Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 [Member] | ||
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | |
Trading Symbol | DMAQ | |
Security Exchange Name | NASDAQ | |
Rights, each exchangeable into one-tenth of one share of Class A Common Stock [Member] | ||
Title of 12(b) Security | Rights, each exchangeable into one-tenth of one share of Class A Common Stock | |
Trading Symbol | DMAQR | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 13,270,700 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 3,162,500 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash | $ 514,673 | $ 877,099 |
Prepaid expenses | 179,977 | 315,306 |
Cash and marketable securities held in Trust Account | 128,428,444 | 127,760,867 |
Total current assets | 129,123,094 | 128,953,272 |
Total assets | 129,123,094 | 128,953,272 |
Current liabilities | ||
Accrued expenses - related party | 11,000 | 21,000 |
Accrued expenses | 515,513 | 15,712 |
Loan payable - related party | 500,000 | 500,000 |
Total current liabilities | 1,026,513 | 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 | 5,454,013 | 4,964,212 |
Commitments | ||
Common stock subject to possible redemption, 12,650,000 shares at $10.14 and $10.10 per share as of September 30, 2022 and March 31, 2022, respectively | 128,228,444 | 127,765,000 |
Stockholders’ (Deficit) | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, -0- shares issued and outstanding as of September 30, 2022 and March 31, 2022 | ||
Additional paid-in capital | ||
Accumulated deficits | (4,559,741) | (3,776,318) |
Total Stockholders’ (Deficit) | (4,559,363) | (3,775,940) |
Total Liabilities and Stockholders’ (Deficit) | 129,123,094 | 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 | Sep. 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 | $ 10.14 | $ 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 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 stock shares subject to possible redemption | 12,650,000 | 12,650,000 |
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 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expense | ||||
Officers compensation | $ 15,000 | $ 15,000 | $ 30,000 | $ 30,000 |
General and administrative expenses | 702,723 | 63,774 | 957,556 | 65,273 |
Total operating expense | 717,723 | 78,774 | 987,556 | 95,273 |
Other income | ||||
Investment income earned on investments held in Trust Account | 552,164 | 667,577 | ||
Total other income | 552,164 | 667,577 | ||
Net (loss) before income tax | (165,559) | (78,774) | (319,979) | (95,273) |
Income tax | ||||
Net income (loss) | $ (165,559) | $ (78,774) | $ (319,979) | $ (95,273) |
Common Class A [Member] | ||||
Net (loss) per share | ||||
Basic and diluted - Class A & B | $ (0.01) | $ (0.02) | ||
Weighted average number of shares | ||||
Basic and diluted - Class A & B | 13,270,700 | 13,270,700 | ||
Common Class B [Member] | ||||
Net (loss) per share | ||||
Basic and diluted - Class A & B | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) |
Weighted average number of shares | ||||
Basic and diluted - Class A & B | 3,162,500 | 3,162,500 | 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, 2021 | $ 316 | 49,684 | (59,395) | (9,395) | ||
Beginning balance, shares at Mar. 31, 2021 | 3,162,500 | |||||
Net (loss) | (95,273) | |||||
Ending balance, value at Sep. 30, 2021 | $ 316 | 49,684 | (154,668) | (104,668) | ||
Ending balance, shares at Sep. 30, 2021 | 3,162,500 | |||||
Beginning balance, value at Jun. 30, 2021 | $ 316 | 49,684 | (75,894) | (25,894) | ||
Beginning balance, shares at Jun. 30, 2021 | 3,162,500 | |||||
Net (loss) | (78,774) | (78,774) | ||||
Ending balance, value at Sep. 30, 2021 | $ 316 | 49,684 | (154,668) | (104,668) | ||
Ending balance, shares at Sep. 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 | ||||
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) | (319,979) | |||||
Ending balance, value at Sep. 30, 2022 | $ 62 | $ 316 | (4,559,741) | (4,559,363) | ||
Ending balance, shares at Sep. 30, 2022 | 620,700 | 3,162,500 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 62 | $ 316 | (3,930,738) | (3,930,360) | ||
Beginning balance, shares at Jun. 30, 2022 | 620,700 | 3,162,500 | ||||
Net (loss) | (165,559) | (165,559) | ||||
Accretion for Class A common stock to redemption amount | (463,444) | (463,444) | ||||
Ending balance, value at Sep. 30, 2022 | $ 62 | $ 316 | $ (4,559,741) | $ (4,559,363) | ||
Ending balance, shares at Sep. 30, 2022 | 620,700 | 3,162,500 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||||
Net (loss) | $ (165,559) | $ (78,774) | $ (319,979) | $ (95,273) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Investment income earned on investments held in Trust Account | (552,164) | (667,577) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 135,329 | (37,500) | ||
Accrued expenses | 499,801 | (823) | ||
Accrued expenses - related parties | (10,000) | (40,000) | ||
Net cash (used in) operating activities | (362,426) | (173,596) | ||
Cash flows from financing activities: | ||||
Due to related party | (100) | |||
Net cash (used in) financing activities | (100) | |||
Net increase/(decrease) in cash and cash equivalents | (362,426) | (173,696) | ||
Cash and cash equivalents at the beginning of the period | 877,099 | 500,067 | ||
Cash and cash equivalents at the end of the period | $ 514,673 | $ 326,371 | 514,673 | 326,371 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for interest | ||||
Cash paid for income taxes | ||||
NON-CASH TRANSACTIONS: | ||||
Additional shares issued to sponsor due to upsize of IPO | 28 | |||
Remeasurement for Class A common stock subject to possible redemption | $ 463,444 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 - 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 and six months ended September 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 | 6 Months Ended |
