TruGolf (TRUG) 10-Q 3 Aug 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--03-31
Entity File Number	001-40970
Entity Registrant Name	Deep Medicine Acquisition Corp.
Entity Central Index Key	0001857086
Entity Tax Identification Number	85-3269086
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	595 Madison Avenue
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	917
Local Phone Number	289-2776
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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	true
Class A Common Stock, par value $0.0001 per share
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	DMAQ
Security Exchange Name	NASDAQ
Rights, each exchangeable into one-tenth of one share of Class A Common Stock
Title of 12(b) Security	Rights, each exchangeable into one-tenth of one share of Class A Common Stock
Trading Symbol	DMAQR
Security Exchange Name	NASDAQ
Common Class A [Member]
Entity Common Stock, Shares Outstanding		13,270,700
Common Class B [Member]
Entity Common Stock, Shares Outstanding		3,162,500

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Current assets
Cash	$ 707,977	$ 877,099
Prepaid expenses	239,081	315,306
Cash and marketable securities held in Trust Account	127,876,280	127,760,867
Total current assets	128,823,338	128,953,272
Total assets	128,823,338	128,953,272
Current liabilities
Accrued expenses - related party	6,000	21,000
Accrued expenses	55,198	15,712
Loan payable - related party	500,000	500,000
Total current liabilities	561,198	536,712
Non-current liabilities
Deferred underwriting commissions	4,427,500	4,427,500
Total non-current liabilities	4,427,500	4,427,500
Total liabilities	4,988,698	4,964,212
Commitments
Common stock subject to possible redemption, 12,650,000 shares at $10.10 per share	127,765,000	127,765,000
Stockholders’ (Deficit)
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, -0- shares issued and outstanding as of June 30, 2022 and March 31, 2022
Additional paid-in capital
Accumulated deficits	(3,930,738)	(3,776,318)
Total Stockholders’ (Deficit)	(3,930,360)	(3,775,940)
Total Liabilities and Stockholders’ (Deficit)	128,823,338	128,953,272
Common Class A [Member]
Stockholders’ (Deficit)
Common stock value	62	62
Common Class B [Member]
Stockholders’ (Deficit)
Common stock value	$ 316	$ 316

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022
Common stock subject to possible redemption, shares	12,650,000	12,650,000
Common stock subject to possible redemption, price per share	$ 10.10	$ 10.10
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.0001
Common stock, shares authorized	110,000,000
Common Class A [Member]
Common stock subject to possible redemption, shares	12,650,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	620,700	620,700
Common stock, shares issued	620,700	620,700
Common Class B [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares outstanding	3,162,500	3,162,500
Common stock, shares issued	3,162,500	3,162,500

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating expense
Officers compensation	$ 15,000	$ 15,000
General and administrative expenses	254,833	1,499
Total operating expense	269,833	16,499
Other income
Unrealized gain from the trust account	115,413
Total other income	115,413
Net (loss) before income tax	(154,420)	(16,499)
Income tax
Net income (loss)	$ (154,420)	$ (16,499)
Common Class A [Member]
Net (loss) per share
Basic and diluted - Class A & B	$ (0.01)
Weighted average number of shares
Basic and diluted - Class A & B	13,270,700
Common Class B [Member]
Net (loss) per share
Basic and diluted - Class A & B	$ (0.02)	$ (0.01)
Weighted average number of shares
Basic and diluted - Class A & B	3,162,500	3,162,500

Statement of Changes in Stockho

Statement of Changes in Stockholders' (Deficit) (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Mar. 31, 2021			$ 316	$ 49,684	$ (59,395)	$ (9,395)
Beginning balance, shares at Mar. 31, 2021			3,162,500
Net (loss)					(16,499)	(16,499)
Ending balance, value at Jun. 30, 2021			$ 316	49,684	(75,894)	(25,894)
Ending balance, shares at Jun. 30, 2021			3,162,500
Beginning balance, value at Mar. 31, 2022		$ 62	$ 316		(3,776,318)	(3,775,940)
Beginning balance, shares at Mar. 31, 2022		620,700	3,162,500
Net (loss)					(154,420)	(154,420)
Ending balance, value at Jun. 30, 2022		$ 62	$ 316		$ (3,930,738)	$ (3,930,360)
Ending balance, shares at Jun. 30, 2022		620,700	3,162,500

