XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.3
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
Summary of effect of restatement of financial statements
The
 
following tables summarize the effect of the restatement on each financial statement line items as of the dates, and for the period, indicated:
 
 
  
As

previously
reported
 
 
Adjustments
 
 
As restated
 
Balance sheet as of December 31, 2022
  
      
  
      
  
      
Accrued expenses
  
  
17,166,842
 
  
  
888,070
 
 
  
18,054,912
 
Income tax payable
     
979,475
       
— 
      
979,475
  
Related party advance
     
425,835
       
100,000
      
525,835
  
Total current liabilities
  
 
22,472,852
 
  
 
988,070
 
  
 
23,460,922
 
Total liabilities
  
 
32,535,352
 
  
 
988,070
 
  
 
33,523,422
 
Accumulated deficit
  
 
(30,987,384
)
 
  
 
(988,070
)
  
 
(31,975,454
)
Total Stockholders’ Deficit
  
 
(30,986,538
) 
  
 
(988,070
)
  
 
(31,974,608
)
Statement of Operations for the year ended December 31, 2022
  
      
  
      
 
      
Legal investigations costs
     
— 
       
10,004,519
      
10,004,519
  
Formation and operating costs
  
 
18,299,257
 
  
 
(9,583,234
)
 
  
 
8,716,023
 
Loss from operation costs
  
 
(18,499,257
) 
  
 
(421,285
)
 
 
(18,920,542
)
Loss before income taxes
  
 
(14,241,788
) 
  
 
(421,285
)
  
 
(14,663,073
)
Net loss
  
 
(15,221,263
) 
  
 
(421,285
)
  
 
(15,642,548
)
Basic and diluted net loss per Class A common stock
  
 
(0.41
) 
  
 
(0.01
) 
  
 
(0.42
)
 
Basic and diluted net loss per Class B common stock
  
 
(0.41
) 
  
 
(0.01
) 
  
 
(0.42
)
 
Statement of Changes in Stockholders’ Deficit for the year ended December 31, 2022
  
      
  
      
  
      
Net loss
  
 
(15,221,263
) 
  
 
(421,285
)
  
 
(15,642,548
)
Total accumulated deficit
  
 
(30,987,384
) 
  
 
(988,070
)
  
 
(31,975,454
)
Total stockholders’ deficit
  
 
(30,986,538
)
 
  
 
(988,070
)
  
 
(31,974,608
)
Statement of Cash Flows for the year ended December 31, 2022
  
      
  
      
  
      
Net loss
  
 
(15,221,263
) 
  
 
(421,285
)
  
 
(15,642,548
)
Accrued expenses
  
 
16,605,701
 
  
 
421,285
 
  
 
17,026,986
 
Related party advance
     
425,835
       
77,606
       
503,441
  
Net cash provided by operating activities
     
3,867,619
       
77,606
       
3,945,225
  
 
 
  
As

previously
reported
 
 
Adjustments
 
 
As restated
 
Balance sheet as of September 30, 2022
  
      
  
      
  
      
Accrued expenses
  
  
11,022,242
 
  
  
(127,078
)
  
  
10,895,164
 
Income tax payable
  
 
—
 
  
 
357,259
 
  
 
357,259
 
Related party advance
  
 
— 
 
  
 
410,278
 
  
 
410,278
 
Total current liabilities
  
 
14,828,942
 
  
 
640,459
 
  
 
15,469,401
 
Total liabilities
  
 
24,891,442
 
  
 
640,459
 
  
 
25,531,901
 
Accumulated deficit
  
 
(23,956,249
) 
  
 
(640,459
) 
  
 
(24,596,708
) 
Total Stockholders’ Deficit
  
 
(23,955,403
) 
  
 
(640,459
) 
  
 
(24,595,862
) 
Statement of Operations for the three months ended September 30,
 
2022
  
      
  
              
Legal investigations costs
  
 
— 
 
  
 
2,656,763
 
  
 
2,656,763
 
Formation and operating costs
  
 
4,751,532
 
  
 
(2,636,272
)
  
 
2,115,260
 
Loss from operation costs
  
 
(4,801,532
) 
  
 
(20,491
)
 
  
 
(4,822,023
)
Loss before income taxes
  
 
(3,474,575
) 
  
