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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:

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

1,664,856

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:

For the Three Months Ended

For the Six Months Ended

For the Three Months Ended

For the Six Months Ended

June 30, 2023

June 30, 2023

June 30, 2022

June 30, 2022

    

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

$

(143,250)

$

(101,223)

$

(67,739)

$

(26,346)

$

(133,345)

$

(35,655)

$

(146,275)

$

(70,994)

Denominator:

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

 

4,351,718

3,075,000

7,906,113

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)