Greencity Acquisition (GRCYF) 10-K 25 May 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	May 25, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-39404
Entity Tax Identification Number	00-0000000
Entity Registrant Name	GREENCITY ACQUISITION CORPORATION
Entity Incorporation, State or Country Code	E9
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Central Index Key	0001768910
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Address, Address Line One	505 Eshan Road, Floor 6
Entity Address, Address Line Two	Pudong New District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200120
City Area Code	+86
Local Phone Number	21-20257919
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding			1,465,047
Entity Voluntary Filers	No
Entity Public Float	$ 41,258,914
Auditor Name	Marcum LLP	Friedman LLP
Auditor Firm ID	688	711
Auditor Location	Costa Mesa, CA	New York, NY
Ordinary shares
Document Information [Line Items]
Trading Symbol	GRCY
Title of 12(b) Security	Ordinary Shares, Par Value $0.0001 Per Share
Security Exchange Name.	NASDAQ
Redeemable warrants, each warrant exercisable for one-half ordinary share
Document Information [Line Items]
Trading Symbol	GRCYW
Title of 12(b) Security	Redeemable Warrants Entitling the Holder to Purchase One-half (1/2) of One Ordinary Share
Security Exchange Name.	NASDAQ
Units, each consisting of one Ordinary Share and one Warrant
Document Information [Line Items]
Trading Symbol	GRCYU
Title of 12(b) Security	Units, Each Consisting of One Ordinary Share and One Warrant
Security Exchange Name.	NASDAQ

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 6,918	$ 61,773
Prepaid expenses and other current assets	5,100	5,100
Total Current Assets	12,018	66,873
Marketable securities held in Trust Account	6,658,707	41,419,557
TOTAL ASSETS	6,670,725	41,486,430
Current liabilities:
Accrued expenses	170,798	43,472
Amount due to related party	290,000	170,000
Extension loan payable - related party	2,016,863	800,004
Promissory note payable - related party	745,504	393,808
Total Current Liabilities	3,223,165	1,407,284
Deferred underwriting compensation	1,000,000	1,000,000
Warrant liabilities	63,134	950,000
TOTAL LIABILITIES	4,286,299	3,357,284
Commitments and contingencies
Ordinary shares, subject to possible redemption: 610,752 and 4,000,000 shares as of December 31, 2022 and 2021 (at redemption value of $10.90 and $10.35 per share)	6,658,707	41,400,004
Shareholders' Deficit:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Ordinary shares, $0.0001 par value; 100,000,000 shares authorized; 1,260,000 shares issued and outstanding as at December 31, 2022 and 2021	126	126
Accumulated deficit	(4,274,407)	(3,270,984)
Total Shareholders' Deficit	(4,274,281)	(3,270,858)
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT	$ 6,670,725	$ 41,486,430

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	1,260,000	1,260,000
Common stock, shares, outstanding	1,260,000	1,260,000
Ordinary shares subject to possible redemption, shares	610,752	4,000,000
Common stock subject to possible redemption
Ordinary shares subject to possible redemption, shares	610,752	4,000,000
Redemption price per share	$ 10.90	$ 10.35

STATEMENTS OF INCOME

STATEMENTS OF INCOME - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
General and administrative expense	$ 653,877	$ 638,533
Total operating expenses	(653,877)	(638,533)
Other income (expense):
Change in fair value of warrant liabilities	886,866	1,980,000
Interest income earned from marketable securities held in Trust Account	378,536	4,341
Total other income, net	1,265,402	1,984,341
Income before income taxes	611,525	1,345,808
NET INCOME	$ 611,525	$ 1,345,808
Common stock subject to possible redemption
Other income (expense):
Basic weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	3,392,094	4,000,000
Diluted weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	3,392,094	4,000,000
Basic net income (loss) per share, ordinary shares attributable to Greencity Acquisition Corporation	$ 0.26	$ 0.30
Diluted net income (loss) per share, ordinary shares attributable to Greencity Acquisition Corporation	$ 0.26	$ 0.30
Common stock not subject to possible redemption
Other income (expense):
Basic weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	1,260,000	1,260,000
Diluted weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	1,260,000	1,260,000
Basic net income (loss) per share, ordinary shares attributable to Greencity Acquisition Corporation	$ (0.22)	$ 0.10
Diluted net income (loss) per share, ordinary shares attributable to Greencity Acquisition Corporation	$ (0.22)	$ 0.10

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Ordinary shares	Accumulated deficit	Total
Balance at Dec. 31, 2020	$ 126	$ (3,816,788)	$ (3,816,662)
Balance (in shares) at Dec. 31, 2020	1,260,000
Accretion of carrying value to redemption value		(800,004)	(800,004)
Net income (loss)		1,345,808	1,345,808
Balance at Dec. 31, 2021	$ 126	(3,270,984)	(3,270,858)
Balance (in shares) at Dec. 31, 2021	1,260,000
Accretion of carrying value to redemption value		(1,614,948)	(1,614,948)
Net income (loss)		611,525	611,525
Balance at Dec. 31, 2022	$ 126	$ (4,274,407)	$ (4,274,281)
Balance (in shares) at Dec. 31, 2022	1,260,000

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 611,525	$ 1,345,808
Adjustments to reconcile net income to net cash used in operating activities
Interest income earned from marketable securities held in Trust Account	(378,536)	(4,341)
Change in fair value of warrant liabilities	(886,866)	(1,980,000)
Change in operating assets and liabilities:
Prepaid expenses and other current assets		120,320
Accrued liabilities	127,326	16,823
Advances from a related party	120,000	120,000
Net cash used in operating activities	(406,551)	(381,390)
Cash flows from investing activities
Cash withdrawn from trust account to pay redeeming shareholders	36,356,245
Net cash provided by investing activities	36,356,245
Cash flows from financing activities
Payment of offering costs		(30,000)
Repayment of promissory note payable - related party		(782)
Proceeds from promissory note payable - related party	351,696
Redemption of ordinary share	(36,356,245)
Net cash used in financing activities	(36,004,549)	(30,782)
NET CHANGE IN CASH	(54,855)	(412,172)
Cash, beginning of year	61,773	473,945
Cash, end of year	6,918	61,773
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accretion of carrying value to redemption value of redeemable ordinary shares	1,614,948	800,004
Proceeds of extension loan payable - related party deposited in Trust Account by a founder shareholder	$ 1,216,859	$ 800,004