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss)	$ (154,420)	$ (16,499)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Unrealized (gain) from the trust account	(115,413)
Changes in operating assets and liabilities:
Prepaid expenses	76,225
Accrued expenses	39,486	(753)
Accrued expenses - related parties	(15,000)	15,000
Net cash (used in) operating activities	(169,122)	(2,252)
Net increase/(decrease) in cash and cash equivalents	(169,122)	(2,252)
Cash and cash equivalents at the beginning of the period	877,099	500,067
Cash and cash equivalents at the end of the period	707,977	497,815
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements of Deep Medicine Acquisition Corp. (the “Company”) have been prepared in accordance with the generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the applicable rules and regulations 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 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 financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2022. The interim results for the three months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending March 31, 2023 or for any future interim periods.

Organization and Description of

Organization and Description of Business Operations	3 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business Operations	Note 2 - Organization and Description of Business Operations The Company is a blank check company incorporated on July 8, 2020, under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). While the Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the digital healthcare and AI in medicine sector in the global market. As of June 30, 2022, the Company had not commenced any operations. All activity for the period from July 8, 2020 (inception) through June 30, 2022, relates to the Company’s formation and its initial public offering (“IPO”), which is described below, and subsequent to IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the cash and marketable securities held in the Trust Account (as defined below). The Company has selected March 31 as its fiscal year end. On October 29, 2021, the Company consummated its IPO of 12,650,000 10.00 1,650,000 519,500 10.00 5,195,000 Transaction costs amounted to $ 7,282,500 2,530,000 4,427,500 325,000 Upon the closing of the IPO on October 29, 2021, the Company deposited $ 127,765,000 10.10 185 Following the closing of the IPO, cash of $ 764,101 707,977 385,860 DEEP MEDICINE ACQUISITION CORP. On July 12, 2022, the Company entered into a definitive Business Combination Agreement (the “Business Combination Agreement”) with Chijet Inc., each of the holders of Chijet’s outstanding shares (collectively, the “ Sellers Pubco Merger Sub 85 Baoya 64 FAW Jilin Proposed Business Combination The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80 50 The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $ 10.10 The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to (i) waive its redemption rights with respect to their Private Placement Shares in connection with the completion of the Business Combination, (ii) waive its redemption rights with respect to their Private Placement Shares in connection with a stockholder vote to approve an amendment to the Company’s second amended and restated certificate of incorporation (a) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination within the Combination Period (as defined below) or (b) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) waive its rights to liquidating distributions from the Trust Account with respect to their Private Placement Shares if the Company fails to complete the Business Combination within the Combination Period. In addition, the Sponsor has agreed to vote any share it held in favor of the Business Combination. Additionally, each public stockholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s second amended and restated certificate of incorporation provides 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15 DEEP MEDICINE ACQUISITION CORP. The Company will have until October 29, 2022 (or April 29, 2023 if the Company may extend the period of time to consummate a Business Combination) (the “Combination Period”) to complete a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100 50,000 The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares (as defined below) and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their business combination marketing fees (see Note 9) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($ 10.10 The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $ 10.10 Underwriting Agreement and Business Combination Marketing Agreement The Company engaged I-Bankers as the representative of the underwriters (the “Underwriters”) in the IPO of the Company’s Class A common stock, par value of $ 0.0001 110 11,000,000 10.00 15 1,650,000 2,530,000 Upon the closing of the IPO, the Company issued to I-Bankers a five 632,500 5.0 12.00 101,200 DEEP MEDICINE ACQUISITION CORP. In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option Liquidity and Capital Resources The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its shareholders prior to the IPO, proceeds from related party loan and such amount of proceeds from the IPO that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. As of June 30, 2022 and March 31, 2022, the Company had a loan payable to the Sponsor in amount of $ 500,000 500,000 The Company may need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. Going Concern and Management’s Plan The Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial business combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial business combination target. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern” the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a Business Combination. The Company may raise additional capital through loans or additional investments from the Sponsor or its shareholders, officers, directors, or third parties. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through the earlier of consummation of a Business Combination or the deadline to complete a Business Combination pursuant to the Company’s Amended and Restated Certificate of Incorporation (unless otherwise amended by shareholders). DEEP MEDICINE ACQUISITION CORP. While the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern until the consummation of a Business Combination or for a period of time within one year after the date that these unaudited financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Jun. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 3 - Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 4 - Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $ 707,977 877,099 no

Marketable Securities Held in T

Marketable Securities Held in Trust Account	3 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities Held in Trust Account	Note 5 - Marketable Securities Held in Trust Account At June 30, 2022, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As of June 30, 2022 and March 31, 2022, the marketable securities held in the Trust Account were $ 127,876,280 127,760,867 DEEP MEDICINE ACQUISITION CORP.

