XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net income $ 589,879 $ 141,281
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation expense to certain officers and directors 207,087
Interest earned on marketable securities held in Trust Account (1,930,770) (798,002)
Unrealized loss on marketable securities held in Trust Account (5,531) 81,626
Benefit from income taxes (17,142)
Deferred benefit from income taxes (202,156)
Changes in operating assets and liabilities:    
Prepaid expenses 11,761 (168,663)
Prepaid insurance 25,681 (79,431)
Accrued expenses 563,894 135,347
Income taxes payable 587,779 146,559
Net cash used in operating activities (359,463) (351,338)
Cash Flows from Investing Activities:    
Cash withdrawn from Trust Account to pay franchise taxes 214,995
Investment of cash into Trust Account (70,380,000)
Extension deposit into Trust Account (1,380,000)
Net cash used in investing activities (1,165,005) (70,380,000)
Cash Flows from Financing Activities:    
Proceeds from sale of units, net of underwriting discounts paid 67,965,000
Proceeds from sale of private placement units 3,945,000
Proceeds from promissory note - related party 1,380,000 100,085
Payment of offering costs (75,000) (581,635)
Net cash provided by financing activities 1,305,000 71,428,450
Net Change in Cash and Restricted Cash (219,468) 697,112
Cash and Restricted Cash – Beginning of period 607,816 34,393
Cash and Restricted Cash – End of period 388,348 731,505
Cash and Restricted Cash, end of period    
Cash 326,280 731,505
Cash – restricted 62,068
Cash and Restricted Cash, end of period 388,348 731,505
Non-Cash investing and financing activities:    
Offering costs included in accrued offering costs 75,000
Remeasurement of carrying value to redemption value 2,838,674 6,394,188
Deferred underwriting fee payable $ 2,070,000