XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.1
UNAUDITED CONDENSED BALANCE SHEET (UNAUDITED) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash $ 228,182 $ 429,444
Prepaid expense 125,513 171,616
Total Current Assets 353,695 601,060
Cash held in Trust Account 69,693,258 69,691,502
Total Assets 70,046,953 70,292,562
Current liabilities:    
Accounts payable and accrued expenses 131,472 208,957
Due to Related Parties 43,890 28,890
Total Current Liabilities 175,362 237,847
Warrant liability 1,757,500 3,437,880
Deferred underwriters’ discount 225,000 225,000
Total Liabilities 2,157,862 3,900,727
Common stock subject to possible redemption 6,900,000 at carrying value, to be accreted to redemption value (equal to the amount held in trust at the time of redemption, but no less than $10.10 per share) at March 31, 2022 and December 31, 2021, respectively 63,628,883 61,464,199
Stockholders’ Equity    
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares or outstanding
Common stock, par value $0.01; authorized 100,000,000 shares; issued 10,861,500; and outstanding 2,524,000 shares (excluding 6,900,000 shares subject to redemption and 1,437,500 Treasury Stock shares) at March 31, 2022 and December 31, 2021 39,615 39,615
Additional paid-in capital 892,069 3,056,753
Retained earnings 3,342,899 1,845,643
Less Treasury Stock; at cost; 1,437,500 common shares (14,375) (14,375)
Total Stockholders’ Equity 4,260,208 4,927,636
Total Liabilities, Redeemable Common Stock and Stockholders’ Equity $ 70,046,953 $ 70,292,562