Common Stock Subject to Possibl

Common Stock Subject to Possible Redemption	3 Months Ended
	Jun. 30, 2022
Common Stock Subject To Possible Redemption
Common Stock Subject to Possible Redemption	Note 6 - Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock are classified as shareholders’ equity. The Company’s common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. 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. Immediately upon the closing of the IPO, the Company recognized the remeasurement from initial book value to redemption value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit. At June 30, 2022, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: Schedule of Common Stock Subject to Redemption Gross proceeds $ 126,500,000 Less: Common stock issuance costs (2,855,000 ) Plus: Remeasurement of carrying value to redemption value 4,231,280 Common stock subject to possible redemption $ 127,876,280

Net Loss per Share of Common St

Net Loss per Share of Common Stock	3 Months Ended
	Jun. 30, 2022
Net (loss) per share
Net Loss per Share of Common Stock	Note 7 - Net Loss per Share of Common Stock The Company complies with accounting and disclosure requirements ASC Topic 260, “Earnings per Share”. Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding for the period, excluding shares of common stock subject to forfeiture. During the three months ended June 30, 2022 and 2021, the Company did no Schedule of Diluted Loss Per Share of Common Stock For the Three June 30, 2022 For the Three June 30, 2021 Numerator: Net loss $ (154,420 ) $ (16,499 ) Denominator: Basic and diluted loss per share – Class A $ (0.01 ) — Basic and diluted loss per share – Class B $ (0.02 ) $ (0.01 ) Basic and diluted loss per share $ (0.02 ) $ (0.01 ) Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period 13,270,700 — Denominator for basic and diluted earnings per share -– Weighted-average shares of Class B common stock issued and outstanding during the period 3,162,500 3,162,500 Denominator for basic and diluted earnings per share -– Weighted-average shares issued and outstanding during the period 3,162,500 3,162,500 DEEP MEDICINE ACQUISITION CORP.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 8 - Related Party Transactions Accrued Expenses - Related Parties As of June 30, 2022 and March 31, 2022, the Company had accrued expenses – related parties in amount of $ 6,000 21,000 6,000 5,000 300,000 0.02 0 15,000 Loan Payable – Related Party As of June 30, 2022 and March 31, 2022, the Company had a loan payable to the Sponsor in amount of $ 500,000 500,000 Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1.5 10.00 no

Commitments and Contingency

Commitments and Contingency	3 Months Ended
	Jun. 30, 2022
Commitments
Commitments and Contingency	Note 9 - Commitments and Contingency Registration Rights The holders of the Founder Shares, Private Placement Units (and their underlying securities), the Representative Shares, the Representative Warrants (and their underlying securities), the 300,000 DEEP MEDICINE ACQUISITION CORP. Underwriting Agreement The Company had granted the Underwriters a 30-day option from the date of IPO to purchase up to 1,650,000 Simultaneously upon the closing of the IPO, the Underwriters exercised the over-allotment option in full. As such, the Underwriters were paid an underwriting discount and commission of $ 0.20 2,530,000 4,427,500

