Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Jun. 06, 2024 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39827 | |
Entity Registrant Name | VIVEON HEALTH ACQUISITION CORP. | |
Entity Central Index Key | 0001823857 | |
Entity Tax Identification Number | 85-2788202 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 3480 Peachtree Road NE | |
Entity Address, Address Line Two | 2nd Floor -Suite #112 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30326 | |
City Area Code | (404) | |
Local Phone Number | 861-5393 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,656,160 | |
Common Stock [Member] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | VHAQ | |
Security Exchange Name | NYSE | |
Warrants | ||
Title of 12(b) Security | Warrants | |
Trading Symbol | VHAQW | |
Units | ||
Title of 12(b) Security | Units | |
Trading Symbol | VHAQ | |
Security Exchange Name | NYSE | |
Rights [Member] | ||
Title of 12(b) Security | Rights | |
Trading Symbol | VHAQR | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 77,861 | $ 19,847 |
Prepaid expenses | 5,000 | 48,726 |
Total current assets | 82,861 | 68,573 |
Investment held in Trust Account | 20,336,813 | 53,815,395 |
Deferred tax asset | 138,759 | 39,259 |
Total Assets | 20,558,433 | 53,923,227 |
Current liabilities: | ||
Accounts payable | 223,568 | 226,796 |
Accrued costs and expenses | 2,419,982 | 2,269,218 |
Franchise tax payable | 422,755 | 397,002 |
Promissory notes, net of discount - related party | 514,240 | 75,000 |
Common stock tendered for redemption | 34,004,514 | |
Total current liabilities | 7,841,131 | 41,028,336 |
Deferred underwriting fee | 7,043,750 | 7,043,750 |
Warrant liabilities | 1,993,441 | 2,535,515 |
Uncertain tax position liability | 100,569 | 100,569 |
Total Liabilities | 16,978,891 | 50,708,170 |
Commitments and Contingencies (see Note 7) | ||
Common Stock subject to possible redemption, 1,844,774 shares at redemption value as of March 31, 2023 and December 31, 2022, respectively | 19,517,056 | 19,413,879 |
Stockholders’ Deficit: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||
Common stock not subject to possible redemption, $0.0001 par value; 60,000,000 shares authorized; 5,031,250 issued and outstanding (excluding 1,844,774 shares subject to redemption as of March 31, 2023 and December 31, 2022, respectively) | 503 | 503 |
Additional paid-in capital | ||
Accumulated deficit | (15,938,017) | (16,199,325) |
Total Stockholders’ Deficit | (15,937,514) | (16,198,822) |
Total Liabilities and Stockholders’ Deficit | 20,558,433 | 53,923,227 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Note Agreements payable - related party | 2,045,000 | 2,045,000 |
Related Party [Member] | ||
Current liabilities: | ||
Note Agreements payable - related party | 1,955,000 | 1,955,000 |
Due to related party | $ 260,586 | $ 55,806 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Temporary equity, shares outstanding | 1,844,774 | 1,844,774 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 5,031,250 | 5,031,250 |
Common stock, shares outstanding | 5,031,250 | 5,031,250 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Income Statement [Abstract] | |||
Operating costs | $ 268,674 | $ 283,686 | |
Professional fees | 301,389 | 826,290 | |
Franchise tax | 25,753 | 47,981 | |
Loss from operations | (595,816) | (1,157,957) | |
Other income (expense): | |||
Expensed issuance costs on issuance of subscription warrants | (319,000) | ||
Interest and dividends earned on investments held in Trust Account | 225,932 | 12,914 | |
Interest earned on bank account | 35 | 11 | |
Interest expense (amortization of debt discount) | (8,795) | (99,543) | |
Gain on change in fair value of warrant liabilities | 542,074 | 2,793,557 | |
Loss on issuance of subscription warrants | (2,838,176) | ||
Total other income (expense) | 759,246 | (450,237) | |
Income (loss) before income taxes | 163,430 | (1,608,194) | |
Income tax benefit | 99,500 | ||
Net income (loss) | $ 262,930 | $ (1,608,194) | |
Weighted average shares outstanding, basic | 5,869,774 | [1] | 21,970,027 |
Weighted average shares outstanding, diluted | 5,869,774 | [1] | 21,970,027 |
Basic net income (loss) per common share | $ 0.04 | [1] | $ (0.07) |
Diluted net income (loss) per common share | $ 0.04 | [1] | $ (0.07) |
[1]The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance, value at Dec. 31, 2021 | $ 503 | $ 157,140 | $ (13,143,459) | $ (12,985,816) | |
Balance, shares at Dec. 31, 2021 | 5,031,250 | ||||
Remeasurement of common stock subject to redemption to redemption amount | (157,140) | (562,860) | (720,000) | ||
Net income (loss) | (1,608,194) | (1,608,194) | |||
Balance, value at Mar. 31, 2022 | $ 503 | (15,314,513) | (15,314,010) | ||
Balance, shares at Mar. 31, 2022 | 5,031,250 | ||||
Balance, value at Dec. 31, 2021 | $ 503 | 157,140 | (13,143,459) | (12,985,816) | |
Balance, shares at Dec. 31, 2021 | 5,031,250 | ||||
Remeasurement of common stock subject to redemption to redemption amount | (2,607,712) | ||||
Balance, value at Dec. 31, 2022 | $ 503 | (16,199,325) | (16,198,822) | ||
Balance, shares at Dec. 31, 2022 | 5,031,250 | ||||
Capital contributions - related parties | 101,555 | 101,555 | |||
Remeasurement of common stock subject to redemption to redemption amount | (101,555) | (1,622) | (103,177) | ||
Net income (loss) | 262,930 | 262,930 | |||
Balance, value at Mar. 31, 2023 | $ 503 | $ (15,938,017) | $ (15,937,514) | ||
Balance, shares at Mar. 31, 2023 | [1] | 5,031,250 | |||
[1]The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 262,930 | $ (1,608,194) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Expensed issuance costs on issuance of subscription warrants | 319,000 | |
Interest and dividends earned on investments held in Trust Account | (225,932) | (12,914) |
Interest expense (amortization of debt discount) | 8,795 | 99,543 |
Change in fair value of warrant liability | (542,074) | (2,793,557) |
Loss on issuance of subscription warrants | 2,838,176 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 43,726 | 3,863 |
Accounts payable | (3,228) | 187,561 |
Accrued costs and expenses | 150,764 | 483,829 |
Franchise tax payable | 25,753 | 47,981 |
Deferred tax asset | (99,500) | |
Due to related party | 204,780 | 1,088 |
Net cash used in operating activities | (173,986) | (433,624) |
Cash Flows from Investing Activities: | ||
Cash withdrawn from Trust Account for payment to redeeming stockholders | 34,004,514 | 152,451,819 |
Cash deposited to Trust Account for extension contribution | (300,000) | (720,000) |
Net cash provided by investing activities | 33,704,514 | 151,731,819 |
Cash Flows from Financing Activities: | ||
Proceeds from Note Agreements payable | 1,845,000 | |
Proceeds from Note Agreements payable - related party | 532,000 | 1,025,000 |
Payment to redeeming stockholders | (34,004,514) | (152,451,819) |
Payment of issuance costs | (32,000) | |
Net cash used in financing activities | (33,472,514) | (149,613,819) |
Net change in cash | 58,014 | 1,684,376 |
Cash and cash equivalents - beginning of period | 19,847 | 395,235 |
Cash and cash equivalents - end of period | 77,861 | 2,079,611 |
Supplemental disclosure of noncash investing and financing activities: | ||
Remeasurement of common stock subject to possible redemption to redemption amount | $ 103,177 | $ 21,347 |
DESCRIPTION OF ORGANIZATION, BU
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN | NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN Viveon Health Acquisition Corp. (the “Company” or “Viveon”) is a newly organized blank check company incorporated as a Delaware company on August 7, 2020. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (“Business Combination”). The Company has neither engaged in any operations nor generated any revenues as of March 31, 2023. The Company’s only activities for the three months ended March 31, 2023 and 2022 were organizational activities, those necessary to prepare for the Company’s initial public offering (the “Initial Public Offering”), described below, and, after the Initial Public Offering, identifying a target company for a Business Combination. The Company does not expect to generate any operating revenues until after the completion of our Business Combination. The Company generates non-operating income in the form of interest income on marketable securities held after the Initial Public Offering. The Company incurs expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. The Company’s sponsor is Viveon Health, LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Initial Public Offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 22, 2020. On December 28, 2020, the Company consummated the Initial Public Offering of 17,500,000 10.00 175,000,000 18,000,000 0.50 On December 30, 2020, the underwriters fully exercised the over-allotment option by purchasing 2,625,000 26,250,000 Upon closing of the Initial Public Offering and the sale of the Over-Allotment Units, $ 203,262,500 10.10 100 While the Company’s management has broad discretion with respect to the specific application of the cash held outside of the Trust Account, substantially all of the net proceeds from the Initial Public Offering and the sale of the Private Warrants, which are placed in the Trust Account, are intended to be applied generally toward completing a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80 50 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) In connection with any proposed initial Business Combination, the Company will either (1) seek stockholder approval of such initial Business Combination at a meeting called for such purpose at which public stockholders may seek to convert their Public Shares, regardless of whether they vote for or against the proposed Business Combination, into their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable) or (2) provide its public stockholders with the opportunity to sell their Public Shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable), in each case subject to the limitations described herein. The Public Shares subject to redemption were recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity If the Company determines to engage in a tender offer, such tender offer will be structured so that each public stockholder may tender any or all of his, her or its Public Shares rather than some pro rata portion of his, her or its shares. If enough stockholders tender their shares so that the Company is unable to satisfy any applicable closing condition set forth in the definitive agreement related to its initial Business Combination, or the Company is unable to maintain net tangible assets of at least $ 5,000,001 If the Company provides stockholders with the opportunity to sell their shares to it by means of a tender offer, it will file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial Business Combination as is required under the SEC’s proxy rules. If the Company seeks stockholder approval of its initial Business Combination, the Company will consummate the Business Combination only if a majority of the outstanding shares of common stock present in person or by proxy at a meeting of the Company are voted in favor of the Business Combination. Notwithstanding the foregoing redemption rights, if the Company seeks stockholder approval of its initial Business Combination and the Company does not conduct redemptions in connection with its initial Business Combination pursuant to the tender offer rules, (the Amended and Restated Certificate of Incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its Public Shares with respect to more than an aggregate of 20 100 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On March 18, 2022, the Company held a stockholder meeting to extend the date by which the Company has to consummate a business combination from March 28, 2022 (the “Original Termination Date”) to June 28, 2022. In connection with the extension, the Company made a deposit into the Trust Account of $ 720,000 15,092,126 152,451,819 On each of June 23, 2022, July 26, 2022, August 30, 2022, September 28, 2022, and October 28, 2022 the Company deposited $ 240,000 240,000 On December 23, 2022, the Company held its 2022 Annual Meeting of Stockholders, to among other things, seek approval to amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company to extend the date to consummate a Business Combination on a monthly basis for up to six times by an additional one month each time for a total of up to six months from December 28, 2022 until June 30, 2023 (the “Second Extended Date”), upon three calendar days’ advance notice prior to the applicable monthly deadline unless the closing of any potential initial business combination shall have occurred prior to the Second Extended Date. On each of December 27, 2022, January 26, 2023, February 27, 2023, March 27, 2023, April 28, 2023 and May 24, 2023, the Company deposited $ 100,000 On June 22, 2023, the Company held a stockholder meeting to amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company, without another stockholder vote, to elect to extend the date to consummate a business combination on a monthly basis for up to six times by an additional one month until December 31, 2023, by depositing $ 85,000 On June 22, 2023, the Company held a stockholder meeting (the “June 2023 Stockholders Meeting”) in which stockholders voted to (A) amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company to (i) initially extend the date by which the Company must consummate an initial business combination up to six times, each such extension for an additional one month period, until December 31, 2023, by depositing into the Trust Account, the amount of $ 85,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) In connection with the stockholders’ vote at the June 2023 Stockholders Meeting, 227,359 2,498,947 10.99 1,617,415 17,777,324 On June 27, 2023, July 27, 2023, August 28, 2023, September 29, 2023, October 27, 2023, and December 1, 2023, the Company deposited $ 85,000 On March 27, 2024, the Company held a Special Meeting of Shareholders (“the March 2024 Stockholders Meeting”) in which voted to amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company to allow the Company to extend the date by which the Company must consummate a business combination up to six times, each such extension for an additional one month period, until September 30, 2024 (the “Fourth Extended Date”), upon one calendar day advance notice to Continental Stock Transfer & Trust Company, prior to the applicable monthly deadline, unless the closing of the proposed Business Combination with Clearday, Inc., or any potential alternative initial business combination shall have occurred prior to the Fourth Extended Date. It also voted to amend the Company’s Investment Management Trust Agreement, allowing the Company to extend the date by which the Company must consummate a business combination up to six times, each such extension for an additional one month period, until September 30, 2024, by depositing into the Trust Account the amount of $ 35,000 35,000 The Company is currently in default of the Extension Payments for May and June of 2024. The Company anticipates that it will make the outstanding payments in June, 2024. On March 27, 2024 stockholders elected to redeem 968,350 11,267,175 649,065 The Company’s initial stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares (as defined in Note 5) held by them if the Company fails to complete its initial Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete its initial Business Combination within the Combination Period. Merger Agreement On January 12, 2022, the Company entered into a Merger Agreement (the “Old Merger Agreement”) by and among the Company, VHAC Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Old