  |  |  |  | 328,474 |
Interest Expense – Debt Discount |  |  | (1,348,033 | ) |  |  | 1,213,102 |  |  | b |  |  | (134,931 | )
Interest income – trust account |  |  | 3,715,287 |  |  |  |  |  |  |  |  |  | 3,715,287 |
Total other (expense) income, net |  |  | 5,288,442 |  |  |  | (1,423,853 | ) |  |  |  |  | 3,864,589 |
Net (loss) income |  | $ | 3,556,206 |  |  | $ | (1,423,853 | ) |  | d |  | $ | 2,132,353 |
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 15,699,166 |  |  |  |  |  |  |  |  |  | 15,699,166 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | 0.15 |  |  | $ | (0.06 | ) |  |  |  | $ | 0.09 |
Weighted average shares outstanding, Class B ordinary |  |  | 7,980,409 |  |  |  |  |  |  |  |  |  | 7,980,409 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | 0.15 |  |  | $ | (0.06 | ) |  |  |  | $ | 0.09 |
|  | As of March 31, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 97,811 |  |  |  |  |  |  |  | $ | 97,811 |
Prepaid expense |  |  | 102,980 |  |  |  |  |  |  |  |  | 102,980 |
Total current assets |  |  | 200,791 |  |  |  |  |  |  |  |  | 200,791 |
Investments held in Trust Account |  |  | 54,368,297 |  |  |  |  |  |  |  |  | 54,368,297 |
TOTAL ASSETS |  | $ | 54,569,088 |  |  |  |  |  |  |  | $ | 54,569,088 |
LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accounts payable |  | $ | 3,584,797 |  |  |  |  |  |  |  | $ | 3,584,797 |
Due to related party |  |  | 265,000 |  |  |  |  |  |  |  |  | 265,000 |
Convertible promissory note – related party |  |  | 1,000,000 |  |  |  |  |  |  |  |  | 1,000,000 |
Promissory Note – related party |  |  | 250,000 |  |  |  |  |  |  |  |  | 250,000 |
Subscription liability |  |  | 800,746 |  |  | (800,746 | ) |  | a |  |  | — |
Subscription liability, net of debt discount |  |  | — |  |  | 251,880 |  |  | a |  |  | 251,880 |
Forward Purchase Agreement liability |  |  | 633,205 |  |  |  |  |  |  |  |  | 633,205 |
Total current liabilities |  |  | 6,533,748 |  |  | (548,866 | ) |  |  |  |  | 5,984,882 |
Warrant liabilities |  |  | 2,401,703 |  |  |  |  |  |  |  |  | 2,401,703 |
Deferred underwriting commissions liabilities |  |  | — |  |  |  |  |  |  |  |  | — |
TOTAL LIABILITIES |  |  | 8,935,451 |  |  | (548,866 | ) |  |  |  |  | 8,386,585 |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Ordinary shares subject to possible redemption, 3,255,593 and 31,921,634 shares at $10.78 and $10.15 redemption value as of September 30, 2023 and December 31, 2022, respectively |  |  | 54,368,296 |  |  |  |  |  |  |  |  | 54,368,296 |
Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |  |  | — |  |  |  |  |  |  |  |  | — |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 7,980,409 and 0 shares issued and outstanding (excluding 3,255,593 and 31,921,634 shares subject to possible redemption) as of September 30, 2023 and December 31, 2022, respectively |  |  | — |  |  |  |  |  |  |  |  | — |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 0 and 7,980,409 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |  |  | 799 |  |  |  |  |  |  |  |  | 799 |
Additional paid-in capital |  |  | 7,275,132 |  |  | 256,635 |  |  | c |  |  | 7,531,767 |
Accumulated deficit |  |  | (16,010,590 | ) |  | 292,231 |  |  | d |  |  | (15,718,359 | )
TOTAL SHAREHOLDERS’ DEFICIT |  |  | (8,734,659 | ) |  | 548,866 |  |  |  |  |  | (8,185,793 | )
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT |  | $ | 54,569,088 |  |  |  |  |  |  |  | $ | 54,569,088 |
|  | For the three months ended March 31, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Formation and operating costs |  | $ | 1,153,282 |  |  |  |  |  |  |  | $ | 1,153,282 |