ORGANIZATION AND BUSINESS BACKG

ORGANIZATION AND BUSINESS BACKGROUND	12 Months Ended
	Dec. 31, 2022
ORGANIZATION AND BUSINESS BACKGROUND
ORGANIZATION AND BUSINESS BACKGROUND	NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND Greencity Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on May 14, 2018. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on businesses that have a connection to the Asia market. The Company’s entire activity from inception up to July 23, 2020 was in preparation for the initial public offering. Since the initial public offering, the Company’s activity has been limited to the evaluation of business combination candidates. The Company has selected December 31 as its fiscal year end and tax year end. Financing The registration statement for the Company’s initial public offering (the “Public Offering”as described in Note 3) was declared effective by the SEC on July 23, 2020. The Company consummated the Public Offering on July 28, 2020, the Company consummated the Initial Public Offering of 4,000,000 units at $10.00 per unit (the “Public Units”) and sold to the Sponsor to purchase 260,000 units at $10 per unit, generating gross proceeds of $42,600,000. The Company incurred $2,646,665 in initial public offering related costs, including $1,000,000 of underwriting fees, $1,000,000 of deferred underwriting fees and $646,665 of other offering costs. Trust Account Following the closing of the Initial Public Offering on July 28, 2020, an amount of $40,600,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Units was placed in a trust account (the “Trust Account”) invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a 7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, upon the Company’s failure to consummate a Business Combination within 39 months from the closing of the Public Offering. Placing funds in the Trust Account may not protect those funds from third party claims against the Company. Although the Company will seek to have all vendors, service providers, prospective target businesses or other entities it engages, execute agreements with the Company waiving any claim of any kind in or to any monies held in the Trust Account, there is no guarantee that such persons will execute such agreements. The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. Additionally, the interest earned on the Trust Account balance may be released to the Company to pay the Company’s tax obligations. The Company timeframe to complete the initial business combination expired on April 28, 2022. On April 20, 2022, the Company held an Annual General Meeting of Shareholders. Among other things, shareholders approved the proposal to extend the time to complete the Company’s initial business company by six monthly extensions to October 28, 2022. In connection with the vote to approve the Extension Amendment, the holders of 78,050 shares of the Company’s ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.46 per share, for an aggregate redemption amount of $816,101.13. As a result, an amount of $41,008,428.63 remained in the trust account. On October 28, 2022, the Company held an Extraordinary General Meeting of Shareholders. Shareholders approved the proposal to extend the time to complete our initial business company by six monthly extension to April 28, 2023. In connection with the vote to approve the Extension Amendment, the holders of 3,311,198 shares of the Company’s ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.73 per share, for an aggregate redemption amount of $35,540,143.87. As a result, an amount of $6,555,395.97 remained in the trust account. On April 25, 2023, the Company held an Extraordinary General Meeting of Shareholders. Shareholders approved the proposal to extend the time to complete our initial business company by six monthly extension to October 28, 2023. In connection with the vote to approve the Extension Amendment, the holders of 405,705 shares of the Company’s ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $11.18 per share, for an aggregate redemption amount of $4,535,353.71. As a result, an amount of $2,292,209.07 remained in the trust account. Business Combination Subject to the requirements that funds held in trust pending liquidation or completion of a Business Combination the Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Units following completion of a Business Combination, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Additionally, NASDAQ rules which are applicable to the company as its securities are listed on NASDAQ, provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target or assets sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.15 per Public Share, subject to increase of up to an additional $0.30 per Public Share in the event that the Sponsor elects to extend the period of time to consummate a Business Combination (see below), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Sponsor and any of the Company’s officers or directors that may hold founder shares (the “initial shareholders”) will agree (a) to vote their founder shares, the ordinary shares included in the Private Units (the “Private Shares”) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the founder shares) and Private Shares into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Memorandum and Articles of Association relating to shareholders’ rights of pre-Business Combination activity and (d) that the founder shares and Private Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the initial shareholders will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination. If the Company does not complete a business combination within 12 months from the consummation of the Public Offering, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the amended and restated memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a voluntary liquidation procedure under the Companies Law. If the Company does not complete a business combination within 12 months from the consummation of the Public Offering, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the amended and restated memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a voluntary liquidation procedure under the Companies Law. Accordingly, no vote would be required from our shareholders to commence such a voluntary winding up, dissolution and liquidation. However, if the Company anticipate that the Company may not be able to consummate its initial business combination within 12 months, the Company may, but are not obligated to, extend the period of time to consummate a business combination nine times, each by an additional month (the “Combination Period”). The Company has amended and restated memorandum and articles of association to extend the Combination Period from April 28, 2022 to October 28, 2023 (for a total of 39 months to complete a Business Combination). As of the date of this report, the Company has extended twenty-three times the period of time to consummate a Business Combination until June 28, 2023. On each of July 27, 2021, August 27, 2021, September 27, 2021, October 27, 2021, November 27, 2021, December 27, 2021, January 27, 2022, February 27, 2022 and March 27, 2022, the Company obtained loan extension in an amount of $133,334 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until April 28, 2022. On each of April 27, 2022, May 27, 2022, June 27, 2022, July 27, 2022, August 27, 2022 and September 27, 2022, the Company obtained loan extension in an amount of $129,425 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until October 28, 2022. On each of October 27, 2022 and November 27, 2022, the Company obtained loan extension in an amount of from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until December 28, 2022. On each of January 4, 2023, January 31, 2023, February 28, 2023 and March 31, 2023, the Company obtained loan extension in an amount of If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below (i) $10.15 per share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Risks and Uncertainties Results of operations and the Company’s ability to complete the initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic, including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in the Ukraine. The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial business combination. Liquidity and Going Concern As of December 31, 2022, the Company had $6,918 in its operating bank accounts and working capital deficit of $3,211,147. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. To complete a Business Combination, the Company will need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. In connection with the Company’s assessment of going concern in accordance with the authoritative guidance in ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has concluded that the Company has incurred significant operating losses and determined that the mandatory liquidation and subsequent dissolution, should the Company be unable to raise additional funds to meet its obligations and complete a Business Combination, raises substantial doubt about the Company’s ability to continue as a going concern. The Company has until June 28, 2023 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date without an extension to the acquisition period, there will be a mandatory liquidation and subsequent dissolution. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 28, 2023. ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant item subject to such estimates and assumptions includes the valuation of private warrants. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2022 and 2021. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The Company accounts for the 4,260,000 Marketable Securities Held in Trust Account As of December 31, 2022, $6,658,707 of the assets held in the Trust Account were held in money market funds, and consisted of U.S. Treasury securities carried at fair value. Gains and losses resulting from the change in fair value of investments held in Trust Account are accounted as interest income in the accompanying statement of income. Interest income for the years ended December 31, 2022 and 2021 amounted to $378,536 and $4,341, respectively. Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are subject to occurrence of uncertain future events and are considered to be outside of the Company’s control. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets. Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, Income Taxes ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of December 31, 2022 and 2021 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of ASC 260, Earnings Per Share The net income (loss) per share presented in the statement of income is based on the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Years Ended ​ ​ December 31, ​ 2022 2021 Net income ​ $ 611,525 ​ $ 1,345,808 Accretion of carrying value to redemption value ​ (1,614,948) ​ (800,004) Undistributed income (loss) ​ $ (1,003,423) ​ $ 545,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Redeemable ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ Ordinary ​ Non-Redeemable ​ Ordinary ​ Non-Redeemable ​ Share Ordinary Share Share Ordinary Share Basic and diluted net income (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerators: ​ ​ ​ ​ Allocation of undistributed income (loss) ​ $ (731,650) ​ $ (271,773) ​ $ 415,060 ​ $ 130,744 Accretion of carrying value to redemption value of redeemable shares ​ 1,614,948 ​ — ​ 800,004 ​ — Allocation of net income (loss) ​ $ 883,298 ​ $ (271,773) ​ $ 1,215,064 ​ $ 130,744 Denominators: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ 3,392,094 ​ 1,260,000 ​ 4,000,000 ​ 1,260,000 Basic and diluted net income (loss) per share ​ $ 0.26 ​ $ (0.22) ​ $ 0.30 ​ $ 0.10 ​ Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments ASC Topic 820 “ Fair Value Measurements and Disclosures The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820 approximates the carrying amounts represented in the balance sheet. The fair values of cash, and other current assets, accrued expenses, due to sponsor are estimated to approximate the carrying values as of December 31, 2022 and 2021, due to the short maturities of such instruments. Convertible notes The Company evaluates all convertible notes, to determine if such notes are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Reclassification of Prior Year Presentation Certain reclassifications have been made between accrued expenses and amount due to a related party, to conform to the current year presentation. The reclassifications did not impact previously reported total current liabilities, total liabilities, the net cash used in operating activities or net cash provided by financing activities. Recently Issued Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. The amendments are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING	12 Months Ended
	Dec. 31, 2022
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING	NOTE 3 - INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering on July 28, 2020, the Company sold 4,000,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one ordinary share and one redeemable warrant (“Public Warrant”). Each Public Warrant will entitle the holder to purchase one