Merger Sub”), and Suneva Medical, Inc., a Delaware corporation (“Suneva”). Pursuant to the terms of the Merger Agreement, a Business Combination between the Company and Suneva would have been effected through the merger of Old Merger Sub with and into Suneva, with Suneva surviving the merger as a wholly owned subsidiary of the Company (the “Old Merger”). The board of directors of the Company had (i) approved and declared advisable the Old Merger Agreement, the Old Merger and the other transactions contemplated thereby and (ii) resolved to recommend approval of the Old Merger Agreement and related transactions by the stockholders of the Company. On July 13, 2022, the Company, Old Merger Sub, and Suneva entered into the Second Amendment to Old Merger Agreement (the “Second Amendment”) that amended and modified the Old Merger Agreement to extend the outside closing date to December 31, 2022 and to reduce the amount of parent closing cash required as a closing condition from $ 50 30 1.5 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On November 10, 2022, the Company, Old Merger Sub, and Suneva entered into the Third Amendment to Old Merger Agreement (the “Third Amendment”) that amended and modified the Old Merger Agreement to (i) fix the aggregate exercise price for all of the in-the-money Suneva options and warrants at $ 2,582,075 On February 2, 2023, legal counsel for Viveon sent a letter informing Suneva’s legal counsel that Viveon decided, effective immediately, to unilaterally terminate the Old Merger Agreement pursuant to Sections 10.2(a) and 10.3 thereof, based upon material breaches of the Old Merger Agreement by Suneva. The termination letter was sent without prejudice and reserved all of Viveon, Old Merger Sub and Viveon Health, LLC (Viveon’s sponsor) rights, claims and remedies, specifically including those within the Merger Agreement, against Suneva and others associated with Suneva who participated in the merger discussions and arrangements, and waived none. Merger Agreement with Clearday On April 5, 2023, the Company entered into a Merger Agreement (the “Merger Agreement”), by and among Viveon, Clearday, Inc., a Delaware corporation (“Clearday”), VHAC2 Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Viveon (“New Merger Sub”), Viveon Health LLC, a Delaware limited liability Company, in the capacity as the representative from and after the effective time for the stockholders of the Company (other than the Company Stockholders (as defined in the Merger Agreement)) as of immediately prior to the effective time (and their successors and assigns) in accordance with the terms and conditions of the Merger Agreement, and Clearday SR LLC, a Delaware limited liability company, in the capacity as the representative from and after the effective time for the holders of Company preferred stock as of immediately prior to the effective time (and their successors and assigns) in accordance with the terms and conditions of the Merger Agreement. Pursuant to the terms of the Merger Agreement, a business combination between the Company and Clearday will be effected through the merger of New Merger Sub with and into Clearday, with Clearday surviving the merger as a wholly owned subsidiary of the Company and the Company will change its name to “Clearday Holdings, Inc.” (the “Merger”). The board of directors of the Company has (i) approved and declared advisable the Merger Agreement, the Merger and the other transactions contemplated thereby and (ii) resolved to recommend approval of the Merger Agreement, the Merger and related transactions by the stockholders of Company. Capitalized terms used herein but not defined shall have the meanings ascribed thereto in the Merger Agreement. On August 28, 2023, the Company, Clearday, Merger Sub, SPAC Representative and Company Representative entered into the First Amendment to Merger Agreement (the “First Amendment”) that amended and modified the Merger Agreement to, among other things, (i) increase the merger consideration from $ 250,000,000 500,000,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consideration Merger Consideration The total consideration to be paid at closing (the “Merger Consideration”) by the Company to Clearday security holders (and holders who have the right to acquire Clearday capital stock) was an amount equal to $ 250 500 0.0001 10 Earnout Payments In addition, the holders of Clearday preferred stock will have the contingent right to earn up to 5,000,000 If, following the Closing Date and prior to end of the Earnout Eligibility Period, there is a change of control, then, immediately prior to such change of control, all the Earnout Shares not yet earned shall be earned by the Clearday earnout holders and shall be released from escrow and delivered to the Clearday earnout holders, and the Clearday earnout holders shall be eligible to participate in such change of control transaction with respect to such Earnout Shares. The Earnout Shares will be placed in escrow and will not be released from escrow until they are earned as a result of the occurrence of the Earnout Milestone or a change of control, if applicable. The Earnout Shares that are not earned on or before the expiration of the Earnout Eligibility Period shall be automatically forfeited and cancelled. Treatment of Clearday Securities Cancellation of Securities. Each share of Clearday capital stock, if any, that is owned by the Company, New Merger Sub, Clearday, or any of their subsidiaries (as treasury stock or otherwise) immediately prior to the effective time of the Merger (the “Effective Time”), will automatically be cancelled and retired without any conversion or consideration. Preferred Stock. At the Effective Time, each issued and outstanding share of Clearday’s Series F Cumulative Convertible Preferred Stock, par value $ 0.001 (A) one (1) share of Parent New Series F Preferred Stock plus (B) a number of Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger Agreement. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Each issued and outstanding share of Clearday’s Series A Convertible Preferred Stock, par value $ 0.001 (A) one (1) share of Parent New Series A Preferred Stock plus (B) a number of Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger Agreement. Common Stock. At the Effective Time, each issued and outstanding share of Clearday’s common stock, par value $ 0.001 the sum of $250 Million increased by the First Amendment to $500 Million, plus the aggregate exercise or conversion price of outstanding Clearday’s stock options and warrants (excluding unvested options and options or warrants with an exercise or conversion price of $ 5.00 5.00 10.00 Merger Sub Securities. Each share of common stock, par value $ 0.0001 Stock Options. At the Effective Time, each outstanding option to purchase shares of Clearday Common Stock will be converted into an option to purchase, subject to substantially the same terms and conditions as were applicable under such options prior to the Effective Time, shares of the Company’s common stock equal to the number of shares subject to such option prior to the effective time multiplied by the Conversion Ratio, at an exercise price per share of the Company’s common stock equal to the exercise price per share of Clearday Common Stock subject to such option divided by the Conversion Ratio. Warrants. Contingent on and effective as of immediately prior to the effective time, each outstanding warrant to purchase shares of Clearday Preferred Stock or Clearday Common Stock will be treated in accordance with the terms thereof. Convertible Notes Contingent on and effective as of immediately prior to the Effective Time, Clearday’s convertible notes outstanding as of immediately prior to the effective time, will be treated in accordance with the terms of the relevant agreements governing such convertible notes. Subsidiary Capital Stock At and as of the effective time, the subsidiary capital stock will remain in full force and effect with the right to acquire the Clearday Common Stock with such adjustments noted in the terms of such subsidiary capital stock. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Representations and Warranties The Merger Agreement contains customary representations and warranties of the parties thereto with respect to, among other things, (a) corporate existence and power, (b) authorization to enter into the Merger Agreement and related transactions; subsidiaries, (c) governmental authorization, (d) non-contravention, (e) capitalization, (f) corporate records, (g) consents, (h) financial statements, (i) internal accounting controls, (j) absence of certain changes, (k) properties; title to assets, (l) litigation, (m) material contracts, (n) licenses and permits, (o) compliance with laws, (p) intellectual property, (q) privacy and data security, (r) employee matters and benefits, (s) tax matters, (t) real property, (u) environmental laws, (v) finders’ fees, (w) directors and officers, (x) anti-money laundering laws, (y) insurance, (z) related party transactions, and (aa) certain representations related to securities law and activity. The Company has additional representations and warranties, including (a) issuance of shares, (b) trust fund, (c) listing, (d) board approval, (e) SEC documents and financial statements, (f) certain business practices, (g) expenses, indebtedness and other liabilities and (h) brokers and other advisors. Covenants The Merger Agreement includes customary covenants of the parties with respect to operation of their respective businesses prior to consummation of the Merger and efforts to satisfy conditions to consummation of the Merger. The Merger Agreement also contains additional covenants of the parties, including, among others, access to information, cooperation in the preparation of the registration statement and proxy statement (as each such terms are defined in the Merger Agreement) required to be filed in connection with the Merger and to obtain all requisite approvals of each party’s respective stockholders. The Company and Clearday have each also agreed to include in the proxy statement the recommendation of its respective board that its stockholders approve all of the proposals to be presented at its respective special meeting. In addition, each of the Company and Clearday have agreed to use commercially reasonable efforts to solicit and finalize definitive documentation for a committed equity in an aggregate amount that, together with the funds in the Trust Account after giving effect to potential redemptions from the Company’s public stockholders, together with financing programs available to Clearday after the Closing, will provide to Clearday working capital to meet its short term commercial development goals. Each party’s representations, warranties and pre-Closing covenants will not survive Closing and no party has any post-Closing indemnification obligations. Viveon Equity Incentive Plan The Company has agreed to approve and adopt an equity incentive plan (the “Incentive Plan”) to be effective as of the Closing and in a form mutually acceptable to the Company and Clearday, subject to approval of the Incentive Plan by the Company’s stockholders. The Incentive Plan will provide for an initial aggregate share reserve equal to 8 Non-Solicitation Restrictions Each of the Company and Clearday has agreed that from the date of the Merger Agreement to the effective time or, if earlier, the valid termination of the Merger Agreement in accordance with its terms, it will not initiate any negotiations with any party relating to an alternative transaction (as such term is defined in the Merger Agreement) or enter into any agreement relating to such a proposal, other than as expressly excluded from the definition of an alternative transaction. Each of the Company and Clearday has also agreed to be responsible for any acts or omissions of any of its respective representatives that, if they were the acts or omissions of the Company and Clearday, as applicable, would be deemed a breach of the party’s obligations with respect to these non-solicitation restrictions. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Conditions to Closing The consummation of the Merger is conditioned upon, among other things, (i) the absence of any applicable law or order restraining, prohibiting or imposing any condition on the consummation of the Merger and related transactions, (ii) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (iii) receipt of any consent, approval or authorization required by any Authority (as defined in the Merger Agreement), (iv) the Company having net tangible assets of at least $ 5,000,001 Solely with respect to the Company and New Merger Sub, the consummation of the Merger is conditioned upon, among other things, (i) Clearday having duly performed or complied with all of its obligations under the Merger Agreement in all material respects, (ii) the representations and warranties of Clearday, other than certain fundamental representations as defined in the Merger Agreement, being true and correct in all respects unless failure would not have or reasonably be expected to have a material adverse effect (as defined in the Merger Agreement) on Clearday or any of its subsidiaries, (iii) certain fundamental representations, as defined in the Merger Agreement, being true and correct in all respects, other than de minimis inaccuracies, (iv) no event having occurred that would result in a material adverse effect on Clearday or any of its subsidiaries, (v) Clearday and its securityholders having executed and delivered to the Company each additional agreement (as defined in the Merger Agreement) to which they each are a party and (vi) Clearday delivering certain certificates to the Company. Solely with respect to Clearday, the consummation of the Merger is conditioned upon, among other things, (i) Viveon and New Merger Sub having duly performed or complied with all of their respective obligations under the Merger Agreement in all material respects, (ii) the representations and warranties of the Company and Merger Sub, other than certain fundamental representations as defined in the Merger Agreement, being true and correct in all respects unless failure to be true and correct would not have or reasonably be expected to have a material adverse effect on the Company or New Merger Sub and their ability to consummate the Merger and related transactions, (iii) certain fundamental representations, as defined in the Merger Agreement, being true and correct in all respects, other than de minimis inaccuracies, (iv) no event having occurred that would result in a Material Adverse Effect on the Company or New Merger Sub, (v) the amended parent charter (as defined in the Merger Agreement) being filed with, and declared effective by, the Delaware Secretary of State, (vi) the Company delivering certain certificates to Clearday, (vii) the size and composition of the post-Closing board of directors of the Company having been appointed as set forth in the Merger Agreement and (viii) the Company, Viveon Health LLC and other stockholders, as applicable, having executed and delivered to Clearday each additional agreement to which they each are a party. Termination The Merger Agreement may be terminated at any time prior to the effective time as follows: (i) by either the Company or Clearday, if (A) the Merger and related transactions are not consummated on or before the latest of (i) June 30, 2023 or (ii) in accordance with the Company’s amended and restated certificate of incorporation, the last date for the Company to consummate a business combination pursuant to an extension; and (B) the material breach or violation of any representation, warranty, covenant or obligation under the