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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2022
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Abstract]  
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS


In connection with the preparation of the financial statements of the Company as of and for the year ended December 31, 2022, the Company’s management, in consultation with its advisors, re-evaluated the Company’s accounting for operating expenses, specifically the recognition of the expenses for directors’ and officers’ liability insurance. After further review of the Company’s accounting for its operating expenses, it was determined that an adjustment was required to the Company’s financial statements as of and for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022.

Therefore, in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company re-evaluated the changes and has determined that the related impact was material to certain of its previously issued financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that these previously issued financial statements should be restated. As such, the Company is reporting these restatements to those previously issued financial statements in this Annual Report.


The following tables summarize the effect of the restatement on each financial statement line items as of the dates, and for the period, indicated:


   
As previously
reported
    
Adjustments
    
As restated
  
March 31, 2022 balance sheet
                  
Prepaid expenses
   $
732,415
     $
161,918
     $
894,333
  
Total current assets
    
2,950,517
      
161,918
      
3,112,435
  
Total assets
    
284,498,465
      
161,918
      
284,660,383
  
Accumulated Deficit
    
(6,874,691
)
    
161,918
      
(6,712,773
)
Total Stockholders’ Deficit
    
(6,874,001
)
    
161,918
      
(6,712,083
)
Total Liabilities, Temporary Equity and Stockholders’ Deficit
    
284,498,465
      
161,918
      
284,660,383
  
                         
Statement of changes in stockholders’ deficit for the three months ended March 31, 2022
                        
Net loss
   $
(628,828
)
   $
161,918
     $
(466,910
)
Accumulated Deficit - March 31, 2022
    
(6,874,691
)
    
161,918
      
(6,712,773
)
Total Stockholders’ Deficit
    
(6,874,001
)
    
161,918
      
(6,712,083
)
                         
Statement of operations for the three months March 31, 2022
                        
Formation and operating cost
   $
655,593
     $
(161,918
)
   $
493,675
  
Operating loss
    
(655,593
)
    
161,918
      
(493,675
)
Net loss
    
(628,828
)
    
161,918
      
(466,910
)
Class A common stock - basic and diluted net loss per share
    
(0.02
)
    
0.01
      
(0.01
)
Class B common stock - basic and diluted net loss per share
    
(0.02
)
    
0.01
      
(0.01
)
                         
Statement of cash flows for the three months ended March 31, 2022
                        
Net loss
   $
(628,828
)
   $
161,918
     $
(466,910
)
Change in prepaid expenses
    
261,193
      
(161,918
)
    
99,275
  

June 30, 2022 balance sheet
                        
Prepaid expenses
  
459,537
    
282,008
    
741,545
  
Total current assets
    
2,324,247
      
282,008
      
2,606,255
  
Total assets
    
284,245,344
      
282,008
      
284,527,352
  
Accumulated Deficit
    
(7,292,517
)
    
282,008
      
(7,010,509
)
Total Stockholders’ Deficit
    
(7,291,827
)
    
282,008
      
(7,009,819
)
Total Liabilities, Temporary Equity and Stockholders’ Deficit
    
284,245,344
      
282,008
      
284,527,352
  
                         
Statement of changes in stockholders’ deficit for the six months ended June 30, 2022
                        
Net loss
   $
(905,058
)
   $
282,008
     $
(623,050
)
Accumulated Deficit - June 30, 2022
    
(7,292,517
)
    
282,008
      
(7,010,509
)
Total Stockholders’ Deficit
    
(7,291,827
)
    
282,008
      
(7,009,819
)
                         
Statement of operations for the three months June 30, 2022
                        
Formation and operating cost
   $
619,518
     $
(120,089
)
   $
499,429
  
Operating loss
    
619,518
      
(120,089
)
    
499,429
  
Loss before income tax
    
(246,370
)
    
120,089
      
(126,281
)
Net loss
    
(276,230
)
    
120,089
      
(156,141
)
Class A common stock - basic and diluted net loss per share
    
(0.01
)
    
0.01
      
-
  
Class B common stock - basic and diluted net loss per share
    
(0.01
)
    
0.01
      
-
  
                         
Statement of operations for the six months June 30, 2022
                        
Formation and operating cost
   $
1,275,111
     $
(282,008
)
   $
993,103
  
Operating loss
    
1,275,111
      
(282,008
)
    
993,103
  
Loss before income tax
    
(875,197
)
    
282,008
      
(593,189
)
Net loss
  
(905,058
)
  
282,008
    
(623,050
)
Class A common stock - basic and diluted net loss per share
    
(0.03
)
    
0.01
      
(0.02
)
Class B common stock - basic and diluted net loss per share
    
(0.03
)
    
0.01
      
(0.02
)
                         
Statement of cash flows for the six months ended June 30, 2022
                        
Net loss
   $
(905,058
)
   $
282,008
     $
(623,050
)
Change in prepaid expenses
    
534,070
      
(282,008
)
    
252,062
  

September 30, 2022 balance sheet
                        
Prepaid expenses
   $
182,315
     $
408,842
     $
591,157
  
Total current assets
    
1,704,182
      
408,842
      
2,113,024
  
Total assets
    
284,382,102
      
408,842
      
284,790,944
  
Accumulated Deficit
    
(7,702,087
)
    
408,842
      
(7,293,245
)
Total Stockholders’ Deficit
    
(7,701,397
)
    
408,842
      
(7,292,555
)
Total Liabilities, Temporary Equity and Stockholders’ Deficit
    
284,382,102
      
408,842
      
284,790,944
  
                         
Statement of changes in stockholders’ deficit for the nine months ended September 30, 2022
                        
Net loss
   $
(784,272
)
   $
408,842
     $
(375,430
)
Accumulated Deficit - September 30, 2022
    
(7,702,087
)
    
408,842
      
(7,293,245
)
Total Stockholders’ Deficit
    
(7,701,397
)
    
408,842
      
(7,292,555
)
                         
Statement of operations for the three months September 30, 2022
                        
Formation and operating cost
   $
489,430
     $
(126,834
)
   $
362,596
  
Operating loss
    
(489,430
)
    
126,834
      
(362,596
)
Income (loss) before income tax
    
267,393
      
126,834
      
394,227
  
Net income
    
120,785
      
126,834
      
247,619
  
Class A common stock - basic and diluted net loss per share
    
—
      
0.01
      
0.01
  
Class B common stock - basic and diluted net loss per share
    
—
      
0.01
      
0.01
  
                         
Statement of operations for the nine months September 30, 2022
                        
Formation and operating cost
   $
1,764,541
     $
(408,842
)
   $
1,355,699
  
Operating loss
    
(1,764,541
)
    
408,842
      
(1,355,699
)
Income (loss) before income tax
    
(607,804
)
    
408,842
      
(198,962
)
Net loss
    
(784,272
)
    
408,842
      
(375,430
)
Class A common stock - basic and diluted net loss per share
    
(0.02
)
    
0.01
      
(0.01
)
Class B common stock - basic and diluted net loss per share
    
(0.02
)
    
0.01
      
(0.01
)
                         
Statement of cash flows for the nine months ended September 30, 2022
                        
Net loss
   $
(784,272
)
   $
408,842
     $
(375,430
)
Change in prepaid expenses
    
811,292
      
(408,842
)
    
402,450