Sep. 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 September 30, 2022, the Company had not commenced any operations. All activity for the period from July 8, 2020 (inception) through September 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 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS Following the closing of the IPO, cash of $ 764,101 514,673 331,863 On July 12, 2022, the Company entered into a definitive Business Combination Agreement (the “Business Combination Agreement”) with Chijet Inc. (together with its subsidiaries, “Chijet”), each of the referenced 85 64 the due diligence period until and ended on September 20, 2022, which was subsequently extended to September 30, 2022 pursuant to the second amendment of the Business Combination Agreement, dated September 16, 2022. On September 26, 2022, the Company terminated the and the Company is not obligated as a result of the termination 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if 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. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS 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 The Company initially had 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. On October 19, 2022, an aggregate of $ 1,265,000 100 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 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. 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 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS Upon the closing of the IPO, the Company issued to I-Bankers a five-year 632,500 5.0 12.00 101,200 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 stockholders 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 September 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, stockholders, 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 FASB Accounting Standards Update (“ASU”) Topic 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. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS The Company may raise additional capital through loans or additional investments from the Sponsor or its stockholders, 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 stockholders). 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 | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3 - Recent Accounting Pronouncements In August 2020, the FASB issued FASB ASU Topic 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 | 6 Months Ended |
Sep. 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 $ 514,673 877,099 no |
Marketable Securities Held in T
Marketable Securities Held in Trust Account | 6 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities Held in Trust Account | Note 5 - Marketable Securities Held in Trust Account At September 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 September 30, 2022 and March 31, 2022, the marketable securities held in the Trust Account were $ 128,428,444 127,760,867 |
Common Stock Subject to Possibl
Common Stock Subject to Possible Redemption | 6 Months Ended |
Sep. 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 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 stockholders’ 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 stockholders’ 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 September 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 4,120,000 Common stock subject to possible redemption, March 31, 2022 $ 127,765,000 Plus: Remeasurement of carrying value to redemption value 463,444 Common stock subject to possible redemption, September 30, 2022 $ 128,228,444 |
Net Loss per Share of Common St
Net Loss per Share of Common Stock | 6 Months Ended |
Sep. 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 FASB 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 and six months ended September 30, 2022 and 2021, the Company did no Schedule of Diluted Loss Per Share of Common Stock For the Three September 30, 2022 For the Three September 30, 2021 Numerator: Net loss $ (165,559 ) $ (78,774 ) Denominator: Basic and diluted loss per share – Class A $ (0.01 ) — Basic and diluted loss per share – Class B $ (0.01 ) $ (0.02 ) 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 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS For the Six September 30, 2022 For the Six September 30, 2021 Numerator: Net loss $ (319,979 ) $ (95,273 ) Denominator: Basic and diluted loss per share – Class A $ (0.02 ) — Basic and diluted loss per share – Class B $ (0.02 ) $ (0.03 ) Basic and diluted loss per share $ (0.02 ) $ (0.03 ) 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 of issued and outstanding during the period 3,162,500 3,162,500 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8 - Related Party Transactions Accrued Expenses - Related Parties As of September 30, 2022 and March 31, 2022, the Company had accrued expenses – related parties in amount of $ 11,000 21,000 6,000 5,000 300,000 0.02 5,000 15,000 Loan Payable – Related Party As of September 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 | 6 Months Ended |
Sep. 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 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 | 6 Months Ended |
Sep. 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 September 30, 2022 and March 31, 2022, there were 620,700 12,650,000 As of September 30, 2022 and March 31, 2022, there were 3,162,500 As of September 30, 2022 and March 31, 2022, no DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS 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. 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 | 6 Months Ended |
Sep. 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 September 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 September 30, March 31, Description Level 2022 2022 Assets: Marketable securities held in Trust Account 1 $ 128,428,444 $ 127,760,867 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events On October 15, 2022, the Company issued two promissory notes in an aggregate principal amount of $ 1,265,000 On October 19, 2022, an aggregate of $ 1,265,000 |
Common Stock Subject to Possi_2
