XML 43 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Schedule of Cash and Restricted Cash The cash and restricted cash balances included in the balance sheets as of December 31, 2023 and 2022, are comprised of the following:
   December 31, 
   2023   2022 
         
Cash  $96,873   $475,870 
Restricted cash   
    41,665,974 
Total cash and restricted cash  $96,873   $42,141,844 
Schedule of Total Provision (Benefit) For Income Taxes The total provision benefit for income taxes is comprised of the following:
     December 31,
2023
   December 31,
2022
 
Current expense  $(94,819)  $(599,159)
Deferred tax benefit        
Change in valuation allowance        
Total income tax (expense) benefit  $(94,819)  $(599,159)
Schedule of Net Deferred Tax Assets and Liabilities in the Accompanying Balance Sheets The net deferred tax assets in the accompanying balance sheets included the following components:
   December 31,
2023
   December 31,
2022
 
Deferred tax assets  $607,516   $596,692 
Deferred tax liabilities        
Valuation allowance for deferred tax assets   (607,516)   (596,692)
Net deferred tax assets  $   $ 
Schedule of Deferred Tax Assets The deferred tax assets as of December 31, 2023 and 2022 were comprised of the tax effect of cumulative temporary differences as follows:
   December 31,
2023
   December 31,
2022
 
General and administration expenses before business combination  $607,516   $596,692 
Valuation allowance for deferred tax assets   (607,516)   (596,692)
Total  $   $ 

 

Schedule of Reconciliation of the Statutory Federal Income Tax Provision (Benefit) to the Company’s Effective Tax Rate A reconciliation of the statutory federal income tax provision (benefit) to the Company’s effective tax rate is as follows:
   December 31,
2023
   December 31,
2022
 
Statutory federal income tax rate   21.0%   21.0%
State taxes, net of federal tax benefit   0.0%   0.0%
Valuation allowance   (17.33)%   852.7%
Income tax provision (benefit)   3.67%   873.7%
Schedule of Class A Common Stock Subject to Possible Redemption At December 31, 2023 and 2022, the Class A common stock subject to possible redemption reflected in the balance sheets is reconciled in the following table:
Class A common stock subject to possible redemption, December 31, 2021  $178,500,000 
Plus: Accretion of carrying value to redemption value   2,662,553 
Less: redemption of shares   (167,693,708)
Class A common stock subject to possible redemption, December 31, 2022  $13,468,845 
Less: Redemption   (5,638,880)
Plus: Accretion of carrying value to redemption value   606,346 
Class A common stock subject to possible redemption, December 31, 2023  $8,436,311 
Schedule of Basic and Diluted Net Income Per Share The tables below present a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of stock.
   For the Year Ended December 31, 
   2023   2022 
   Class A
common stock
   Class B
Common stock
   Class A
common stock
   Class B
Common stock
 
Basic and diluted net income per share:                
Numerator:                
Allocation of net income  $(1,641,020)  $(895,213)  $(531,288)  $(136,448)
Denominator:                    
Weighted average shares outstanding   4,224,247    2,304,421    17,896,428    4,596,250 
Basic and diluted net income per share  $(0.39)  $(0.39)  $(0.03)  $(0.03)