XML 50 R41.htm IDEA: XBRL DOCUMENT
v3.23.2

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract] |
Summary of impact of the restatement on the financial statements |
Summary of impact of the restatement on the financial statements |  |  |  |  |  |  |  |  |  |  |  |
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Operations for the Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Gain on forgiveness of deferred underwriting fee payable |  |  | 9,660,000 |  |  |  | (9,288,090 | ) |  |  | 371,910 |
Total other income (expenses) |  |  | 10,396,046 |  |  |  | (9,288,090 | ) |  |  | 1,107,956 |
Income (loss) before benefit from (provision for) income taxes |  |  | 10,094,313 |  |  |  | (9,288,090 | ) |  |  | 806,223 |
Net Income |  |  | 10,071,447 |  |  |  | (9,288,090 | ) |  |  | 783,357 |
Basic and diluted weighted average shares outstanding - Class A common stock |  |  | 14,481,736 |  |  |  | - |  |  |  | 14,481,736 |
Basic and diluted earnings per share - Class A common stock |  | $ | 0.47 |  |  | $ | (0.43 | ) |  | $ | 0.04 |
Basic and diluted weighted average shares outstanding - Class B common stock |  |  | 6,900,000 |  |  |  | - |  |  |  | 6,900,000 |
Basic and diluted earnings per share - Class B common stock |  | $ | 0.47 |  |  | $ | (0.43 | ) |  | $ | 0.04 |
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Operations for the Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Gain on forgiveness of deferred underwriting fee payable |  |  | 9,660,000 |  |  |  | (9,288,090 | ) |  |  | 371,910 |
Total other income (expenses) |  |  | 18,587,467 |  |  |  | (9,288,090 | ) |  |  | 9,299,377 |
Income (loss) before benefit from (provision for) income taxes |  |  | 17,962,482 |  |  |  | (9,288,090 | ) |  |  | 8,674,392 |
Net Income |  |  | 17,939,616 |  |  |  | (9,288,090 | ) |  |  | 8,651,526 |
Basic and diluted weighted average shares outstanding - Class A common stock |  |  | 21,004,630 |  |  |  | - |  |  |  | 21,004,630 |
Basic and diluted earnings per share - Class A common stock |  | $ | 0.64 |  |  | $ | (0.33 | ) |  | $ | 0.31 |
Basic and diluted weighted average shares outstanding - Class B common stock |  |  | 6,900,000 |  |  |  | - |  |  |  | 6,900,000 |
Basic and diluted earnings per share - Class B common stock |  | $ | 0.64 |  |  | $ | (0.33 | ) |  | $ | 0.31 |
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Operations for the Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Gain on forgiveness of deferred underwriting fee payable |  |  | 9,660,000 |  |  |  | (9,288,090 | ) |  |  | 371,910 |
Total other income (expenses) |  |  | 20,560,364 |  |  |  | (9,288,090 | ) |  |  | 11,272,274 |
Income (loss) before benefit from (provision for) income taxes |  |  | 18,838,653 |  |  |  | (9,288,090 | ) |  |  | 9,550,563 |
Net Income |  |  | 18,811,924 |  |  |  | (9,288,090 | ) |  |  | 9,523,834 |
Basic and diluted weighted average shares outstanding – Class A common stock |  |  | 16,466,455 |  |  |  | - |  |  |  | 16,466,455 |
Basic and diluted earnings per share – Class A common stock |  | $ | 0.81 |  |  | $ | (0.40 | ) |  | $ | 0.41 |
Basic and diluted weighted average shares outstanding - Class B common stock |  |  | 6,900,000 |  |  |  | - |  |  |  | 6,900,000 |
Basic and diluted earnings per share - Class B common stock |  | $ | 0.81 |  |  | $ | (0.40 | ) |  | $ | 0.41 |
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Statement of Operations for the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Gain on forgiveness of deferred underwriting fee payable |  |  | 9,660,000 |  |  |  | (9,288,090 | ) |  |  | 371,910 |
