XML 111 R6.htm IDEA: XBRL DOCUMENT v3.24.2
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:        
Net income (loss) $ 11,264,842 $ (30,756,144) $ (67,325) $ 4,408,361
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Stock-based compensation expense 26,333,249    
Change in fair value of convertible promissory notes (48,468,678) 28,142,865    
Unrealized gain on investments held in Trust Account     (2,734,426) (4,948,194)
Non-cash interest expense     256,031
Impairment of amount due from related party     250,000
Change in fair value of warrants 31,973 21,750 (413,250)
Change in operating assets and liabilities:        
Prepaid expenses and other assets     142,669 446,609
Due from related party     (267,000)
Due to affiliate     90,000 120,000
Accounts payable and accrued expenses     931,950 171,079
Net cash used in operating activities     (1,376,351) (215,395)
Cash flows from investing activities:        
Extension amount deposited into Trust Account     (67,500)
Cash withdrawn from Trust Account in connection with redemption     342,984,430
Net cash used in investing activities     342,916,930
Cash flows from financing activities:        
Proceeds from note payable     1,323,500
Redemption of ordinary shares     (342,984,430)
Net cash provided by financing activities     (341,660,930)
Net increase in cash     (120,351) (215,395)
Cash – beginning of period 8,835 129,186 129,186 344,581
Cash – end of period     8,835 129,186
Supplementary disclosure of noncash investing and financing activities:        
Change in value of Class A ordinary shares subject to redemption amount     2,801,927 4,964,000
Sale of Class B shares to Investor     3,955,111
Sale of warrants     20,000
Reverse Recapitalization [Member]        
Cash flows from operating activities:        
Net income (loss) 11,264,842 (30,756,144)    
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation expense 40,552 39,735    
Stock-based compensation expense 26,333,249    
Non-cash interest expense 159,305 289,135    
Merger transaction costs 7,099,353    
Change in fair value of convertible promissory notes (48,468,678) 28,142,865    
Loss on Series A Preferred Stock issuance 799,990      
Change in fair value of warrants 31,973    
Amortization of right-of-use asset 57,751 51,473    
Change in operating assets and liabilities:        
Prepaid expenses and other assets (250,119) 70,552    
Other assets (68,446) 21,344    
Accounts payable 1,697,346 497,483    
Accrued expenses and other liabilities (800,742) (480,404)    
Operating lease liabilities (60,201) (53,174)    
Net cash used in operating activities (2,163,825) (2,177,135)    
Cash flows from investing activities:        
Purchases of property and equipment (133,000)    
Net cash used in investing activities (133,000)    
Cash flows from financing activities:        
Cash acquired in connection with the reverse recapitalization 229,328    
Proceeds from issuance of Series A Preferred Stock 2,000,000    
Nonrefundable prepaid proceeds towards anticipated Series A-1 Preferred Stock Issuance 200,000    
Proceeds from issuance of convertible promissory notes 2,500,000    
Net cash provided by financing activities 2,429,328 2,500,000    
Net increase in cash 265,503 189,865    
Cash – beginning of period 1,052,397 5,484,265 5,484,265  
Cash – end of period 1,317,900 5,674,130 $ 1,052,397 $ 5,484,265
Supplementary disclosure of noncash investing and financing activities:        
Conversion of convertible promissory notes into common stock in connection with Merger 46,622,627    
Issuance of common stock for net liabilities upon reverse recapitalization, net of transaction costs $ (3,113,309)