Loss from operations |  |  | (1,153,282 | ) |  |  |  |  |  |  |  | (1,153,282 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities |  |  | (2,022,486 | ) |  |  |  |  |  |  |  | (2,022,486 | )
Change in fair value of subscription liability |  |  | (18,277 | ) |  |  | 18,277 |  | a |  |  | — |
Change in fair value of Forward Purchase Agreement |  |  | (325,091 | ) |  |  |  |  |  |  |  | (325,091 | )
Issuance of Forward Purchase Agreement |  |  | (308,114 | ) |  |  |  |  |  |  |  | (308,114 | )
Reduction of deferred underwriter fee payable |  |  | 328,474 |  |  |  |  |  |  |  |  | 328,474 |
Interest Expense – Debt Discount |  |  | (302,469 | ) |  |  | 273,954 |  | b |  |  | (28,515 | )
Interest income – trust account |  |  | 3,088,967 |  |  |  |  |  |  |  |  | 3,088,967 |
Total other (expense) income, net |  |  | 441,004 |  |  |  | 292,231 |  |  |  |  | 733,235 |
Net (loss) income |  | $ | (712,278 | ) |  | $ | 292,231 |  | d |  | $ | (420,047 | )
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |  |  | 26,286,357 |  |  |  |  |  |  |  |  | 26,286,357 |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption |  | $ | (0.02 | ) |  | $ | 0.01 |  |  |  | $ | (0.01 | )
Weighted average shares outstanding, Class B ordinary |  |  | 7,980,409 |  |  |  |  |  |  |  |  | 7,980,409 |
Basic and diluted net income per ordinary share, Class B ordinary shares |  | $ | (0.02 | ) |  | $ | 0.01 |  |  |  | $ | (0.01 | )
|  | Class A ordinary shares |  | Class B ordinary shares |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Shareholders’ Deficit
As Previously Reported |  | Shares |  | Amount |  | Shares |  | Amount |
Balance as of December 31, 2022 |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | — |  |  | $ | (15,298,312 | ) |  | $ | (15,297,513 | )
Reduction of deferred underwriter fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,844,098 |  |  |  |  |  |  |  | 10,844,098 |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,568,966 | ) |  |  | — |  |  |  | (3,568,966 | )
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (712,278 | ) |  |  | (712,278 | )
Balance as of March 31, 2023 |  | — |  |  | — |  | 7,980,409 |  |  |  | 799 |  |  |  | 7,275,132 |  |  |  | (16,010,590 | ) |  |  | (8,734,659 | )
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (786,320 | ) |  |  | — |  |  |  | (786,320 | )
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,268,484 |  |  |  | 4,268,484 |
Balance as of June 30, 2023 |  | — |  |  | — |  | 7,980,409 |  |  |  | 799 |  |  |  | 6,488,812 |  |  |  | (11,742,106 | ) |  |  | (5,252,495 | )
Conversion of class B shares to Class A shares |  | 7,980,409 |  |  | 799 |  | (7,980,409 | ) |  |  | (799 | ) |  |  |  |  |  |  |  |  |  |  | — |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,084,311 | ) |  |  | — |  |  |  | (1,084,311 | )
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,605,843 | ) |  |  | (4,605,843 | )
Balance as of September 30, 2023 |  | 7,980,409 |  | $ | 799 |  | — |  |  | $ | — |  |  | $ | 5,404,501 |  |  | $ | (16,347,949 | ) |  | $ | (10,942,649 | )
Restatement Impacts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | — |  |  | $ | (15,298,312 | ) |  | $ | (15,297,513 | )
Reduction of deferred underwriter fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Issuance of subscription shares (adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 256,635 |  |  |  |  |  |  |  | 256,635 |
Net Income (adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 292,231 |  |  |  | 292,231 |
Balance as of March 31, 2023 |  | — |  |  | — |  | 7,980,409 |  |  |  | 799 |  |  |  | 256,635 |  |  |  | (15,006,081 | ) |  |  | (14,748,647 | )
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Issuance of subscription shares (adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 166,966 |  |  |  |  |  |  |  | 166,966 |
Net Income (adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,716,084 | ) |  |  | (1,716,084 | )
Balance as of June 30, 2023 |  | — |  |  | — |  | 7,980,409 |  |  |  | 799 |  |  |  | 423,601 |  |  |  | (16,722,165 | ) |  |  | (16,297,765 | )
|  | Class A ordinary shares |  | Class B ordinary shares |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Shareholders’ Deficit
As Previously Reported |  | Shares |  | Amount |  | Shares |  | Amount |
Conversion of class B shares to Class A shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Issuance of subscription shares (adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 491,175 |  |  |  |  |  |  |  | 491,175 |
Net Income (adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,267,793 |  |  |  | 4,267,793 |
Balance as of September 30, 2023 |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | 914,776 |  |  | $ | (12,454,372 | ) |  | $ | (11,538,797 | )
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | — |  | $ | — |  | 7,980,409 |  |  | $ | 799 |  |  | $ | — |  |  | $ | (15,298,312 | ) |  | $ | (15,297,513 | )
Reduction of deferred underwriter fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,844,098 |  |  |  |  |  |  |  | 10,844,098 |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,568,966 | ) |  |  | — |  |  |  | (3,568,966 | )
Issuance of subscription shares (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 256,635 |  |  |  |  |  |  |  | 256,635 |
Net loss (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (420,047 | ) |  |  | (420,047 | )
Balance as of March 31, 2023 (as restated) |  | — |  |  | — |  | 7,980,409 |  |  |  | 799 |  |  |  | 7,531,767 |  |  |  | (15,718,359 | ) |  |  | (8,185,793 | )
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (786,320 | ) |  |  | — |  |  |  | (786,320 | )
Issuance of subscription shares (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 166,966 |  |  |  |  |  |  |  | 166,966 |
Net income (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,552,400 |  |  |  | 2,552,400 |
Balance as of June 30, 2023 (as restated) |  | — |  |  | — |  | 7,980,409 |  |  |  | 799 |  |  |  | 6,912,413 |  |  |  | (13,165,959 | ) |  |  | (6,252,747 | )
Conversion of class B shares to Class A shares |  | 7,980,409 |  |  | 799 |  | (7,980,409 | ) |  |  | (799 | ) |  |  |  |  |  |  |  |  |  |  | — |
Accretion of Class A ordinary shares to redemption value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,084,311 | ) |  |  | — |  |  |  | (1,084,311 | )
Issuance of subscription shares (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 491,175 |  |  |  |  |  |  |  | 491,175 |
Net loss (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (338,050 | ) |  |  | (338,050 | )
Balance as of September 30, 2023 (as restated) |  | 7,980,409 |  | $ | 799 |  | — |  |  | $ | — |  |  | $ | 6,319,277 |  |  | $ | (13,504,009 | ) |  | $ | (7,183,933 | )
|  | For the nine months ended September 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,049,638 | ) |  | 2,843,940 |  |  | d |  | $ | 1,794,302 |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned on investments held in Trust Account |  |  | (4,344,597 | ) |  |  |  |  |  |  |  | (4,344,597 | )
Changes in fair value of warrant liabilities |  |  | 379,216 |  |  |  |  |  |  |  |  | 379,216 |
Reduction of deferred underwriter fees |  |  | (328,474 | ) |  |  |  |  |  |  |  | (328,474 | )
Issuance of Forward Purchase Agreement |  |  | 308,114 |  |  |  |  |  |  |  |  | 308,114 |
