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Restatement and Revision of Previously Issued Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Impact of the Errors on Financial Statement | The impact of the errors described above on the condensed consolidated balance sheet as of March 31, 2024, is as follows: Schedule of Impact of the Errors on Financial Statement
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
|  | As of March 31, 2024 |
(Dollar amounts in thousands) |  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
Condensed Consolidated Balance |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred commission payable |  |  | - |  |  |  | 5,738 |  |  |  | 5,738 |
Total current liabilities |  |  | 1,984 |  |  |  | 5,738 |  |  |  | 7,722 |
Deferred commission payable |  |  | 5,738 |  |  |  | (5,738 | ) |  |  | - |
Total liabilities |  |  | 8,016 |  |  |  | - |  |  |  | 8,016 |
The impact of the errors described above on the balance sheet as of March 31, 2023, is as follows (in thousands):
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
|  | As of March 31, 2023 (Unaudited) |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Balance Sheets (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | - |  |  | $ | 493 |  |  | $ | 493 |
Total current assets |  |  | 8 |  |  |  | 493 |  |  |  | 501 |
Total assets |  |  | 13 |  |  |  | 493 |  |  |  | 506 |
Stockholders’ deficit |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  |  | (12,929 | ) |  |  | 493 |  |  |  | (12,436 | )
Total shareholders’ deficit |  |  | (12,517 | ) |  |  | 493 |  |  |  | (12,024 | )
Total liabilities and shareholders’ deficit |  | $ | 13 |  |  | $ | 493 |  |  | $ | 506 |
The impact of the errors described above on the statements of operations and comprehensive loss for the three months ended March 31, 2023, is as follows (in thousands):
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
|  | For the three months ended March 31, 2023 (Unaudited) |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Statements of Operations and Comprehensive Loss (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | 2,008 |  |  | $ | (493 | ) |  | $ | 1,515 |
Total operating costs and expenses |  |  | 2,008 |  |  |  | (493 | ) |  |  | 1,515 |
Operating loss |  |  | (2,008 | ) |  |  | 493 |  |  |  | (1,515 | )
Net loss |  | $ | (2,165 | ) |  | $ | 493 |  |  | $ | (1,672 | )
Net loss per share attributable to ordinary shareholders – basic and diluted* |  | $ | (1,082 | ) |  | $ | 247 |  |  | $ | (835 | )
Total Comprehensive Loss |  | $ | (2,428 | ) |  | $ | 493 |  |  | $ | (1,935 | )
* | Does not reflect the impact of the Merger on the Company’s capital structure
he impact of the errors described above on the statements of changes in shareholders’ deficit as of March 31, 2023, is as follows (in thousands):
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
|  | As of March 31, 2023 (Unaudited) |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Statements of Changes in Shareholders’ Deficit (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (12,929 | ) |  | $ | 493 |  |  | $ | (12,436 | )
Total shareholders’ deficit |  | $ | (12,517 | ) |  | $ | 493 |  |  | $ | (12,024 | )
The impact of the errors described above on the statements of cash flows for the three months ended March 31, 2023, is as follows (in thousands):
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
|  | For the three months ended March 31, 2023 (Unaudited) |
|  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Statements of Cash Flows (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (2,165 | ) |  |  | 493 |  |  |  | (1,672 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | - |  |  |  | (493 | ) |  |  | (493 | )

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