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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Measurements [Abstract] |
Schedule of Company’s Assets and Liabilities are Measured at Fair Value | The following tables present information about the Company’s assets and liabilities that are measured at fair value on June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
|  | June 30, 2024 |  |  | Quoted Prices In Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in trust |  | $ | 8,476,424 |  |  | $ | 8,476,424 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities – Public Warrants |  | $ | 521,813 |  |  | $ | — |  |  | $ | 521,813 |  |  | $ | — |
Warrant liabilities – Private Placement Warrants |  |  | 404,113 |  |  |  | — |  |  |  | — |  |  |  | 404,113 |
Warrant liabilities – Representative’s Warrants |  |  | 31,308 |  |  |  | — |  |  |  | — |  |  |  | 31,308 |
Convertible promissory note |  |  | 1,527,001 |  |  |  | — |  |  |  | — |  |  |  | 1,527,001 |
Total |  | $ | 2,484,235 |  |  | $ | 8,476,424 |  |  | $ | 521,813 |  |  | $ | 1,962,422 |
|  | December 31, 2023 |  |  | Quoted Prices In Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in trust |  | $ | 10,873,406 |  |  | $ | 10,873,406 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities – Public Warrants |  | $ | 85,388 |  |  | $ | 85,388 |  |  | $ | — |  |  | $ | — |
Warrant liabilities – Private Placement Warrants |  |  | 66,128 |  |  |  | — |  |  |  | — |  |  |  | 66,128 |
Warrant liabilities – Representative’s Warrants |  |  | 5,123 |  |  |  | — |  |  |  | — |  |  |  | 5,123 |
Convertible promissory note |  |  | 944,118 |  |  |  | — |  |  |  | — |  |  |  | 944,118 |
Total |  | $ | 1,100,757 |  |  | $ | 85,388 |  |  | $ | — |  |  | $ | 1,015,369 |
Schedule of Inputs into the Monte Carlo Simulation for the Warrant Liabilities and Convertible Promissory Note | The key inputs into the Monte Carlo simulation model for the warrant liabilities were as follows at June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  |  | December 31, 2023 |
Input |  |  |  |  |  |
Risk-free interest rate |  |  | 5.11 | % |  |  | 5.06 | %
Expected term (years) |  |  | 0.96 |  |  |  | 0.71 |
Expected volatility |  |  | De minimis | % |  |  | De minimis | %
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Fair value of Common stock |  | $ | 11.50 |  |  | $ | 11.16 |
The key inputs into the Monte Carlo simulation model for the convertible promissory note were as follows at June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  |  | December 31, 2023 |
Input |  |  |  |  |  |
Risk-free interest rate |  |  | 5.41 | % |  |  | 5.48 | %
Expected term (years) |  |  | 0.36 |  |  |  | 0.19 |
Expected volatility |  |  | De minimis | % |  |  | De minimis | %
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Fair value of Common stock |  | $ | 11.50 |  |  | $ | 11.16 |
Schedule of Level 3 Financial Instruments that are Measured at Fair Value on a Recurring Basis | The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis for the three and six months ended June 30, 2024 and 2023:
|  | Private Placement Warrants |  |  | Representative’s Warrants |  |  | Warrant Liability |
Fair value at December 31, 2023 |  | $ | 66,128 |  |  | $ | 5,123 |  |  | $ | 71,251 |
Change in fair value of warrant liabilities |  |  | 213,077 |  |  |  | 16,509 |  |  |  | 229,586 |
Fair value at March 31, 2024 |  |  | 279,205 |  |  |  | 21,632 |  |  |  | 300,837 |
Change in fair value of warrant liabilities |  |  | 124,908 |  |  |  | 9,676 |  |  |  | 134,584 |
Fair value at June 30, 2024 |  | $ | 404,113 |  |  | $ | 31,308 |  |  | $ | 435,421 |
|  | Private Placement Warrants |  |  | Representative’s Warrants |  |  | Warrant Liability |
Fair value at December 31, 2022 |  | $ | 377,857 |  |  | $ | 29,274 |  |  | $ | 407,131 |
Change in fair value of warrant liabilities |  |  | 246,681 |  |  |  | 19,112 |  |  |  | 265,793 |
Fair value at March 31, 2023 |  |  | 624,538 |  |  |  | 48,386 |  |  |  | 672,924 |
Change in fair value of warrant liabilities |  |  | (433,503 | ) |  |  | (33,585 | ) |  |  | (467,088 | )
Fair value at June 30, 2023 |  | $ | 191,035 |  |  | $ | 14,801 |  |  | $ | 205,836 |
Schedule of Convertible Promissory Note |
|  | Convertible Promissory Note |
Fair value at December 31, 2023 |  | $ | 944,118 |
Principal proceeds |  |  | 378,185 |
Change in fair value of convertible promissory note |  |  | (60,077 | )
Fair value at March 31, 2024 |  | $ | 1,262,226 |
Proceeds received through convertible promissory note |  |  | 330,796 |
Change in fair value of convertible promissory note |  |  | (66,021 | )
Fair value at June 30, 2024 |  | $ | 1,527,001 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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