Change in fair value of Forward Purchase Agreement |  |  | (308,114 | ) |  |  |  |  |  |  |  | (308,114 | )
Change in fair value of subscription liability |  |  | (557,645 | ) |  | 557,645 |  |  | a |  |  | — |
Interest expense – debt discount |  |  | 3,815,529 |  |  | (3,401,585 | ) |  | b |  |  | 413,944 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid assets |  |  | 16,081 |  |  |  |  |  |  |  |  | 16,081 |
Due to related party |  |  | 23,966 |  |  |  |  |  |  |  |  | 23,966 |
Accounts payable and accrued expenses |  |  | 1,335,939 |  |  |  |  |  |  |  |  | 1,335,939 |
Net cash used in operating activities |  |  | (709,623 | ) |  |  |  |  |  |  |  | (709,623 | )
Cash flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Extension payment deposit in Trust |  |  | (1,095,000 | ) |  |  |  |  |  |  |  | (1,095,000 | )
Cash withdrawn for redemptions |  |  | 294,254,572 |  |  |  |  |  |  |  |  | 294,254,572 |
Net cash provided by investing activities |  |  | 293,159,572 |  |  |  |  |  |  |  |  | 293,159,572 |
Cash flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the subscription liability |  |  | 1,560,944 |  |  |  |  |  |  |  |  | 1,560,944 |
Redemption from Trust Account for ordinary shares |  |  | (294,254,572 | ) |  |  |  |  |  |  |  | (294,254,572 | )
Proceeds from note payable-related party |  |  | 250,000 |  |  |  |  |  |  |  |  | 250,000 |
Net cash (used in) provided by financing activities |  |  | (292,443,628 | ) |  |  |  |  |  |  |  | (292,443,628 | )
Net Change in Cash |  |  | 6,321 |  |  |  |  |  |  |  |  | 6,321 |
Cash, Beginning of period |  |  | 86,401 |  |  |  |  |  |  |  |  | 86,401 |
Cash, End of period |  | $ | 92,722 |  |  |  |  |  |  |  | $ | 92,722 |
Non-Cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Accretion of Class A ordinary shares subject to possible redemption |  | $ | 5,439,596 |  |  |  |  |  |  |  | $ | 5,439,596 |
Issuance of subscription shares |  | $ | — |  |  |  |  |  |  |  | $ | 914,776 |
|  | For the six months ended June 30, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | 3,556,206 |  |  | (1,423,853 | ) |  | d |  | $ | 2,132,353 |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned on investments held in Trust Account |  |  | (3,715,287 | ) |  |  |  |  |  |  |  | (3,715,287 | )
Changes in fair value of warrant liabilities |  |  | 44,241 |  |  |  |  |  |  |  |  | 44,241 |
Reduction of deferred underwriter fees |  |  | (328,474 | ) |  |  |  |  |  |  |  | (328,474 | )
Issuance of Forward Purchase Agreement |  |  | 308,114 |  |  |  |  |  |  |  |  | 308,114 |
Change in fair value of Forward Purchase Agreement |  |  | (308,114 | ) |  |  |  |  |  |  |  | (308,114 | )
Change in fair value of subscription liability |  |  | (2,636,955 | ) |  | 2,636,955 |  |  | a |  |  | — |
Interest expense – debt discount |  |  | 1,348,033 |  |  | (1,213,102 | ) |  | b |  |  | 134,931 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid assets |  |  | (9,254 | ) |  |  |  |  |  |  |  | (9,254 | )
Due to related party |  |  | 96,826 |  |  |  |  |  |  |  |  | 96,826 |
Accounts payable and accrued expenses |  |  | 1,213,199 |  |  |  |  |  |  |  |  | 1,213,199 |
Net cash used in operating activities |  |  | (431,465 | ) |  |  |  |  |  |  |  | (431,465 | )
Cash flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Extension payment deposit in Trust |  |  | (640,000 | ) |  |  |  |  |  |  |  | (640,000 | )
Cash withdrawn for redemptions |  |  | 273,112,312 |  |  |  |  |  |  |  |  | 273,112,312 |
Net cash provided by investing activities |  |  | 272,472,312 |  |  |  |  |  |  |  |  | 272,472,312 |
Cash flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the subscription liability |  |  | 755,944 |  |  |  |  |  |  |  |  | 755,944 |
