Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | GOLDENBRIDGE ACQUISITION LIMITED | ||
Trading Symbol | GBRG | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 7,566,250 | ||
Entity Public Float | $ 57,040,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001822792 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-40132 | ||
Entity Incorporation, State or Country Code | D8 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line One | 15/F, Aubin House | ||
Entity Address, Address Line Two | 171-172 Gloucester Road | ||
Entity Address, City or Town | Wanchai | ||
Entity Address, Country | HK | ||
Entity Address, Postal Zip Code | N/A | ||
City Area Code | (86) | ||
Local Phone Number | 186-0217-2929 | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Ordinary Shares | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 711 | ||
Auditor Name | Friedman LLP | ||
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 110,643 | $ 754,440 |
Prepayments | 134,139 | |
Total current assets | 110,643 | 888,579 |
Cash and investments held in trust account | 58,754,548 | 57,499,151 |
TOTAL ASSETS | 58,865,191 | 58,387,730 |
Current liabilities: | ||
Accrued liabilities and other payable | 80,000 | 77,500 |
Note payable – related party | 575,000 | |
Amount due to a related party | 9,981 | 9,981 |
Total current liabilities | 664,981 | 87,481 |
Warrant liabilities | 840,000 | 740,000 |
Deferred underwriting compensation | 2,012,500 | 2,012,500 |
TOTAL LIABILITIES | 3,517,481 | 2,839,981 |
Commitments and contingencies | ||
Ordinary shares, subject to possible redemption: 5,750,000 shares as of June 30, 2022 and 2021 (at redemption value of $10.22 and $10.00 per share, respectively) | 58,754,548 | 57,500,000 |
Shareholders’ deficit: | ||
Ordinary shares; no par value; unlimited shares authorized; 1,816,250 shares issued and outstanding as of June 30, 2022 and 2021, respectively | 2,755,000 | 2,755,000 |
Accumulated deficit | (6,244,236) | (4,703,585) |
Accumulated other comprehensive income (loss) | 82,398 | (3,666) |
Total shareholders’ deficit | (3,406,838) | (1,952,251) |
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT | $ 58,865,191 | $ 58,387,730 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Financial Position [Abstract] | ||
Ordinary shares, subject to redemption | 5,750,000 | 5,750,000 |
Redemption value, per share (in Dollars per share) | $ 10.22 | $ 10 |
Ordinary shares, par value (in Dollars per share) | ||
Ordinary shares, shares authorized | Unlimited | Unlimited |
Ordinary shares, shares issued | 1,816,250 | 1,816,250 |
Ordinary shares, shares outstanding | 1,816,250 | 1,816,250 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Conprehensive Loss - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Formation, general and administrative expenses | $ (1,106,154) | $ (852,566) |
Total operating expenses | (1,106,154) | (852,566) |
Other income (expense): | ||
Interest income | 20,071 | 3,200 |
Change in fair value of warrant liabilities | (100,000) | 30,000 |
Other income | 899,980 | |
Total other income, net | 820,051 | 33,200 |
Loss before income taxes | (286,103) | (819,366) |
Income taxes | ||
NET LOSS | (286,103) | (819,366) |
Other comprehensive income (loss): | ||
Net change in unrealized gain (loss) on available-for-sale securities | 86,064 | (3,666) |
COMPREHENSIVE LOSS | $ (200,039) | $ (823,032) |
Ordinary Shares Subject to Possible Redemption | ||
Other comprehensive income (loss): | ||
Basic and diluted weighted average shares outstanding (in Shares) | 5,750,000 | 1,843,579 |
Basic and diluted net income per share (in Dollars per share) | $ 0.01 | $ 0.87 |
Goldenbridge Acquisition Limited | ||
Other comprehensive income (loss): | ||
Basic and diluted weighted average shares outstanding (in Shares) | 1,816,250 | 1,555,290 |
Basic and diluted net income per share (in Dollars per share) | $ (0.2) | $ (1.56) |
Consolidated Statements Of Op_2
Consolidated Statements Of Operations and Conprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Ordinary Shares Subject to Possible Redemption | ||
Basic and diluted weighted average shares outstanding | 5,750,000 | 1,843,579 |
Basic and diluted net income per share | $ 0.01 | $ 0.87 |
Goldenbridge Acquisition Limited | ||
Basic and diluted weighted average shares outstanding | 1,816,250 | 1,555,290 |
Basic and diluted net income per share | $ (0.20) | $ (1.56) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders’ Deficit - USD ($) | Ordinary shares | Accumulated other comprehensive (loss) income | Accumulated deficit | Total |
Balance at Jun. 30, 2020 | $ 25,000 | $ (34,625) | $ (9,625) | |
Balance (in Shares) at Jun. 30, 2020 | 1,437,500 | |||
Sale of units in initial public offering | $ 53,650,306 | 53,650,306 | ||
Sale of units in initial public offering (in Shares) | 5,750,000 | |||
Sale of units to the founder in private placement | $ 2,730,000 | 2,730,000 | ||
Sale of units to the founder in private placement (in Shares) | 350,000 | |||
Sale of unit purchase option | $ 100 | 100 | ||
Issue of representative share | ||||
Issue of representative share (in Shares) | 28,750 | |||
Initial classification of ordinary shares subject to possible redemption | $ (56,818,181) | (56,818,181) | ||
Initial classification of ordinary shares subject to possible redemption (in Shares) | (5,750,000) | |||
Allocation of offering costs to ordinary shares subject to possible redemption | $ 3,804,045 | 3,804,045 | ||
Accretion of carrying value to redemption value | (636,270) | (3,849,594) | (4,485,864) | |
Unrealized holding loss on available-for-sales securities | (3,666) | (3,666) | ||
Net loss | (819,366) | (819,366) | ||
Balance at Jun. 30, 2021 | $ 2,755,000 | (3,666) | (4,703,585) | (1,952,251) |
Balance (in Shares) at Jun. 30, 2021 | 1,816,250 | |||
Unrealized holding gain on available-for-sales securities | 105,349 | 105,349 | ||
Realized holding gain on available-for-sales securities | (19,285) | (19,285) | ||
Accretion of carrying value to redemption value | (1,254,548) | (1,254,548) | ||
Net loss | (286,103) | (286,103) | ||
Balance at Jun. 30, 2022 | $ 2,755,000 | $ 82,398 | $ (6,244,236) | $ (3,406,838) |
Balance (in Shares) at Jun. 30, 2022 | 1,816,250 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (286,103) | $ (819,366) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of warrant liabilities | 100,000 | (30,000) |
Interest income earned in cash and investments held in trust account | (19,333) | (2,817) |
Gain on extinguishment of liabilities due to termination of promissory note | (575,000) | |
Change in operating assets and liabilities: | ||
(Increase) decrease in prepayment | 134,139 | (134,139) |
Increase in accrued liabilities and other payable | 2,500 | 71,090 |
Net cash used in operating activities | (643,797) | (915,232) |
Cash flows from investing activities | ||
Proceeds deposited in Trust Account | (57,500,000) | |
Net cash used in investing activities | (57,500,000) | |
Cash flows from financing activities | ||
Proceeds from sale of unit purchase option | 100 | |
Proceeds from public offering, net of offering expenses | 55,662,806 | |
Proceeds from private placements | 3,500,000 | |
Repayments to a related party, net | (69,551) | |
Net cash provided by financing activities | 59,093,355 | |
NET CHANGE IN CASH | (643,797) | 678,123 |
Cash, beginning of year | 754,440 | 76,317 |
Cash, end of year | 110,643 | 754,440 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||
Initial classification of ordinary shares subject to possible redemption | 56,818,181 | |
Allocation of offering costs to ordinary shares subject to possible redemption | 3,804,045 | |
Accretion of carrying value to redemption value | (1,254,548) | (4,485,864) |
Accrued underwriting compensation | 2,012,500 | |
Unrealized holding gain (loss) on available-for-sales securities | 82,398 | (3,666) |
Initial recognition of warrant liabilities | 770,000 | |
Proceeds of promissory notes deposited in Trust Account | $ 1,150,000 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND Goldenbridge Acquisition Limited (“Goldenbridge” the “Company” or “we”, “us” and “our”) is a newly organized blank check company incorporated on August 12, 2019, under the laws of the British Virgin Islands for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, 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 opportunities in the artificial intelligence and any other related technology innovations market in North America. CVS X Limited (“CVSX”) is a company incorporated on May 11, 2021, under the laws of the Cayman Island for the purpose of effecting the Business Combination. CVSX is wholly owned by Goldenbridge. Smart CVS Limited (“SCL”, or together with CVSX, “the subsidiaries”) is a company incorporated on May 21, 2021, under the laws of the Cayman Island for the purpose of effecting the Business Combination. SCL is wholly owned by CVSX. SunCar Technology Group Inc., (formerly known as AgiiPlus Global Inc.) (“PubCo”) is a company incorporated in the Cayman Islands for the purpose of effecting the Business Combination and to serve as the vehicle for, and be subsumed by, AgiiPlus Inc., pursuant to the Acquisition Merger. PubCo is wholly owned by the Goldenbridge. SunCar Technology Global Inc., (formerly known as AgiiPlus Corporation Inc.) (“Merger Sub”) is a company incorporated in the Cayman Islands for the purpose of effecting the Business Combination and to serve as the vehicle for, and be subsumed by, AgiiPlus Inc., pursuant to the Acquisition Merger. Merger Sub is wholly owned by the PubCo. On September 30, 2021, the Company entered into a definitive agreement or non-binding letter of intent to acquire a company, AgiiPlus Inc., (“AgiiPlus”). The aggregate consideration to be paid to AgiiPlus shareholders for the Acquisition Merger is $520 million, payable in the form of a number of newly issued Purchaser Ordinary Shares (the “Closing Payment Shares”) valued at the $10.00 per share. Under the Merger Agreement, 1,000,000 shares of the Closing