XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income (loss) $ (21,024,584) $ 3,566,429
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 49,411
General and administrative expenses paid by related party 834,504 1,487,194
Interest income on cash and investments held in the Trust Account (753,119) (956,908)
Interest expense on sponsor loans and mandatorily redeemable Class A common stock 788,591 689,606
Changes in fair value of warrant liability 1,417,470 (4,725,538)
Changes in fair value of FPS liability 17,546,038 (248,606)
Changes in operating assets and liabilities:    
Prepaid expenses 707,914 810,931
Accrued expenses 513,251 (525,068)
Franchise tax payable (30,065) (147,451)
Net cash provided by operating activities
Cash flows from investing activities    
Cash deposited in the Trust Account (344,781) (5,400,847)
Proceeds from the Trust Account to pay franchise taxes 230,115 264,301
Proceeds from the Trust Account to pay income taxes 112,000
Proceeds from the Trust Account to repay bank overdraft facility 62,406
Proceeds from the Trust Account to redeem Public Shares 24,304,031 224,920,621
Sale of cash equivalents held in the Trust Account 224,056,750
Purchase of cash equivalents held in the Trust Account (225,000,000)
Purchase of available-for-sale debt securities held in the Trust Account (224,056,750)
Maturity of available-for-sale debt securities held in the Trust Account 225,000,000
Net cash provided by investing activities 24,363,771 219,784,075
Cash flows from financing activities    
Proceeds from related party – Sponsor loan 1,376,189 7,416,422
Redemption payment for Public Shares (24,366,437) (224,920,621)
Payment of related party payable (1,349,677) (2,039,688)
Utilization of bank overdraft facility 62,406
Repayment of bank overdraft facility (62,406)
Net cash used in financing activities (24,339,925) (219,543,887)
Net change in cash 23,846 240,188
Cash – beginning of the period 41,154 25,000
Cash – end of the period 65,000 265,188
Supplemental disclosure of non-cash financing activities    
Prepaid expenses paid with payables to related party 515,173
Supplemental disclosure of cash flow information    
Cash paid for income taxes $ 112,000