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COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION
9 Months Ended
Sep. 30, 2023
Common Stock Subject To Possible Redemption  
COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

NOTE 6 – COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

 

The Company’s Common Stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Common Stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

 

The following is a reconciliation of the Company’s Common Stock subject to possible redemption as of September 30, 2023 and December 31, 2022.

 

   Common Shares
Subject to Possible Redemption
 
     
Gross proceeds from initial public offering  $115,000,000 
      
Less:     
Offering costs allocated to common stock subject to possible redemption   (6,498,541)
Proceeds allocated to public warrants   (2,357,500)
Plus:     
Deposit to Trust Account from private placement   1,150,000 
Remeasurement of common stock subject to possible redemption   8,856,041 
Balance, December 31, 2021   116,150,000 
Remeasurement of common stock subject to possible redemption   1,422,276 
Redemption of common stock   (98,000,714)
Balance, December 31, 2022  $19,571,562 
Deposits to Trust Account   885,000 
Remeasurement of common stock subject to possible redemption   605,839 
Taxes withdrawn from Trust Account   (309,851)
Redemption of common stock   (6,721,795)
Balance, September 30, 2023   14,030,755