Payment Shares (“Escrow Shares”) to be issued will be held in escrow for a period of 6 months after the closing to satisfy indemnification obligations. AgiipPlus agreed to pay $100,000 initial deposit to the Company for execution. On May 2, 2022, the Company, AgiiPlus Inc. and AgiiPlus Inc.’s shareholders (the “Parties”) entered into a Termination and Fee Agreement (the “Termination Agreement”). Pursuant to the Termination Agreement, the Parties agreed to mutually terminate the Merger Agreement, subject to the representations, warranties, conditions and covenants set forth in the Termination Agreement. In conjunction with the termination of the Merger Agreement, the Additional Agreements (as defined in the Merger Agreement) (including the Shareholder Supporting Agreements) have also been terminated in accordance with their respective terms as of May 2, 2022, the Termination Date. The Termination Agreement provides that as a reimbursement of certain expenses incurred by the Company in connection with the Merger Agreement and pursuing a transaction with AgiiPlus, and in consideration of the representations, warranties, covenants and agreements contained therein, AgiiPlus shall pay to the Company an amount of $150,000 within fifteen (15) business days of the Termination Date. The amount was settled on May 16, 2022 and treated as sundry income during the year ended June 30, 2022. On May 23, 2022, the Company entered into a definitive agreement or plan of merger of intent to merge with Auto Services Group Limited (“SunCar”). Upon the closing of the transactions contemplated by the Agreement, the Company will merge with and into the PubCo, resulting in all the Company’s shareholders becoming shareholders of the Pub Co. Concurrently therewith, Merger Sub will merge with and into SunCar, resulting in the Pub Co acquiring 100% of the issued and outstanding equity securities of SunCar (the “Acquisition Merger”). As of June 30, 2022, the Company had not commenced any operations. All activities through June 30, 2022 relate to the Company’s formation, completion of its initial public offering as described below, as well as negotiation and consummation of the proposed business combination with PubCo. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering, which proceeds are held in trust. Financing The registration statement for the Company’s initial public offering (the “Public Offering” as described in Note 4) was declared effective by the United States Securities and Exchange Commission (“SEC”) on March 1, 2021. The Company consummated the Public Offering on March 4, 2021 of 5,000,000 units at $10.00 per unit (the “Public Units’). Subsequently, on March 9, 2021, the underwriters exercised the option in full of 750,000 units at a price of $10.00 per unit. Concurrently with the Public Offering, the Company sold to Cross Wealth Investment Holding Limited (the “Sponsor”) 350,000 private units at a price of $10.00 per unit and sold to Maxim Group LLC for $100 an option to purchase 287,500 units at an exercise price of $11.50 per unit. The Company received net proceeds of approximately $59,162,906 (which includes deferred underwriting commissions of $2,012,500). Transaction costs amounted to $1,837,194, consisting of $1,437,500 of underwriter’s fees and $399,694 of other offering costs. Trust Account Upon the closing of the Public Offering and the private placement, $57,500,000 was placed in a trust account (the “Trust Account”) with Continental Stock Transfer & Trust Company, LLC acting as trustee. The funds held in the Trust Account can be invested in United States government treasury bills, bonds or notes, having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act until the earlier of (i) the consummation of the Company’s initial business combination within the required time period and (ii) the redemption of 100% of the outstanding public shares if the Company has not completed an initial business combination in the required time period. 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. Business Combination Pursuant to Nasdaq listing rules, the Company’s initial business combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust Account (excluding any deferred underwriter’s fees and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for our initial business combination, although the Company may structure a business combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test. The Company currently anticipates structuring a business combination to acquire 100% of the equity interests or assets of the target business or businesses. The Company may, however, structure a business combination where the Company merges directly with the target business or where the Company acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons, but the Company will only complete such business combination if the post-transaction company owns 50% or more of the outstanding voting securities of the target or otherwise owns a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% test. The Company will either seek shareholder approval of any business combination at a meeting called for such purpose at which shareholders may seek to convert their shares into their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid, or provide shareholders with the opportunity to sell their shares to the Company by means of a tender offer for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid. These shares have been recorded at redemption value and are classified as temporary equity, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. The Company will proceed with a business combination only if it will have net tangible assets of at least $5,000,001 upon consummation of the business combination and, solely if shareholder approval is sought, a majority of the outstanding ordinary shares of the Company voted are voted in favor of the business combination. In connection with any shareholder vote required to approve any business combination, the Initial Shareholders have agreed (i) to vote any of their respective shares, including the ordinary shares sold to the Initial Shareholders in connection with the organization of the Company, ordinary shares included in the Private Units sold in the Private Placement, and any ordinary shares which were initially issued in connection with the Public Offering, whether acquired in or after the effective date of the IPO, in favor of the initial business combination and (ii) not to convert such respective shares into a pro rata portion of the Trust Account or seek to sell their shares in connection with any tender offer the Company engages in. Liquidation and going concern If the Company does not complete a business combination within 12 months from the consummation of the Public Offering, it 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 the Company’s shareholders to commence such a voluntary winding up, dissolution and liquidation. However, if the Company anticipates that the Company may not be able to consummate its initial business combination within 12 months, the Company may, but is not obligated to, extend the period of time to consummate a business combination three times by an additional three months each time (for a total of up to 21 months to complete a business combination). Pursuant to the terms of the amended and restated memorandum and articles of association and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, LLC on the effective date of the Registration Statement, in order to extend the time available for the Company to consummate the initial business combination, the Company’s insiders or their affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $575,000 ($0.10 per share), on or prior to the date of the applicable deadline. The insiders will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that the Company is unable to close a business combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of the Company’s initial business combination, or, at the lender’s discretion, converted upon consummation of the business combination into additional private units at a price of $10.00 per unit. The Company’s shareholders have approved the issuance of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of the Company’s initial business combination. In the event that the Company receives notice from the Company’s insiders five days prior to the applicable deadline of their intent to effect an extension, the Company intends to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition, the Company intends to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited. The Company’s insiders and their affiliates or designees are not obligated to fund the trust account to extend the time for the Company to complete the initial business combination. To the extent that some, but not all, of the Company’s insiders, decide to extend the period of time to consummate the Company initial business combination, such insiders (or their affiliates or designees) may deposit the entire amount required. If the Company is unable to consummate the Company’s initial business combination within such time period, the Company will, as promptly as possible but not more than ten business days thereafter, redeem 100% of the Company’s outstanding public shares for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds held in the trust account and not necessary to pay taxes, and then seek to liquidate and dissolve. However, the Company may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of the Company’s public shareholders. In the event of dissolution and liquidation, the public rights will expire and will be worthless. 