Merger Agreement by the party seeking to terminate the Merger Agreement was not the cause of, or resulted in, the failure of the closing to occur on or before the outside Closing Date, without liability to the other party; VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (ii) by either the Company or Clearday, if any authority has issued any final decree, order, judgment, award, injunction, rule or consent or enacted any law, having the effect of permanently enjoining or prohibiting the consummation of the Merger, provided that, the party seeking to terminate cannot have breached its obligations under the Merger Agreement and such breach was a substantial cause of, or substantially resulted in, such action by the authority; and (iii) by mutual written consent of the Company and Clearday duly authorized by each of their respective boards of directors. The Merger Agreement and other agreements described below have been included to provide investors with information regarding their respective terms. They are not intended to provide any other factual information about the Company, Clearday or the other parties thereto. In particular, the assertions embodied in the representations and warranties in the Merger Agreement were made as of a specified date, are modified or qualified by information in one or more disclosure letters prepared in connection with the execution and delivery of the Merger Agreement, may be subject to a contractual standard of materiality different from what might be viewed as material to investors, or may have been used for the purpose of allocating risk between the parties. Accordingly, the representations and warranties in the Merger Agreement are not necessarily characterizations of the actual state of facts about the Company, Clearday or the other parties thereto at the time they were made or otherwise and should only be read in conjunction with the other information that the Company or Clearday makes publicly available in reports, statements and other documents filed with the SEC. The Company and Clearday investors and securityholders are not third-party beneficiaries under the Merger Agreement. Certain Related Agreements Parent Support Agreements Concurrently with the execution of the Merger Agreement, the Company, Clearday and the Sponsor and the officers and directors of the Company entered into a support agreement (the “Parent Support Agreement”) pursuant to which the Sponsor and the officers and directors of the Company have agreed to vote all shares of the Company’s common stock beneficially owned by them, including any additional shares of the Company they acquire ownership of or the power to vote: (i) in favor of the Merger and related transactions, (ii) against any action reasonably be expected to impede, delay, or materially and adversely affect the Merger and related transactions, and (iii) in favor of an extension of the period of time the Company is afforded to consummate an initial business combination. Company Support Agreements Concurrently with the execution of the Merger Agreement, the Company, Clearday and certain stockholders of Clearday entered into a support agreement (the “Company Support Agreement”), pursuant to which such Clearday stockholders have agreed to vote all common and preferred stock of Clearday beneficially owned by them, including any additional shares of Clearday they acquire ownership of or the power to vote, in favor of the Merger and related transactions and against any action reasonably be expected to impede, delay, or materially and adversely affect the Merger and related transactions. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Lock-Up Agreements. In connection with the closing, certain Clearday stockholders will each agree, subject to certain customary exceptions, not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any lockup shares, (ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the lock-up shares or otherwise, (iv) engage in any short sales or other arrangement with respect to the lock-up shares or (v) publicly announce any intention to effect any transaction specified in clause (i), (ii) or (iii) until the date that is six months after the Closing Date (the “Lock-Up Period”). The term “Lockup Shares” mean the Merger Consideration Shares and the Earnout Shares, if any, whether or not earned prior to the end of the Lock-up Period, together with any other shares of the Company’s common stock, and including any securities convertible into, or exchangeable for, or representing the rights to receive the Company’s common stock, if any, acquired during the Lock-up Period. If the closing price of the Company’s common stock equals or exceeds $ 12.50 50 Amended and Restated Registration Rights Agreement . At the Closing Date, the Company will enter into an amended and restated registration rights agreement (the “Amended and Restated Registration Rights Agreement”) with certain existing stockholders of the Company and Clearday with respect to their shares of the Company’s common stock acquired before or pursuant to the Merger, and including the shares issuable on conversion of the warrants issued to the Sponsor in connection with the Company’s Initial Public Offering and any shares issuable on conversion of loans or other convertible securities. The agreement amends and restates the registration rights agreement the Company entered into on December 22, 2020 in connection with its Initial Public Offering. Subject to the Lock-Up Agreements described above, the holders of a majority of the shares held by the Company’s existing stockholders, and the holders of a majority of the shares held by the Clearday stockholders will each be entitled to make one demand that Clearday register such securities for resale under the Securities Act, or two demands each if the Company is eligible to use Form S-3 or a similar sh |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Form 10-K/A as filed with the SEC on February 21, 2024. The interim results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future periods. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned and controlled operating subsidiary, Old Merger Sub after elimination of all intercompany transactions and balances as of March 31, 2023 and December 31, 2022. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. The Company has elected to implement the aforementioned exemptions. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of 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 unaudited condensed 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, the actual results could differ from those estimates. The initial valuation of the Public Warrants (as defined in Note 3), Rights (as defined in Note 3) common stock subject to redemption and the periodic valuation of the Private Warrants and Subscription Warrants (as defined in Note 6) required management to exercise significant judgement in its estimates. Reclassification Certain prior period amounts have been reclassified to conform to the current period financial statement presentation, including proceeds from note agreements payable - related party of $ 1,025,000 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 cash equivalents in the amount of $ 70,845 6,346 Investments Held in Trust Account As of March 31, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in a money market account.. The assets in the amount of $ 20,336,813 53,815,395 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 ASC 480 and ASC Topic 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 additional paid-in capital 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 at their initial fair value on the date of issuance and recorded as a warrant liability. In accordance with guidance contained in ASC 815, the Public Warrants (as defined in Note 3) qualify for equity treatment. The Private Warrants and Subscription Warrants (as defined in Note 6) do not qualify as equity and are recorded as liabilities at fair value, which is discussed in Note 9. Changes in the estimated fair value of the Private Warrants and Subscription Warrants are recognized as non-cash gains or losses on the unaudited condensed consolidated statements of operations. Debt with Conversion and Other Options The Company accounts for a series of unsecured senior promissory note agreements under ASC Topic 470-20-25-1, Debt - Debt with Conversion and Other Options Derivatives and Hedging - Embedded Derivatives Common Stock Subject to Possible Redemption All of the 1,844,774 The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by credits and charges against additional paid in capital and accumulated deficit. The Company recorded increases in the redemption value of common stock subject to redemption of $ 103,177 720,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) As of March 31, 2023 and December 31, 2022, the redeemable common stock reflected in the unaudited condensed consolidated balance sheets are reconciled in the following table: SCHEDULE OF REDEEMABLE COMMON STOCK REFLECTED IN THE CONSOLIDATED BALANCE SHEETS Gross proceeds $ 201,250,000 Less: Fair value of Public Warrants at issuance (10,384,500 ) Fair value of Rights at issuance (9,136,750 ) Issuance costs allocated to common stock subject to possible redemption (10,660,961 ) Plus: Remeasurement of carrying value to redemption value 32,194,711 Common stock subject to possible redemption as of December 31, 2021 203,262,500 Redemption of common stock by stockholders (152,451,819 ) Common stock tendered for redemption (34,004,514 ) Remeasurement of carrying value to redemption value 2,607,712 Common stock subject to possible redemption as of December 31, 2022 19,413,879 Remeasurement of carrying value to redemption value 103,177 Common stock subject to possible redemption as of March 31, 2023 $ 19,517,056 Offering Costs associated with the Initial Public Offering The Company complies with the requirements of ASC Topic 340, Other Assets and Deferred Costs Expenses of Offering 11,830,356 4,025,000 7,043,750 761,606 10,660,961 1,144,422 24,973 Share-Based Payment Arrangements The Company accounts for stock awards in accordance with ASC Topic 718, Compensation - Stock Compensation Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, or in the period of grant for awards that vest immediately and have no future service condition. For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, Income Taxes VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were unrecognized tax benefits as of March 31, 2023 and December 31, 2022 of $ 765,613 See Note 11 for additional information on income taxes for the periods presented. Net Income (Loss) Per Common Share Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The calculation of diluted income (loss) per common share does not consider the effect of the Public Warrants (as defined in Note 3), Private Warrants, Subscription Warrants (as defined in Note 6), and Rights (as defined in Note 3) since the exercise of the warrants and Rights are contingent upon the occurrence of future events. The warrants and Rights are exercisable to purchase 22,068,750 The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): SCHEDULE OF BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE Redeemable Non- Redeemable Non- Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Redeemable Non- Redeemable Non- Basic and diluted net income (loss) per share: Numerator: Net income (loss) 82,635 180,295 (1,313,566 ) (294,628 ) Denominator: Weighted Average Common Stock 1,844,774 4,025,000 17,945,027 4,025,000 Basic and diluted net income (loss) per common share $ 0.04 $ 0.04 $ (0.07 ) $ (0.07 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Fair Value of Financial Instruments The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. The carrying amounts reflected in the condensed consolidated balance sheets for financial instruments included within current assets and current liabilities approximate fair value due to their short-term nature. Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. See Note 10 for additional information on assets and liabilities measured at fair value. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815. The Company’s derivative instruments are recorded at fair value and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed consolidated statements of operations. Derivative assets and liabilities are classified on the unaudited condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the Private Warrants and Subscription Warrants (as defined in Note 6) are derivative instruments. As the Private Warrants and Subscription Warrants meet the definition of a derivative, the warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820 with changes in fair value recognized in the unaudited condensed consolidated statements of operations in the period of change. In accordance with ASC Topic 825, Financial Instruments, the Company has concluded that a portion of the transaction costs which directly related to the Initial Public Offering and the Private Placement, should be allocated to the Private Warrants based on their relative fair value against total proceeds, and recognized as transaction costs in the unaudited condensed consolidated statements of operations. Recent Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, companies are required to disclose additional information about income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard is required to be adopted on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect the adoption of ASU 2023-09 will have on its condensed consolidated financial statements. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 3 Months Ended |
Mar. 31, 2023 | |
Initial Public Offering | |
INITIAL PUBLIC OFFERING | NOTE 3. INITIAL PUBLIC OFFERING On December 28, 2020, the Company sold 17,500,000 10.00 0.0001 11.50 On December 30, 2020, the Company sold 2,625,000 26,250,000 |
PRIVATE PLACEMENT
PRIVATE PLACEMENT | 3 Months Ended |
Mar. 31, 2023 | |