PRIVATE PLACEMENT

PRIVATE PLACEMENT	12 Months Ended
	Dec. 31, 2022
PRIVATE PLACEMENT.
PRIVATE PLACEMENT	NOTE 4 - PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 260,000 Private Units at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,600,000. The proceeds from the Private Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. The Private Units are identical to the Units sold in the Initial Public Offering, except for the private warrants (“Private Warrants”), as described in Note 8. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Units and underlying securities will be worthless.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5 - RELATED PARTY TRANSACTIONS Founder Shares In December 2018, the Company received $25,000 for the anticipated issuance of 1,150,000 founder shares to the Sponsor. As of December 31, 2018, one founder share was issued to the Sponsor. The remaining 1,149,999 founder shares were issued to the Sponsor on February 21, 2019. The 1,150,000 founder shares included an aggregate of up to 150,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On September 10, 2020, the underwriter did not exercise their over-allotment option election, resulting in the forfeiture of 150,000 founder shares. Accordingly, there were 1,000,000 Founder Shares issued and outstanding The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until, with respect to 50% of the founder shares, the earlier of (i) six months after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination, with respect to the remaining 50% of the founder shares, upon six months after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Private placement Pursuant to the Initial Public Offering on July 28, 2020, the Sponsor purchased an aggregate of 260,000 Private Units at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,600,000. Each Unit consists of one ordinary share and one Private Warrant. Each Private Warrant will entitle the holder to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share. Administrative Services Arrangement The Company entered into an agreement whereby, commencing on July 24, 2020, through the earlier of the Company’s consummation of a Business Combination and its liquidation, the Company will pay the Sponsor a total of $10,000 per month for certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. For the year ended December 31, 2022 and 2021, the Company incurred $120,000 and $120,000 in fees for these services, respectively. These amounts were unpaid during the years. As of December 31, 2022 and 2021, the balances due to related parties were $290,000 and $170,000, respectively. Promissory Note Payable — Related Party On February 21, 2019, the Company issued a non-interest bearing, unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. On June 30, 2019, the Company amended the promissory note such that the Company may borrow up to an aggregate total principal amount of $500,000 (the “Promissory Note”) and on June 20, 2020, the Company further amended the Promissory Note such that the Promissory Note is payable on the earlier of (i) December 31, 2020 or (ii) the consummation of the Initial Public Offering. In connection with the Promissory Note, the Company converted $24,995 in advances as of December 31, 2018 into amounts outstanding under the Promissory Note. On July 28, 2020, the Company amended the Promissory Note such that it is payable upon the consummation of a Business Combination. On October 31, 2022, the Company further amended the promissory note such that the Company may borrow up to an aggregate total principal amount of $800,000. At December 31, 2022 and 2021, there was $745,504 and $393,808, respectively, outstanding under the Promissory Note. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Promissory Note but no proceeds held in the Trust Account would be used to repay the Promissory Note. Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,500,000 of notes may be converted upon consummation of a Business Combination into additional Private Units at a price of $10.00 per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of December 31, 2022 and 2021, there was no outstanding balance under the Working Capital Loans. Extension Loans Payable — Related Party As discussed in Note 1, the Company has extended twenty-three times the period of time to consummate a Business Combination until June 28, 2023. On each of July 27, 2021, August 27, 2021, September 27, 2021, October 27, 2021, November 27, 2021, December 27, 2021, January 27, 2022, February 27, 2022 and March 27, 2022, the Company obtained loan extension in an amount of $133,334 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until April 28, 2022. On each of April 27, 2022, May 27, 2022, June 27, 2022, July 27, 2022, August 27, 2022 and September 27, 2022, the Company obtained loan extension in an amount of $129,425 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until October 28, 2022. On each of October 27, 2022 and November 27, 2022, the Company obtained loan extension in an amount of $20,155 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until December 28, 2022. On each of January 4, 2023, January 31, 2023, February 28, 2023 and March 31, 2023, the Company obtained loan extension in an amount of $20,155 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until April 28, 2023. On each of April 30, 2023 and May 18, 2023, the Company obtained loan extension in an amount of $6,767 from the sponsor, total amounting to $2,111,017 pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until June 28, 2023. Any such payments would be made in the form of a loan. The notes would either be repaid upon consummation of a Business Combination, without interest. If the Company completes a Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination, the Company will not repay such loans. Furthermore, the letter agreement with the initial shareholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business Combination. As of December 31, 2022, the Company has extended seventeen times the period of time to consummate a Business Combination. The Company obtained loan extension from the Sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination. The Notes are non-interest bearing and is payable upon the closing of a business combination. As of December 31, 2022 and 2021, there were $2,016,863 and $800,004, respectively, outstanding under the note payable to related party in balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration rights agreement entered into on July 23, 2020, the holders of the founder shares, Private Units (and their underlying securities), the shares underlying the warrants underlying the unit purchase option issued to the underwriters and any Units that may be issued upon conversion of the Working Capital Loans (and underlying securities) are entitled to registration rights. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. Notwithstanding the foregoing, the underwriters may not exercise their demand and “piggyback” registration rights after five (5) and seven (7) years after the effective date of the registration statement and may not exercise their demand rights on more than one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters were paid a cash underwriting discount of two and one-half percent (2.5%) of the gross proceeds of the Initial Public Offering, or $1,000,000. The underwriters are entitled to a deferred fee of two and one-half percent (2.5%) of the gross proceeds of the Initial Public Offering, or $1,000,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

