XML 28 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Net Income/(Loss) Per Share

The net income/(loss) per share presented in the statements of operations is based on the following:

Schedule of Net Income/(Loss) Per Share

		Three Months ended June 30, 2024				Three Months ended June 30, 2023				Six months ended June 30, 2024				Six months ended June 30, 2023

Net income		$	385,370			$	701,529			$	827,635			$	1,226,272
Income earned on Trust Account			(675,837	)			(841,820	)			(1,463,005	)			(1,574,062	)
Accretion of carrying value to redemption value			(165,000	)			-				(330,000	)			(7,737,382	)
Net loss including accretion of equity into redemption value		$	(455,467	)		$	(140,291	)		$	(965,370	)		$	(8,085,172	)

Schedule of Income (Loss) Basic and Diluted Per Share

		Redeemable				Non- Redeemable				Redeemable				Non- Redeemable				Redeemable				Non- Redeemable				Redeemable				Non- Redeemable
		Three months ended June 30, 2024								Six months ended June 30, 2024								Three months ended June 30, 2023								Six months ended June 30, 2023
		Redeemable				Non- Redeemable				Redeemable				Non- Redeemable				Redeemable				Non- Redeemable				Redeemable				Non- Redeemable
Particulars		Shares				Shares				Shares				Shares				Shares				Shares				Shares				Shares
Basic and diluted net income/(loss) per share:
Numerators:
Allocation of net loss including accretion of temporary equity			(314,044	)			(141,423	)			(667,168	)			(298,202	)			(107,149	)			(33,142	)			(6,150,699	)			(1,934,473	)
Income earned on trust account			675,837				—				1,463,005				—				841,820				—				1,574,062				—
Accretion of temporary equity to redemption value			165,000				—				330,000				—				—				—				7,737,382				—
Allocation of net income/(loss)			526,793				(141,423	)			1,125,837				(298,202	)			734,671				(33,142	)			3,160,745				(1,934,473	)

Denominators:
Weighted-average shares outstanding			4,739,226				2,134,200				4,774,843				2,134,200				6,900,000				2,134,200				6,760,773				2,126,349
Basic and diluted net income/(loss) per share			0.11				(0.07	)			0.24				(0.14	)			0.11				(0.02	)			0.47				(0.91	)

Schedule of Subject to Possible Redemption

At June 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:

Gross proceeds		$	69,000,000
Less:
Proceeds allocated to Public Rights			(621,000	)
Proceeds allocated to Public Warrants			(1,104,000	)
Allocation of offering costs related to redeemable shares			(4,770,382	)
Accretion of carrying value to redemption value			7,737,382
Redemption of public shares			(23,302,146	)
Subsequent measurement of ordinary shares subject to possible redemption (income earned on trust account) and extension deposit			3,820,199
Ordinary shares subject to possible redemption - December 31, 2023		$	74,062,199
Redemption of public shares			(23,302,146	)
Subsequent measurement of ordinary shares subject to possible redemption (income earned on trust account) and extension deposit			1,793,005
Ordinary shares subject to possible redemption - June 30, 2024		$	52,553,058

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References + Details