XML 54 R35.htm IDEA: XBRL DOCUMENT v3.22.4
Significant Accounting Policies (Tables)
3 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
Oct. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Jul. 31, 2022
Significant Accounting Policies (Tables) [Line Items]        
Schedule of common stock subject to possible redemption reflected on the condensed balance sheets reconciled  
Gross proceeds from IPO  $126,500,000 
Less:     
Proceeds allocated to Public Warrants   (10,141,998)
Class A common stock issuance costs   (8,257,504)
Plus:     
Remeasurement of carrying value to redemption value   20,297,002 
Class A common stock subject to possible redemption at redemption value, December 31, 2021  $128,397,500 
Plus:     
Remeasurement of carrying value to redemption value   1,601,263 
Class A common stock subject to possible redemption at redemption value, September 30, 2022  $129,998,763 

 

   
Schedule of basic and diluted net income (loss) per common stock  
   Three Months Ended
September 30,
2022
  

Three Months Ended

September 30,
2021

   Nine Months Ended
September 30,
2022
   For the
Period from
February 18,
2021
(Inception)
Through
September 30,
2021
 
   Class A   Class B   Class A   Class B   Class A   Class B   Class A   Class B 
Basic and diluted net (loss) income per common stock                                
Numerator:                                
Allocation of net (loss) income, as adjusted  $(454,465)  $(112,213)  $(669,061)  $(434,549)  $4,306,110   $1,063,212   $(519,430)  $(584,812)
Denominator:                                        
Basic and diluted weighted average shares outstanding
   12,808,125    3,162,500    4,455,000    2,893,478    12,808,125    3,162,500    1,821,600    2,050,889 
Basic and diluted net (loss) income per common stock
  $(0.04)  $(0.04)  $(0.15)  $(0.15)  $0.34   $0.34   $(0.29)  $(0.29)

 

  

For the period from February 18,
2021(inception)
through December 31,
2021

 
   Class A   Class B 
Basic and diluted net income per share:        
Numerator:        
Allocation of net income  $3,917,196   $1,989,018 
Denominator:          
Weighted-average shares outstanding   5,010,118    2,543,967 
Basic and diluted net income per share  $0.78   $0.78 

 

 
Schedule of common stock reflected on the balance sheet are reconciled    
Gross proceeds from IPO  $126,500,000 
Less:     
Proceeds allocated to Public Warrants   (10,141,998)
Common stock issuance costs   (8,257,504)
Plus:     
Remeasurement of carrying value to redemption value   20,297,002 
Class A common stock subject to possible redemption at redemption value  $128,397,500 

 

 
DIGERATI TECHNOLOGIES, INC [Member]        
Significant Accounting Policies (Tables) [Line Items]        
Schedule of basic and diluted net income (loss) per common stock
   Three months ended
October 31,
 
(in thousands, except per share data)  2022   2021 
NUMERATOR:        
NET INCOME (LOSS)  $(4,988)  $2,419 
           
DENOMINATOR:          
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC   143,067,151    138,719,017 
   $(0.03)  $0.02 

 

   Three months ended
October 31,
 
(in thousands, except per share data)  2022   2021 
NUMERATOR:        
NET INCOME (LOSS)  $(4,988)  $2,419 
Less: adjustments to net income  $
-
   $(4,331)
NET INCOME (LOSS) - DILUTED SHARES OUTSTANDING CALCULATION  $(4,988)  $(1,912)
           
DENOMINATOR:          
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC   143,067,151    138,719,017 
Warrants and Options to purchase common stock   
-
    100,731,026 
Convertible Debt   
-
    11,273,568 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED   143,067,151    250,723,611 
LOSS PER COMMON SHARE - DILUTED  $(0.03)  $(0.01)

 

     
Schedule of disaggregated revenue
   For the Three Months ended
October 31,
 
   2022   2021 
Cloud software and service revenue  $8,076   $3,703 
Product revenue   54    74 
Total operating revenues  $8,130   $3,777 

 

   
   For the Years ended
July 31,
 
   2022   2021 
Cloud software and service revenue  $23,871   $12,153 
Product revenue   283    263 
Total operating revenues  $24,154   $12,416 

 

Schedule of derivative financial instruments measured at fair value on a recurring basis      
       Fair value measurements at
reporting date using:
 
Description  Fair Value   Quoted prices in
active markets
for identical
liabilities
(Level 1)
   Significant
other
observable
inputs
(Level 2)
   Significant
unobservable inputs
(Level 3)
 
Convertible promissory notes derivative liability at July 31, 2021  $16,773,383    
    -
    
       -
   $16,773,383 
Convertible promissory notes derivative liability at July 31, 2022  $10,587,717    
-
    
-
   $10,587,717 

 

Schedule of determined using the Black-Scholes option pricing model
Expected dividend yield  0.00%
Expected stock price volatility  63.32% - 250.19%
Risk-free interest rate  0.03% - 2.98%
Expected term  0.05 - 9.50 years

 

Expected dividend yield  0.00%
Expected stock price volatility  86.37% - 230.15%
Risk-free interest rate  4.00% - 4.10%
Expected term  0.16 - 8.05 years

 

   
Expected dividend yield     0.00%
Expected stock price volatility     63.32% - 250.19% 
Risk-free interest rate     0.03% - 2.98% 
Expected term     0.05 - 9.50 years  

 

         
Expected dividend yield     0.00%
Expected stock price volatility     125.60% - 283.01%
Risk-free interest rate     0.05% - 1.65% 
Expected term     0.03 - 10.00 years  

 

Schedule of derivative financial instruments measured at fair value on a recurring basis      
Balance at July 31, 2020  $606,123 
Derivative from new convertible promissory notes and warrants recorded as debt discount   6,820,108 
Derivative liability resolved to additional paid in capital due to debt conversion   (588,097)
Derivative loss   9,935,249 
Balance at July 31, 2021  $16,773,383 
Derivative gain   (6,185,666)
Balance at July 31, 2022  $10,587,717 

 

Schedule of dilutive weighted average shares
   Three months ended
October 31,
 
   2022   2021 
Convertible Preferred Shares   57,501,882    56,405,216 
Convertible Debt   37,963,920    11,966,667 
Total   95,465,802    68,371,883 

 

   
    7/31/2022     7/31/2021  
Options to purchase common stock     9,130,000       9,230,000  
Warrants to purchase common stock     108,841,179       109,506,179  
Convertible debt     43,628,667       20,506,684  
Convertible Series A Preferred stock     750,000       750,000  
Convertible Series B Preferred stock     25,575,847       24,936,847  
Convertible Series C Preferred stock     31,259,369       30,478,369  
Total:     219,185,062       195,408,079