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. These conditions raise substantial doubt about the Company’s ability to continue as a going concern if a Business Combination is not consummated by December 4, 2022. These audited consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES ● Basis of presentation These accompanying consolidated financial statements have been prepared in U.S. Dollars in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the consolidated financial position, and the results of its consolidated operations and its consolidated cash flows. ● Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: Name Background Ownership CVS X Limited (“CVSX”) A Cayman Island company Incorporated on May 11, 2021 100% Owned by Goldenbridge Smart CVS Limited (“SCL”) A Cayman Island company Incorporated on May 21, 2021 100% Owned by CVSX SunCar Technology Group Inc. (formerly known as AgiiPlus Global Inc.) (“PubCo”) A Cayman Island company Incorporated on August 6, 2021 100% Owned by Goldenbridge SunCar Technology Global Inc. (formerly known as AgiiPlus Corporation Inc.) (“Merger Sub”) A Cayman Island company Incorporated on August 25, 2021 100% Owned by PubCo ● 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 consolidated financial statements 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 In preparing these consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported expenses during the reporting period. 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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results may differ from these estimates. ● Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and 2021. ● Cash and investments held in Trust Account At June 30, 2022 and 2021, the assets held in the Trust Account are held in cash and US Treasury securities. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All marketable securities are recorded at their estimated fair value. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive income. The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. Impairments are considered other than temporary if they are related to deterioration in credit risk or if it is likely the Company will sell the securities before the recovery of the cost basis. Realized gains and losses and declines in value determined to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations and comprehensive income (loss). ● 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”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “ 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 fair value of the Private Warrants was estimated using a Black-Scholes model (see Note 9). ● Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) 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 considered to be outside of the Company’s control. Accordingly, at June 30, 2022 and 2021, 5,750,000 and 5,750,000 ordinary shares subject to possible redemption, respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s consolidated balance sheets. ● Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “ Expenses of Offering ● 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 cash equivalents, and other current assets, accrued expenses, due to sponsor are estimated to approximate the carrying values as of June 30, 2022 due to the short maturities of such instruments. See Note 9 for the disclosure of the Company’s assets and liabilities that were measured at fair value on a recurring basis. ● Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and trust accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. ● 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 consolidated 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 British Virgin Islands is the Company’s 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 and no amounts accrued for interest and penalties as of June 30, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. ● Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share The net loss per share presented in the consolidated statement of operations is based on the following: Years Ended June 30, 2022 2021 Net loss $ (286,103 ) $ (819,366 ) Accretion of carrying value to redemption value (1,254,548 ) (4,485,864 ) $ (1,540,651 ) $ (5,305,230 ) Years Ended June 30, 2022 2021 Redeemable Ordinary shares Non-Redeemable Ordinary shares Redeemable Ordinary shares Non-Redeemable Ordinary shares Basic and diluted net loss per share: Numerators: Allocation of net loss including carrying value to redemption value $ (1,170,823 ) $ (369,828 ) $ (2,877,607 ) $ (2,427,623 ) Accretion of carrying value to redemption value 1,254,548 - 4,485,864 - Allocation of net income (loss) $ 83,725 $ (369,828 ) $ 1,608,257 $ (2,427,623 ) Denominators: Weighted-average shares outstanding 5,750,000 1,816,250 1,843,579 1,555,290 Basic and diluted net income (loss) per share $ 0.01 $ (0.20 ) $ 0.87 $ (1.56 ) ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ● Recent accounting pronouncements The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information. |
Cash and Investment Held in Tru
Cash and Investment Held in Trust Account | 12 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND INVESTMENT HELD IN TRUST ACCOUNT | NOTE 3 — CASH AND INVESTMENT HELD IN TRUST ACCOUNT As of June 30, 2022, investment securities in the Company’s Trust Account consisted of $58,753,500 in United States Treasury Bills and $1,048 in cash. As of June 30, 2021, investment securities in the Company’s Trust Account consisted of $57,496,825 in United States Treasury Bills and $2,326 in cash The Company classifies its United States Treasury securities as available-for-sale. Available-for-sale marketable securities are recorded at their estimated fair value on the accompanying June 30, 2022 balance sheet. The carrying value, including gross unrealized holding gain as other comprehensive income and fair value of held to marketable securities on June 30, 2022 and 2021 are as follows: Carrying Gross Fair Available-for-sale marketable securities: U.S. Treasury Securities $ 58,671,102 $ 82,398 $ 58,753,500 Carrying Gross Fair Available-for-sale marketable securities: U.S. Treasury Securities $ 57,500,491 $ (3,666 ) $ 57,496,825 |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Jun. 30, 2022 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 4 – INITIAL PUBLIC OFFERING On March 4, 2021, the Company sold 5,000,000 units at a price of $10.00 per Public Unit in the Public Offering. Each Public Unit consists of one ordinary share of the Company, no par value per share (the “Public Shares”), one right (the “Public Rights”) and one redeemable warrant (the “Public Warrants”). Each Public Right entitles the holder to receive one-tenth (1/10) of an ordinary share upon consummation of an initial Business Combination. Each Public Warrant entitles the holder to purchase one-half (1/2) of one ordinary share, and each ten rights entitle the holder thereof to receive one ordinary share at the closing of a business combination. In addition, the Company has granted Maxim Group LLC, the underwriter of the Public Offering, a 45-day option to purchase up to 750,000 Public Units solely to cover over-allotments. On March 9, 2021, the underwriters exercised the option in full of 750,000 units at a price of $10.00 per unit. If the Company does not complete its Business Combination within the necessary time period described in Note 1, the Public Rights will expire and be worthless. Since the Company is not required to net cash settle the Rights and the Rights are convertible upon the consummation of an initial Business Combination, the Management determined that the Rights are classified within shareholders’ equity as “Additional paid-in capital” upon their issuance in accordance with ASC 815-40. The proceeds from the sale are allocated to Public Shares and Rights based on the relative fair value of the securities in accordance with ASC 470-20-30. The value of the Public Shares and Rights will be based on the closing price paid by investors. The Company paid an upfront underwriting discount of $1,437,500 (2.5%) of the per unit offering price to the underwriter at the closing of the Public Offering, with an additional fee of $2,012,500 (the “Deferred Discount”) of 3.5% of the gross offering proceeds payable upon the Company’s completion of the Business Combination. The Deferred Discount will become payable to the underwriter from the amounts held in the Trust Account solely in the event the Company completes its Business Combination. In the event that the Company does not close the Business Combination, the underwriter has waived its right to receive the Deferred Discount. The underwriter is not entitled to any interest accrued on the Deferred Discount. On March 5, 2021, Maxim Group, LLC exercised their right to acquire option to purchase up to a total of 287,500 units (the “Unit Purchase Option”) at $11.50 per unit for $100. As of June 30, 2022, the Unit Purchase Option has not been exercised. |
Private Placement
Private Placement | 12 Months Ended |
