Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:    
Net income $ 3,865,812 $ 4,822,634
Adjustments to reconcile net income to net cash used in operating activities:    
Share-based compensation 2,208,673 2,634,528
Change in fair value of warrant liabilities (2,469,505) (6,458,708)
Change in fair value of convertible promissory notes (10,789)
Change in fair value of derivative liability - promissory note - related party redemption feature (348)
Gain on investments held in Trust Account (7,405,484) (2,689,177)
Interest income (1,993,443)
Interest expense 3,130
Gain on waiver of deferred underwriting fees (342,975)
Changes in operating assets and liabilities:    
Prepaid insurance and other current assets 250,867 426,267
Accounts payable 1,008 75,522
Accrued expenses 110,747 27,830
Accrued contingent legal costs 4,383,558 776,886
Due to Sponsor 97,024 (28,389)
Net cash used in operating activities (958,750) (755,582)
Cash Flows from Investing Activities:    
Advances to Trust Account (575,866)
Proceeds from Trust Account for payment to redeeming shareholders 72,546,420
Net cash provided by investing activities 71,970,554
Cash Flows from Financing Activities:    
Proceeds from Sponsor and A Anchor Investors under promissory notes – related party 575,866
Proceeds from issuance of convertible promissory notes – related party 712,500
Payment to redeeming shareholders (72,546,420)
Net cash used in financing activities (71,258,054)
Net Change in Cash (246,250) (755,582)
Cash - Beginning of year 610,971 1,366,553
Cash - End of year 364,721 610,971
Non-cash investing and financing activities:    
Waiver of deferred underwriting fee payable (see Note 6) 6,655,361
Remeasurement to redemption value of Class A ordinary shares subject to redemption 9,974,792 2,589,178
Debt discount on proceeds from Sponsor and A Anchor Investors under promissory notes – related party 22,905
Excess of cash received over fair value of convertible promissory note - related party $ 646,211