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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
FAIR VALUE MEASUREMENTS  
Summary of gross holding loss and fair value of held-to-maturity securities

Gross

Amortized

Holding

    

Trading Securities

    

Level

    

Cost

    

Loss

    

Fair Value

December 31, 2022

Money Market Funds

1

$

n/a

$

n/a

$

7,527,369

Gross

Amortized

Holding

    

Held-To-Maturity

    

Level

    

Cost

    

Loss

    

Fair Value

December 31, 2021

 

U.S. Treasury Securities (Matured on 3/17/2022)

 

1

$

116,726,019

$

(3,097)

$

116,722,922

Schedule of fair value information on recurring basis

The following table presents fair value information as of December 31, 2022 of the Company’s financial liabilities that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company did not have any financial liabilities that were accounted for at fair values on a recurring basis as of December 31, 2021.

    

Carrying Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Liabilities:

 

  

 

  

 

  

 

  

PIPE Forward Contract

$

170,666

$

$

$

170,666

Bridge Note – Bifurcated Derivative

$

364,711

$

$

$

364,711

Schedule of key inputs into the Monte Carlo simulation model for Bridge Note Bifurcated Derivative

    

October 5, 2022

    

December 31, 2022

 

CCC bond rates

14.09

%  

15.09

%

Probability of early termination/repayment -business combination not completed

 

10

%  

5

%

Probability of early termination/repayment -business combination completed or PIPE completed

 

90

%  

95

%

Probability of completing a business combination by March 31, 2023

 

50

%  

50

%

Probability of completing a business combination by June 30, 2023

 

50

%  

50

%

Schedule of key inputs into the PWERM for the PIPE Forward Contracts

    

October 6, 2022

    

December 31, 2022

 

Risk-fee interest rate

 

4.00

%  

4.76

%

Expected term (years)

 

0.61

 

0.37

Probability of completing a business combination

 

90

%  

95

%

Schedule of change in fair value of level 3 financial liabilities

    

PIPE 

    

Bridge Note 

Forward Contract

Bifurcated Derivative

Fair value at October 5, 2022 (Initial measurement)

$

278,404

Fair value at October 6, 2022 (Initial measurement)

$

Change in fair value

 

170,666

86,307

Fair value at December 31, 2022

$

170,666

$

364,711