Jun. 30, 2022 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 5 – PRIVATE PLACEMENT Simultaneously with the closing of the Public Offering, the Company consummated a private placement of 350,000 Private Units, at $10.00 per unit, purchased by the Sponsor. The Private Units are identical to the units sold in the Public Offering except that the private warrants will be non-redeemable and may be exercised on a cashless basis. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Founder and Additional Shares In August 2019, 10,000 shares were sold. In September 2020, the Company issued another 1,427,500 ordinary shares resulting in an aggregate of 1,437,500 ordinary shares (the “Founder Shares”) outstanding to our initial shareholders, for an aggregate purchase price of $25,000, or approximately $0.017 per share. All share and per share information have been retroactively adjusted to reflect the share split. The Founder Shares include an aggregate of up to 187,500 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 own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the initial shareholders do not purchase any Public Shares in the Initial Public Offering and excluding the Private Units and underlying securities). In January 2021, the Sponsor transferred 300,000 of its insider shares to Golden Bridge Holding, LLC, 606,061 shares to Scienjoy Inc., 30,000 shares to Lucky Link International Limited and 60,606 shares to Can Wu. The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until (1) with respect to 50% of the founder shares, the earlier of six months after the completion of a Business Combination and the date on which the closing price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the founder shares, six months after the completion of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, share 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. Amounts due to related parties The related company – Golden Bridge Capital Ltd, who is controlled by one of the Company’s directors, loaned to us for payment of operating expenses. As of June 30, 2022 and 2021, the balances due to related party were $9,981 and $9,981, respectively. The balance is unsecured, interest-free and has no fixed terms of repayment. Administrative Services Agreement The Company is obligated, commencing from June 1, 2020, to pay Golden Bridge Capital Limited, which is also owned by Mr. Jining Li, the Company’s director and also the affiliate of the Sponsor, a monthly fee of $10,000 for general and administrative services. This agreement will terminate upon completion of the Company’s business combination or the liquidation of the trust account to public shareholders. Director’s Remuneration The Company is obligated, commencing from June 1, 2020, to pay Yongsheng Liu, which is our CEO, a monthly fee of HK$50,000 for his service to the Company. |
Note Payable
Note Payable | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | NOTE 7 – NOTE PAYABLE Extensions Loan The Company will have until 12 months from the consummation of the Initial Public Offering to consummate the initial Business Combination. However, if the Company anticipates that the Company may not be able to consummate the initial Business Combination within 12 months, the Company may, but is not obligated to, extend the period of time to consummate a Business Combination three times by an additional three months each time (for a total of up to 21 months to complete a Business Combination). Pursuant to the terms of our amended and restated memorandum and articles of association and the trust agreement to be entered into between us and Continental Stock Transfer & Trust Company, in order to extend the time available for us to consummate our initial Business Combination, the Company’s insiders or their affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the Trust Account $575,000 ($0.10 per share), on or prior to the date of the applicable deadline. The insiders will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a Business Combination unless there are funds available outside the Trust Account to do so. Such notes would either be paid upon consummation of our initial Business Combination, or, at the lender’s discretion, converted upon consummation of our Business Combination into additional private units at a price of $10.00 per unit. On February 22, 2022, the Company issued one unsecured promissory note in an amount of $575,000, to AgiiPlus, in exchange for AgiiPlus depositing such amount into the Company’s trust account in order to extend the time it has available to complete a business combination for an additional three (3) months period, from March 4, 2022 to June 4, 2022. The note was terminated and no amount will be due from us to AgiiPlus under the terms thereof. The gain on extinguishment of $575,000 was recognized in sundry income during the year ended June 30, 2022. On May 22, 2022 and August 25, 2022, the Company issued an unsecured promissory note, in each an amount of $575,000, to SunCar, 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 4, 2022. The Notes are non-interest bearing and are payable upon the closing of a business combination. In addition, the Notes may be converted, at the lender’s discretion, into additional Public Units at a price of $10.00 per unit. As of June 30, 2022 and 2021, the note payable balance of $575,000 and $0, respectively. |
Shareholder_s Deficit
Shareholder’s Deficit | 12 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDER’S DEFICIT | NOTE 8 – SHAREHOLDER’S DEFICIT Ordinary shares The Company is authorized to issue unlimited ordinary shares with no par value. Holders of the Company’s ordinary shares are entitled to one vote for each share. At June 30, 2022, there were 1,816,250 ordinary shares issued and outstanding (excluding 5,750,000 shares subject to possible redemption). Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”), including the reclassification out of AOCI. Available-for-sale Balance as of July 1, 2021 $ (3,666 ) Other comprehensive income before reclassifications 105,349 Amounts reclassified from AOCI into interest income (19,285 ) Balance as of June 30, 2022 $ 82,398 Available-for-sale Balance as of July 1, 2020 $ - Other comprehensive loss before reclassifications (3,666 ) Amounts reclassified from AOCI into interest income - Balance as of June 30, 2021 $ (3,666 ) Warrants Each public warrant entitles the holder thereof to purchase one-half (1/2) of one ordinary share at a price of $11.50 per full share, subject to adjustment as described in this prospectus. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised at any given time by a warrant holder. No public warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such ordinary shares. It is the Company’s current intention to have an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such ordinary shares in effect promptly following consummation of an initial business combination. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon exercise of the public warrants is not effective within 90 days following the consummation of our initial business combination, public warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. In such event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the ordinary shares for the 10 trading days ending on the day prior to the date of exercise. For example, if a holder held 300 warrants to purchase 150 shares and the fair market value on the date prior to exercise was $15, that holder would receive 35 shares without the payment of any additional cash consideration. If an exemption from registration is not available, holders will not be able to exercise their warrants on a cashless basis. The warrants will become exercisable on the later of the completion of an initial business combination. The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of our completion of an initial business combination, or earlier upon redemption. The Company may redeem the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued to Maxim Group LLC), in whole and not in part, at a price of $0.01 per warrant: ● at any time while the Public Warrants are exercisable, ● 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 equals or exceeds $16.50 per share, 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 issuance of 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 foregoing conditions are satisfied and the Company would issue a notice of redemption, each warrant holder can exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the ordinary shares may fall below the $16.50 trigger price as well as the $11.50 warrant exercise price per full share after the redemption notice is issued and not limit our ability to complete the redemption. The redemption criteria for the warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants. Rights Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically receive one-tenth (1/10) of an ordinary share upon consummation of a Business Combination, even if the holder of a Public Right converted all ordinary shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right upon consummation of a Business Combination. No additional consideration will be required to be paid by a holder of Public Rights in order to receive his, her or its additional ordinary shares upon consummation of a Business Combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of Public Rights to receive the same per share consideration the holders of ordinary shares will receive in the transaction on an as-converted into ordinary shares basis. The Company will not issue fractional shares in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the British Virgin Islands law. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. 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 Public Rights will not receive any of such funds with respect to their Public Rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Rights, and the Public Rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the Public Rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 – FAIR VALUE MEASUREMENTS 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 table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2022, and 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. June 30, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs Description 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 58,753,500 $ 58,753,500 $ - $ - Liabilities: Warrant liabilities $ 840,000 $ - $ - $ 840,000 June 30, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 57,496,825 $ 57,496,825 $ - $ - Liabilities: Warrant liabilities $ 740,000 $ - $ - $ 740,000 * included in cash and investments held in trust account on the Company’s balance sheet. The private warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the consolidated balance sheets. The Company established the initial fair value for the private warrants at $770,000 on March 4, 2021, the date of the Company’s Initial Public Offering, using a Black-Scholes model. The Company allocated the proceeds received from the sale of Private Units, first to the private warrants based on their fair values as determined at initial measurement, with the remaining proceeds recorded as ordinary shares subject to possible redemption, and ordinary shares based on their relative fair values recorded at the initial measurement