QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Note 10 — QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

As further described in Note 2, the previously reported financial information for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 have been restated. Relevant restated financial information for the first, second and third quarters of 2022 is included in this Annual Report on Form 10-K/A in the tables that follow. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. See Note 2 for additional information.

DIGITAL WORLD ACQUISITION CORP.

BALANCE SHEETS

				As Restated
	September 30, 2022			June 30, 2022			March 31, 2022
ASSETS
Current assets
Cash	$	1,012		$	2,969		$	41,493
Prepaid assets		227,768			240,972			240,972
Total Current Assets		228,780			243,941			282,465
Prepaid assets		—			46,214			105,632
Investments held in Trust Account		297,884,582			293,682,625			293,286,629
TOTAL ASSETS	$	298,113,362		$	293,972,780		$	293,674,726
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accrued expenses	$	10,895,164		$	6,581,280		$	3,462,561
Note payable – Sponsor		2,875,000			—			—
Income taxes payable		357,259			33,614			—
Franchise tax payable		350,000			300,000			250,000
Working capital loans		581,700			451,700			300,000
Advances – related parties		410,278			143,514			82,544
Total Current Liabilities		15,469,401			7,10,108			4,095,105
Deferred underwriting fee payable		10,062,500			10,062,500			10,062,500
TOTAL LIABILITIES		25,531,901			17,572,608			14,157,605
Commitments and Contingencies
Class A common stock subject to possible redemption, $0.001 par value, 200,000,000 shares authorized; 28,750,000 shares outstanding, at redemption value ($10.34, $10.20 and $10.20 per share)		297,177,323			293,349,011			293,250,000
Stockholders’ Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 1,277,234 issued and outstanding, excluding 28,750,000 shares subject to redemption		127			127			127
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 7,187,500 issued and outstanding		719			719			719
Additional paid-in capital		—			—			—
Accumulated deficit		(24,596,708	)		(16,949,685	)		(13,733,725	)
Total Stockholders’ Deficit		(24,595,862	)		(16,948,839	)		(13,732,879	)
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT	$	298,113,362		$	293,972,780		$	293,674,726

DIGITAL WORLD ACQUISITION CORP.

STATEMENTS OF OPERATIONS

				As Restated
	Three Months Ended March 31, 2022			Three Months Ended June 30, 2022			Six Months Ended June 30, 2022			Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Formation and operating costs		397,734			864,594			1,262,328			2,115,260			3,527,588
Legal investigations costs		2,742,708			2,564,737			5,307,445			2,656,763			7,964,208
Franchise tax expense		50,000			50,000			100,000			50,000			150,000
Loss from operating costs		3,190,442			3,479,331			6,669,773			4,822,023			11,491,796
Other income and expenses:
Interest earned on investments held in Trust Account		29,531			395,996			425,527			1,326,957			1,752,484
Loss before income taxes		(3,160,911	)		(3,083,335	)		(6,244,246	)		(3,495,066	)		(9,739.312	)
Income tax expense		—			(33,614	)		(33,614	)		(323,645	)		(357,259	)
Net loss	$	(3,160,911	)	$	(3,116,949	)	$	(6,277,860	)	$	(2,618,711	)	$	(10,096,571	)
Weighted average shares outstanding of Class A common stock		30,027,234			30,027,234			30,027,234			30,027,234			30,027,234
Weighted average shares outstanding of Class B common stock		7,187,500			7,187,500			7,187,500			7,187,500			7,187,500
Basic and diluted net loss per Class A common stock	$	(0.08	)	$	(0.08	)	$	(0.17	)	$	(0.10	)	$	(0.27	)
Basic and diluted net loss per Class B common stock	$	(0.08	)	$	(0.08	)	$	(0.17	)	$	(0.10	)	$	(0.27	)

DIGITAL WORLD ACQUISITION CORP.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

	As Restated
	Class A Common Stock				Class B Common Stock				Additional Paid-In Capital		Accumulated Deficit			Total Stockholders’ Deficit
	Shares		Amount		Shares		Amount
Balance – December 31, 2021		1,277,234	$	127		7,187,500	$	719	$	—	$	(10,572,814	)	$	(10,571,968	)
Net loss		—		—		—		—		—		(3,160,911	)		(3,160,911	)
Balance – March 31, 2022		1,277,234		127		7,187,500		719		—		(13,33,725	)		(13,732,879	)
Net loss												(3,116,949	)		(3,116,949	)
Remeasurement of Class A common stock to redemption value												(99,011	)		(99,011	)
Balance – June 30, 2022		1,277,234		127		7,187,500		719		—		(16,949,685	)		(16,948,839	)
Net loss		—		—		—		—		—		(2,618,711	)		(2,618,711	)
Remeasurement of Class A common stock to redemption value		—		—		—		—		—		(953,312	)		(953,312	)
Contribution		—		—		—		—		—		(2,875,000	)		(2,875,000	)
Balance – September 30, 2022		1,277,234		127		7,187,500		719		—		(24,596,708	)		(24,595,862	)
Net loss		—		—		—		—		—		(5,545,977	)		(5,545,977	)
Remeasurement of Class A common stock to redemption value		—		—		—		—		—		(1,832,769	)		(1,832,769	)
Balance – December 31, 2022		1,277,234	$	127		7,187,500	$	719	$	—	$	(31,975,454	)	$	(31,974,608	)

				As Restated
	Three Months Ended March 31, 2022			Six Months Ended June 30, 2022			Nine Months Ended September 30, 2022
Cash flows from operating activities:
Net loss	$	(3,160,911	)	$	(6,277,860	)	$	(10,096,571	)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash and marketable securities held in the Trust Account		(29,531	)		(425,527	)		(1,752,484	)
Changes in assets and liabilities:
Accrued expenses		2,434,635			5,553,354			9,867,238
Income taxes payable		—			33,614			357,259
Prepaid insurance		59,419			118,837			178,255
Franchise tax payable		50,000			100,000			150,000
Net cash used in operating activities		(646,388	)		(897,582	)		(646,3880	)
Cash flows from investing activities:
Cash deposited into Trust Account		—			—			(2,875,000	)
Net cash used in investing activities		—			—			(2,875,000	)
Cash flows from financing activities:
Proceeds from working capital loan		300,000			451,700			581,700
Proceeds from advances – related parties		60,150			121,120			387,884
Proceeds from Sponsor note		—			—			2,875,000
Net cash provided by financing activities		360,150			572,820			3,844,584
Net change in cash		(286,238	)		(324,762	)		(326,719	)
Cash at beginning of period		327,731			327,731			327,731
Cash at end of period	$	41,493		$	2,969		$	1,012
Non-cash investing and financing activities:
Remeasurement of Class A common stock	$	—		$	99,011		$	3,28,312