Private Placement | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 18,000,000 0.50 9,000,000 11.50 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In August 2020, the Sponsor paid $ 25,000 0.007 3,593,750 0.0001 0.36 4,887,500 0.03 5,031,250 656,250 1,006,250 875,000 656,250 The Founder Shares were placed into an escrow account maintained by Continental Stock Transfer & Trust Company acting as escrow agent. 50% of these shares will not be transferred, assigned, sold or released from escrow until the earlier of (i) 6 months after the date of the consummation of the initial Business Combination or (ii) the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the initial Business Combination and the remaining 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until 6 months after the date of the consummation of the initial Business Combination, or earlier, in either case, if, subsequent to its initial Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) During the escrow period, the holders of these shares will not be able to sell or transfer their securities except (1) to any persons (including their affiliates and stockholders) participating in the Private Placement of the Private Warrants, officers, directors, stockholders, employees and members of the Company’s Sponsor and its affiliates, (2) amongst initial stockholders or their respective affiliates, or to the Company’s officers, directors, advisors and employees, (3) if a holder is an entity, as a distribution to its, partners, stockholders or members upon its liquidation, (4) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is a holder or a member of a holder’s immediate family, for estate planning purposes, (5) by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified domestic relations order, (7) by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities, (8) by private sales at prices no greater than the price at which the shares were originally purchased or (9) for the cancellation of up to 656,250 On December 23, 2020, the Sponsor transferred 81,000 27,000 27,000 Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Founder Shares vested immediately, and, as such, in accordance with ASC 718, the Company recognized compensation expense on the transfer date in an amount equal to the number of Founders Shares sold times the grant date fair value per share less the amount initially received for the purchase of the Founders Shares. he Company did not recognize compensation expense for the three months ended March 31, 2023 and 2022. Note Agreements Payable - Related Party The Company entered into a series of Note Agreements with several lenders affiliated with our Sponsor, Viveon Health LLC and Intuitus Group LLC, and Intuitus Capital LLC for which the Chief Financial Officer of the Company is the Sole Proprietor for up to an aggregate amount totaling $ 1,955,000 1,955,000 Promissory Notes - Related Party The Chief Financial Officer of the Company loaned the Company $ 440,000 75,000 60,000 125,000 105,000 75,000 440,000 75,000 Subsequent to March 31, 2023, the Chief Financial Officer of the Company loaned the Company an additional $ 396,000 15,000 105,000 70,000 12,000 35,000 50,000 80,000 6,000 23,000 30,000 20,000 The Chief Executive Officer of the Company loaned the Company $ 100,000 100,000 0 Subsequent to March 31, 2023, our Chief Executive Officer of the Company, loaned the Company an additional $ 100,000 100,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Eight investors in the Sponsor, loaned the Company $ 295,000 67,000 67,000 0 Subsequent to March 31, 2023, the eight investors loaned the Company an additional $ 228,000 33,000 100,000 50,000 20,000 25,000 As noted above the total amount funded under the promissory notes - related party is $ 607,000 75,000 25.1 24.9 23.2 27.2 101,555 0 514,240 75,000 8,795 Subsequent to March 31, 2023, in connection with the Merger Agreement the Chief Executive Officer, Chief Financial Officer and the eight investors in the Sponsor have agreed to exchange the outstanding balances of their loans in the amounts of $ 100,000 642,000 295,000 Clearday Note On May 12, 2023, the Company entered into an unsecured promissory note with Clearday (the “Clearday Note”). The Clearday Note is non-interest bearing, and will mature upon the earlier of (i) the first anniversary of the issuance date and (ii) the date of the closing of the Business Combination. As of March 31, 2023, and December 31, 2022, the outstanding balance of these loans was $ 0 Subsequent to March 31, 2023, proceeds provided to the Company under the Clearday Note were approximately $ 1,761,362 Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would be repaid upon consummation of the Company’s initial Business Combination, without interest. As of March 31, 2023 and December 31, 2022, the Company had no borrowings under Working Capital Loans. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Administrative Service Fee Commencing on the date of the Company’s final prospectus prepared in connection with the Initial Public Offering, the Company agreed to pay an affiliate of the Sponsor a total of $ 20,000 60,000 60,000 110,000 50,000 Due to Related Party The Company’s directors and officers are reimbursed for any reasonable out-of-pocket expenses incurred by them in connection with certain activities on behalf of the Company, such as identifying and investigating possible target businesses and Business Combinations. For the three months ended March 31, 2023, the Company’s Chief Financial Officer paid $ 144,780 2,905 150,586 5,806 Due from Related Party As of December 31, 2021, the Company had a receivable of $ 15,000 0 |
NOTE AGREEMENTS PAYABLE
NOTE AGREEMENTS PAYABLE | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTE AGREEMENTS PAYABLE | NOTE 6. NOTE AGREEMENTS PAYABLE On March 21, 2022, March 23, 2022, April 4, 2022, April 27, 2022, May 9, 2022, October 27, 2022, and November 25, 2022, in connection with the extension of the date by which the Company has to consummate a Business Combination (see Note 7), the Company entered into subscription agreements with several lenders for a loan of up to $4,000,000, in the aggregate (the “Subscription Agreements”). Pursuant to the Subscription Agreements, the Company issued a series of unsecured senior promissory notes in the aggregate principal amount of up to $ 4,000,000 4,000,000 1,955,000 2,045,000 Pursuant to the terms of the Subscription Agreements, the subscribers also received warrants to purchase one share of our common stock for every $ 2.00 2,000,000 11.50 5.00 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Notes do not bear interest and mature upon the earlier of (i) the closing of our initial business combination, and (ii) December 31, 2022 (the “Maturity Date”). The Notes provide for a credit line up to the maximum amount of $4,000,000. We will not have the right to re-borrow any portion of any loans made under the Notes once repaid. As of March 31, 2023, a commitment fee in the amount of $400,000, equal to 10% of the maximum principal amount of the Note, had been paid to the subscribers, on a pro rata basis. In the event that we do not consummate a business combination by the Maturity Date, the Notes will be repaid only from amounts remaining outside of our Trust Account, if any. 8 On March 21, 2022, an initial amount of $ 2,700,000 720,000 240,000 See Note 9 for additional terms of the Subscription Warrants. Pursuant to a warrant cancellation and forfeiture agreement dated as of August 16, 2023, one of the Company’s directors agreed to forfeit for cancellation 89,029 In accordance with ASC 470-20-25-1 and ASC 815-15-30-2, the proceeds from the issuance of the Notes were allocated to the Notes and Subscription Warrants using the with-and-without method. Under this method, the Company first allocated the proceeds from the issuance of the Notes to the Subscription Warrants based on their initial fair value measurement of $ 5,370,185 337,991 341,967 417,037 162,003 65,326 121,093 354,233 On March 27, 2024, the Company held a Special Meeting of Shareholders (“the March 2024 Stockholders Meeting”) in which voted to amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company to allow the Company to extend the date by which the Company must consummate a business combination up to six times, each such extension for an additional one month period, until September 30, 2024 (the “Fourth Extended Date”), upon one calendar day advance notice to Continental Stock Transfer & Trust Company, prior to the applicable monthly deadline, unless the closing of the proposed Business Combination with Clearday, Inc., or any potential alternative initial business combination shall have occurred prior to the Fourth Extended Date. It also voted to amend the Company’s Investment Management Trust Agreement, allowing the Company to extend the date by which the Company must consummate a business combination up to six times, each such extension for an additional one month period, until September 30, 2024, by depositing into the Trust Account the amount of $ 35,000 35,000 The Company is currently in default of the Extension Payments for May and June of 2024. The Company anticipates that it will make the outstanding payments in June, 2024. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company complies with ASC Topic 835, Interest (“ASC 835”). In accordance with ASC 835-30, discounts to the principal amounts are included in the carrying value of the Notes and amortized to “Interest expense” over the remaining term of the underlying debt to the Original Maturity Date. The Company recorded a $ 3,645,777 0 99,543 4,000,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7. COMMITMENTS AND CONTINGENCIES Underwriting Agreement The Company granted the underwriter a 45-day option to purchase up to 2,625,000 The underwriter was paid a cash underwriting fee of $ 0.20 4,025,000 0.35 7,043,750 In addition, subject to certain conditions, the Company granted the underwriters of the Initial Public Offering, for a period of 12 months after the date of the consummation of a Business Combination, a right of first refusal to act as book-running managing underwriter or placement agent, with at least 30% of the economics, for any and all future public and private equity, convertible 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 related to our initial public offering. Subsequently this agreement was voided. Registration Rights The holders of the Company’s Founder Shares issued and outstanding as well as the holders of the Private Warrants (and underlying securities) are entitled to registration rights pursuant to an agreement signed in connection with the Initial Public Offering. The holders of a majority of these securities are entitled to make up to two demands that the Company registers 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 shares of common stock are to be released from escrow. The holders of a majority of the Private Warrants (and underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Vendor Agreements On May 18, 2021, the Company entered into an agreement with a transactional and strategic advisory firm (the “Strategic Advisor”) for advisory services as needed by the Company in connection with a Business Combination. Pursuant to this agreement, the Company incurred approximately $ 875,000 500,000 2,625,000 500,000 2,125,000 On October, 8, 2021, the Company entered into an agreement with a financial advisor (the “Exclusive Financial Advisor”) for financial advisory services such as financial and transaction feasibility analysis, assistance in negotiations, assistance in capital planning, and other customary services in connection with a Business Combination, pursuant to which the Company will pay the Exclusive Financial Advisor a fee of $ 1,500,000 On October 25, 2021, the Company entered into an agreement with a Consultant for investor relations and public relations services in connection with a Business Combination with Suneva. The Consulting Agreement specifically identified Suneva as the target of the Business Combination. Pursuant to the agreement, the Consultant would be paid a fee of $ 15,000 15,000 300,000 200,000 34,000 17,000 17,000 On October 5, 2023, a legal complaint was filed in Connecticut Superior Court against the Company and Suneva by the Consultant. The Complaint alleges that the Company and Suneva owe the Consultant unpaid fees under an October 25, 2021 consulting agreement and asserts claims for breach of contract, breach of implied contract, unjust enrichment, and quantum meruit. As of the date of this filing, this action is not pending and has not been officially docketed with the Connecticut Superior Court. The Company is continuing to assess the merits of the complaint but believes that the claims by the Consultant against the Company are without merit and the Company intends to defend the action if it is properly initiated. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On November 1, 2021, the Company entered into an agreement with a financial advisor (the “Second Financial Advisor”) for financial advisory services such as guidance on valuation and transaction structure and terms, assistance in negotiations, coordination of due diligence, documentation, and transaction closing, and introduction of the Company to institutional investors in connection with a Business Combination, pursuant to which the Company will pay the Second Financial Advisor a fee of $ 400,000 On November 2, 2021, the Company entered into an agreement with a financial advisor (the “Third Financial Advisor”) for financial advisory services such as market related advice and assistance in connection with a Business Combination, pursuant to which the Company will pay the Third Financial Advisor a fee of $ 500,000 On November 5, 2021, the Company entered into an agreement with an advisor (the “Advisor”) for services such as assistance in refining strategic objectives, preparation or refinement of solicitation materials, identification, contact, and solicitation of or potential investors and other sources of capital, and assistance in review, selection, negotiation, and closing of a transaction in connection with a Business Combination, pursuant to which the Company will pay the Advisor a fee of $ 200,000 On February 17, 2022, the Company entered into an agreement with a broker-dealer (the “Broker-Dealer”) for services such as providing the Company with capital markets advisory services with regard to a forward purchase agreement, convertible private investment in public equity (“PIPE”), secured credit facility, and any other capital structure topics in connection with a Business Combination, pursuant to which the Company will pay the Broker-Dealer a fee of $ 250,000 250,000 250,000 On May 9, 2023, the Company entered into an agreement with a placement agent (the “Placement Agent) for services such as advising and assisting the Company in identifying one or more investors that are “accredited” or “qualified institutional buyers. Contingent upon the consummation of the Business Combination, the Company will pay the Placement Agents a cash fee equal to eight percent (8.0%) of the gross proceeds received by the Company Extensions On March 18, 2022, the Company held an Annual Meeting of Stockholders for the purpose of approving various proposals, including an amendment to the Company’s Amended and Restated Certificate of Incorporation to extend the date to consummate the Business Combination. On March 18, 2022, stockholders elected to redeem 15,092,126 152,451,819 5,032,874 On March 21, 2022, March 23, 2022, April 4, 2022, April 27, 2022, May 9, 2022, October 27, 2022, and November 25, 2022, the Company entered into the Note Agreements (see Note 6). The Note Agreements included Subscription Warrants (see Note 9). The entry into the Note Agreements and the terms of the Notes and Subscription Warrants was approved by the Audit Committee of the Board of Directors of the Company at a meeting held on March 21, 2022. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On March 23, 2022, the Company filed an amendment to its Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to extend the date to consummate a Business Combination for a total of up to nine months after the Original Termination Date, unless the closing of the proposed Business Combination with any potential initial Business Combination shall have occurred. The Amendment was approved by the Company’s stockholders at its Annual Meeting of Stockholders held on March 18, 2022. On December 23, 2022, the Company held its 2022 Annual Meeting of the Stockholders in which they voted to extend the date to consummate a business combination until June 30, 2023. . On each of December 27, 2022, January 26, 2023, February 27, 2023, March 27, 2023, April 28, 2023 and May 24, 2023, the Company deposited $ 100,000 On December 23, 2022, stockholders elected to redeem 3,188,100 34,004,514 34,004,514 1,844,774 On June 22, 2023, the Company held a stockholder meeting (the “June 2023 Stockholders Meeting”) in which stockholders voted to (A) amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company to (i) initially extend the date by which the Company must consummate an initial business combination up to six times, each such extension for an additional one month period, until December 31, 2023, by depositing into the Trust Account, the amount of $ 85,000 On March 27, 2024, the Company held a Special Meeting of Shareholders (“the March 2024 Stockholders Meeting”) in which voted to amend the Company’s Amended and Restated Certificate of Incorporation, to allow the Company to allow the Company to extend the date by which the Company must consummate a business combination up to six times, each such extension for an additional one month period, until September 30, 2024 (the “Fourth Extended Date”), upon one calendar day advance notice to Continental Stock Transfer & Trust Company, prior to the applicable monthly deadline, unless the closing of the proposed Business Combination with Clearday, Inc., or any potential alternative initial business combination shall have occurred prior to the Fourth Extended Date. It also voted to amend the Company’s Investment Management Trust Agreement, allowing the Company to extend the date by which the Company must consummate a business combination up to six times, each such extension for an additional one month period, until September 30, 2024, by depositing into the Trust Account the amount of $ 35,000 35,000 The Company is currently in default of the Extension Payments for May and June of 2024. The Company anticipates that it will make the outstanding payments June 2024. On March 27, 2024 stockholders elected to redeem 968,350 11,267,175 649,065 In connection with the stockholders’ vote at the June 2023 Stockholders Meeting, 227,359 2,498,947 10.99 1,617,415 17,777,324 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On June 27, 2023, July 27, 2023, August 28, 2023, September 29, 2023, October 2, 2023, October 27, 2023, and December 1, 2023, the Company deposited $ 85,000 From January 1, 2024 through the filing date , there were additional deposits of $ 35,000 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 8. STOCKHOLDERS’ DEFICIT Preferred stock 1,000,000 0.0001 no Common stock 60,000,000 0.0001 Holders are entitled to one vote for each share 5,031,250 1,844,774 Rights |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Warrants Abstract | |