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders’ Equity	Note 10 - Stockholders’ Equity The Company is authorized to issue a total of 111,000,000 0.0001 110,000,000 100,000,000 10,000,000 1,000,000 As of June 30, 2022 and March 31, 2022, there were 620,700 12,650,000 As of June 30, 2022 and March 31, 2022, there were 3,162,500 As of June 30, 2022 and March 31, 2022, no Rights Each holder of a right will receive one-tenth (1/10) of one share of Class A common stock upon consummation of a Business Combination. In the event the Company will not be the surviving entity upon completion of the Company’s initial Business Combination, each holder of a public right will automatically receive the 1/10 share of Class A common stock underlying such public right (without paying any additional consideration); and each holder of a Private Placement Right or right underlying Units to be issued upon conversion of the Working Capital Loans will be required to affirmatively convert its rights in order to receive the 1/10 share of Class A common stock underlying each right (without paying any additional consideration). If the Company is unable to complete an initial Business Combination within the required time period and public stockholders redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any such funds in exchange for their rights and the rights will expire worthless. The Company will not issue fractional shares upon conversion of the rights. If, upon conversion of the rights, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exchange, comply with Section 155 of the Delaware General Corporation Law. The Company will make the determination of how to treat fractional shares at the time of its initial Business Combination and will include such determination in the proxy materials that it will send to stockholders for their consideration of such initial Business Combination. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights, and the rights may expire worthless. DEEP MEDICINE ACQUISITION CORP. Representative Warrants and Representative Shares Upon the closing of the IPO, the Company issued to the Underwriters Representative Warrants, the exercise price of which will be $ 12.00 101,200 The Representative Warrants shall be exercisable, in whole or in part, commencing the later of October 26, 2022 and the closing of the Company’s initial Business Combination and terminating on October 29, 2026. The Company accounted for the 632,500 1,333,482 2.11 35 1.18 five years 180 The Representative Warrants grants to holders demand and “piggy back” rights for periods of five and seven years from October 29, 2021. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the Representative Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. The Underwriters agreed not to transfer, assign or sell any of the Representative Shares without the Company’s prior written consent until the completion of the Business Combination. The Underwriters agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to the Representative Shares if the Company fails to complete its initial Business Combination within Combination Period. The shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following October 29, 2021 pursuant to FINRA Rule 5110(e)(1).

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11 - Fair Value Measurements The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2022 and March 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Schedule of Fair Value Hierarchy Valuation June 30, March 31, Description Level 2022 2022 Assets: Marketable securities held in Trust Account 1 $ 127,876,280 $ 127,760,867

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events On July 12, 2022, the Company entered into a definitive Business Combination Agreement (the “ Business Combination Agreement Chijet Sellers Pubco Merger Sub 85 Baoya 64 FAW Jilin Proposed Business Combination DEEP MEDICINE ACQUISITION CORP. Subject to its terms and conditions, the Business Combination Agreement provides that Company and Chijet will become wholly-owned subsidiaries of Pubco, a newly formed holding company. Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, at the closing of the Proposed Business Combination (the “ Closing Merger Purchased Shares Share Exchange Effect of Merger on Company Securities At the effective time of the of the Proposed Business Combination (the “ Effective Time 0.0001 Common Stock 0.0001 Ordinary Share 0.0001 Class B Common Stock Exchange Consideration The total consideration to be paid by Pubco to the Sellers for the Purchased Shares shall be an aggregate number of Pubco’s Ordinary Shares (the “ Exchange Shares Exchange Consideration 0.851717 2,550,000,000 Valuation Redemption During the sixty (60) day period following the date of the Business Combination Agreement (the “ Due Diligence Period Revised Valuation 2,295,000,000 Minimum Valuation 2,550,000,000 Negotiation Period The Transactions were not closed as of the date of filing this Quarterly Report on Form 10-Q.

Common Stock Subject to Possi_2

Common Stock Subject to Possible Redemption (Tables)	3 Months Ended
	Jun. 30, 2022
Common Stock Subject To Possible Redemption
Schedule of Common Stock Subject to Redemption	At June 30, 2022, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: Schedule of Common Stock Subject to Redemption Gross proceeds $ 126,500,000 Less: Common stock issuance costs (2,855,000 ) Plus: Remeasurement of carrying value to redemption value 4,231,280 Common stock subject to possible redemption $ 127,876,280

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	3 Months Ended
	Jun. 30, 2022
Net (loss) per share
Schedule of Diluted Loss Per Share of Common Stock	Schedule of Diluted Loss Per Share of Common Stock For the Three June 30, 2022 For the Three June 30, 2021 Numerator: Net loss $ (154,420 ) $ (16,499 ) Denominator: Basic and diluted loss per share – Class A $ (0.01 ) — Basic and diluted loss per share – Class B $ (0.02 ) $ (0.01 ) Basic and diluted loss per share $ (0.02 ) $ (0.01 ) Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period 13,270,700 — Denominator for basic and diluted earnings per share -– Weighted-average shares of Class B common stock issued and outstanding during the period 3,162,500 3,162,500 Denominator for basic and diluted earnings per share -– Weighted-average shares issued and outstanding during the period 3,162,500 3,162,500

