Fair Value Measurements

6 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s financial liabilities that are measured at fair value on a recurring basis as of September 30, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Amount at Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Assets
Investments held in Trust Account:
Money Market investments	$	11,801,278	$	11,801,278	$	-	$	-
Liabilities
Warrant liability - Private Warrants	$	124,316	$	-	$	-	$	124,316

Description	Amount at Fair Value		Level 1		Level 2		Level 3
March 31, 2024
Assets
Investments held in Trust Account:
Money Market investments	$	11,363,873	$	11,363,873	$	-	$	-
Liabilities
Warrant liability - Private Warrants	$	31,079	$	-	$	-	$	31,079

The Company utilizes the Black-Scholes method to value the Private Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the Private Warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. 

The following table provides the significant inputs to the Black-Scholes method for the fair value of the Private Warrants:

	As of August 2021 (Initial			As of September 30,			As of March 31,
	Measurement)			2024			2024
Unit price	$	10.00		$	10.00		$	10.00
Common stock price	$	9.44		$	10.86		$	11.30
Dividend yield		-	%		-	%		-	%
Term to Business Combination (years)		1.00			1.00			1.00
Volatility		16.0	%		1.63	%		5.40	%
Risk-free rate		0.88	%		3.60	%		5.03	%
Fair value	$	0.58		$	0.16		$	0.04

The following table provides a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

Fair value as of January 15, 2021 (inception)	$	-
Initial measurement as of August 2, 2021		414,352
Additional warrants issued in over-allotment		47,850
Fair value as of August 2, 2021	$	462.202
Change in valuation inputs or other assumptions		(406,419	)
Fair value as of June 30, 2022	$	55,783
Change in valuation inputs or other assumptions		(31,876	)
Fair value as of March 31, 2023	$	23,907
Change in valuation inputs or other assumptions		7,172
Fair value as of March 31, 2024	$	31,079
Change in valuation inputs or other assumptions		93,237
Fair value as of September 30, 2024	$	124,316

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy for the six months ended September 30, 2024.

The Company recognized a loss of $93,237 and a gain of $7,969 related to a change in fair value of warrant liability for the six months period ended September 30, 2024 and 2023, respectively, in the accompanying unaudited Statements of Operations.