Total other income (expenses) |  |  | 20,634,549 |  |  |  | (9,288,090 | ) |  |  | 11,346,459 |
Income (loss) before benefit from (provision for) income taxes |  |  | 17,684,085 |  |  |  | (9,288,090 | ) |  |  | 8,395,995 |
Net Income |  |  | 17,634,910 |  |  |  | (9,288,090 | ) |  |  | 8,346,820 |
Basic and diluted weighted average shares outstanding - Class A common stock |  |  | 12,546,423 |  |  |  | - |  |  |  | 12,546,423 |
Basic and diluted earnings per share - Class A common stock |  | $ | 0.91 |  |  | $ | (0.48 | ) |  | $ | 0.43 |
Basic and diluted weighted average shares outstanding - Class B common stock |  |  | 6,900,000 |  |  |  | - |  |  |  | 6,900,000 |
Basic and diluted earnings per share - Class B common stock |  | $ | 0.91 |  |  | $ | (0.48 | ) |  | $ | 0.43 |
Unaudited Statement of Changes in Stockholders’ Deficit for the Three Months Ended June 30, 2022
|  | Accumulated Deficit |
|  | As Previously |  |  |  |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Balance – March 31, 2022 |  | $ | (13,226,270 | ) |  | $ | - |  |  | $ | (13,225,580 | )
Net income |  |  | 10,071,447 |  |  |  | (9,288,090 | ) |  |  | 783,357 |
Accretion of Class A common stock to redemption value |  |  | (242,995 | ) |  |  | 9,288,090 |  |  |  | 9,045,095 |
Balance – June 30, 2022 |  | $ | (3,397,818 | ) |  | $ | - |  |  | $ | (3,397,128 | )
Statement of Changes in Stockholders’ Deficit for the Year Ended December 31, 2022
|  | Accumulated Deficit |
|  | As Previously |  |  |  |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Balance – December 31, 2021 |  | $ | (21,094,439 | ) |  | $ | - |  |  | $ | (21,094,439 | )
Net income |  |  | 17,634,910 |  |  |  | (9,288,090 | ) |  |  | 8,346,820 |
Accretion of Class A common stock to redemption value |  |  | (256,545 | ) |  |  | 9,288,090 |  |  |  | 9,031,545 |
Balance – December 31, 2022 |  | $ | (3,716,074 | ) |  | $ | - |  |  | $ | (3,716,074 | )
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Cash Flows for the Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  | 17,939,616 |  |  |  | (9,288,090 | ) |  |  | 8,651,526 |
Gain on forgiveness of deferred underwriting fee payable |  |  | (9,660,000 | ) |  |  | 9,288,090 |  |  |  | (371,910 | )
Non-Cash Investing and Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Extinguishment of deferred underwriting fee payable allocated to public shares |  |  | - |  |  |  | (9,288,090 | ) |  |  | (9,288,090 | )
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Unaudited Statement of Cash Flows for the Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  | 18,811,924 |  |  |  | (9,288,090 | ) |  |  | 9,523,834 |
Gain on forgiveness of deferred underwriting fee payable |  |  | (9,660,000 | ) |  |  | 9,288,090 |  |  |  | (371,910 | )
Non-Cash Investing and Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Extinguishment of deferred underwriting fee payable allocated to public shares |  |  | - |  |  |  | (9,288,090 | ) |  |  | (9,288,090 | )
|  | As Previously |  |  | Restatement |  |  |  |
|  | Reported |  |  | Adjustment |  |  | As Restated |
Statement of Cash Flows for the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  | 17,634,910 |  |  |  | (9,288,090 | ) |  |  | 8,346,820 |
Gain on forgiveness of deferred underwriting fee payable |  |  | (9,660,000 | ) |  |  | 9,288,090 |  |  |  | (371,910 | )
Non-Cash Investing and Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Extinguishment of deferred underwriting fee payable allocated to public shares |  |  | - |  |  |  | (9,288,090 | ) |  |  | (9,288,090 | )

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration