XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
SUMMARY OF TEMPORARY EQUITY

As of September 30, 2023, the Class A ordinary shares, classified as temporary equity in the balance sheet, are reconciled in the following table:

 

Gross proceeds from initial public offering  $202,000,000 
Less:     
Proceeds allocated to public warrants   (3,521,870)
Offering costs allocated to Class A ordinary shares subject to possible redemption   (13,079,620)
Fair value allocated to rights   (15,596,420)
Plus:     
Proceeds allocated to private warrants   4,211,323 
Redemption of Class A ordinary shares   (153,196,305)
Re-measurement of Class A ordinary shares subject to possible redemption   36,664,261 
Class A ordinary shares subject to possible redemption, September 30, 2023  $57,481,369 
SUMMARY OF BASIC AND DILUTED NET INCOME PER ORDINARY SHARE

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

 

   2023   2022 
   Three Months Ended September 30, 
   2023   2022 
Class A ordinary shares subject to possible redemption          
Numerator: income attributable to Class A ordinary shares subject to possible redemption          
Net income attributable to Class A ordinary shares subject to possible redemption  $262,542   $912,921 
Denominator: weighted average Class A ordinary shares subject to possible redemption          
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption   5,413,775    20,200,000 
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption   0.05    0.05 
Non-redeemable ordinary shares          
Numerator: income attributable to non-redeemable Class A and Class B ordinary shares          
Net income attributable to non-redeemable Class A and Class B ordinary shares  $259,594   $241,924 
Denominator: weighted average non-redeemable Class A and Class B ordinary shares          
Basic and diluted weighted average shares outstanding, non-redeemable Class A and Class B ordinary shares   5,353,000    5,353,000 
Basic and diluted net income per share, non-redeemable Class A and Class B ordinary shares  $0.05   $0.05 

 

 

   2023   2022 
   Nine Months Ended September 30, 
   2023   2022 
Class A ordinary shares subject to possible redemption          
Numerator: income attributable to Class A ordinary shares subject to possible redemption          
Net income attributable to Class A ordinary shares subject to possible redemption  $183,421   $4,173,309 
Denominator: weighted average Class A ordinary shares subject to possible redemption          
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption   7,659,431    17,314,286 
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption   0.02    0.24 
Non-redeemable ordinary shares          
Numerator: income attributable to non-redeemable Class A and Class B ordinary shares          
Net income attributable to non-redeemable Class A and Class B ordinary shares  $128,188   $1,278,093 
Denominator: weighted average non-redeemable Class A and Class B ordinary shares          
Basic and diluted weighted average shares outstanding, non-redeemable Class A and Class B ordinary shares   5,353,000    5,302,571 
Basic and diluted net income per share, non-redeemable Class A and Class B ordinary shares  $0.02   $0.24