date. The warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The key inputs into the binomial model and Black-Scholes model were as follows at their measurement dates: June 30, June 30, March 4, Input Share price $ 10.14 $ 9.8 $ 10.00 Risk-free interest rate 3.01 % 0.87 % 0.77 % Volatility 58 % 55 % 56 % Exercise price $ 11.50 $ 11.50 $ 11.50 Warrant life 5 years 5 years 5 years As of June 30, 2022 and 2021, the aggregate value of the Private Warrants was $0.84 and 0.74 million, respectively. The change in fair value from June 30, 2021 to June 30, 2022 was approximately $100,000. The change in fair value from March 4, 2021 to June 30, 2021 was approximately $(30,000). To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for investments categorized in Level 3. Level 3 financial liabilities consist of the Private Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 10 – COMMITMENTS AND CONTINGENCIES Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s future financial position, results of its operations and/or search for a target company, there has been a significant impact as of the date of these consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the future outcome of this uncertainty. Registration Rights The holders of the Founder Shares, the Private Placement Warrants (and their underlying securities) and the warrants that may be issued upon conversion of the Working Capital Loans (and their underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Proposed Public Offering. The holders of a majority of these securities will be entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the Private Placement Warrants and warrants issued in payment of Working Capital Loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Deferred Underwriter Compensation and Transaction fee The Company is committed to pay the Deferred Discount of 3.5% of the gross offering proceeds, in the amount of $2,012,500 of the Public Offering, to the underwriter upon the Company’s consummation of the Business Combination. The underwriter is not entitled to any interest accrued on the Deferred Discount, and has waived its right to receive the Deferred Discount if the Company does not close a Business Combination. The underwriter has agreed to be paid entirely, other than customary expense reimbursement, in the Company Ordinary Shares, issued at the same per share price as issued as consideration in the Business Combination with SunCar, in an amount of such ordinary shares equal to 0.8% of the equity value of SunCar (the “Transaction Fee”). Assuming a per share price of $10 per share, such Transaction Fee payable upon consummation of the Business Combination would be approximately 640,000 PubCo Ordinary Shares. Unit Purchase Option The Company sold to Maxim for $100, an option to purchase 287,500 units exercisable, at $11.50 per unit commencing at any time between the first and fifth anniversary of the effective date of the registration statement relating to its initial public offering. The purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires on March 4, 2026. The option and the units, as well as the ordinary shares and warrants to purchase ordinary shares that may be issued upon exercise of the option, have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement of which this prospectus forms a part or the commencement of sales in the Public Offering pursuant to Rule 5110(g)(1) of FINRA’s Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated prior to March 4, 2022 except to any underwriters and selected dealer participating in the 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 the effective date of the registration statement of which forms a part with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. We 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 recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of ordinary shares at a price below its exercise price. Right of First Refusal Subject to certain conditions, the Company granted Maxim, for a period of 15 months after the date of the consummation of the business combination, a right of first refusal to act as lead underwriters or minimally as a co-manager, with at least 30% of the economics; or, in the case of a three-handed deal, 30% of the economics, for any and all future public and private equity and debt offerings. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the registration statement of which this prospectus forms a part. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Jun. 30, 2022 | |
Revision of Previously Issued Financial Statements [Abstract] | |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 11 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused on certain provisions that provided for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant, which terms are similar to those contained in the warrant agreement governing the Company’s warrants. The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) issued in connection with its Public Offering (as defined in Note 4) as derivative liabilities. The Company’s management evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. After the evaluation of the provisions of the Public Warrants, the Company concluded that the Public Warrants are indexed to the Company’s common shares in the manner contemplated by ASC Section 815-40-15 and should be classified as components of equity. The Company previously accounted the Public Warrants as derivative liabilities instead of components of equity did not have significant impact on the Company’s previously issued statements of operations and cash flows. In addition, in preparation of the Company’s audited financial statements as of and for the year ended June 30, 2021, the Company concluded it should restate its consolidated financial statements to classify all common stock subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480), paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its common stock in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company considered that the threshold would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside equity. As a result, the Company restated its previously filed financial statements to classify all common stock as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The change in the carrying value of redeemable shares of common stock resulted in charges against additional paid-in capital and accumulated deficit. The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated: Adjustment refer to reclassification of all public shares to temporary equity. As Adjustments As Balance sheet as of June 30, 2021 Ordinary shares subject to possible redemption 50,547,744 6,952,256 57,500,000 Ordinary shares 5,857,662 (3,102,662 ) 2,755,000 Accumulated deficit $ (853,991 ) $ (3,849,594 ) $ (4,703,585 ) Total shareholders’ equity (deficit) $ 5,000,005 $ (6,952,256 ) $ (1,952,251 ) Statement of operations for the year ended June 30, 2021 Basic and diluted weighted average shares outstanding, subject to possible redemption 1,638,590 204,989 1,843,579 Basic and diluted net loss per share $ 0.00 $ 0.87 $ 0.87 Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares 1,771,207 (215,917 ) 1,555,290 Basic and diluted net loss per share $ (0.46 ) $ (1.10 ) $ (1.56 ) Statement of cash flows for the year ended June 30, 2021 Initial classification of shares subject to redemption $ 51,086,880 $ 5,731,301 $ 56,818,181 Reclassification of shares subject to redemption $ 539,136 $ (539,136 ) $ - Allocation of offering costs to ordinary shares subject to redemption $ - $ 3,804,045 $ 3,804,045 Accretion of carrying value to redemption value $ - $ (4,485,864 ) $ (4,485,864 ) Statement of changes in shareholders’ deficit for the year ended June 30, 2021 Initial classification of ordinary shares subject to possible redemption – ordinary shares amount $ (51,086,880 ) $ (5,731,301 ) $ (56,818,181 ) Initial classification of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity $ (51,086,880 ) $ (5,731,301 ) $ (56,818,181 ) Change in fair value of ordinary shares subject to possible redemption – ordinary shares amount $ 539,136 $ 539,136 $ - Change in fair value of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity $ 539,136 $ 539,136 $ - Allocation of offering costs to ordinary shares subject to redemption $ - $ 3,804,045 $ 3,804,045 Allocation of offering costs to ordinary shares subject to redemption – total shareholders’ (deficit) equity $ - $ 3,804,045 $ 3,804,045 Accretion of carrying value to redemption value $ - $ (4,485,864 ) $ (4,485,864 ) Accretion of carrying value to redemption value – total shareholders’ (deficit) equity $ - $ (4,485,864 ) $ (4,485,864 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | ● Basis of presentation These accompanying consolidated financial statements have been prepared in U.S. Dollars in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the consolidated financial position, and the results of its consolidated operations and its consolidated cash flows. |
Principles of consolidation | ● Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: Name Background Ownership CVS X Limited (“CVSX”) A Cayman Island company Incorporated on May 11, 2021 100% Owned by Goldenbridge Smart CVS Limited (“SCL”) A Cayman Island company Incorporated on May 21, 2021 100% Owned by CVSX SunCar Technology Group Inc. (formerly known as AgiiPlus Global Inc.) (“PubCo”) A Cayman Island company Incorporated on August 6, 2021 100% Owned by Goldenbridge SunCar Technology Global Inc. (formerly known as AgiiPlus Corporation Inc.) (“Merger Sub”) A Cayman Island company Incorporated on August 25, 2021 100% Owned by PubCo |
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 consolidated financial statements 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 In preparing these consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported expenses during the reporting period. 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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results may differ from these estimates. |