SHAREHOLDERS DEFICIT

SHAREHOLDERS DEFICIT	12 Months Ended
	Dec. 31, 2022
SHAREHOLDERS DEFICIT
SHAREHOLDERS DEFICIT	NOTE 7 - SHAREHOLDERS’ DEFICIT Preference Shares Ordinary Shares As of December 31, 2022, there were 1,260,000 ordinary shares issued and outstanding As of December 31, 2021, there were 1,260,000 ordinary shares issued Unit Purchase Option On July 28, 2020, the Company sold the underwriter (and/or its designees), for $100, an option to purchase up to 240,000 Units exercisable at $11.00 per Unit (or an aggregate exercise price of $2,640,000) commencing on the later of the consummation of a Business Combination and January 28, 2021. The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires five years from the effective date of the registration statement related to the Initial Public Offering. The Units issuable upon exercise of the option are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option as liability classification. The unit purchase option is valued based on the fair value of the Units. These amounts are below the exercise price of the unit purchase option therefore the probability of exercise is low resulting in a de minimus value for the unit purchase option. The option and such units purchased pursuant to the option, as well as the ordinary shares underlying such units, the warrants included in such units, and the shares underlying such warrants, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA’s NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following July 28, 2020 except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners. The option grants to holders demand and “piggy-back” rights for periods of five and seven years, respectively, from July 28, 2020 with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of ordinary shares at a price below its exercise price.

