Temporary Equity - Class A Common Stock Subject to Possible Redemption

12 Months Ended

Jun. 30, 2022

Temporary Equity Class ACommon Stock Subject To Possible Redemption Abstract

Temporary Equity - Class A Common Stock Subject to Possible Redemption

Note 7 - Temporary Equity - Class A Common Stock Subject to Possible Redemption

The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 50,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of June 30, 2022 and 2021, there were 2,304,279 and 11,500,000 shares of Class A common stock outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the consolidated balance sheets.

The Class A common stock subject to possible redemption reflected on the consolidated balance sheets is reconciled on the following table:

Gross proceeds	$	115,000,000
Less:
Proceeds allocated to public warrants		(5,186,500	)
Class A common stock issuance costs		(6,471,798	)
Plus:
Accretion of carrying value to redemption value		13,383,298
Class A common stock subject to possible redemption at June 30, 2021	$	116,725,000
Deemed dividend - increase in redemption value of Class A ordinary shares subject to redemption		41,058
Redemption		(93,377,626	)
Class A common stock subject to possible redemption at June 30, 2022	$	23,388,432