WARRANTS | NOTE 9. WARRANTS Each Public Warrant entitles the holder thereof to purchase one-half (1/2) of a share of common stock at a price of $ 11.50 The Company may call the Public Warrants for redemption (except the Private Warrants): ● in whole and not in part; ● at a price of $ 0.01 ● upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ● if and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the Public Warrants for redemption as described above, its management will have the option to require all holders that wish to exercise Public Warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the Public Warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the Public Warrants, multiplied by the difference between the exercise price of the Public 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 Company’s common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants. Whether the Company will exercise its option to require all holders to exercise their Public Warrants on a “cashless basis” will depend on a variety of factors including the price of our common shares at the time the Public Warrants are called for redemption, its cash needs at such time and concerns regarding dilutive share issuances. If (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price to be determined in good faith by its board of directors, and in the case of any such issuance to its Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination on the date of the consummation of our initial Business Combination (net of redemptions), and (z) the market value is below $9.50 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the market value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities and the $ 16.50 Private Warrants The Private Warrants are identical to the Public Warrants except that the Private Warrants will be non-redeemable and may be exercised on a cashless basis at the option of the holder, in each case so long as they continue to be held by the initial purchasers or their permitted transferees. Subscription Warrants The Subscription Warrant term commences on the Exercise Date (as hereinafter defined) for a period of 49 months. The Subscription Warrants are exercisable commencing on the date of the initial Business Combination (the “Exercise Date”) and have a cashless exercise feature that is available at any time on or after the Exercise Date at the option of the holder. Commencing on the date 13 months following the Exercise Date, the subscribers have the right, but not the obligation, to put the Subscription Warrants to the Company at a purchase price of $ 5.00 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) As of March 31, 2023 and December 31, 2022, there were 20,125,000 18,000,000 2,000,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 10. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial instruments that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Description Amount at Fair Value Level 1 Level 2 Level 3 March 31, 2023 Assets Money Market Account $ 70,845 $ 70,845 $ — $ — Mutual Funds held in Trust Account $ 20,336,813 $ 20,336,813 $ — $ — Liabilities Private Warrant Liability $ 270,000 $ — $ — $ 270,000 Subscription Warrant Liability $ 1,723,441 $ — $ — $ 1,723,441 December 31, 2022 Assets Money Market Account $ 6,346 $ 6,346 $ — $ — Mutual Market Funds held in Trust Account $ 53,815,395 $ 53,815,395 $ — $ — Liabilities Private Warrant Liability $ 900,000 $ — $ — $ 900,000 Subscription Warrant Liability $ 1,635,515 $ — $ — $ 1,635,515 The Private Warrants and Subscription Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the unaudited condensed consolidated balance sheets. The warrant liabilities were measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the unaudited condensed consolidated statements of operations. The Company established the initial fair value of the Private Warrants on December 28, 2020, the date of the Company’s Initial Public Offering, and revalued on March 31, 2023 and on December 31, 2022, using a Monte Carlo simulation model. The Warrants were classified as Level 3 at the initial measurement date, on March 31, 2023 and on December 31, 2022 due to the use of unobservable inputs. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The key inputs into the Monte Carlo simulation for the Private Warrants as of March 31, 2023 and December 31, 2022 were as follows: SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES Inputs As of March 31, 2023 As of December 31, 2022 Risk-free interest rate 3.81 % 4.39 % Expected term remaining (years) 1 1.44 2.11 Expected volatility 0.01 % 0.01 % Stock price $ 10.950 $ 10.650 1 The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 The Company established the initial fair value of the Subscription Warrants on March 21, 2022, March 23, 2022, April 4, 2022, April 27, 2022, May 9,2022, October 27, 2022, and November 25, 2022 the dates of issuance, and revalued on March 31, 2023 and December 31, 2022, using a Monte Carlo simulation model. The Subscription Warrants were classified as Level 3 at the initial measurement dates, and on March 31, 2023 and December 31, 2022 due to the use of unobservable inputs. As of March 31, 2023 the expected term remaining was calculated based on assumptions for both a successful and unsuccessful business combination, as calculating the expected term using only assumptions for a successful business combination resulted in a unsolved expected volatility. The key inputs into the Monte Carlo simulation as of March 31, 2023, December 31, 2022, and the issuance dates were as follows: SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES Inputs As of As of Risk-free interest rate 3.63 % 4.39 % Market debt rate 2 8.62 % 9.19 % Expected term remaining (years) 4.74 4.60 Expected volatility 0.01 % 0.01 % Probability of completing a Business Combination 14 % 24.5 % Stock price $ 10.950 $ 10.650 1 The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 2 The Company changed its valuation technique to incorporate the market debt rate as a significant input to the Monte Carlo simulation for the valuation of the Subscription Warrants as of March 31, 2023, December 31, 2022, November 25, 2022, October 27, 2022, May 9, 2022, April 27, 2022, and April 4, 2022. In the case that the Subscription Warrants were exercised, the risk-free interest rate was used. In the case that the put option was exercised, the market debt rate was used. The risk-free interest rate was used in both scenarios in the Monte Carlo simulation for the valuation of the Subscription Warrants as of March 23, 2022 and March 21, 2022. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following tables presents the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis: SCHEDULE OF CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value as of December 31, 2021 $ 4,188,221 Fair value of Subscription Warrants at issuance on March 21, 2022 5,370,185 Fair value of Subscription Warrants at issuance on March 23, 2022 337,991 Fair value of Subscription Warrants at issuance on April 4, 2022 341,967 Fair value of Subscription Warrants at issuance on April 27, 2022 417,037 Fair value of Subscription Warrants at issuance on May 9, 2022 162,003 Fair value of Subscription Warrants at issuance on October 27, 2022 65,326 Fair value of Subscription Warrants at issuance on November 25, 2022 121,093 Change in fair value (8,468,308 ) Fair value as of December 31, 2022 2,535,515 Change in fair value (542,074 ) Fair value as of March 31, 2023 $ 1,993,441 The Company recognized gains in connection with changes in the fair value of the Private and Subscription Warrants of $ 542,074 2,793,557 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11. INCOME TAXES The Company’s effective tax rate for the three months ended March 31, 2023 and 2022 was ( 61 0 differs from the statutory income tax rate of 21 . The Company believes that, at this time, the use of the discrete method and 2022 is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable due to a high degree of uncertainty in estimating annual pretax earnings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the unaudited condensed consolidated balance sheet date up to the date that the unaudited condensed consolidated financial statements were issued. Based upon this review, other than as described in Note 1, Note 2, Note 5, Note 6, Note 7 and below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On December 22, 2023, the Company received a letter from the NYSE American LLC (“NYSE American” or the “Exchange”) stating that the staff of NYSE Regulation (the “Staff”) had determined to commence proceedings to delist the Company’s Common Stock, Units and Rights (collectively, the “Securities”) pursuant to Sections 119(b) and 119(f) of the NYSE American Company Guide (the “Company Guide”) because the Company failed to consummate a business combination within 36 months of the effectiveness of its initial public offering registration statement, or such shorter period that the Company specified in its registration statement. The Company had the right to a review of the delisting determination by a Listing Qualifications Panel (the “Panel”) of the NYSE American’s Committee for Review (the “Committee”), of the Board of Directors of the Exchange, provided a written request for such had been received no later than December 29, 2023. The Company requested an in-person hearing to deliver an oral presentation to the Panel, which was held on February 13, 2024. The Panel’s hearing considered written and oral presentations made by the Company and the Staff. On February 21, 2024, the Company received a letter from the NYSE American, that based upon the material and information presented to the Panel, discussion that occurred at the hearing and analysis of the NYSE American rules and the Company Guide, the Panel unanimously determined to affirm the Staff’s decision to initiate delisting proceedings because the Company did not consummate a merger within the maximum 36 months of the effectiveness of its initial public offering registration statement. The Company may request, as provided by Section 1205 of the Company Guide, that the full Committee reconsider the decision of the Panel. The request for the review and the required fee must be made in writing and received within 15 calendar days from the date of the letter. On March 7, 2024, the Company requested that the full Committee reconsider the Panel’s decision to delist. At this time the Securities remain listed on the NYSE American, although trading has been suspended pending the outcome of the review by the full Committee, and the Securities are trading the over-the-counter market until the final determination has been made. If the full Committee does not overturn the decision by the Panel to delist, the Securities will be de-listed from the NYSE American and trade in the over-the-counter market. The scheduled final appeal date is July 18, 2024. The final determination is expected by the full Committee within one to two weeks thereafter. On May 14, 2024, Viveon and Clearday reached a mutual agreement to extend the terms related to the Clearday Senior Convertible Notes . The Clearday Senior Convertible Notes are binary and bear 8 On March 27, 2024, (the Company, entered into a non-redemption agreement (the “Non-Redemption Agreement”) with Viveon Health LLC (the “Sponsor”) and certain institutional investors named therein (the “Investors”). Pursuant to the Non-Redemption Agreement, the Investors have agreed that, in connection with the Special Meeting, the Investors will not exercise their Redemption Rights, or they will rescind or reverse previously submitted redemption requests prior to the Special Meeting. Under the terms of the Non-Redemption Agreement, if the Investors do not exercise their Redemption Rights, or validly rescind previously submitted redemption requests, and the Extension Amendment Proposal and the Trust Amendment Proposal are approved, then promptly following the consummation of the proposed business combination, the Sponsor shall forfeit 150,000 150,000 The foregoing description of the Non-Redemption Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Non-Redemption Agreement, a form of which is incorporated by reference as Exhibit 10.3 hereto and is incorporated by reference herein. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Form 10-K/A as filed with the SEC on February 21, 2024. The interim results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future periods. |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned and controlled operating subsidiary, Old Merger Sub after elimination of all intercompany transactions and balances as of March 31, 2023 and December 31, 2022. VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
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 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. The Company has elected to implement the aforementioned exemptions. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of 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 unaudited condensed 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, the actual results could differ from those estimates. The initial valuation of the Public Warrants (as defined in Note 3), Rights (as defined in Note 3) common stock subject to redemption and the periodic valuation of the Private Warrants and Subscription Warrants (as defined in Note 6) required management to exercise significant judgement in its estimates. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to the current period financial statement presentation, including proceeds from note agreements payable - related party of $ 1,025,000 |
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 cash equivalents in the amount of $ 70,845 6,346 |
