| Restatement to Prior Period Financial Statements |
Note 2 – Restatement to Prior Period Financial
Statements
During
the course of preparing the quarterly report on Form 10-Q for the three and six months ended June 30, 2023, the Company identified a waiver of deferred underwriter commissions which was executed during the three months ended March 31, 2023 and
not accounted for. In January 2023, the Company received a waiver from one of the underwriters in which it indicated that it waived its entitlement to the payment of any deferred discount to be paid under the terms of the
underwriting agreement. As such, $6,037,500 has been forgiven on which $5,579,875 is presented in the unaudited condensed consolidated statement of changes in shareholders’ deficit and $457,625 is recognized as a gain on the waiver of deferred underwriting fees on the condensed consolidated statements of operations. The Company determined this
error was material to the Form 10-Q for the three months ended March 31, 2023. The below tables represent the impacts and adjustments to the financial statements:
| |
|
As previously
Reported
|
|
|
Adjustments
|
|
|
As Restated
|
|
|
Unaudited Condensed Balance sheet as of March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
Deferred Underwriting Commissions
|
|
$
|
12,075,000
|
|
|
$
|
(6,037,500
|
)
|
|
$
|
6,037,500
|
|
|
Total Liabilities
|
|
$
|
23,601,871
|
|
|
$
|
(6,037,500
|
)
|
|
$
|
17,564,371
|
|
|
Accumulated Deficit
|
|
$
|
(23,452,318
|
)
|
|
$
|
6,037,500
|
|
|
$
|
(17,414,818
|
)
|
|
Total Stockholders’ Deficit
|
|
$
|
(23,451,455
|
)
|
|
$
|
6,037,500
|
|
|
$
|
(17,413,955
|
)
|
| |
|
As previously
Reported
|
|
|
Adjustments
|
|
|
As Restated
|
|
|
Unaudited Condensed Statement of Operations for the Three Months Ended March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
Gain on waiver of Deferred Underwriting Commissions
|
|
$
|
—
|
|
|
$
|
457,625
|
|
|
$
|
457,625
|
|
|
Net Income (Loss)
|
|
$
|
(1,362,536
|
)
|
|
$
|
457,625
|
|
|
$
|
(904,911
|
)
|
| |
|
As previously
Reported
|
|
|
Adjustments
|
|
|
As Restated
|
|
|
Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the Three Months Ended March 31, 2023
|
|
|
|
|
|
|
|
|
|
Increase in redemption value of Class A ordinary shares subject to possible redemption
|
|
$
|
(3,767,105
|
)
|
|
$
|
5,579,875
|
|
|
$
|
1,812,770
|
|
|
Accumulated Deficit
|
|
$
|
(23,452,318
|
)
|
|
$
|
6,037,500
|
|
|
$
|
(17,414,818
|
)
|
|
Total Stockholders’ Deficit
|
|
$
|
(23,451,455
|
)
|
|
$
|
6,037,500
|
|
|
$
|
(17,413,955
|
)
|
| |
|
As previously
Reported
|
|
|
Adjustments
|
|
|
As Restated
|
|
|
Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,362,536
|
)
|
|
$
|
457,625
|
|
|
$
|
(904,911
|
)
|
|
Gain on waiver of Deferred Underwriting Commissions
|
|
$
|
—
|
|
|
$
|
(457,625
|
)
|
|
$
|
(457,625
|
)
|
Additionally, due the
recording of the gain on the waiver of deferred underwriting commissions, earnings per share was impacted. The impacts to earnings per share are shown below:
| |
|
As previously
Reported
|
|
|
Adjustments
|
|
|
As Restated
|
|
|
Earnings per Share for the Three Months Ended March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, Class A ordinary shares
|
|
|
28,876,180
|
|
|
|
-
|
|
|
|
28,876,180
|
|
|
Basic and diluted net loss per share, Class A ordinary shares
|
|
$
|
(0.04
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
Weighted average shares outstanding, Class B ordinary shares
|
|
|
8,625,000
|
|
|
|
-
|
|
|
|
8,625,000
|
|
|
Basic and diluted net loss per share, Class B ordinary shares
|
|
$
|
(0.04
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|