Cash and cash equivalents | ● Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and 2021. |
Cash and investments held in trust account | ● Cash and investments held in Trust Account At June 30, 2022 and 2021, the assets held in the Trust Account are held in cash and US Treasury securities. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All marketable securities are recorded at their estimated fair value. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive income. The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. Impairments are considered other than temporary if they are related to deterioration in credit risk or if it is likely the Company will sell the securities before the recovery of the cost basis. Realized gains and losses and declines in value determined to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations and comprehensive income (loss). |
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”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “ 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 fair value of the Private Warrants was estimated using a Black-Scholes model (see Note 9). |
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 Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) 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 considered to be outside of the Company’s control. Accordingly, at June 30, 2022 and 2021, 5,750,000 and 5,750,000 ordinary shares subject to possible redemption, respectively, are presented as temporary equity, outside of the shareholders’ equity section of the Company’s consolidated balance sheets. |
Offering Costs | ● Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – “ Expenses of Offering |
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 cash equivalents, and other current assets, accrued expenses, due to sponsor are estimated to approximate the carrying values as of June 30, 2022 due to the short maturities of such instruments. See Note 9 for the disclosure of the Company’s assets and liabilities that were measured at fair value on a recurring basis. |
Concentration of credit risk | ● Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and trust accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
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 consolidated 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 British Virgin Islands is the Company’s 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 and no amounts accrued for interest and penalties as of June 30, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. |
Net loss per share | ● Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share The net loss per share presented in the consolidated statement of operations is based on the following: Years Ended June 30, 2022 2021 Net loss $ (286,103 ) $ (819,366 ) Accretion of carrying value to redemption value (1,254,548 ) (4,485,864 ) $ (1,540,651 ) $ (5,305,230 ) Years Ended June 30, 2022 2021 Redeemable Ordinary shares Non-Redeemable Ordinary shares Redeemable Ordinary shares Non-Redeemable Ordinary shares Basic and diluted net loss per share: Numerators: Allocation of net loss including carrying value to redemption value $ (1,170,823 ) $ (369,828 ) $ (2,877,607 ) $ (2,427,623 ) Accretion of carrying value to redemption value 1,254,548 - 4,485,864 - Allocation of net income (loss) $ 83,725 $ (369,828 ) $ 1,608,257 $ (2,427,623 ) Denominators: Weighted-average shares outstanding 5,750,000 1,816,250 1,843,579 1,555,290 Basic and diluted net income (loss) per share $ 0.01 $ (0.20 ) $ 0.87 $ (1.56 ) |
Related parties | ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Recent accounting pronouncements | ● Recent accounting pronouncements The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of consolidated financial statements reflect the activities of the company | Name Background Ownership CVS X Limited (“CVSX”) A Cayman Island company Incorporated on May 11, 2021 100% Owned by Goldenbridge Smart CVS Limited (“SCL”) A Cayman Island company Incorporated on May 21, 2021 100% Owned by CVSX SunCar Technology Group Inc. (formerly known as AgiiPlus Global Inc.) (“PubCo”) A Cayman Island company Incorporated on August 6, 2021 100% Owned by Goldenbridge SunCar Technology Global Inc. (formerly known as AgiiPlus Corporation Inc.) (“Merger Sub”) A Cayman Island company Incorporated on August 25, 2021 100% Owned by PubCo |
Schedule of condensed statements of operations | Years Ended June 30, 2022 2021 Net loss $ (286,103 ) $ (819,366 ) Accretion of carrying value to redemption value (1,254,548 ) (4,485,864 ) $ (1,540,651 ) $ (5,305,230 ) |
Schedule of basic and diluted net loss per share | Years Ended June 30, 2022 2021 Redeemable Ordinary shares Non-Redeemable Ordinary shares Redeemable Ordinary shares Non-Redeemable Ordinary shares Basic and diluted net loss per share: Numerators: Allocation of net loss including carrying value to redemption value $ (1,170,823 ) $ (369,828 ) $ (2,877,607 ) $ (2,427,623 ) Accretion of carrying value to redemption value 1,254,548 - 4,485,864 - Allocation of net income (loss) $ 83,725 $ (369,828 ) $ 1,608,257 $ (2,427,623 ) Denominators: Weighted-average shares outstanding 5,750,000 1,816,250 1,843,579 1,555,290 Basic and diluted net income (loss) per share $ 0.01 $ (0.20 ) $ 0.87 $ (1.56 ) |
Cash and Investment Held in T_2
Cash and Investment Held in Trust Account (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of fair value of held to marketable securities | Carrying Gross Fair Available-for-sale marketable securities: U.S. Treasury Securities $ 58,671,102 $ 82,398 $ 58,753,500 Carrying Gross Fair Available-for-sale marketable securities: U.S. Treasury Securities $ 57,500,491 $ (3,666 ) $ 57,496,825 |
Shareholder_s Deficit (Tables)
Shareholder’s Deficit (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Available-for-sale Balance as of July 1, 2021 $ (3,666 ) Other comprehensive income before reclassifications 105,349 Amounts reclassified from AOCI into interest income (19,285 ) Balance as of June 30, 2022 $ 82,398 Available-for-sale Balance as of July 1, 2020 $ - Other comprehensive loss before reclassifications (3,666 ) Amounts reclassified from AOCI into interest income - Balance as of June 30, 2021 $ (3,666 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities that were measured at fair value on a recurring basis | June 30, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs Description 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 58,753,500 $ 58,753,500 $ - $ - Liabilities: Warrant liabilities $ 840,000 $ - $ - $ 840,000 June 30, Quoted Prices In Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 57,496,825 $ 57,496,825 $ - $ - Liabilities: Warrant liabilities $ 740,000 $ - $ - $ 740,000 |
Schedule of black-scholes model were as follows at their measurement | June 30, June 30, March 4, Input Share price $ 10.14 $ 9.8 $ 10.00 Risk-free interest rate 3.01 % 0.87 % 0.77 % Volatility 58 % 55 % 56 % Exercise price $ 11.50 $ 11.50 $ 11.50 Warrant life 5 years 5 years 5 years |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Revision of Previously Issued Financial Statements [Abstract] | |
Schedule of effect the financial statement | As Adjustments As Balance sheet as of June 30, 2021 Ordinary shares subject to possible redemption 50,547,744 6,952,256 57,500,000 Ordinary shares 5,857,662 (3,102,662 ) 2,755,000 Accumulated deficit $ (853,991 ) $ (3,849,594 ) $ (4,703,585 ) Total shareholders’ equity (deficit) $ 5,000,005 $ (6,952,256 ) $ (1,952,251 ) Statement of operations for the year ended June 30, 2021 Basic and diluted weighted average shares outstanding, subject to possible redemption 1,638,590 204,989 1,843,579 Basic and diluted net loss per share $ 0.00 $ 0.87 $ 0.87 Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares 1,771,207 (215,917 ) 1,555,290 Basic and diluted net loss per share $ (0.46 ) $ (1.10 ) $ (1.56 ) Statement of cash flows for the year ended June 30, 2021 Initial classification of shares subject to redemption $ 51,086,880 $ 5,731,301 $ 56,818,181 Reclassification of shares subject to redemption $ 539,136 $ (539,136 ) $ - Allocation of offering costs to ordinary shares subject to redemption $ - $ 3,804,045 $ 3,804,045 Accretion of carrying value to redemption value $ - $ (4,485,864 ) $ (4,485,864 ) Statement of changes in shareholders’ deficit for the year ended June 30, 2021 Initial classification of ordinary shares subject to possible redemption – ordinary shares amount $ (51,086,880 ) $ (5,731,301 ) $ (56,818,181 ) Initial classification of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity $ (51,086,880 ) $ (5,731,301 ) $ (56,818,181 ) Change in fair value of ordinary shares subject to possible redemption – ordinary shares amount $ 539,136 $ 539,136 $ - Change in fair value of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity $ 539,136 $ 539,136 $ - Allocation of offering costs to ordinary shares subject to redemption $ - $ 3,804,045 $ 3,804,045 Allocation of offering costs to ordinary shares subject to redemption – total shareholders’ (deficit) equity $ - $ 3,804,045 $ 3,804,045 Accretion of carrying value to redemption value $ - $ (4,485,864 ) $ (4,485,864 ) Accretion of carrying value to redemption value – total shareholders’ (deficit) equity $ - $ (4,485,864 ) $ (4,485,864 ) |
Organization and Business Bac_2
Organization and Business Background (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 02, 2022 | May 23, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Organization and Business Background (Details) [Line Items] | ||||
Initial deposit | $ 100,000 | |||
Company expenses amount | $ 150,000 | |||
Issued and outstanding in percentage | 100% | |||
Aggregate amount | $ 800,000,000 | |||
Ordinary per share (in Dollars per share) | $ 10 | |||
Agreement shares (in Shares) | 1,000,000 | |||
