SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of common Stock reflected in the balance sheet

At September 30, 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		12,670,295
Class A common stock subject to possible redemption	$	116,429,515

Reconciliation of net income (loss) per common share

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

													For the period from January
	For the Three Months Ended				For the Nine Months Ended				For the Three Months Ended				11, 2021 (inception) through
	September 30, 2022				September 30, 2022				September 30, 2021				September 30, 2021
	Class A,		Class A and Class B,		Class A,		Class A and Class B,		Class A,		Class A and Class B,		Class A,		Class A and Class B,
	redeemable		Non-redeemable		redeemable		Non-redeemable		redeemable		Non-redeemable		redeemable		Non-redeemable
Basic and diluted net loss per common share
Numerator:
Allocation of net income (loss), as adjusted	$	73,370	$	19,619	$	(90,399)	$	(33,881)	$	—	$	—	$	—	$	(659)
Denominator:
Basic and diluted weighted average shares outstanding		11,500,000		3,075,000		7,879,562		2,953,193		—		2,500,000		—		2,500,000
Basic and diluted net income (loss) per common share	$	0.01	$	0.01	$	(0.01)	$	(0.01)	$	—	$	—	$	—	$	(0.00)