Redemption from Trust Account for ordinary shares |  |  | (273,112,312 | ) |  |  |  |  |  |  |  | (273,112,312 | )
Proceeds from note payable-related party |  |  | 250,000 |  |  |  |  |  |  |  |  | 250,000 |
Net cash (used in) provided by financing activities |  |  | (272,106,368 | ) |  |  |  |  |  |  |  | (272,106,368 | )
Net Change in Cash |  |  | (65,521 | ) |  |  |  |  |  |  |  | (65,521 | )
Cash, Beginning of period |  |  | 86,401 |  |  |  |  |  |  |  |  | 86,401 |
Cash, End of period |  | $ | 20,880 |  |  |  |  |  |  |  | $ | 20,880 |
Non-Cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Accretion of Class A ordinary shares subject to possible redemption |  | $ | 4,355,287 |  |  |  |  |  |  |  | $ | 4,355,287 |
Issuance of subscription shares |  | $ | — |  |  |  |  |  |  |  | $ | 423,601 |
|  | For the three months ended March 31, 2023
|  | As Previously Reported |  | Restatement Impacts |  | Restatement Reference |  | As Restated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (712,278 | ) |  | 292,231 |  |  | d |  | $ | (420,047 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned on investments held in Trust Account |  |  | (3,088,967 | ) |  |  |  |  |  |  |  | (3,088,967 | )
Changes in fair value of warrant liabilities |  |  | 2,022,486 |  |  |  |  |  |  |  |  | 2,022,486 |
Reduction of deferred underwriter fees |  |  | (328,474 | ) |  |  |  |  |  |  |  | (328,474 | )
Issuance of Forward Purchase Agreement |  |  | 308,114 |  |  |  |  |  |  |  |  | 308,114 |
Change in fair value of Forward Purchase Agreement |  |  | 325,091 |  |  |  |  |  |  |  |  | 325,091 |
Change in fair value of subscription liability |  |  | 18,277 |  |  | (18,277 | ) |  | a |  |  | — |
Interest expense – debt discount |  |  | 302,469 |  |  | (273,954 | ) |  | b |  |  | 28,515 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid assets |  |  | (59,349 | ) |  |  |  |  |  |  |  | (59,349 | )
Due to related party |  |  | 30,000 |  |  |  |  |  |  |  |  | 30,000 |
Accounts payable and accrued expenses |  |  | 944,041 |  |  |  |  |  |  |  |  | 944,041 |
Net cash used in operating activities |  |  | (238,590 | ) |  |  |  |  |  |  |  | (238,590 | )
Cash flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Extension payment deposit in Trust |  |  | (480,000 | ) |  |  |  |  |  |  |  | (480,000 | )
Cash withdrawn for redemptions |  |  | 273,112,312 |  |  |  |  |  |  |  |  | 273,112,312 |
Net cash provided by investing activities |  |  | 272,632,312 |  |  |  |  |  |  |  |  | 272,632,312 |
Cash flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the subscription liability |  |  | 480,000 |  |  |  |  |  |  |  |  | 480,000 |
Redemption from Trust Account for ordinary shares |  |  | (273,112,312 | ) |  |  |  |  |  |  |  | (273,112,312 | )
Proceeds from note payable-related party |  |  | 250,000 |  |  |  |  |  |  |  |  | 250,000 |
Net cash (used in) provided by financing activities |  |  | (272,382,312 | ) |  |  |  |  |  |  |  | (272,382,312 | )
Net Change in Cash |  |  | 11,410 |  |  |  |  |  |  |  |  | 11,410 |
Cash, Beginning of period |  |  | 86,401 |  |  |  |  |  |  |  |  | 86,401 |
Cash, End of period |  | $ | 97,811 |  |  |  |  |  |  |  | $ | 97,811 |
Non-Cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Accretion of Class A ordinary shares subject to possible redemption |  | $ | 3,568,966 |  |  |  |  |  |  |  | $ | 3,568,966 |
Issuance of subscription shares |  | $ | — |  |  |  |  |  |  |  | $ | 256,635 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: 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 + Details
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