 
(20,491
)
 
  
 
(3,495,066
)
Income tax expense
  
 
(322,546
) 
  
 
(1,099
)
 
  
 
(323,645
)
 
Net loss
  
 
(3,797,121
) 
  
 
(21,590
)
 
  
 
(3,818,711
)
Basic and diluted net loss per Class A common stock
  
 
(0.10
) 
  
 
(0.00
)
 
  
 
(0.10
)
Basic and diluted net loss per Class B common stock
  
 
(0.10
) 
  
 
(0.00
)
 
  
 
(0.10
)
Statement of Operations for the nine months ended September 30, 2022
  
      
  
              
Legal investigations costs
  
 
— 
 
  
 
7,964,208
 
  
 
7,964,208
 
Formation and operating costs
  
 
11,268,122.00
 
  
 
(7,890,534
)
  
 
3,377,588
 
Loss from operation costs
  
 
(11,418,122.00
)
 
  
 
(73,674
) 
  
 
(11,491,796
) 
Loss before income taxes
  
 
(9,665,638.00
)
 
  
 
(73,674
) 
 
 
(9,739,312
) 
Net loss
  
 
(10,022,897.00
)
 
  
 
(73,674
) 
 
 
(10,096,571
) 
Basic and diluted net loss per Class A common stock
  
 
(0.27
) 
  
 
(0
) 
 
 
(0.27
) 
Basic and diluted net loss per Class B common stock
  
 
(0.27
) 
  
 
(0
) 
 
 
(0.27
) 
Statement of Changes in Stockholders’ Deficit for nine months ended
 
September 30, 2022
  
      
  
              
Net loss
  
 
(10,022,897
) 
  
 
(73,674
) 
  
 
(10,096,571
) 
Total accumulated deficit
  
 
(23,956,249
) 
  
 
(640,459
) 
 
 
(24,596,708
) 
Total stockholders’ deficit
  
 
(23,955,403
) 
  
 
(640,459
) 
  
 
(24,595,862
) 
Statement of Cash Flows for the nine months ended September 30, 2022
  
      
  
              
Net loss
  
 
(10,022,897
) 
  
 
(73,674
) 
 
 
(10,096,571
) 
Accrued expenses
  
 
10,538,707
 
  
 
(671,469
) 
  
 
9,867,238
 
Income tax payable
  
 
— 
 
  
 
357,259
 
  
 
357,259
 
Net cash provided by operations
  
 
(908,419
) 
  
 
(387,884
) 
  
 
(1,296,303
) 
Related party advance
  
 
— 
 
  
 
387,884
 
  
 
387,884
 
Net cash provided by financing activities
  
 
3,456,700
 
  
 
387,884
 
  
 
3,844,584
 
 
 
  
As

previously
reported
 
 
Adjustments
 
 
As restated
 
Balance sheet as of June 30, 2022
  
      
  
      
  
      
Accrued expenses
  
  
6,139,538
 
  
  
441,742
 
  
  
6,581,280
 
Income tax payable
  
 
—
 
  
 
33,614
  
  
 
33,614
 
Related party advance
  
 
— 
 
  
 
143,514
 
  
 
143,514
 
Total current liabilities
  
 
6,891,239
 
  
 
618,869
 
  
 
7,510,108
 
Total liabilities
  
 
16,953,739
 
  
 
618,869
 
  
 
17,572,608
 
Class A common stock subject to possible redemption
  
 
293,282,625
 
  
 
66,386
 
  
 
293,349,011
 
Accumulated deficit
  
 
(16,264,430
) 
  
 
(685,255
)
  
 
(16,949,685
)
Total Stockholders’ Deficit
  
 
(16,263,584
) 
  
 
(685,255
)
  
 
(16,948,839
)
Statement of Operations for the three months ended June 30, 2022
  
      
  
      
  
      
Legal investigations costs
  
 
— 
 
  
 
2,564,737
 
  
 
2,564,737
 
Formation and operating costs
  
 
4,652,670
 
  
 
(3,788,076
)
  
 
864,594
 
Loss from operation costs
  
 
(4,702,670
) 
  
 
1,223,339
 
  
 
(3,479,331
)
Loss before income taxes
  
 
(4,306,674
) 
  