Investments Held in Trust Account | Investments Held in Trust Account As of March 31, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in a money market account.. The assets in the amount of $ 20,336,813 53,815,395 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
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 ASC 480 and ASC Topic 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 additional paid-in capital 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 at their initial fair value on the date of issuance and recorded as a warrant liability. In accordance with guidance contained in ASC 815, the Public Warrants (as defined in Note 3) qualify for equity treatment. The Private Warrants and Subscription Warrants (as defined in Note 6) do not qualify as equity and are recorded as liabilities at fair value, which is discussed in Note 9. Changes in the estimated fair value of the Private Warrants and Subscription Warrants are recognized as non-cash gains or losses on the unaudited condensed consolidated statements of operations. |
Debt with Conversion and Other Options | Debt with Conversion and Other Options The Company accounts for a series of unsecured senior promissory note agreements under ASC Topic 470-20-25-1, Debt - Debt with Conversion and Other Options Derivatives and Hedging - Embedded Derivatives |
Common Stock Subject to Possible Redemption | Common Stock Subject to Possible Redemption All of the 1,844,774 The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by credits and charges against additional paid in capital and accumulated deficit. The Company recorded increases in the redemption value of common stock subject to redemption of $ 103,177 720,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) As of March 31, 2023 and December 31, 2022, the redeemable common stock reflected in the unaudited condensed consolidated balance sheets are reconciled in the following table: SCHEDULE OF REDEEMABLE COMMON STOCK REFLECTED IN THE CONSOLIDATED BALANCE SHEETS Gross proceeds $ 201,250,000 Less: Fair value of Public Warrants at issuance (10,384,500 ) Fair value of Rights at issuance (9,136,750 ) Issuance costs allocated to common stock subject to possible redemption (10,660,961 ) Plus: Remeasurement of carrying value to redemption value 32,194,711 Common stock subject to possible redemption as of December 31, 2021 203,262,500 Redemption of common stock by stockholders (152,451,819 ) Common stock tendered for redemption (34,004,514 ) Remeasurement of carrying value to redemption value 2,607,712 Common stock subject to possible redemption as of December 31, 2022 19,413,879 Remeasurement of carrying value to redemption value 103,177 Common stock subject to possible redemption as of March 31, 2023 $ 19,517,056 |
Offering Costs associated with the Initial Public Offering | Offering Costs associated with the Initial Public Offering The Company complies with the requirements of ASC Topic 340, Other Assets and Deferred Costs Expenses of Offering 11,830,356 4,025,000 7,043,750 761,606 10,660,961 1,144,422 24,973 |
Share-Based Payment Arrangements | Share-Based Payment Arrangements The Company accounts for stock awards in accordance with ASC Topic 718, Compensation - Stock Compensation Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, or in the period of grant for awards that vest immediately and have no future service condition. For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, Income Taxes VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were unrecognized tax benefits as of March 31, 2023 and December 31, 2022 of $ 765,613 See Note 11 for additional information on income taxes for the periods presented. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The calculation of diluted income (loss) per common share does not consider the effect of the Public Warrants (as defined in Note 3), Private Warrants, Subscription Warrants (as defined in Note 6), and Rights (as defined in Note 3) since the exercise of the warrants and Rights are contingent upon the occurrence of future events. The warrants and Rights are exercisable to purchase 22,068,750 The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): SCHEDULE OF BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE Redeemable Non- Redeemable Non- Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Redeemable Non- Redeemable Non- Basic and diluted net income (loss) per share: Numerator: Net income (loss) 82,635 180,295 (1,313,566 ) (294,628 ) Denominator: Weighted Average Common Stock 1,844,774 4,025,000 17,945,027 4,025,000 Basic and diluted net income (loss) per common share $ 0.04 $ 0.04 $ (0.07 ) $ (0.07 ) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 VIVEON HEALTH ACQUISITION CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. The carrying amounts reflected in the condensed consolidated balance sheets for financial instruments included within current assets and current liabilities approximate fair value due to their short-term nature. Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. See Note 10 for additional information on assets and liabilities measured at fair value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815. The Company’s derivative instruments are recorded at fair value and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed consolidated statements of operations. Derivative assets and liabilities are classified on the unaudited condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the Private Warrants and Subscription Warrants (as defined in Note 6) are derivative instruments. As the Private Warrants and Subscription Warrants meet the definition of a derivative, the warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820 with changes in fair value recognized in the unaudited condensed consolidated statements of operations in the period of change. In accordance with ASC Topic 825, Financial Instruments, the Company has concluded that a portion of the transaction costs which directly related to the Initial Public Offering and the Private Placement, should be allocated to the Private Warrants based on their relative fair value against total proceeds, and recognized as transaction costs in the unaudited condensed consolidated statements of operations. |
Recent Accounting Standards | Recent Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, companies are required to disclose additional information about income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard is required to be adopted on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect the adoption of ASU 2023-09 will have on its condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF REDEEMABLE COMMON STOCK REFLECTED IN THE CONSOLIDATED BALANCE SHEETS | As of March 31, 2023 and December 31, 2022, the redeemable common stock reflected in the unaudited condensed consolidated balance sheets are reconciled in the following table: SCHEDULE OF REDEEMABLE COMMON STOCK REFLECTED IN THE CONSOLIDATED BALANCE SHEETS Gross proceeds $ 201,250,000 Less: Fair value of Public Warrants at issuance (10,384,500 ) Fair value of Rights at issuance (9,136,750 ) Issuance costs allocated to common stock subject to possible redemption (10,660,961 ) Plus: Remeasurement of carrying value to redemption value 32,194,711 Common stock subject to possible redemption as of December 31, 2021 203,262,500 Redemption of common stock by stockholders (152,451,819 ) Common stock tendered for redemption (34,004,514 ) Remeasurement of carrying value to redemption value 2,607,712 Common stock subject to possible redemption as of December 31, 2022 19,413,879 Remeasurement of carrying value to redemption value 103,177 Common stock subject to possible redemption as of March 31, 2023 $ 19,517,056 |
SCHEDULE OF BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE | The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts): SCHEDULE OF BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE Redeemable Non- Redeemable Non- Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Redeemable Non- Redeemable Non- Basic and diluted net income (loss) per share: Numerator: Net income (loss) 82,635 180,295 (1,313,566 ) (294,628 ) Denominator: Weighted Average Common Stock 1,844,774 4,025,000 17,945,027 4,025,000 Basic and diluted net income (loss) per common share $ 0.04 $ 0.04 $ (0.07 ) $ (0.07 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Class of Warrant or Right [Line Items] | |
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS | SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Description Amount at Fair Value Level 1 Level 2 Level 3 March 31, 2023 Assets Money Market Account $ 70,845 $ 70,845 $ — $ — Mutual Funds held in Trust Account $ 20,336,813 $ 20,336,813 $ — $ — Liabilities Private Warrant Liability $ 270,000 $ — $ — $ 270,000 Subscription Warrant Liability $ 1,723,441 $ — $ — $ 1,723,441 December 31, 2022 Assets Money Market Account $ 6,346 $ 6,346 $ — $ — Mutual Market Funds held in Trust Account $ 53,815,395 $ 53,815,395 $ — $ — Liabilities Private Warrant Liability $ 900,000 $ — $ — $ 900,000 Subscription Warrant Liability $ 1,635,515 $ — $ — $ 1,635,515 |
SCHEDULE OF CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS | The following tables presents the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis: SCHEDULE OF CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value as of December 31, 2021 $ 4,188,221 Fair value of Subscription Warrants at issuance on March 21, 2022 5,370,185 Fair value of Subscription Warrants at issuance on March 23, 2022 337,991 Fair value of Subscription Warrants at issuance on April 4, 2022 341,967 Fair value of Subscription Warrants at issuance on April 27, 2022 417,037 Fair value of Subscription Warrants at issuance on May 9, 2022 162,003 Fair value of Subscription Warrants at issuance on October 27, 2022 65,326 Fair value of Subscription Warrants at issuance on November 25, 2022 121,093 Change in fair value (8,468,308 ) Fair value as of December 31, 2022 2,535,515 Change in fair value (542,074 ) Fair value as of March 31, 2023 $ 1,993,441 |
Private Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES | The key inputs into the Monte Carlo simulation for the Private Warrants as of March 31, 2023 and December 31, 2022 were as follows: SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES Inputs As of March 31, 2023 As of December 31, 2022 Risk-free interest rate 3.81 % 4.39 % Expected term remaining (years) 1 1.44 2.11 Expected volatility 0.01 % 0.01 % Stock price $ 10.950 $ 10.650 1 The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 |
Subscription Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES | The key inputs into the Monte Carlo simulation as of March 31, 2023, December 31, 2022, and the issuance dates were as follows: SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES Inputs As of As of Risk-free interest rate 3.63 % 4.39 % Market debt rate 2 8.62 % 9.19 % Expected term remaining (years) 4.74 4.60 Expected volatility 0.01 % 0.01 % Probability of completing a Business Combination 14 % 24.5 % Stock price $ 10.950 $ 10.650 1 The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 2 The Company changed its valuation technique to incorporate the market debt rate as a significant input to the Monte Carlo simulation for the valuation of the Subscription Warrants as of March 31, 2023, December 31, 2022, November 25, 2022, October 27, 2022, May 9, 2022, April 27, 2022, and April 4, 2022. In the case that the Subscription Warrants were exercised, the risk-free interest rate was used. In the case that the put option was exercised, the market debt rate was used. The risk-free interest rate was used in both scenarios in the Monte Carlo simulation for the valuation of the Subscription Warrants as of March 23, 2022 and March 21, 2022. |
DESCRIPTION OF ORGANIZATION, _2
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 27, 2024 | Jun. 22, 2023 | Apr. 28, 2023 | Nov. 10, 2022 | Jul. 13, 2022 | Dec. 30, 2020 | Dec. 28, 2020 | Dec. 22, 2020 | Mar. 31, 2023 | Dec. 31, 2021 | Mar. 28, 2024 | Jan. 01, 2024 | Dec. 01, 2023 | Oct. 27, 2023 | Oct. 02, 2023 | Sep. 29, 2023 | Aug. 28, 2023 | Jul. 27, 2023 | Jun. 27, 2023 | May 24, 2023 | Mar. 27, 2023 | Feb. 27, 2023 | Jan. 26, 2023 | Dec. 31, 2022 | Dec. 27, 2022 | Nov. 28, 2022 | Oct. 28, 2022 | Sep. 28, 2022 | Aug. 30, 2022 | Aug. 28, 2022 | Aug. 16, 2022 | Jul. 28, 2022 | Jul. 26, 2022 | Jun. 28, 2022 | Jun. 23, 2022 | Mar. 23, 2022 | Mar. 18, 2022 | |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 201,250,000 | ||||||||||||||||||||||||||||||||||||
Initial business combination percentage of trust account | 80% | ||||||||||||||||||||||||||||||||||||
Percentage of outstanding voting securities | 50% | ||||||||||||||||||||||||||||||||||||
Tangible assets net | $ 5,000,001 | ||||||||||||||||||||||||||||||||||||
Aggregate percent of shares sold | 20% | ||||||||||||||||||||||||||||||||||||
Redemption of public shares percentage | 100% | ||||||||||||||||||||||||||||||||||||
Deposits | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 720,000 | $ 152,451,819 | ||||||||||||||||||||||
Redemption payment shares | 15,092,126 | ||||||||||||||||||||||||||||||||||||
Common stock, shares, outstanding | 5,031,250 | 5,031,250 | |||||||||||||||||||||||||||||||||||
Trust account balance | $ 20,336,813 | $ 53,815,395 | |||||||||||||||||||||||||||||||||||
Temporary equity shares issued | 1,844,774 | ||||||||||||||||||||||||||||||||||||
Net of repayment subordinated convertible promissory note | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||
Agreegate warrants value | $ 2,582,075 | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||||||||
Percentage of lock up shares | 50% | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ 77,861 | $ 19,847 | |||||||||||||||||||||||||||||||||||
Percentage of excise tax | 1% | ||||||||||||||||||||||||||||||||||||
Viveon Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Percentage of common stock issued and outstanding | 8% | ||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Share price | $ 12.50 | ||||||||||||||||||||||||||||||||||||
Clearday [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||||||||||||||||||||||||||
Tangible assets net | $ 5,000,001 | ||||||||||||||||||||||||||||||||||||
Share price | $ 10 | ||||||||||||||||||||||||||||||||||||
Common stock, par value | 0.0001 | ||||||||||||||||||||||||||||||||||||
Share Price | $ 10 | ||||||||||||||||||||||||||||||||||||
Common stock conversion basis | the sum of $250 Million increased by the First Amendment to $500 Million, plus the aggregate exercise or conversion price of outstanding Clearday’s stock options and warrants (excluding unvested options and options or warrants with an exercise or conversion price of $5.00 or more), | ||||||||||||||||||||||||||||||||||||
Conversion price increase | $ 5 | ||||||||||||||||||||||||||||||||||||
Clearday [Member] | Earnout Shares [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares issuable | 5,000,000 | ||||||||||||||||||||||||||||||||||||
New Merger [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Company expenses and parent expenses | 50,000,000 | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | Clearday [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Merger consideration | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Company expenses and parent expenses | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||
Minimum [Member] | Clearday [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Merger consideration | $ 250,000,000 | ||||||||||||||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Deposits | $ 35,000 | $ 85,000 | $ 35,000 | $ 35,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | ||||||||||||||||||||||||||
Redemption payment shares | 227,359 | ||||||||||||||||||||||||||||||||||||