WARRANTS

WARRANTS	12 Months Ended
	Dec. 31, 2022
WARRANTS.
WARRANTS	NOTE 8 - WARRANTS Warrants Redemption of warrants when the price per share of ordinary shares equals or exceeds $16.50. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants (except with respect to the Private Placement Warrants): ● in whole and not in part, ● at a price of $0.01 per warrant, ● upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder, ● if, and only if, the reported last sale price of the ordinary shares equal or exceed $16.50 per share, (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30 -day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the ordinary shares during the 20 The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants and the ordinary shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions and the Private Warrants underlying the Private Units issued to the underwriter may not be exercised after five years from the effective date of the Initial Public Offering. Additionally, the Private Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. A summary of warrants as of December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ Number of Weighted ​ ​ shares ​ Average life Public warrants issued from the Company’s initial Public Offering in July 2020 ​ 4,000,000 ​ Private warrants issued from the Company’s private placement in July 2020 260,000 Balance of warrants outstanding as of December 31, 2022 and 2021 4,260,000 5 years ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9 - FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3 — Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following tables present information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2022 and 2021, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant Other ​ Significant Other ​ ​ ​ ​ ​ Quoted Prices In ​ Observable ​ Unobservable ​ ​ December 31, ​ Active Markets ​ Inputs ​ Inputs Description 2022 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Securities held in Trust Account* ​ $ 6,658,707 ​ $ 6,658,707 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Derivative warrant liabilities – Public warrants ​ $ 54,400 ​ $ 54,400 ​ $ — ​ $ — Derivative warrant liabilities – Private warrants ​ 8,734 ​ — ​ — ​ 8,734 Total fair value ​ $ 63,134 ​ $ 54,400 ​ $ — ​ $ 8,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices In ​ Significant Other ​ Significant Other ​ ​ ​ ​ ​ Active Markets ​ Observable Inputs ​ Unobservable Inputs Description December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Securities held in Trust Account* ​ $ 41,419,557 ​ $ 41,419,557 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Derivative warrant liabilities – Public warrants ​ $ 840,000 ​ $ 840,000 ​ $ — ​ $ — Derivative warrant liabilities – Private warrants ​ 110,000 ​ — ​ — ​ 110,000 Total fair value ​ $ 950,000 ​ $ 840,000 ​ $ — ​ $ 110,000 * included in marketable securities held in Trust Account on the Company’s balance sheets. The warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on our balance sheets. At December 31, 2022 and 2021, the fair value of Public Warrants was measured using quoted prices in an active market (Level 1) and the fair value of Private Warrants was measured using Black-Scholes model. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2022 and 2021. The key inputs into Black-Scholes model for the Private Warrants were as follows at their measurement dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 Input ​ ​ ​ ​ Share price ​ $ 10.76 ​ $ 10.35 ​ Risk-free interest rate ​ 3.98 % 1.20 % Volatility ​ 1.00 % 12 % Exercise price ​ $ 11.50 ​ $ 11.50 ​ Warrant life ​ 5 years ​ 5 years ​ ​ The following table presents the changes in the fair value of warrant liabilities for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Private Total ​ Warrants Warrants Warrants Fair Value at January 1, 2022 ​ $ 840,000 ​ $ 110,000 ​ $ 950,000 Change in fair value of public and private warrants ​ (785,600) ​ (101,266) ​ (886,866) Fair Value at December 31, 2022 ​ $ 54,400 ​ $ 8,734 ​ $ 63,134 ​ The following table presents the changes in the fair value of warrant liabilities for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public ​ Private ​ Total ​ Warrants Warrants Warrants Fair Value at January 1, 2021 ​ $ 2,740,000 ​ $ 190,000 ​ $ 2,930,000 Change in fair value of public and private warrants ​ ​ (1,900,000) ​ ​ (80,000) ​ ​ (1,980,000) Fair Value at December 31, 2021 ​ $ 840,000 ​ $ 110,000 ​ $ 950,000 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS In accordance with ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after the balance sheet date, up through the date was the Company issued the financial statements. On January 4, 2023, January 31, 2023, February 28, 2023 and March 31, 2023, the Company obtained extension loan in an amount of $20,155 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until April 28, 2023. On April 30, 2023 and May 18, 2023, the Company obtained extension loan in an amount of $6,767 from the sponsor, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until June 28, 2023. On April 25, 2023 the Company amended and restated memorandum and articles of association to extend the date by which the Company has to consummate a business combination six (6) times for an additional one (1) month each time from April 28, 2023 to October 28, 2023 by amending the Amended and Restated Memorandum and Articles of Association by deleting the existing Section 48.7 thereof and replacing them with the new Section 48.7. On April 25, 2023, 405,705 shares of common stock were presented for redemption in connection with the Extraordinary General Meeting.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC.
Emerging growth company	Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant item subject to such estimates and assumptions includes the valuation of private warrants. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2022 and 2021.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The Company accounts for the 4,260,000
Marketable Securities Held in Trust Account	Marketable Securities Held in Trust Account As of December 31, 2022, $6,658,707 of the assets held in the Trust Account were held in money market funds, and consisted of U.S. Treasury securities carried at fair value. Gains and losses resulting from the change in fair value of investments held in Trust Account are accounted as interest income in the accompanying statement of income. Interest income for the years ended December 31, 2022 and 2021 amounted to $378,536 and $4,341, respectively.
Ordinary Shares Subject to Possible Redemption	Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are subject to occurrence of uncertain future events and are considered to be outside of the Company’s control. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.
Income Taxes	Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, Income Taxes ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of December 31, 2022 and 2021 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.
Net Income (Loss) Per Ordinary Share	Net Income (Loss) Per Ordinary Share The Company complies with accounting and disclosure requirements of ASC 260, Earnings Per Share The net income (loss) per share presented in the statement of income is based on the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Years Ended ​ ​ December 31, ​ 2022 2021 Net income ​ $ 611,525 ​ $ 1,345,808 Accretion of carrying value to redemption value ​ (1,614,948) ​ (800,004) Undistributed income (loss) ​ $ (1,003,423) ​ $ 545,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Redeemable ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ Ordinary ​ Non-Redeemable ​ Ordinary ​ Non-Redeemable ​ Share Ordinary Share Share Ordinary Share Basic and diluted net income (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerators: ​ ​ ​ ​ Allocation of undistributed income (loss) ​ $ (731,650) ​ $ (271,773) ​ $ 415,060 ​ $ 130,744 Accretion of carrying value to redemption value of redeemable shares ​ 1,614,948 ​ — ​ 800,004 ​ — Allocation of net income (loss) ​ $ 883,298 ​ $ (271,773) ​ $ 1,215,064 ​ $ 130,744 Denominators: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ 3,392,094 ​ 1,260,000 ​ 4,000,000 ​ 1,260,000 Basic and diluted net income (loss) per share ​ $ 0.26 ​ $ (0.22) ​ $ 0.30 ​ $ 0.10 ​
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 820 “ Fair Value Measurements and Disclosures The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820 approximates the carrying amounts represented in the balance sheet. The fair values of cash, and other current assets, accrued expenses, due to sponsor are estimated to approximate the carrying values as of December 31, 2022 and 2021, due to the short maturities of such instruments.
Convertible notes	Convertible notes The Company evaluates all convertible notes, to determine if such notes are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation Certain reclassifications have been made between accrued expenses and amount due to a related party, to conform to the current year presentation. The reclassifications did not impact previously reported total current liabilities, total liabilities, the net cash used in operating activities or net cash provided by financing activities.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. The amendments are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Schedule of net income (loss) per share presented in the statement of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Years Ended ​ ​ December 31, ​ 2022 2021 Net income ​ $ 611,525 ​ $ 1,345,808 Accretion of carrying value to redemption value ​ (1,614,948) ​ (800,004) Undistributed income (loss) ​ $ (1,003,423) ​ $ 545,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Redeemable ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ Ordinary ​ Non-Redeemable ​ Ordinary ​ Non-Redeemable ​ Share Ordinary Share Share Ordinary Share Basic and diluted net income (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerators: ​ ​ ​ ​ Allocation of undistributed income (loss) ​ $ (731,650) ​ $ (271,773) ​ $ 415,060 ​ $ 130,744 Accretion of carrying value to redemption value of redeemable shares ​ 1,614,948 ​ — ​ 800,004 ​ — Allocation of net income (loss) ​ $ 883,298 ​ $ (271,773) ​ $ 1,215,064 ​ $ 130,744 Denominators: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ 3,392,094 ​ 1,260,000 ​ 4,000,000 ​ 1,260,000 Basic and diluted net income (loss) per share ​ $ 0.26 ​ $ (0.22) ​ $ 0.30 ​ $ 0.10 ​

WARRANTS (Tables)

WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2022
WARRANTS.
Summary of warrants activity	​ ​ ​ ​ ​ ​ ​ Number of Weighted ​ ​ shares ​ Average life Public warrants issued from the Company’s initial Public Offering in July 2020 ​ 4,000,000 ​ Private warrants issued from the Company’s private placement in July 2020 260,000 Balance of warrants outstanding as of December 31, 2022 and 2021 4,260,000 5 years

