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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Summary of class A common stock subject to possible redemption reflected in the balance sheet

At June 30, 2023, the Class A common stock subject to possible redemption reflected in the balance sheet is reconciled in the following table:

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​

​

​

Gross proceeds

    

$

115,000,000

Less:

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​

​

Proceeds allocated to Public Warrants

​

​

(850,000)

Proceeds allocated to Rights

​

​

(6,920,000)

Total offering costs

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(3,803,330)

Add:

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​

Warrants issuance cost

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​

94,647

Rights issuance cost

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​

237,904

Accretion of carrying value to redemption value

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13,387,011

Class A common stock subject to possible redemption at December 31, 2022

​

$

117,146,232

Less:

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​

​

Stockholder redemption of 7,391,973 shares at redemption value

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​

(76,054,240)

Add:

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​

​

Accretion of carrying value to redemption value

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​

1,664,856

Class A common stock subject to possible redemption at June 30, 2023

​

$

42,756,848

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 and six months ended June 30, 2023, and June 30, 2022:

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For the Three Months Ended

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For the Six Months Ended

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For the Three Months Ended

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For the Six Months Ended

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​

June 30, 2023

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June 30, 2023

​

June 30, 2022

​

June 30, 2022

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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,

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​

redeemable

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Non-redeemable

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redeemable

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Non-redeemable

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redeemable

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Non-redeemable

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redeemable

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Non-redeemable

Basic and diluted net loss per common share

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Numerator:

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Allocation of net income (loss), as adjusted

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$

(143,250)

​

$

(101,223)

​

$

(67,739)

​

$

(26,346)

​

$

(133,345)

​

$

(35,655)

​

$

(146,275)

​

$

(70,994)

Denominator:

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​

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​

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​

​

 

​

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​

​

 

​

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​

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Basic and diluted weighted average shares outstanding

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4,351,718

​

​

3,075,000

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​

7,906,113

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​

3,075,000

​

​

11,500,000

​

​

3,075,000

​

​

5,955,801

​

​

2,890,608

Basic and diluted net income (loss) per common share

​

$

(0.03)

​

$

(0.03)

​

$

(0.01)

​

$

(0.01)

​

$

(0.01)

​

$

(0.01)

​

$

(0.02)

​

$

(0.02)