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy Valuation	The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2022 and March 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Schedule of Fair Value Hierarchy Valuation June 30, March 31, Description Level 2022 2022 Assets: Marketable securities held in Trust Account 1 $ 127,876,280 $ 127,760,867

Organization and Description _2

Organization and Description of Business Operations (Details Narrative) - USD ($)				3 Months Ended
	Oct. 29, 2022	Jul. 12, 2022	Oct. 29, 2021	Jun. 30, 2022	Mar. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares issued price per share			$ 10.10
Stock issuance costs			$ 7,282,500
Assets Held-in-trust			$ 127,765,000
Investment maturity days			185 days
Cash			$ 764,101	$ 707,977	$ 877,099
Working capital				$ 385,860
Share price			$ 0.20	$ 0.02
Common stock par value				$ 0.0001
Warrant issue to purchase stock	632,500
Warrants exercise price	$ 2.11
Business combination description			In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option
Sponsor [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Loans payable				$ 500,000	$ 500,000
Sponsor [Member] | Promissory Note [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from unsecured notes payable				$ 500,000
Transaction Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares issued price per share			$ 10.10
Subsequent Event [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of outstanding public shares	100%
Interest payable	$ 50,000
Common stock par value		$ 0.0001
Subsequent Event [Member] | Business Combination Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Fair market value of net assets		80%
Percent of business combination transaction		50%
Share price		$ 10.10
Business combination condition, description		The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.
Percentage of aggregate public shares		15%
Subsequent Event [Member] | Shandong Baoya New Energy Vehicle [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		85%
Subsequent Event [Member] | FAW Jilin Automobile Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		64%
Underwriting Commissions [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issuance costs			$ 2,530,000
Marketing Fee [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issuance costs			4,427,500
Other Offering Costs [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issuance costs			$ 325,000
Common Class A [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock par value				$ 0.0001	$ 0.0001
Common Class A [Member] | Subsequent Event [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock par value		$ 0.0001
Representative Shares [Member] | I-Banker [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period shares new issues, shares			101,200
IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period shares new issues, shares				11,000,000
Shares issued price per share				$ 10
Stock issued during period value new issues				$ 110,000,000
IPO [Member] | Common Class A [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period shares new issues, shares			12,650,000
Shares issued price per share			$ 10
Common stock par value				$ 0.0001
Over-Allotment Option [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period shares new issues, shares			1,650,000	1,650,000
Percentage of options				15%
Underwriting commissions				$ 2,530,000
Warrant expiration term			5 years
Warrant issue to purchase stock			632,500
Percentage of warrants issued			5%
Warrants exercise price			$ 12
Private Placement [Member] | Common Class A [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period shares new issues, shares			519,500
Shares issued price per share			$ 10
Gross proceeds from private placement			$ 5,195,000

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details Narrative) - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Oct. 29, 2021
Cash and Cash Equivalents [Abstract]
Cash	$ 707,977	$ 877,099	$ 764,101
Cash equivalent	$ 0	$ 0

Marketable Securities Held in_2

Marketable Securities Held in Trust Account (Details Narrative) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable securities held in trust account	$ 127,876,280	$ 127,760,867

Schedule of Common Stock Subjec

Schedule of Common Stock Subject to Redemption (Details)	3 Months Ended
	Jun. 30, 2022 USD ($)
Common Stock Subject To Possible Redemption
Gross proceeds	$ 126,500,000
Common stock issuance costs	(2,855,000)
Remeasurement of carrying value to redemption value	4,231,280
Common stock subject to possible redemption	$ 127,876,280

Schedule of Diluted Loss Per Sh

Schedule of Diluted Loss Per Share of Common Stock (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (154,420)	$ (16,499)
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic and diluted loss per share	$ (0.01)
Denominator for basic and diluted earnings per share -– Weighted-average shares issued and outstanding during the period	13,270,700
Common Class B [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic and diluted loss per share	$ (0.02)	$ (0.01)
Denominator for basic and diluted earnings per share -– Weighted-average shares issued and outstanding during the period	3,162,500	3,162,500