Business acquisition, description | The Company consummated the Public Offering on March 4, 2021 of 5,000,000 units at $10.00 per unit (the “Public Units’). Subsequently, on March 9, 2021, the underwriters exercised the option in full of 750,000 units at a price of $10.00 per unit. Concurrently with the Public Offering, the Company sold to Cross Wealth Investment Holding Limited (the “Sponsor”) 350,000 private units at a price of $10.00 per unit and sold to Maxim Group LLC for $100 an option to purchase 287,500 units at an exercise price of $11.50 per unit. | |||
Net proceeds from initial public offering | $ 59,162,906 | |||
Deferred underwriting commissions | 2,012,500 | |||
Underwriting fees | 1,437,500 | |||
Other offering costs | $ 399,694 | |||
Maturity days | 180 days | |||
Businesses owned or acquired interest percentage | 80% | |||
Net tangible assets | $ 5,000,001 | |||
Deposit into the trust account | $ 575,000 | |||
Trust account, per share (in Dollars per share) | $ 0.1 | |||
Redemption percentage of public shares | 100% | |||
Business Combination [Member] | ||||
Organization and Business Background (Details) [Line Items] | ||||
Acquired owned equity interests, percentage | 100% | |||
Public Offering [Member] | ||||
Organization and Business Background (Details) [Line Items] | ||||
Deposit into the trust account | $ 57,500,000 | |||
Trust Account [Member] | ||||
Organization and Business Background (Details) [Line Items] | ||||
Redemption of public shares, percentage | 100% | |||
Business Combination [Member] | ||||
Organization and Business Background (Details) [Line Items] | ||||
Transaction costs | $ 1,837,194 | |||
Business combination, description | Pursuant to Nasdaq listing rules, the Company’s initial business combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust Account (excluding any deferred underwriter’s fees and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for our initial business combination, although the Company may structure a business combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test. The Company currently anticipates structuring a business combination to acquire 100% of the equity interests or assets of the target business or businesses. | |||
Equity interests, percentage | 100% | |||
Outstanding voting securities percentage | 50% | |||
Business combination share price per unit (in Dollars per share) | $ 10 | |||
Closing Payment Shares [Member] | ||||
Organization and Business Background (Details) [Line Items] | ||||
Newly issued ordinary Shares | $ 520,000,000 | |||
Price per share (in Dollars per share) | $ 10 | |||
Shares issued (in Shares) | 1,000,000 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Ordinary shares subject to possible redemption | 5,750,000 | 5,750,000 |
Federal depository insurance coverage amount (in Dollars) | $ 250,000 | |
Purchased an aggregate shares | 3,050,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of consolidated financial statements reflect the activities of the company | 12 Months Ended |
Jun. 30, 2022 | |
CVS X Limited (“CVSX”) [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Date of Incorporation | A Cayman Island company Incorporated on May 11, 2021 |
Ownership | 100% Owned by Goldenbridge |
Smart CVS Limited (“SCL”) [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Date of Incorporation | A Cayman Island company Incorporated on May 21, 2021 |
Ownership | 100% Owned by CVSX |
SunCar Technology Group Inc. (formerly known as AgiiPlus Global Inc.) (“PubCo”) [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Date of Incorporation | A Cayman Island company Incorporated on August 6, 2021 |
Ownership | 100% Owned by Goldenbridge |
SunCar Technology Global Inc. (formerly known as AgiiPlus Corporation Inc.) (“Merger Sub”) [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Date of Incorporation | A Cayman Island company Incorporated on August 25, 2021 |
Ownership | 100% Owned by PubCo |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of condensed statements of operations - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Condensed Statements Of Operations Abstract | ||
Net loss | $ (286,103) | $ (819,366) |
Accretion of carrying value to redemption value | (1,254,548) | (4,485,864) |
Total | $ (1,540,651) | $ (5,305,230) |
Significant Accounting Polici_6
Significant Accounting Policies (Details) - Schedule of basic and diluted net loss per share - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Redeemable Ordinary shares [Member] | ||
Numerators: | ||
Allocation of net loss including carrying value to redemption value | $ (1,170,823) | $ (2,877,607) |
Accretion of carrying value to redemption value | 1,254,548 | 4,485,864 |
Allocation of net income (loss) | $ 83,725 | $ 1,608,257 |
Denominators: | ||
Weighted-average shares outstanding (in Shares) | 5,750,000 | 1,843,579 |
Basic and diluted net income (loss) per share (in Dollars per share) | $ 0.01 | $ 0.87 |
Non-Redeemable Ordinary shares [Member] | ||
Numerators: | ||
Allocation of net loss including carrying value to redemption value | $ (369,828) | $ (2,427,623) |
Accretion of carrying value to redemption value | ||
Allocation of net income (loss) | $ (369,828) | $ (2,427,623) |
Denominators: | ||
Weighted-average shares outstanding (in Shares) | 1,816,250 | 1,555,290 |
Basic and diluted net income (loss) per share (in Dollars per share) | $ (0.2) | $ (1.56) |
Cash and Investment Held in T_3
Cash and Investment Held in Trust Account (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Cash and Investment Held in Trust Account (Details) [Line Items] | ||
Cash | $ 1,048 | $ 2,326 |
United States Treasury Bills [Member] | ||
Cash and Investment Held in Trust Account (Details) [Line Items] | ||
Investment securities trust account | $ 58,753,500 | $ 57,496,825 |
Cash and Investment Held in T_4
Cash and Investment Held in Trust Account (Details) - Schedule of fair value of held to marketable securities - U.S. Treasury Securities [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Available-for-sale marketable securities: | ||
Carrying Value | $ 58,671,102 | $ 57,500,491 |
Gross Unrealized Holding Gain (Loss) | 82,398 | (3,666) |
Fair Value | $ 58,753,500 | $ 57,496,825 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 09, 2021 | Mar. 05, 2021 | Mar. 04, 2021 | Sep. 30, 2020 | Jun. 30, 2022 | |
Initial Public Offering (Details) [Line Items] | |||||
Public warrant, description | Each Public Warrant entitles the holder to purchase one-half (1/2) of one ordinary share, and each ten rights entitle the holder thereof to receive one ordinary share at the closing of a business combination. | ||||
Upfront underwriting discount (in Dollars) | $ 1,437,500 | ||||
Percentage of upfront underwriting discount | 2.50% | ||||
Deferred discount (in Dollars) | $ 2,012,500 | ||||
Percentage of deferred discount | 3.50% | ||||
Purchase total units | 1,427,500 | ||||
Price per units (in Dollars per share) | $ 10 | ||||
IPO [Member] | |||||
Initial Public Offering (Details) [Line Items] | |||||
Sale of stock | 5,000,000 | ||||
Price per units (in Dollars per share) | $ 10 | ||||
Maxim Group, LLC [Member] | |||||
Initial Public Offering (Details) [Line Items] | |||||
Purchase public units | 750,000 | ||||
Exercise price per units (in Dollars per share) | $ 10 | ||||
Purchase total units | 287,500 | ||||
Price per units (in Dollars per share) | $ 11.5 | ||||
Per unit value (in Dollars) | $ 100 | ||||
Maxim Group, LLC [Member] | Over-Allotment Option [Member] | |||||
Initial Public Offering (Details) [Line Items] | |||||
Purchase public units | 750,000 |
Private Placement (Details)
Private Placement (Details) - Private Placement [Member] | Jun. 30, 2022 $ / shares shares |
Private Placement (Details) [Line Items] | |
Private units shares | shares | 350,000 |
Unit per share | $ / shares | $ 10 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 01, 2020 | Jan. 31, 2021 | Sep. 30, 2020 | Aug. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transactions (Details) [Line Items] | ||||||
Issuance of common stock | 1,427,500 | |||||
Aggregate of ordinary shares | 1,437,500 | |||||
Aggregate purchase price | 25,000 | |||||
Aggregate purchase price per share (in Dollars per share) | $ 0.017 | |||||
Amounts due to related parties (in Dollars) | $ 9,981 | $ 9,981 | ||||
General and administrative services (in Dollars) | $ 10,000 | |||||
Director’s remuneration description | The Company is obligated, commencing from June 1, 2020, to pay Yongsheng Liu, which is our CEO, a monthly fee of HK$50,000 for his service to the Company. | |||||
Business Combination [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Aggregate purchase price per share (in Dollars per share) | $ 10 | |||||
Business combination description | The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until (1) with respect to 50% of the founder shares, the earlier of six months after the completion of a Business Combination and the date on which the closing price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the founder shares, six months after the completion of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. | |||||
Golden Bridge Holding, LLC [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of shares | 300,000 | |||||
Scienjoy Inc. [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of shares | 606,061 | |||||
Lucky Link International Limited [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of shares | 30,000 | |||||
Can Wu [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of shares | 60,606 | |||||
Founder [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Sale of shares | 10,000 | |||||
Sponsor [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Shares subject to forfeiture | 187,500 | |||||
Sponsor [Member] | IPO [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Issued and outstanding shares percentage | 20% |
Note Payable (Details)
Note Payable (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 25, 2022 | May 22, 2022 | Feb. 22, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2020 | |
Note Payable (Details) [Line Items] | |||||||
Deposit into trust account | $ 575,000 | ||||||
