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.
SCHEDULE
OF COMMON STOCK REDEMPTION
| |
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Taxes withdrawn from Trust Account | |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 | |
|