Repayments of related party debt | $ 2,498,947 | ||||||||||||||||||||||||||||||||||||
Share price | $ 10.99 | ||||||||||||||||||||||||||||||||||||
Common stock, shares, outstanding | 1,617,415 | ||||||||||||||||||||||||||||||||||||
Trust account balance | $ 11,267,175 | $ 17,777,324 | |||||||||||||||||||||||||||||||||||
Redemption payment shares (in Shares) | 968,350 | ||||||||||||||||||||||||||||||||||||
Temporary equity shares issued | 649,065 | ||||||||||||||||||||||||||||||||||||
Forecast [Member] | Maximum [Member] | Clearday [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Merger consideration | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||
Forecast [Member] | Minimum [Member] | Clearday [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Merger consideration | 250,000,000 | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Deposits | $ 85,000 | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||
Redemption payment shares | 227,359 | ||||||||||||||||||||||||||||||||||||
Repayments of related party debt | $ 2,498,947 | ||||||||||||||||||||||||||||||||||||
Share price | $ 10.99 | ||||||||||||||||||||||||||||||||||||
Common stock, shares, outstanding | 1,617,415 | ||||||||||||||||||||||||||||||||||||
Trust account balance | $ 17,777,324 | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Forecast [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Purchase units | 968,350 | ||||||||||||||||||||||||||||||||||||
Series F Cumulative Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | ||||||||||||||||||||||||||||||||||||
Preferred stock conversion basis | (A) one (1) share of Parent New Series F Preferred Stock plus (B) a number of Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger Agreement. | ||||||||||||||||||||||||||||||||||||
Series A Cumulative Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | ||||||||||||||||||||||||||||||||||||
Preferred stock conversion basis | (A) one (1) share of Parent New Series A Preferred Stock plus (B) a number of Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger Agreement. | ||||||||||||||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Sale of shares | 17,500,000 | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 10 | $ 10.10 | |||||||||||||||||||||||||||||||||||
Gross proceeds | $ 175,000,000 | ||||||||||||||||||||||||||||||||||||
Sale of units, value | $ 203,262,500 | ||||||||||||||||||||||||||||||||||||
Redemption percentage of outstanding public shares | 100% | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | ||||||||||||||||||||||||||||||||||||
IPO [Member] | Public Shares [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Sale of shares | 17,500,000 | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 10 | ||||||||||||||||||||||||||||||||||||
IPO [Member] | Private Warrant [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Sale of shares | 18,000,000 | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.50 | ||||||||||||||||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||
Purchase units | 2,625,000 | 875,000 | |||||||||||||||||||||||||||||||||||
Gross proceeds of options | $ 26,250,000 |
SCHEDULE OF REDEEMABLE COMMON S
SCHEDULE OF REDEEMABLE COMMON STOCK REFLECTED IN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 18, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||||
Gross proceeds | $ 201,250,000 | ||||
Fair value of Public Warrants at issuance | (10,384,500) | ||||
Fair value of Rights at issuance | (9,136,750) | ||||
Issuance costs allocated to common stock subject to possible redemption | (10,660,961) | ||||
Remeasurement of carrying value to redemption value | $ 103,177 | $ 720,000 | $ 2,607,712 | 32,194,711 | |
Common stock subject to possible redemption as of December 31, 2022 | 19,413,879 | $ 203,262,500 | 203,262,500 | ||
Redemption of common stock by stockholders | $ 152,451,819 | (152,451,819) | |||
Redemption of common share, value | (34,004,514) | ||||
Common stock subject to possible redemption as of March 31, 2023 | $ 19,517,056 | $ 19,413,879 | $ 203,262,500 |
SCHEDULE OF BASIC AND DILUTED N
SCHEDULE OF BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Numerator: | |||
Net income (loss) | $ 262,930 | $ (1,608,194) | |
Denominator: | |||
Weighted Average Common Stock | 5,869,774 | [1] | 21,970,027 |
Basic net (loss) income per common share | $ 0.04 | [1] | $ (0.07) |
Diluted net (loss) income per common share | $ 0.04 | [1] | $ (0.07) |
Redeemable Common Stock [Member] | |||
Numerator: | |||
Net income (loss) | $ 82,635 | $ (1,313,566) | |
Denominator: | |||
Weighted Average Common Stock | 1,844,774 | 17,945,027 | |
Basic net (loss) income per common share | $ 0.04 | $ (0.07) | |
Diluted net (loss) income per common share | $ 0.04 | $ (0.07) | |
Non Redeemable Common Stock [Member] | |||
Numerator: | |||
Net income (loss) | $ 180,295 | $ (294,628) | |
Denominator: | |||
Weighted Average Common Stock | 4,025,000 | 4,025,000 | |
Basic net (loss) income per common share | $ 0.04 | $ (0.07) | |
Diluted net (loss) income per common share | $ 0.04 | $ (0.07) | |
[1]The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Proceeds from related party debt | $ 532,000 | $ 1,025,000 | ||
Cash equivalents | 70,845 | $ 6,346 | ||
Investment held in Trust Account | $ 20,336,813 | 53,815,395 | ||
Temporary equity, shares issued | 1,844,774 | |||
Remeasurement of carrying value to redemption value | $ 103,177 | 720,000 | 2,607,712 | $ 32,194,711 |
Offering costs | 11,830,356 | |||
Cash underwriting fee | 4,025,000 | |||
Deferred underwriting fees | 7,043,750 | |||
Other offering costs | 761,606 | |||
Other offering costs | 10,660,961 | |||
Unrecognized tax benefits | $ 765,613 | $ 765,613 | ||
Warrants exercisable to purchase shares of common stock | 22,068,750 | |||
Federal depository insurance coverage amount | $ 250,000 | |||
Public Warrants [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other offering costs | 1,144,422 | |||
Private Warrant [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other offering costs | $ 24,973 | |||
Related Party [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Proceeds from related party debt | $ 1,025,000 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($) | Dec. 30, 2020 | Dec. 28, 2020 | Dec. 22, 2020 | Mar. 31, 2023 | Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
Exercise price of warrants | $ 11.50 | 11.50 | |||
IPO [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of stock | 17,500,000 | ||||
Share price | $ 10 | $ 10.10 | |||
Common stock, par value | $ 0.0001 | ||||
Over-Allotment Option [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of stock | 2,625,000 | 875,000 | |||
Gross proceeds of options | $ 26,250,000 |
PRIVATE PLACEMENT (Details Narr
PRIVATE PLACEMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 28, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||
Warrent purchases | 22,068,750 | |
Exercise price of warrants | $ 11.50 | $ 11.50 |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrent purchases | 18,000,000 | |
Exercise price of warrants | $ 0.50 | |
Warrent purchases price | $ 9,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 14 Months Ended | ||||||||||||||||||||||||||||||||
May 09, 2024 | May 03, 2024 | Feb. 12, 2024 | Feb. 06, 2024 | Jan. 26, 2024 | Jan. 25, 2024 | Dec. 29, 2023 | Dec. 28, 2023 | Dec. 21, 2023 | Nov. 30, 2023 | Sep. 29, 2023 | Jun. 27, 2023 | Apr. 30, 2023 | Apr. 28, 2023 | Apr. 14, 2023 | Apr. 05, 2023 | Apr. 01, 2023 | Mar. 31, 2023 | Mar. 28, 2023 | Mar. 21, 2023 | Feb. 24, 2023 | Jan. 26, 2023 | Jan. 20, 2023 | Dec. 27, 2022 | Apr. 30, 2021 | Dec. 30, 2020 | Dec. 23, 2020 | Dec. 22, 2020 | Dec. 03, 2020 | Aug. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jun. 05, 2024 | Jun. 22, 2023 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||||||
Related party | $ 607,000 | $ 75,000 | ||||||||||||||||||||||||||||||||||
Credit rating | 2,720% | 2,320% | 2,490% | 2,510% | ||||||||||||||||||||||||||||||||
Debt discount | 101,555 | $ 0 | ||||||||||||||||||||||||||||||||||
Net of discounts | $ 514,240 | 514,240 | 75,000 | |||||||||||||||||||||||||||||||||
Amortization of the discount | $ 8,795 | 99,543 | ||||||||||||||||||||||||||||||||||
Clearday [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Share price | $ 10 | $ 10 | ||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||||||||||||
Loans payable | $ 0 | $ 0 | 0 | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Share price | $ 10.99 | |||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Clearday [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Proceeds from loans | $ 1,761,362 | |||||||||||||||||||||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Loans payable | 440,000 | 440,000 | 75,000 | |||||||||||||||||||||||||||||||||
Related Party [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Notes payable, related party | 1,955,000 | 1,955,000 | 1,955,000 | |||||||||||||||||||||||||||||||||
Due to related party | 260,586 | 260,586 | 55,806 | |||||||||||||||||||||||||||||||||
Due to related party | 150,586 | 150,586 | 5,806 | |||||||||||||||||||||||||||||||||
Due from related party | $ 15,000 | |||||||||||||||||||||||||||||||||||
Sponsor [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Rent paid | 20,000 | |||||||||||||||||||||||||||||||||||
Administrative service fees | 60,000 | 60,000 | ||||||||||||||||||||||||||||||||||
Sponsor [Member] | Related Party [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Due to related party | 110,000 | 110,000 | 50,000 | |||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Costs and expenses | 144,780 | $ 2,905 | ||||||||||||||||||||||||||||||||||
Loans payable | 1,955,000 | 1,955,000 | ||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Loans payable | 642,000 | |||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Costs and expenses | $ 75,000 | $ 105,000 | $ 125,000 | $ 60,000 | $ 75,000 | 440,000 | ||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Promissory Note [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Proceeds from repayments of loans | $ 20,000 | $ 30,000 | $ 80,000 | $ 50,000 | $ 35,000 | $ 12,000 | $ 70,000 | $ 6,000 | $ 105,000 | $ 15,000 | $ 396,000 | |||||||||||||||||||||||||
Chief Financial Officer [Member] | Promissory Note One [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Proceeds from repayments of loans | $ 100,000 | $ 23,000 | 100,000 | |||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Note Agreements [Member] | Related Party [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Notes payable, related party | 1,955,000 | 1,955,000 | ||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Loans payable | 100,000 | |||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Costs and expenses | $ 100,000 | |||||||||||||||||||||||||||||||||||
Loans payable | 100,000 | 100,000 | 0 | |||||||||||||||||||||||||||||||||
Eight Investors [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Loans payable | 67,000 | 67,000 | $ 0 | |||||||||||||||||||||||||||||||||
Additional amount loaned | $ 67,000 | $ 295,000 | ||||||||||||||||||||||||||||||||||
Eight Investors [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Loans payable | $ 295,000 | |||||||||||||||||||||||||||||||||||
Additional amount loaned | $ 25,000 | $ 20,000 | $ 50,000 | $ 100,000 | $ 33,000 | $ 228,000 | ||||||||||||||||||||||||||||||
Founder Shares [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of shares issued to sponsor | $ 25,000 | |||||||||||||||||||||||||||||||||||
Share price | $ 0.007 | |||||||||||||||||||||||||||||||||||
Number of shares issued to sponsor, shares | 3,593,750 | |||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.0001 | |||||||||||||||||||||||||||||||||||
Common stock dividend declared per share | $ 0.03 | $ 0.36 | ||||||||||||||||||||||||||||||||||
Common stock dividend declared shares | 5,031,250 | 4,887,500 | ||||||||||||||||||||||||||||||||||
Shares cancellation common stock subject to forfeiture | 656,250 | 656,250 | 656,250 | |||||||||||||||||||||||||||||||||
Share issued | 1,006,250 | |||||||||||||||||||||||||||||||||||
Founder shares related description | 50% of these shares will not be transferred, assigned, sold or released from escrow until the earlier of (i) 6 months after the date of the consummation of the initial Business Combination or (ii) the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the initial Business Combination and the remaining 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until 6 months after the date of the consummation of the initial Business Combination, or earlier, in either case, if, subsequent to its initial Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. | |||||||||||||||||||||||||||||||||||
Founder Shares [Member] | Sponsor [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of stock transferred | 27,000 | 81,000 | ||||||||||||||||||||||||||||||||||
Founder Shares [Member] | Transferee [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of stock transferred | 27,000 | |||||||||||||||||||||||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||
Share issued | 2,625,000 | 875,000 |
NOTE AGREEMENTS PAYABLE (Detail
NOTE AGREEMENTS PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Nov. 25, 2022 | Oct. 27, 2022 | May 09, 2022 | Apr. 27, 2022 | Apr. 04, 2022 | Mar. 23, 2022 | Mar. 21, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 28, 2024 | Mar. 27, 2024 | Jan. 01, 2024 | Dec. 01, 2023 | Oct. 27, 2023 | Oct. 02, 2023 | Sep. 29, 2023 | Aug. 28, 2023 | Aug. 16, 2023 | Jul. 27, 2023 | Jun. 27, 2023 | Jun. 22, 2023 | May 24, 2023 | Apr. 28, 2023 | Apr. 01, 2023 | Mar. 27, 2023 | Feb. 27, 2023 | Jan. 26, 2023 | Dec. 31, 2022 | Dec. 27, 2022 | Nov. 28, 2022 | Oct. 28, 2022 | Sep. 28, 2022 | Aug. 30, 2022 | Aug. 28, 2022 | Jul. 28, 2022 | Jul. 26, 2022 | Jun. 28, 2022 | Jun. 23, 2022 | Mar. 18, 2022 | Dec. 28, 2020 | |
Number of warrants to purchase | 22,068,750 | |||||||||||||||||||||||||||||||||||||||
Exercise price | $ 11.50 | $ 11.50 | ||||||||||||||||||||||||||||||||||||||
Subsequent event, description | If (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price to be determined in good faith by its board of directors, and in the case of any such issuance to its Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination on the date of the consummation of our initial Business Combination (net of redemptions), and (z) the market value is below $9.50 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the market value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities and the $16.50 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 165% of the market value | |||||||||||||||||||||||||||||||||||||||
Interest rate per annum | 8% | |||||||||||||||||||||||||||||||||||||||
Initial amount drawn from notes | $ 2,700,000 | |||||||||||||||||||||||||||||||||||||||
Loan proceeds | $ 720,000 | |||||||||||||||||||||||||||||||||||||||
Deposits | $ 720,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 152,451,819 | |||||||||||||||||||||||||
Subscription warrants | (542,074) | $ (2,793,557) | ||||||||||||||||||||||||||||||||||||||
Debt discount | 3,645,777 | |||||||||||||||||||||||||||||||||||||||
Interest expense | $ 99,543 | |||||||||||||||||||||||||||||||||||||||
Carrying value of notes | 4,000,000 | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||
Forecast [Member] | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ 35,000 | $ 35,000 | $ 35,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | |||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Subscription warrants | $ 121,093 | $ 65,326 | $ 162,003 | $ 417,037 | $ 341,967 | $ 337,991 | $ 5,370,185 | |||||||||||||||||||||||||||||||||
Subscription warrants | $ 354,233 | |||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ 85,000 | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Purchase price per warrant | $ 5 | |||||||||||||||||||||||||||||||||||||||
