Restatement of Previously Issued Financial Statements | Note 2—Restatement of Previously Issued Financial Statements The Company determined that a listing fee totaling $103,359 incurred by the New York Stock Exchange which was recorded and included in the Form 10-Q for the period ended March 31, 2022 should have been recorded as an accrued liability as of December 31, 2021 due to the fact that the fee was related to 2021 even though the invoice was received in 2022. The Company also determined that the $85,000 New York Stock Exchange invoice received in the first quarter of 2022 is an annual fee for all of 2022 and should be recorded as a prepaid expense and amortized monthly. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality”, and SEC Staff Accounting Bulletin No. 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements:’ the Company evaluated the changes and has determined that the related impact were material to the previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements should be restated. As such the Company is reporting these restatements for the period March 31, 2022 in this Quarterly Report. Impact of the Restatement The impact to the balance sheet, statement of operations, statement of changes in shareholders’ deficit and cash flows are presented below: Balance Sheet As Previously Restatement As Restated Assets Prepaid expenses - current portion $ 317,957 $ 63,750 (1 ) $ 381,707 Total Assets 233,679,318 63,750 233,743,068 Total Liabilities 18,040,951 — 18,040,951 Class A ordinary shares 23,000,000 shares, subject to possible redemption at $10.10 per share 232,300,000 — 232,300,000 Shareholder’s equity Preferred shared, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — - Class A ordinary shares, $0.0001 par value; 90,000,000 shares authorized; 0.00 issued or outstanding (excluding 20,000,000 shares subject to possible redemption) — — - Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding 575 — 575 Additional paid-in-captial — — - Accumulates deficit (16,662,208 ) 63,750 (1 ) (16,598,458 ) Total shareholder’s equity (16,661,633 ) 63,750 (16,597,883 ) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 233,679,318 — $ 233,743,068 (1) To reclass $85,000 2022 NYSE listing fee expense to prepaid, net of amortization for Q1 ($ Statement of Operations As Previously Restatement As Restated General and administrative expenses $ (424,846 ) $ 167,109 (1 ) $ (257,737 ) Total other income 2,152,254 — $ 2,152,254 Net income 1,727,408 167,109 1,894,517 Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to redemption 23,000,000 — 23,000,000 Basic and diluted net income per share, outstanding, Class A ordinary shares subject to redemption $ 0.06 $ 0.01 $ 0.07 Basic and diluted weighted average shares outstanding, Class B ordinary shares 5,750,000 — 5,750,000 Basic and diluted net income per share, Class B ordinary shares $ 0.06 $ 0.01 $ 0.07 (1) To reduce NYSE listing fee expense totaling $188,359 ($103,359 recorded December 31, 2021 and $85,000 reclassed to prepaid expenses as of March 31, 2022 net amortization amount for Q1 ) Statement of Changes in Shareholder’s Deficit As Previously Restatement As Restated Balance—January 1, 2022—Accumulated deficit $ (18,389,616 ) $ (103,359 ) (1 ) $ (18,492,975 ) Balance—January 1, 2022—Accumulated deficit (18,389,041 ) (103,359 ) (1 ) (18,492,400 ) Net income 1,727,408 167,109 (3 ) 1,894,517 Total accumulated deficit—March 31, 2022 (16,662,208 ) 63,750 (2 ) (16,598,458 ) Total accumulated deficit—March 31, 2022 (16,661,633 ) 63,750 (2 ) (16,597,883 ) (1) To record 2021 NYSE listing fee as of December 31, 2021 totaling $103,359 (2) To reclass $85,000 2022 NYSE listing fee expense to prepaid, net of amortization amount for Q1 ($ (3) To reduce NYSE listing fee expense totaling $188,359 ($103,359 recorded December 31, 2021 and $85,000 reclassed to prepaid expenses as of March 31, 2022 net amortization amount for ) Statement of Cash Flows As Previously Restatement As Restated Net income $ 1,727,408 $ 167,109 (1 ) $ 1,894,517 Prepaid expenses $ 93,200 ($ 63,750 ) (2 ) $ 29,450 Accounts Payable and accrued expenses $ (3,106 ) $ (103,359 ) (3 ) $ (106,465 ) (1) To reduce NYSE listing fee expense totaling $188,359 ($103,359 recorded December 31, 2021 and $85,000 reclassed to prepaid expenses as of March 31, 2022 net amortization amount for Q1 of ) (2) To reclass $85,000 2022 NYSE listing fee expense to prepaid, net of amortization amount for Q1 of ($ (3) To record 2021 NYSE listing fee as of December 31, 2021 totaling $103,359 |