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Schedule of company's asset measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant Other ​ Significant Other ​ ​ ​ ​ ​ Quoted Prices In ​ Observable ​ Unobservable ​ ​ December 31, ​ Active Markets ​ Inputs ​ Inputs Description 2022 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Securities held in Trust Account* ​ $ 6,658,707 ​ $ 6,658,707 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Derivative warrant liabilities – Public warrants ​ $ 54,400 ​ $ 54,400 ​ $ — ​ $ — Derivative warrant liabilities – Private warrants ​ 8,734 ​ — ​ — ​ 8,734 Total fair value ​ $ 63,134 ​ $ 54,400 ​ $ — ​ $ 8,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices In ​ Significant Other ​ Significant Other ​ ​ ​ ​ ​ Active Markets ​ Observable Inputs ​ Unobservable Inputs Description December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Securities held in Trust Account* ​ $ 41,419,557 ​ $ 41,419,557 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Derivative warrant liabilities – Public warrants ​ $ 840,000 ​ $ 840,000 ​ $ — ​ $ — Derivative warrant liabilities – Private warrants ​ 110,000 ​ — ​ — ​ 110,000 Total fair value ​ $ 950,000 ​ $ 840,000 ​ $ — ​ $ 110,000 * included in marketable securities held in Trust Account on the Company’s balance sheets.
Schedule of initial measurement of key inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 Input ​ ​ ​ ​ Share price ​ $ 10.76 ​ $ 10.35 ​ Risk-free interest rate ​ 3.98 % 1.20 % Volatility ​ 1.00 % 12 % Exercise price ​ $ 11.50 ​ $ 11.50 ​ Warrant life ​ 5 years ​ 5 years ​ ​
Schedule of changes in the fair value of warrant liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Private Total ​ Warrants Warrants Warrants Fair Value at January 1, 2022 ​ $ 840,000 ​ $ 110,000 ​ $ 950,000 Change in fair value of public and private warrants ​ (785,600) ​ (101,266) ​ (886,866) Fair Value at December 31, 2022 ​ $ 54,400 ​ $ 8,734 ​ $ 63,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public ​ Private ​ Total ​ Warrants Warrants Warrants Fair Value at January 1, 2021 ​ $ 2,740,000 ​ $ 190,000 ​ $ 2,930,000 Change in fair value of public and private warrants ​ ​ (1,900,000) ​ ​ (80,000) ​ ​ (1,980,000) Fair Value at December 31, 2021 ​ $ 840,000 ​ $ 110,000 ​ $ 950,000

ORGANIZATION AND BUSINESS BAC_2

ORGANIZATION AND BUSINESS BACKGROUND (Details)																														12 Months Ended
	May 18, 2023 USD ($)	Apr. 30, 2023 USD ($)	Apr. 25, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jan. 04, 2023 USD ($)	Nov. 27, 2022 USD ($)	Oct. 28, 2022 USD ($) item $ / shares shares	Oct. 27, 2022 USD ($)	Sep. 27, 2022 USD ($)	Aug. 27, 2022 USD ($)	Jul. 27, 2022 USD ($)	Jun. 27, 2022 USD ($)	May 27, 2022 USD ($)	Apr. 27, 2022 USD ($)	Apr. 20, 2022 USD ($) item $ / shares shares	Mar. 27, 2022 USD ($)	Feb. 27, 2022 USD ($)	Jan. 27, 2022 USD ($)	Dec. 27, 2021 USD ($)	Nov. 27, 2021 USD ($)	Oct. 27, 2021 USD ($)	Sep. 27, 2021 USD ($)	Aug. 27, 2021 USD ($)	Jul. 27, 2021 USD ($)	Jul. 28, 2020 USD ($) $ / shares shares	Jun. 28, 2020 $ / shares shares	Feb. 21, 2019 $ / shares shares	Dec. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2018 shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Condition for future business combination number of businesses minimum | item																														1
Deferred underwriting fee																														$ 1,000,000	$ 1,000,000
Maximum maturity term of investments																														180 days
Maximum period of time failure to consummate business combination from closing of public offering																														39 months
Cash																														$ 6,918	$ 61,773
Marketable securities held in Trust Account			$ 2,292,209.07						$ 6,555,395.97								$ 41,008,428.63
Working capital deficit																														$ 3,211,147
Maximum threshold business days to redeem outstanding public shares																														10 days
Business combination limit on net tangible assets																														$ 5,000,001
Share redemption (as a percent)																														15%
Threshold period from closing of public offering entity is obligated to complete business combination																														12 months
Extension period of time to consummate a Business Combination																														39 months
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination																														100%
Operating bank accounts																														$ 6,918
Dissolution expenses																														$ 50,000
Common stock, par or stated value per share | $ / shares																													$ 0.0001	$ 0.0001	$ 0.0001
Related party transaction, Amount deposited into trust account by sponsor																														$ 1,216,859	$ 800,004
Number of monthly extensions approved | item									6								6
Holders of number of ordinary shares who exercised their right to redeem shares | shares			405,705						3,311,198								78,050
Redemption price | $ / shares			$ 11.18						$ 10.73								$ 10.46
Aggregate redemption amount			$ 4,535,353.71						$ 35,540,143.87								$ 816,101.13
Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redemption price per share | $ / shares																														$ 0.30
Sponsor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of common stock issued (in shares) | shares																													1,149,999			1
Shares issued price per share | $ / shares																														$ 10.15
Fair value on assets held In trust (as a percent)																														80%
Proceeds from sponsor deposited into the Trust Account	$ 6,767	$ 6,767		$ 20,155	$ 20,155	$ 20,155	$ 20,155	$ 20,155		$ 20,155	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 129,425		$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334				$ 2,016,863
Redemption price per share | $ / shares																														$ 10.15
IPO
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of common stock issued (in shares) | shares																											4,000,000
Exercise price of warrants or rights | $ / shares																											$ 11.50
Transaction cost																											$ 2,646,665
Underwriting fees																											1,000,000
Deferred underwriting fee																											1,000,000
Other offering costs																											$ 646,665
Shares issued price per share | $ / shares																											$ 10			$ 10
Number of targeted business | item																														1
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination																														50
Number of ordinary shares per unit | shares																											1
Warrants exercise ratio | shares																											0.5
IPO | Sponsor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of warrants issued (in shares) | shares																											260,000
Exercise price of warrants or rights | $ / shares																											$ 10
Gross proceeds from issuance of warrants																											$ 42,600,000
Private placement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of common stock issued (in shares) | shares																												260,000		260,000
Proceeds from issuance IPO																											$ 40,600,000
Exercise price of warrants or rights | $ / shares																												$ 11.50
Shares issued price per share | $ / shares																												$ 10		$ 10