Nonrelated Party [Member] | ||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 2,045,000 | $ 2,045,000 | ||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||
Loans payable | $ 1,955,000 | |||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||
Loans payable | $ 642,000 | |||||||||||||||||||||||||||||||||||||||
Subscription Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
Debt instrument description | On March 21, 2022, March 23, 2022, April 4, 2022, April 27, 2022, May 9, 2022, October 27, 2022, and November 25, 2022, in connection with the extension of the date by which the Company has to consummate a Business Combination (see Note 7), the Company entered into subscription agreements with several lenders for a loan of up to $4,000,000, in the aggregate (the “Subscription Agreements”). | |||||||||||||||||||||||||||||||||||||||
Unsecured senior promissory notes | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||||
As per agreement,warrants received to purchase shares | $ 2 | |||||||||||||||||||||||||||||||||||||||
Number of warrants to purchase | 2,000,000 | |||||||||||||||||||||||||||||||||||||||
Exercise price | $ 11.50 | |||||||||||||||||||||||||||||||||||||||
Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
Subsequent event, description | (i) the closing of our initial business combination, and (ii) December 31, 2022 (the “Maturity Date”). The Notes provide for a credit line up to the maximum amount of $4,000,000. We will not have the right to re-borrow any portion of any loans made under the Notes once repaid. As of March 31, 2023, a commitment fee in the amount of $400,000, equal to 10% of the maximum principal amount of the Note, had been paid to the subscribers, on a pro rata basis. In the event that we do not consummate a business combination by the Maturity Date, the Notes will be repaid only from amounts remaining outside of our Trust Account, if any. | |||||||||||||||||||||||||||||||||||||||
Warrant Cancellation And Forfeiture Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||
Debt forfeit for cancellation | 89,029 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Mar. 27, 2024 | Jun. 22, 2023 | May 09, 2023 | Jan. 25, 2023 | Dec. 23, 2022 | Mar. 18, 2022 | Feb. 17, 2022 | Oct. 25, 2021 | Dec. 30, 2020 | Dec. 28, 2020 | Dec. 22, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 28, 2024 | Jan. 01, 2024 | Dec. 01, 2023 | Oct. 27, 2023 | Oct. 02, 2023 | Sep. 29, 2023 | Aug. 28, 2023 | Jul. 27, 2023 | Jun. 27, 2023 | May 24, 2023 | Apr. 28, 2023 | Mar. 27, 2023 | Feb. 27, 2023 | Jan. 26, 2023 | Dec. 27, 2022 | Nov. 28, 2022 | Oct. 28, 2022 | Sep. 28, 2022 | Aug. 30, 2022 | Aug. 28, 2022 | Jul. 28, 2022 | Jul. 26, 2022 | Jun. 28, 2022 | Jun. 23, 2022 | Mar. 23, 2022 | Nov. 05, 2021 | Nov. 02, 2021 | Nov. 01, 2021 | Oct. 08, 2021 | May 18, 2021 | |
Underwriting fee | $ 0.35 | ||||||||||||||||||||||||||||||||||||||||||
Underwriting expense | $ 4,025,000 | ||||||||||||||||||||||||||||||||||||||||||
Underwriting expense | 7,043,750 | ||||||||||||||||||||||||||||||||||||||||||
Number of shares elected to redeem | 15,092,126 | ||||||||||||||||||||||||||||||||||||||||||
Redemption payments out of trust account | $ 152,451,819 | $ (152,451,819) | |||||||||||||||||||||||||||||||||||||||||
Number of shares remain in trust account after redemptions | 5,032,874 | ||||||||||||||||||||||||||||||||||||||||||
Deposits | $ 152,451,819 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 240,000 | $ 720,000 | ||||||||||||||||||||||||||||
Redemption of common share, value | $ 34,004,514 | ||||||||||||||||||||||||||||||||||||||||||
Temporary equity shares outstanding | 1,844,774 | 1,844,774 | |||||||||||||||||||||||||||||||||||||||||
Redemption payment shares | 15,092,126 | ||||||||||||||||||||||||||||||||||||||||||
Common stock outstanding, shares | 5,031,250 | 5,031,250 | |||||||||||||||||||||||||||||||||||||||||
Asset, held-in-trust | $ 20,336,813 | $ 53,815,395 | |||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||
Deposits | $ 35,000 | $ 85,000 | $ 35,000 | $ 35,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | $ 85,000 | ||||||||||||||||||||||||||||||||
Redemption payment shares | 227,359 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of related party debt | $ 2,498,947 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ 10.99 | ||||||||||||||||||||||||||||||||||||||||||
Common stock outstanding, shares | 1,617,415 | ||||||||||||||||||||||||||||||||||||||||||
Asset, held-in-trust | 11,267,175 | $ 17,777,324 | |||||||||||||||||||||||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||||||||||||||||||||
Temporary equity shares outstanding | 1,844,774 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares elected to redeem | 3,188,100 | ||||||||||||||||||||||||||||||||||||||||||
Redemption payments out of trust account | $ 34,004,514 | ||||||||||||||||||||||||||||||||||||||||||
Redemption of common share, value | 34,004,514 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ 12.50 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||
Deposits | $ 85,000 | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
Redemption payment shares | 227,359 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of related party debt | $ 2,498,947 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ 10.99 | ||||||||||||||||||||||||||||||||||||||||||
Common stock outstanding, shares | 1,617,415 | ||||||||||||||||||||||||||||||||||||||||||
Asset, held-in-trust | $ 17,777,324 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||
Redemption of common share, value | $ 11,267,175 | ||||||||||||||||||||||||||||||||||||||||||
Temporary equity shares outstanding | 649,065 | ||||||||||||||||||||||||||||||||||||||||||
Purchase units | 968,350 | ||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | Suneva Medical, Inc [Member] | |||||||||||||||||||||||||||||||||||||||||||
Value of stock issued for services | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||
Business combination | 15,000 | ||||||||||||||||||||||||||||||||||||||||||
Success fee payment | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring costs | 34,000 | ||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | Suneva Medical, Inc [Member] | Investor Relations Services [Member] | |||||||||||||||||||||||||||||||||||||||||||
Value of stock issued for services | 17,000 | ||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | Suneva Medical, Inc [Member] | Public Relations Services [Member] | |||||||||||||||||||||||||||||||||||||||||||
Value of stock issued for services | 17,000 | ||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | Suneva Medical, Inc [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Fee Income | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Agreement With Placement Agent [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||
Description of agreement with agent | On May 9, 2023, the Company entered into an agreement with a placement agent (the “Placement Agent) for services such as advising and assisting the Company in identifying one or more investors that are “accredited” or “qualified institutional buyers. Contingent upon the consummation of the Business Combination, the Company will pay the Placement Agents a cash fee equal to eight percent (8.0%) of the gross proceeds received by the Company | ||||||||||||||||||||||||||||||||||||||||||
Exclusive Financial Advisor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Advisor fees | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Second Financial Advisor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Advisor fees | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Third Financial Advisor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Advisor fees | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||
Advisor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Advisor fees | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer [Member] | |||||||||||||||||||||||||||||||||||||||||||
Broker-dealer fee | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||
Broker dealer fee | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||
Strategic Advisor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Advisor fees | $ 2,625,000 | $ 875,000 | |||||||||||||||||||||||||||||||||||||||||
Accrued costs and expenses | $ 500,000 | 500,000 | |||||||||||||||||||||||||||||||||||||||||
Accrued advisor fee | 500,000 | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||
Business combination consideration transferred | $ 2,125,000 | ||||||||||||||||||||||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||||||||||||||||||||||
Additional Shares granted | 2,625,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase units | 2,625,000 | 875,000 | |||||||||||||||||||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||||||||||||||||||||
Underwriting fee | $ 0.20 | ||||||||||||||||||||||||||||||||||||||||||
Underwriting expense | $ 4,025,000 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Voting rights | Holders are entitled to one vote for each share | |
Common stock, shares issued | 5,031,250 | 5,031,250 |
Common stock, shares outstanding | 5,031,250 | 5,031,250 |
Temporary equity shares outstanding | 1,844,774 | 1,844,774 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - $ / shares | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 28, 2020 | |
Price per warrant | $ 11.50 | $ 11.50 | ||
Business combination equity description | If (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price to be determined in good faith by its board of directors, and in the case of any such issuance to its Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination on the date of the consummation of our initial Business Combination (net of redemptions), and (z) the market value is below $9.50 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the market value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities and the $16.50 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 165% of the market value | |||
Public Warrant [Member] | ||||
Price per warrant | $ 0.01 | |||
Warrants outstanding | 20,125,000 | 20,125,000 | ||
Warrant [Member] | ||||
Redemption price per share | $ 16.50 | |||
Subscription Warrants [Member] | ||||
Purchase price per warrant | $ 5 | |||
Warrants outstanding | 2,000,000 | 2,000,000 | ||
Private Warrant [Member] | ||||
Warrants outstanding | 18,000,000 | 18,000,000 |
SCHEDULE OF FAIR VALUE ASSETS A
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Private Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 270,000 | $ 900,000 |
Subscription Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1,723,441 | 1,635,515 |
Fair Value, Inputs, Level 1 [Member] | Private Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | ||
Fair Value, Inputs, Level 1 [Member] | Subscription Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | Subscription Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Private Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 270,000 | 900,000 |
Fair Value, Inputs, Level 3 [Member] | Subscription Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1,723,441 | 1,635,515 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 70,845 | 6,346 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 70,845 | 6,346 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | ||
Mutual Funds Held In Trust Account [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 20,336,813 | 53,815,395 |
Mutual Funds Held In Trust Account [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 20,336,813 | 53,815,395 |
Mutual Funds Held In Trust Account [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | ||
Mutual Funds Held In Trust Account [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | ||
Private Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES (Details) | Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Private Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 3.81 | 4.39 | |
Private Warrant [Member] | Measurement Input, Expected Term [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights term | [1] | 1 year 5 months 8 days | 2 years 1 month 9 days |
Private Warrant [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 0.01 | 0.01 | |
Private Warrant [Member] | Measurement Input, Share Price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 10.950 | 10.650 | |
Subscription Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 3.63 | 4.39 | |
Subscription Warrants [Member] | Measurement Input, Expected Term [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights term | 4 years 8 months 26 days | 4 years 7 months 6 days | |
Subscription Warrants [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 0.01 | 0.01 | |
Subscription Warrants [Member] | Measurement Input, Share Price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 10.950 | 10.650 | |
Subscription Warrants [Member] | Measurement Input Market Debt Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | [2] | 8.62 | 9.19 |
Subscription Warrants [Member] | Measurement Input Probability Of Completing A Business Combination [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants and rights outstanding, measurement input | 14 | 24.5 | |
[1]The contractual term of the Private Warrants is 5 1.44 2.11 1.00 86 75.5 5.65 5.52 14 24.5 |
SCHEDULE OF FAIR VALUE MEASUR_2
SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES (Details) (Parenthetical) - Private Warrant [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Subsidiary, Sale of Stock [Line Items] | ||
Contractual term | 5 years | |
Exercise price | $ 1.44 | $ 2.11 |
Unsuccessful Business Combination [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Contractual term | 1 year | 1 year |
Probability | 86 | 75.5 |
Successful Business Combination [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Probability | 14 | 24.5 |
Contractual term | 5 years 7 months 24 days | 5 years 6 months 7 days |
SCHEDULE OF CHANGES IN FAIR VAL
SCHEDULE OF CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value as of ending | $ 2,535,515 | $ 4,188,221 |
Change in fair value | (542,074) | (8,468,308) |
Fair value as of ending | $ 1,993,441 | 2,535,515 |
Subscription Warrants At Issuance On March 21, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | 5,370,185 | |
Subscription Warrants At Issuance On March 23, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | 337,991 | |
Subscription Warrants At Issuance On April 4, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | 341,967 | |
Subscription Warrants At Issuance On April 27, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | 417,037 | |
Subscription Warrants At Issuance On May 9, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | 162,003 | |
Subscription Warrants At Issuance On October 27, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | 65,326 | |
Subscription Warrants At Issuance On November 25, 2022 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of Subscription Warrants | $ 121,093 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Recognized gain (loss) in fair value | $ 542,074 | $ 2,793,557 |
Private And Subscription Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Recognized gain (loss) in fair value | $ 542,074 | $ 2,793,557 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percentage | 61% | 0% |
Statutory income tax rate, percentage | 21% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - shares | Mar. 27, 2024 | May 14, 2024 |
Non Redemption Agreement [Member] | ||
Forfeited shares | 150,000 | |
Non Redemption Agreement [Member] | Investor [Member] | ||
Purchase units | 150,000 | |
Forecast [Member] | ||
Bear interest per annum percentage | 8% |