Common Stock Subject to Possible Redemption (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Common Stock Subject To Possible Redemption | |
Schedule of Common Stock Subject to Redemption | At September 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 4,120,000 Common stock subject to possible redemption, March 31, 2022 $ 127,765,000 Plus: Remeasurement of carrying value to redemption value 463,444 Common stock subject to possible redemption, September 30, 2022 $ 128,228,444 |
Net Loss per Share of Common _2
Net Loss per Share of Common Stock (Tables) | 6 Months Ended |
Sep. 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 September 30, 2022 For the Three September 30, 2021 Numerator: Net loss $ (165,559 ) $ (78,774 ) Denominator: Basic and diluted loss per share – Class A $ (0.01 ) — Basic and diluted loss per share – Class B $ (0.01 ) $ (0.02 ) 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 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS For the Six September 30, 2022 For the Six September 30, 2021 Numerator: Net loss $ (319,979 ) $ (95,273 ) Denominator: Basic and diluted loss per share – Class A $ (0.02 ) — Basic and diluted loss per share – Class B $ (0.02 ) $ (0.03 ) Basic and diluted loss per share $ (0.02 ) $ (0.03 ) 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 of issued and outstanding during the period 3,162,500 3,162,500 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 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 September 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 September 30, March 31, Description Level 2022 2022 Assets: Marketable securities held in Trust Account 1 $ 128,428,444 $ 127,760,867 |
Organization and Description _2
Organization and Description of Business Operations (Details Narrative) - USD ($) | 6 Months Ended | |||||
Oct. 29, 2022 | Jul. 12, 2022 | Oct. 29, 2021 | Sep. 30, 2022 | Oct. 19, 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 | $ 514,673 | $ 877,099 | |||
Working capital | $ 331,863 | |||||
Share price | $ 0.20 | $ 0.02 | ||||
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] | ||||||
Amount deposited into trust account | $ 1,265,000 | |||||
Percentage of outstanding public shares | 100% | |||||
Interest payable | $ 50,000 | |||||
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% | |||||
Shandong Baoya New Energy Vehicle [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Ownership percentage | 85% | |||||
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 | ||||
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 ($) | Sep. 30, 2022 | Mar. 31, 2022 | Oct. 29, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Cash | $ 514,673 | $ 877,099 | $ 764,101 |
Cash equivalent | $ 0 | $ 0 |
Marketable Securities Held in_2
Marketable Securities Held in Trust Account (Details Narrative) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable securities held in trust account | $ 128,428,444 | $ 127,760,867 |
Schedule of Common Stock Subjec
Schedule of Common Stock Subject to Redemption (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
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 | $ 463,444 | 4,120,000 |
Common stock subject to possible redemption, September 30, 2022 | $ 128,228,444 | $ 127,765,000 |
Schedule of Diluted Loss Per Sh
Schedule of Diluted Loss Per Share of Common Stock (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Net loss | $ (165,559) | $ (154,420) | $ (78,774) | $ (16,499) | $ (319,979) | $ (95,273) |
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) | $ (0.02) | ||||
Denominator for basic and diluted earnings per share -– Weighted-average shares of issued and outstanding during the period | 13,270,700 | 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 | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) | ||
Denominator for basic and diluted earnings per share -– Weighted-average shares of issued and outstanding during the period | 3,162,500 | 3,162,500 | 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 | 6 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Net (loss) per share | ||
Anti-dilutive securities | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Oct. 29, 2021 | |
Related Party Transaction [Line Items] | ||||||
Accrued expense related parties | $ 11,000 | $ 11,000 | $ 21,000 | |||
Accrued non cash compensation | 6,000 | 6,000 | ||||
Officers compensation | $ 15,000 | $ 15,000 | $ 30,000 | $ 30,000 | ||
Share price | $ 0.02 | $ 0.02 | $ 0.20 | |||
Working capital loans | $ 1,500,000 | $ 1,500,000 | ||||
Debt conversion price | $ 10 | $ 10 | ||||
Working capital loans outstanding | $ 0 | $ 0 | 0 | |||
Sponsor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loans payable | 500,000 | 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 | $ 5,000 | 5,000 | $ 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 ($) | 6 Months Ended | |
Oct. 29, 2021 | Sep. 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 ($) | 6 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
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] | ||
Accumulated Other Comprehensive Income (Loss) [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] | ||
Accumulated Other Comprehensive Income (Loss) [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 |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Capital units authorized, shares | 111,000,000 | |
Common stock, par value | $ 0.0001 | |
Common stock, shares authorized | 110,000,000 |
Schedule of Fair Value Hierarch
Schedule of Fair Value Hierarchy Valuation (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in Trust Account | $ 128,428,444 | $ 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 | $ 128,428,444 | $ 127,760,867 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Oct. 19, 2022 | Oct. 15, 2022 |
Subsequent Event [Line Items] | ||
Amount deposited into trust account | $ 1,265,000 | |
Promissory Note [Member] | Sponsor Affiliates [Member] | ||
Subsequent Event [Line Items] | ||
Notes principal amount | $ 1,265,000 |