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Marketable securities held in Trust Account	$ 6,658,707	$ 41,419,557
Dividend income	378,536	4,341
Unrecognized Tax Benefits	0	0
Unrecognized tax benefits, interest and penalty accrued	0	$ 0
Tax provision	$ 0
IPO
Significant Accounting Policies [Line Items]
Warrants issued	42,600,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Summary of net loss per share presented in the statement of operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Anti-dilutive securities attributable to warrants (in shares)	2,130,000
Numerators:
Net income (loss)	$ 611,525	$ 1,345,808
Accretion of carrying value to redemption value	(1,614,948)	(800,004)
Undistributed income (loss)	(1,003,423)	545,804
Redeemable Ordinary shares
Numerators:
Accretion of carrying value to redemption value	1,614,948	800,004
Allocation of undistributed income (loss)	(731,650)	415,060
Allocation of net income (loss)	883,298	1,215,064
Non-Redeemable Ordinary shares
Numerators:
Allocation of undistributed income (loss)	(271,773)	130,744
Allocation of net income (loss)	$ (271,773)	$ 130,744
Ordinary share subject to redemption
Denominators:
Basic weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	3,392,094	4,000,000
Diluted weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	3,392,094	4,000,000
Basic net income (loss) per ordinary share	$ 0.26	$ 0.30
Diluted net income (loss) per ordinary share	$ 0.26	$ 0.30
Ordinary share not subject to redemption
Denominators:
Basic weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	1,260,000	1,260,000
Diluted weighted average shares outstanding, ordinary shares attributable to Greencity Acquisition Corporation	1,260,000	1,260,000
Basic net income (loss) per ordinary share	$ (0.22)	$ 0.10
Diluted net income (loss) per ordinary share	$ (0.22)	$ 0.10

INITIAL PUBLIC OFFERING - Addit

INITIAL PUBLIC OFFERING - Additional Information (Details) - IPO - $ / shares	Jul. 28, 2020	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares (in Shares)	4,000,000
Unit price	$ 10	$ 10
Number of ordinary shares per unit	1
Number of public warrants per unit	1
Warrants exercise ratio	0.5
Warrants exercise price	$ 11.50

PRIVATE PLACEMENT - Additional

PRIVATE PLACEMENT - Additional Information (Details) - Private placement - USD ($)		12 Months Ended
	Jun. 28, 2020	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued (in shares)	260,000	260,000
Aggregate purchase price	$ 2,600,000	$ 2,600,000
Shares issued price per share	$ 10	$ 10

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)																											1 Months Ended		3 Months Ended	12 Months Ended
	May 18, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Jan. 04, 2023	Nov. 27, 2022	Oct. 27, 2022	Sep. 27, 2022	Aug. 27, 2022	Jul. 27, 2022	Jun. 27, 2022	May 27, 2022	Apr. 27, 2022	Mar. 27, 2022	Feb. 27, 2022	Jan. 27, 2022	Dec. 27, 2021	Nov. 27, 2021	Oct. 27, 2021	Sep. 27, 2021	Aug. 27, 2021	Jul. 27, 2021	Sep. 10, 2020	Jun. 28, 2020	Feb. 21, 2019	Dec. 31, 2022	Dec. 31, 2018	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2023	Dec. 31, 2019	Jun. 30, 2019
RELATED PARTY TRANSACTIONS
Common stock, shares, issued																											1,260,000			1,260,000	1,260,000
Common stock, shares, outstanding																											1,260,000			1,260,000	1,260,000		1,260,000
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination																												30 days
Proceed held in trust account																											$ 0			$ 0
General and administrative services expense per month																														10,000
Related party transaction, converted notes upon consummation of a business combination																														$ 2,500,000
Related party transaction, converted notes price per share upon consummation of a business combination																														$ 10
Related party transaction general and administrative services expenses																														$ 120,000	$ 120,000
Amount due to related party																											290,000			290,000	170,000
Aggregate total principal amount																											800,000			$ 800,000
Related party transaction, extension period of time to consummate a business combination																														39 months
Related Party Loans
RELATED PARTY TRANSACTIONS
Proceed held in trust account																											$ 0			$ 0
Private placement
RELATED PARTY TRANSACTIONS
Number of common stock issued (in shares)																									260,000					260,000
Shares issued price per share																									$ 10		$ 10			$ 10
Aggregate purchase price																									$ 2,600,000					$ 2,600,000
Exercise price of warrants or rights																									$ 11.50
Sponsor
RELATED PARTY TRANSACTIONS
Proceeds from issuance of shares																												$ 25,000
Anticipated issuance of founder shares to the Sponsor																												1,150,000
Number of common stock issued (in shares)																										1,149,999						1
Shares issued price per share																											$ 10.15			$ 10.15
Weighted average number of shares, common stock subject to forfeiture																								150,000				150,000
Shares owned by sponsor (in percentage)																												20%
Common stock, shares, issued																								1,000,000
Common stock, shares, outstanding																								1,000,000
Percentage of shares agreed not to transfer, assign or sell																												50%
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share)																												$ 12.50
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination																												20 days
Percentage of transfer of remaining founder shares based on certain exceptions																												50%
Proceeds from sponsor deposited into the Trust Account	$ 6,767	$ 6,767	$ 20,155	$ 20,155	$ 20,155	$ 20,155	$ 20,155	$ 20,155	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334							$ 2,016,863
Sponsor | Extension Loans Payable - Related Party
RELATED PARTY TRANSACTIONS
Proceeds from sponsor deposited into the Trust Account	$ 6,767	$ 6,767					$ 20,155	$ 20,155	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 129,425	$ 129,425			$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334	$ 133,334				$ 2,111,017		$ 20,155	2,016,863	800,004
Unsecured promissory note
RELATED PARTY TRANSACTIONS
Due to related parties																															$ 393,808
Borrowings principal amount																										$ 300,000
Amount due to related party																											$ 745,504			$ 745,504
Unsecured promissory note | Maximum
RELATED PARTY TRANSACTIONS
Borrowings principal amount																																			$ 500,000
Unsecured promissory note | Sponsor
RELATED PARTY TRANSACTIONS
Amount due to related party																																		$ 24,995

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional information (Details) - Underwriting Agreement	12 Months Ended
	Dec. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Underwriter commission (in percentage)	2.50%
Proceeds from issuance of shares to underwriters	$ 1,000,000

SHAREHOLDERS DEFICIT (Details)

