SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of common Stock reflected on the balance sheet

At March 31, 2022, the Class A common stock subject to possible redemption reflected in the condensed balance sheet is reconciled in the following table:

Gross proceeds	$	115,000,000
Less:
Proceeds allocated to Public Warrants		(850,000)
Proceeds allocated to Rights		(6,920,000)
Total offering costs		(3,803,330)
Add:
Warrants issuance cost		94,647
Rights issuance cost		237,903
Accretion of carrying value to redemption value		12,390,780
Class A common stock subject to possible redemption	$	116,150,000

Reconciliation of Net Income per Common Share

A reconciliation of net loss per common share is as follows:

					For the period from January
	For the Three Months Ended				11, 2021 (inception) through
	March 31, 2022				March 31, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net loss per common share
Numerator:
Allocation of net loss	$	(8,692)	$	(39,577)	$	—	$	(659)
Denominator:
Basic and diluted weighted average shares outstanding		550,000		2,504,167		—		2,500,000
Basic and diluted net loss per common share	$	(0.02)	$	(0.02)	$	—	$	—