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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Measurements [Abstract]  
Schedule of Liabilities That Are Measured at Fair Value The following table presents information about the Company’s liabilities that are measured at fair value on September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
   September 30,
2023
   Quoted
Prices in
Active
Markets
(Level 1)
   Significant 
Other
Observable
Inputs
(Level 2)
   Significant
Other
Unobservable
Inputs
(Level 3)
 
Liabilities:                
Warrant liability  $74,200    
    
   $74,200 
   December 31,
2022
   Quoted 
Prices in
Active
Markets
(Level 1)
   Significant 
Other
Observable 
Inputs
(Level 2)
   Significant 
Other
Unobservable
Inputs
(Level 3)
 
Liabilities:                
Warrant liability  $31,800    
    
   $31,800 
Schedule of Change in Fair Value of Warrant Liabilities The table below shows the change in fair value of warrant liabilities as of September 30, 2023:
   Private
Warrants
   Total 
Fair value at January 1, 2023  $31,800   $31,800 
Change in fair value   42,400    42,400 
Fair value as of September 30, 2023  $74,200   $74,200 
Schedule of Inputs Into The Black-Scholes Model The key inputs into the Black-Scholes model were as follows at their measurement date:
   September 30,
2023
   April 4,
2022
(initial
measurement)
 
Exercise Price  $11.50   $11.50 
Underlying share price  $10.67   $8.08 
Expected Volatility   5.24%   25.62%
Warrant life (years)   5.0    5.0 
Risk-free rate   4.60%   2.42%

 

Schedule of Fair Value of The Convertible Promissory Note The binomial tree model was used for the underlying warrants based on the following key assumptions which were unchanged as of March 31, 2023.
   March 30,
2023
Convertible
Note 2
   March 22,
2023
Convertible
Note 1
 
Strike Price  $10.00   $10.00 
Spot Price  $10.28   $10.26 
Time to maturity   0.68    0.70 
Business combination success rate   9%   9%
Expected Volatility   5.0%   5.0%
Expected dividend rate   0%   0%
Risk-free rate   4.8%   4.7%
Schedule of Changes in The Fair Value of The Level 3 Convertible Promissory Note The following table presents the changes in the fair value of the Level 3 Convertible Notes:
Fair value as of January 1, 2023  $
 
Proceeds received through Convertible Note 1 on March 22, 2023   150,000 
Proceeds received through Convertible Note 2 on March 30, 2023   360,000 
Change in valuation inputs or other assumptions   (462,670)
Fair value as of March 31, 2023  $47,330