Trust account per share (in Dollars per share) | $ 0.1 | ||||||
Additional private units (in Dollars per share) | $ 0.017 | ||||||
Sundry income | $ 575,000 | ||||||
Additional public units per share (in Dollars per share) | $ 10 | ||||||
Notes Payable | $ 575,000 | $ 0 | |||||
Agii plus [Member] | |||||||
Note Payable (Details) [Line Items] | |||||||
Unsecured promissory note | $ 575,000 | ||||||
SunCar [Member] | |||||||
Note Payable (Details) [Line Items] | |||||||
Unsecured promissory note | $ 575,000 | $ 575,000 | |||||
Business Combination [Member] | |||||||
Note Payable (Details) [Line Items] | |||||||
Additional private units (in Dollars per share) | $ 10 |
Shareholder_s Deficit (Details)
Shareholder’s Deficit (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Shareholder’s Deficit (Details) [Line Items] | ||
Ordinary shares, shares issued (in Shares) | 1,816,250 | 1,816,250 |
Ordinary shares, shares outstanding (in Shares) | 1,816,250 | 1,816,250 |
Ordinary shares, subject to possible redemption (in Shares) | 5,750,000 | 5,750,000 |
Warrant purchase, description | For example, if a holder held 300 warrants to purchase 150 shares and the fair market value on the date prior to exercise was $15, that holder would receive 35 shares without the payment of any additional cash consideration. If an exemption from registration is not available, holders will not be able to exercise their warrants on a cashless basis. | |
Sale price per share | $ 10 | |
Trigger price per share | 16.5 | |
Warrant exercise price | 11.5 | |
Warrant [Member] | ||
Shareholder’s Deficit (Details) [Line Items] | ||
Ordinary share at a price per share | $ 11.5 | |
Warrant Price (in Dollars) | $ 0.01 | |
Sale price per share | $ 16.5 |
Shareholder_s Deficit (Detail_2
Shareholder’s Deficit (Details) - Schedule of accumulated other comprehensive income (loss) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Accumulated Other Comprehensive Income Loss Abstract | ||
Beginning balance | $ (3,666) | |
Ending balance | 82,398 | (3,666) |
Other comprehensive income (loss) before reclassifications | 105,349 | (3,666) |
Amounts reclassified from AOCI into interest income | $ (19,285) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 04, 2021 | |
Fair Value Measurements (Details) [Line Items] | |||
Aggregate value | $ 770,000 | ||
Change in fair value | $ 100,000 | $ (30,000) | |
Private Warrants [Member] | |||
Fair Value Measurements (Details) [Line Items] | |||
Aggregate value | $ 840,000 | $ 740,000 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value on a recurring basis - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value on a recurring basis [Line Items] | |||
U.S. Treasury Securities held in Trust Account | [1] | $ 58,753,500 | $ 57,496,825 |
Warrant liabilities | 840,000 | 740,000 | |
Quoted Prices In Active Markets (Level 1) [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value on a recurring basis [Line Items] | |||
U.S. Treasury Securities held in Trust Account | [1] | 58,753,500 | 57,496,825 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value on a recurring basis [Line Items] | |||
U.S. Treasury Securities held in Trust Account | [1] | ||
Warrant liabilities | |||
Significant Other Unobservable Input (Level 3) [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that were measured at fair value on a recurring basis [Line Items] | |||
U.S. Treasury Securities held in Trust Account | [1] | ||
Warrant liabilities | $ 840,000 | $ 740,000 | |
[1]included in cash and investments held in trust account on the Company’s balance sheet. |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of black-scholes model were as follows at their measurement - $ / shares | 12 Months Ended | ||
Mar. 04, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Input | |||
Share price | $ 10 | $ 10.14 | $ 9.8 |
Risk-free interest rate | 0.77% | 3.01% | 0.87% |
Volatility | 56% | 58% | 55% |
Exercise price | $ 11.5 | $ 11.5 | $ 11.5 |
Warrant life | 5 years | 5 years | 5 years |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies (Details) [Line Items] | ||
Deferred discount percentage | 3.50% | |
Public offering value | $ 2,012,500 | |
Per share price | $ 10 | |
Ordinary shares | 1,816,250 | 1,816,250 |
Company sold Maxim value | $ 100 | |
Option to purchase shares | 287,500 | |
Exercise price per unit | $ 11.5 | |
PubCo [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Ordinary shares | 640,000 | |
Business Combination [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Ordinary shares | 0.80% | |
Business combination description | Subject to certain conditions, the Company granted Maxim, for a period of 15 months after the date of the consummation of the business combination, a right of first refusal to act as lead underwriters or minimally as a co-manager, with at least 30% of the economics; or, in the case of a three-handed deal, 30% of the economics, for any and all future public and private equity and debt offerings. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the registration statement of which this prospectus forms a part. |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) | Jun. 30, 2022 USD ($) |
Revision of Previously Issued Financial Statements [Abstract] | |
Net tangible assets | $ 5,000,001 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of effect the financial statement | 12 Months Ended |
Jun. 30, 2021 USD ($) $ / shares shares | |
As Previously Reported [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ordinary shares subject to possible redemption | $ 50,547,744 |
Ordinary shares | 5,857,662 |
Accumulated deficit | (853,991) |
Total shareholders’ equity (deficit) | $ 5,000,005 |
Basic and diluted weighted average shares outstanding, subject to possible redemption (in Shares) | shares | 1,638,590 |
Basic and diluted net loss per share (in Dollars per share) | $ / shares | $ 0 |
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares (in Shares) | shares | 1,771,207 |
Basic and diluted net loss per share (in Dollars per share) | $ / shares | $ (0.46) |
Initial classification of shares subject to redemption | $ 51,086,880 |
Reclassification of shares subject to redemption | 539,136 |
Allocation of offering costs to ordinary shares subject to redemption | |
Allocation of offering costs to ordinary shares subject to redemption – total shareholders’ (deficit) equity | |
Accretion of carrying value to redemption value | |
Accretion of carrying value to redemption value – total shareholders’ (deficit) equity | |
Initial classification of ordinary shares subject to possible redemption – ordinary shares amount | (51,086,880) |
Initial classification of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity | (51,086,880) |
Change in fair value of ordinary shares subject to possible redemption – ordinary shares amount | 539,136 |
Change in fair value of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity | 539,136 |
Adjustments [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ordinary shares subject to possible redemption | 6,952,256 |
Ordinary shares | (3,102,662) |
Accumulated deficit | (3,849,594) |
Total shareholders’ equity (deficit) | $ (6,952,256) |
Basic and diluted weighted average shares outstanding, subject to possible redemption (in Shares) | shares | 204,989 |
Basic and diluted net loss per share (in Dollars per share) | $ / shares | $ 0.87 |
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares (in Shares) | shares | (215,917) |
Basic and diluted net loss per share (in Dollars per share) | $ / shares | $ (1.1) |
Initial classification of shares subject to redemption | $ 5,731,301 |
Reclassification of shares subject to redemption | (539,136) |
Allocation of offering costs to ordinary shares subject to redemption | 3,804,045 |
Allocation of offering costs to ordinary shares subject to redemption – total shareholders’ (deficit) equity | 3,804,045 |
Accretion of carrying value to redemption value | (4,485,864) |
Accretion of carrying value to redemption value – total shareholders’ (deficit) equity | (4,485,864) |
Initial classification of ordinary shares subject to possible redemption – ordinary shares amount | (5,731,301) |
Initial classification of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity | (5,731,301) |
Change in fair value of ordinary shares subject to possible redemption – ordinary shares amount | 539,136 |
Change in fair value of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity | 539,136 |
As Restated [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ordinary shares subject to possible redemption | 57,500,000 |
Ordinary shares | 2,755,000 |
Accumulated deficit | (4,703,585) |
Total shareholders’ equity (deficit) | $ (1,952,251) |
Basic and diluted weighted average shares outstanding, subject to possible redemption (in Shares) | shares | 1,843,579 |
Basic and diluted net loss per share (in Dollars per share) | $ / shares | $ 0.87 |
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares (in Shares) | shares | 1,555,290 |
Basic and diluted net loss per share (in Dollars per share) | $ / shares | $ (1.56) |
Initial classification of shares subject to redemption | $ 56,818,181 |
Reclassification of shares subject to redemption | |
Allocation of offering costs to ordinary shares subject to redemption | 3,804,045 |
Allocation of offering costs to ordinary shares subject to redemption – total shareholders’ (deficit) equity | 3,804,045 |
Accretion of carrying value to redemption value | (4,485,864) |
Accretion of carrying value to redemption value – total shareholders’ (deficit) equity | (4,485,864) |
Initial classification of ordinary shares subject to possible redemption – ordinary shares amount | (56,818,181) |
Initial classification of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity | (56,818,181) |
Change in fair value of ordinary shares subject to possible redemption – ordinary shares amount | |
Change in fair value of ordinary shares subject to possible redemption – total shareholders’ (deficit) equity |