SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of class A common stock subject to possible redemption reflected in the balance sheet

At March 31, 2023, the Class A common stock subject to possible redemption reflected in the 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		237,904
Accretion of carrying value to redemption value		13,387,011
Class A common stock subject to possible redemption at December 31, 2022	$	117,146,232
Less:
Stockholder redemption of 7,391,973 shares at redemption value		(76,054,240)
Add:
Accretion of carrying value to redemption value		1,222,548
Class A common stock subject to possible redemption at March 31, 2023	$	42,314,540

Summary of basic and diluted net income (loss) per ordinary share

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except share amounts) for the three months ended March 31, 2023 and March 31, 2022:

	For the Three Months Ended				For the Three Months Ended
	March 31, 2023				March 31, 2022
	Class A,		Class A and Class B,		Class A,		Class A and Class B,
	redeemable		Non-redeemable		redeemable		Non-redeemable
Basic and diluted net loss per common share
Numerator:
Allocation of net income (loss), as adjusted	$	118,659	$	31,729	$	(8,692)	$	(39,577)
Denominator:
Basic and diluted weighted average shares outstanding		11,500,000		3,075,000		550,000		2,504,167
Basic and diluted net income (loss) per common share	$	0.01	$	0.01	$	(0.02)	$	(0.02)