 
1,223,339
 
  
 
(3,083,335
)
Income tax expense
  
 
(34,713
) 
  
 
1,099
 
  
 
(33,614
)
Net loss
  
 
(4,342,387
) 
  
 
1,225,438
 
  
 
(3,116,949
)
Basic and diluted net loss per Class A common stock
  
 
(0.12
) 
  
 
0.04
 
  
 
(0.08
)
Basic and diluted net loss per Class B common stock
  
 
(0.12
) 
  
 
0.04
 
  
 
(0.08
)
Statement of Operations for the six months ended June 30, 2022
  
      
  
      
  
      
Legal investigations costs
     
— 
       
5,307,445
       
5,307,445
  
Formation and operating costs
  
 
6,516,590
 
  
 
(5,254,262
)
 
  
 
1,262,328
 
Franchise tax
  
 
100,000
 
  
 
— 
 
  
 
100,000
 
Loss from operation costs
  
 
(6,616,590
) 
  
 
(53,183
)
  
 
(6,669,773
)
Loss before income taxes
  
 
(6,191,063
) 
  
 
(53,183
)
  
 
(6,244,246
)
Income tax expense
  
 
(34,713
) 
  
 
1,099
 
  
 
(33,614
)
Net loss
  
 
(6,225,776
) 
  
 
(52,084
)
  
 
(6,277,860
)
Basic and diluted net loss per Class A common stock
  
 
(0.17
) 
  
 
0.00
 
  
 
(0.17
)
Basic and diluted net loss per Class B common stock
  
 
(0.17
) 
  
 
0.00
 
  
 
(0.17
)
Statement of Changes in Stockholders’ Deficit for six months ended June 30,
 
2022
  
      
  
      
  
      
Net loss
  
 
(6,225,776
) 
  
 
(52,084
)
  
 
(6,277,860
)
Remeasurement of Class A common stock to redemption value
  
 
(32,625
) 
  
 
(66,386
) 
  
 
(99,011
) 
Total accumulated deficit
  
 
(16,264,430
) 
  
 
(685,255
)
 
  
 
(16,949,685
)
 
Total stockholders’ deficit
  
 
(16,263,584
) 
  
 
(685,255
)
 
  
 
(16,948,839
)
 
Statement of Cash Flows for the six months ended June 30, 2022
  
      
  
      
  
      
Net loss
  
 
(6,225,776
) 
  
 
(52,084
)
 
  
 
(6,277,860
)
Accrued expenses
  
 
5,656,004
 
  
 
(102,650
)
  
 
5,553,354
 
Income tax payable
  
 
— 
 
  
 
33,614
 
  
 
33,614
 
Net cash provided by operations
  
 
(776,463
) 
  
 
(121,119
) 
  
 
(897,582
) 
Related party advance
  
 
— 
 
  
 
121,120
 
  
 
121,120
 
Net cash provided by financing activities
  
 
451,700
 
  
 
121,120
 
  
 
572,820
 
 
 
  
As

previously
reported
 
 
Adjustments
 
 
As restated
 
Balance sheet as of March 31, 2022
  
      
 
      
 
      
Accrued expenses
  
 
1,701,798
 
 
 
1,760,763
 
 
 
3,462,561
 
Related party advance
  
 
—  
 
 
 
82,544
 
 
 
82,544
 
Total current liabilities
  
 
2,251,798
 
 
 
1,843,307
 
 
 
4,095,105
 
Total liabilities
  
 
12,314,298
 
 
 
1,843,307
 
 
 
14,157,605
 
Accumulated deficit
  
 
(11,890,418
) 
 
 
(1,843,307
) 
 
 
(13,733,725
) 
Total Stockholders’ Deficit
  
 
(11,889,572
) 
 
 
(1,843,307
) 
 
 
(13,732,879
) 
Statement of Operations for the three months ended March 31, 2022
  
      
 
      
 
      
Legal investigations costs
  
 
—  
 
 
 
2,742,708
 
 
 
2,742,708
 
Formation and operating costs
  
 
1,863,920
 
 
 
(1,466,186
) 
 
 
397,734
 
Loss from operation costs
  
 
(1,913,920
) 
 
 
(1,276,522
) 
 