Net Loss per Share of Common _3

Net Loss per Share of Common Stock (Details Narrative) - shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net (loss) per share
Anti-dilutive securities	0	0

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Oct. 29, 2021
Related Party Transaction [Line Items]
Accrued expense related parties	$ 6,000		$ 21,000
Accrued non cash compensation	6,000
Officers compensation	$ 15,000	$ 15,000
Share price	$ 0.02			$ 0.20
Working capital loans	$ 1,500,000
Debt conversion price	$ 10
Working capital loans outstanding	$ 0		0
Sponsor [Member]
Related Party Transaction [Line Items]
Loans payable	500,000		500,000
Sponsor [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Proceeds from unsecured notes payable	500,000
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Accrued liabilities	0		$ 15,000
Chief Financial Officer [Member] | Starting from August 1, 2020 [Member]
Related Party Transaction [Line Items]
Officers compensation	$ 5,000
Officers and Directors [Member]
Related Party Transaction [Line Items]
Stock issued during period shares new issues, shares	300,000

Commitments and Contingency (De

Commitments and Contingency (Details Narrative) - USD ($)		3 Months Ended
	Oct. 29, 2021	Jun. 30, 2022
Loss Contingencies [Line Items]
Options granted to purchase common stock	1,650,000
Share price	$ 0.20	$ 0.02
Stock issuance costs	$ 7,282,500
Underwriting Commissions [Member]
Loss Contingencies [Line Items]
Stock issuance costs	2,530,000
Marketing Fee [Member]
Loss Contingencies [Line Items]
Stock issuance costs	$ 4,427,500
Officers and Directors [Member]
Loss Contingencies [Line Items]
Stock issued during period shares new issues, shares		300,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)		3 Months Ended
	Oct. 29, 2021	Jun. 30, 2022	Oct. 29, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Capital units authorized, shares		111,000,000
Common stock, par value		$ 0.0001
Common stock, shares authorized		110,000,000
Preferred stock, shares authorized		1,000,000		1,000,000
Temporary equity shares outstanding		12,650,000		12,650,000
Preferred stock shares issued		0		0
Preferred stock shares outstanding		0		0
Warrants exercise price per share		$ 12
Representative warrants issued		101,200
Stockholders equity warrants expense			632,500
Fair value of representative warrants	$ 1,333,482
Warrants per share			$ 2.11
Expected volatility		35%
Risk-free interest rate		1.18%
Expected life		5 years
Representative warrants shares days		180 days
Common Class A [Member]
Class of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001
Common stock, shares authorized		100,000,000		100,000,000
Common stock shares issued		620,700		620,700
Common stock shares outstanding		620,700		620,700
Temporary equity shares outstanding		12,650,000
Common Class B [Member]
Class of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001
Common stock, shares authorized		10,000,000		10,000,000
Common stock shares issued		3,162,500		3,162,500
Common stock shares outstanding		3,162,500		3,162,500

Schedule of Fair Value Hierarch

Schedule of Fair Value Hierarchy Valuation (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities held in Trust Account	$ 127,876,280	$ 127,760,867
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities held in Trust Account	$ 127,876,280	$ 127,760,867

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Jul. 12, 2022	Jun. 30, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Common stock, par value per share		$ 0.0001
Common Class A [Member]
Subsequent Event [Line Items]
Common stock, par value per share		0.0001	$ 0.0001
Common Class B [Member]
Subsequent Event [Line Items]
Common stock, par value per share		$ 0.0001	$ 0.0001
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, par value per share	$ 0.0001
Exchange price per share	$ 0.851717
Aggregate value exchange consideration	$ 2,550,000,000
Business combination contingent consideration of minimum valuation	2,295,000,000
Business combination exchange consideration initial valuation	$ 2,550,000,000
Subsequent Event [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Common stock, par value per share	$ 0.0001
Subsequent Event [Member] | Common Class B [Member]
Subsequent Event [Line Items]
Common stock, par value per share	$ 0.0001
Subsequent Event [Member] | Shandong Baoya New Energy Vehicle [Member]
Subsequent Event [Line Items]
Ownership interest percentage	85%
Subsequent Event [Member] | FAW Jilin Automobile Co Ltd [Member]
Subsequent Event [Line Items]
Ownership interest percentage	64%