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