SHAREHOLDERS DEFICIT (Details)		12 Months Ended
	Jul. 28, 2020 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 21, 2019 $ / shares shares
WARRANTS
Preferred stock, shares authorized		1,000,000		1,000,000	1,000,000
Preferred stock, par or stated value per share | $ / shares		$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares issued		0		0
Preferred stock, shares outstanding		0		0
Common stock, shares authorized		100,000,000		100,000,000	100,000,000
Common stock, par or stated value per share | $ / shares		$ 0.0001		$ 0.0001	$ 0.0001
Ordinary shares subject to possible redemption, shares		610,752		4,000,000
Number of votes per share | Vote		1
Common stock, shares, issued		1,260,000		1,260,000
Common stock, shares, outstanding		1,260,000	1,260,000	1,260,000
Common stock value | $		$ 126		$ 126
Unit Purchase Option
WARRANTS
Common stock, shares, issued	240,000
Unit price | $ / shares	$ 11
Underwriter commission | $	$ 100
Common stock value | $	$ 2,640,000
Expired period effective date of registration period of the initial public offering	5 years

WARRANTS - Warrants activity (D

WARRANTS - Warrants activity (Details)	Dec. 31, 2022 USD ($)
WARRANTS
Number of shares	$ 4,260,000
Weighted average life	5 years
Public warrants
WARRANTS
Number of shares	$ 4,000,000
Private warrants
WARRANTS
Number of shares	$ 260,000

WARRANTS - Additional informati

WARRANTS - Additional information (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares
WARRANTS
Warrants redemption price	$ 0.01
Sale price of the ordinary shares	$ 16.50
Weighted average life	5 years
Maximum
WARRANTS
Written notice of redemption to each public warrant holder	30 days
Minimum
WARRANTS
Written notice of redemption to each public warrant holder	20 days
Closing of business combination
WARRANTS
Unit price	$ 9.20
Percentage of gross proceeds on additional issuance of shares	60%
Period in private warrants	30 days
Closing of business combination | Market value below $ 9.20
WARRANTS
Exercise price of the warrants will be adjusted of the higher of the market value (in percentage)	115%
Closing of business combination | Market value $ 16.50
WARRANTS
Exercise price of the warrants will be adjusted of the higher of the market value (in percentage)	165%
Warrants
WARRANTS
Effective date of the registration	12 months
Maximum threshold period for registration statement to become effective after business combination	60 days
Sale price of the ordinary shares	$ 16.50
Weighted average life	5 years
Warrants | Market value $ 16.50
WARRANTS
Sale price of the ordinary shares	$ 16.50
Threshold consecutive trading days for redemption of public warrants	30 months
Warrants | Closing of business combination
WARRANTS
Weighted average life	5 years
Threshold trading days for redemption of public warrants	20 days
Warrants | Maximum | Market value $ 16.50
WARRANTS
Threshold consecutive trading days for redemption of public warrants	30 days

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair value on a recurring basis (Details) - USD ($)	Apr. 25, 2023	Dec. 31, 2022	Oct. 28, 2022	Apr. 20, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Assets held in Trust Account	$ 2,292,209.07		$ 6,555,395.97	$ 41,008,428.63
Warrant liabilities		$ 63,134			$ 950,000
Recurring
FAIR VALUE MEASUREMENTS
Warrant liabilities		63,134			950,000
Recurring | Public warrants
FAIR VALUE MEASUREMENTS
Warrant liabilities		54,400			840,000
Recurring | Private warrants
FAIR VALUE MEASUREMENTS
Warrant liabilities		8,734			110,000
Recurring | Level 1
FAIR VALUE MEASUREMENTS
Warrant liabilities		54,400			840,000
Recurring | Level 1 | Public warrants
FAIR VALUE MEASUREMENTS
Warrant liabilities		54,400			840,000
Recurring | Level 3
FAIR VALUE MEASUREMENTS
Warrant liabilities		8,734			110,000
Recurring | Level 3 | Private warrants
FAIR VALUE MEASUREMENTS
Warrant liabilities		8,734			110,000
Recurring | U.S. Treasury Securities
FAIR VALUE MEASUREMENTS
Assets held in Trust Account		6,658,707			41,419,557
Recurring | U.S. Treasury Securities | Level 1
FAIR VALUE MEASUREMENTS
Assets held in Trust Account		$ 6,658,707			$ 41,419,557

FAIR VALUE MEASUREMENTS - Initi

FAIR VALUE MEASUREMENTS - Initial measurement (Details)	Dec. 31, 2022 $ / shares Y	Dec. 31, 2021 Y $ / shares
Share price
FAIR VALUE MEASUREMENTS
Input	10.76	10.35
Risk-free interest rate
FAIR VALUE MEASUREMENTS
Input	0.0398	0.0120
Volatility
FAIR VALUE MEASUREMENTS
Input	0.0100	0.12
Exercise price
FAIR VALUE MEASUREMENTS
Input	11.50	11.50
Warrant life
FAIR VALUE MEASUREMENTS
Input | Y	5	5

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in the fair value of the warrant liability (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Fair Value at Beginning	$ 950,000	$ 2,930,000
Change in fair value of public and private warrants	(886,866)	(1,980,000)
Fair Value at Ending	$ 63,134	$ 950,000
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants	Fair Value Adjustment of Warrants
Public warrants
FAIR VALUE MEASUREMENTS
Fair Value at Beginning	$ 840,000	$ 2,740,000
Change in fair value of public and private warrants	(785,600)	(1,900,000)
Fair Value at Ending	54,400	840,000
Private warrants
FAIR VALUE MEASUREMENTS
Fair Value at Beginning	110,000	190,000
Change in fair value of public and private warrants	(101,266)	(80,000)
Fair Value at Ending	$ 8,734	$ 110,000

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
FAIR VALUE MEASUREMENTS
Transfers between Levels 1, 2 or 3	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event	May 18, 2023 USD ($)	Apr. 30, 2023 USD ($)	Apr. 25, 2023 item shares	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jan. 04, 2023 USD ($)
SUBSEQUENT EVENTS
Extended number of times to consummate the business combination | item			6
Extended to consummate a business combination each time			1 month
Redemption of common shares | shares			405,705
Unsecured promissory note | Sponsor
SUBSEQUENT EVENTS
Proceeds from issuance of promissory note deposited in Trust Account by a founder-shareholder | $	$ 6,767	$ 6,767		$ 20,155	$ 20,155	$ 20,155	$ 20,155