 
(3,190,442
) 
Net loss
  
 
(1,884,389
) 
 
 
(1,276,522
) 
 
 
(3,160,911
) 
Basic and diluted net loss per Class A common stock
  
 
(0.05
) 
 
 
(0.03
) 
 
 
(0.08
) 
Basic and diluted net loss per Class B common stock
  
 
(0.05
) 
 
 
(0.03
) 
 
 
(0.08
) 
Statement of Changes in Stockholders’ Deficit for three months ended March 31, 2022
  
      
 
      
 
      
Net loss
  
 
(1,884,389
) 
 
 
(1,276,522
) 
 
 
(3,160,911
) 
Total accumulated deficit
  
 
(11,890,418
) 
 
 
(1,843,307
) 
 
 
(13,733,725
) 
Total stockholders’ deficit
  
 
(11,889,572
) 
 
 
(1,843,307
) 
 
 
(13,732,879
) 
Statement of Cash Flows for the three months ended March 31, 2022
  
      
 
      
 
      
Net loss
  
 
(1,884,389
) 
 
 
(1,276,522
) 
 
 
(3,160,911
) 
Accrued expenses
  
 
1,218,263
 
 
 
1,216,372
 
 
 
2,434,635
 
Net cash provided by operations
  
 
(586,239
) 
 
 
(60,149
) 
 
 
(646,388
) 
Related party advance
  
 
—  
 
 
 
60,150
 
 
 
60,150
 
Net cash provided by financing activities
  
 
300,000
 
 
 
60,150
 
 
 
360,150
 
 
 
  
As

previously
reported
 
 
Adjustments
 
 
As restated
 
Balance sheet as of December 31, 2021
  
      
 
      
 
      
Accrued expenses
  
 
483,535
 
 
 
544,391
 
 
 
1,027,926
 
Related party advance
  
 
—  
 
 
 
22,394
 
 
 
22,394
 
Total current liabilities
  
 
683,535
 
 
 
566,785
 
 
 
1,250,320
 
Total liabilities
  
 
10,746,035
 
 
 
566,785
 
 
 
11,312,820
 
Accumulated deficit
  
 
(10,006,029
) 
 
 
(566,785
) 
 
 
(10,572,814
) 
Total Stockholders’ Deficit
  
 
(10,005,183
) 
 
 
(566,785
) 
 
 
(10,571,968
) 
Statement of Operations for the year ended December 31, 2021
  
      
 
      
 
      
Formation and operating costs
  
 
1,191,593
 
 
 
566,785
 
 
 
1,758,378
 
Franchise tax
  
 
200,000
 
 
 
—  
 
 
 
200,000
 
Loss from operation costs
  
 
(1,391,593
) 
 
 
(566,785
) 
 
 
(1,958,378
) 
Net loss
  
 
(1,384,495
) 
 
 
(566,785
) 
 
 
(1,951,280
) 
Basic and diluted net loss per Class A common stock
  
 
(0.08
) 
 
 
(0.04
) 
 
 
(0.12
) 
Basic and diluted net loss per Class B common stock
  
 
(0.08
) 
 
 
(0.04
) 
 
 
(0.12
) 
Statement of Changes in Stockholders’ Deficit for the year ended December 31, 2021
  
      
 
      
 
      
Net loss
  
 
(1,384,495
) 
 
 
(566,785
) 
 
 
(1,951,280
) 
Total accumulated deficit
  
 
(10,006,209
) 
 
 
(566,605
) 
 
 
(10,572,814
) 
Total stockholders’ deficit
  
 
(10,005,183
) 
 
 
(566,785
) 
 
 
(10,571,968
) 
Statement of Cash Flows for the year ended December 31, 2021
  
      
 
      
 
      
Net loss
  
 
(1,384,495
) 
 
 
(566,785
) 
 
 
(1,951,280
) 
Accrued expenses
  
 
483,535
 
 
 
544,391
 
 
 
1,027,926
 
Net cash provided by operations
  
 
(1,114,081
) 
 
 
(22,394
) 
 
 
(1,136,475
) 
Related party advance
  
 
—  
 
 
 
22,394
 
 
 
22,394
 
Net cash provided by financing activities
  
 
294,691,812
 
 
 
22,394
 
 
 
294,714,206