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Fair Value Measurements (Tables)

6 Months Ended

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

X

- 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

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-Topic 820
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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
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-Name Accounting Standards Codification
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Tabular disclosure of derivative liabilities at fair value.

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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

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-Topic 820
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