Monterey Innovation Acquisition (MTRY) 10-Q 21 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 21, 2023
Document Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40861
Entity Registrant Name	MONTEREY INNOVATION ACQUISITION CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2204842
Entity Address, Address Line One	17 State Street
Entity Address, Address Line Two	21st Floor
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10004
City Area Code	917
Local Phone Number	267-0216
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
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		4,335,930
Entity Central Index Key	0001860663
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Transition Report	false
Common Stock, par value $0.0001 per share
Document Entity Information
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	MTRY
Security Exchange Name	NASDAQ
Redeemable Warrants, each Warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Document Entity Information
Title of 12(b) Security	Redeemable Warrants, each Warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	MTRYW
Security Exchange Name	NASDAQ
Units, each consisting of one share of Common Stock and one redeemable Warrant
Document Entity Information
Title of 12(b) Security	Units, each consisting of one share of Common Stock and one redeemable Warrant
Trading Symbol	MTRYU
Security Exchange Name	NASDAQ

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash	$ 539,786	$ 145,812
Prepaid expenses and other current assets	8,037	243,001
Total Current Assets	547,823	388,813
Cash and investments held in Trust Account	21,865,397	21,029,708
TOTAL ASSETS	22,413,220	21,418,521
Current liabilities
Accrued expenses	979,602	862,161
Income taxes payable	77,406	115,963
Promissory notes from related parties	$ 1,919,559	$ 700,000
Notes Payable, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total Current Liabilities	$ 2,976,567	$ 1,678,124
Commitments
Stockholders' Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-in capital	0	716,387
Accumulated deficit	(2,473,412)	(1,858,102)
Total Stockholders' Deficit	(2,473,124)	(1,141,427)
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS' DEFICIT	22,413,220	21,418,521
Common stock subject to possible redemption
Current liabilities
Common stock subject to possible redemption; 2,019,384 shares issued and outstanding at redemption value of $11.85 and $10.34 as of June 30, 2023 and December 31, 2022, respectively	21,909,777	20,881,824
Common stock not subject to redemption
Stockholders' Deficit
Common stock, $0.0001 par value; 100,000,000 shares authorized; 2,875,000 shares issued and outstanding (excluding 2,019,384 shares subject to possible redemption) as of June 30, 2023 and December 31, 2022	$ 288	$ 288

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
common stock subject to possible redemption , value per share	$ 10.835
Preferred stock, par value, ( in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common shares, par value, (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	100,000,000	100,000,000
Common stock subject to possible redemption
Common stock subject to possible redemption , shares issued	2,019,384	2,019,384
Common stock subject to possible redemption , shares outstanding	2,019,384	2,019,384
common stock subject to possible redemption , value per share	$ 10.85	$ 10.34
Common stock not subject to redemption
Common shares, shares issued	2,875,000	2,875,000
Common shares, shares outstanding	2,875,000	2,875,000

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating and formation costs	$ 365,605	$ 342,832	$ 704,697	$ 711,926
Loss from operations	(365,605)	(342,832)	(704,697)	(711,926)
Other income:
Interest earned on investments held in Trust Account	258,391	156,845	482,878	168,541
Total other income	258,391	156,845	482,878	168,541
Loss before provision for income taxes	(107,214)	(185,987)	(221,819)	(543,385)
Provision for income taxes	(44,275)	(2,879)	(81,925)	(2,879)
Net loss	$ (151,489)	$ (188,866)	$ (303,744)	$ (546,264)
Common stock subject to possible redemption
Other income:
Weighted average shares outstanding, basic	2,019,384	11,500,000	2,019,384	11,500,000
Weighted average shares outstanding, diluted	2,019,384	11,500,000	2,019,384	11,500,000
Basic net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Diluted net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Non-redeemable common stock
Other income:
Weighted average shares outstanding, basic	2,875,000	2,875,000	2,875,000	2,875,000
Weighted average shares outstanding, diluted	2,875,000	2,875,000	2,875,000	2,875,000
Basic net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Diluted net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2021	$ 288	$ 1,502,628	$ (584,227)	$ 918,689
Balance at the beginning (in shares) at Dec. 31, 2021	2,875,000
Increase (Decrease) in Stockholders' Equity
Net loss		0	(357,398)	(357,398)
Balance at the end at Mar. 31, 2022	$ 288	1,502,628	(941,625)	561,291
Balance at the end (in shares) at Mar. 31, 2022	2,875,000
Balance at the beginning at Dec. 31, 2021	$ 288	1,502,628	(584,227)	918,689
Balance at the beginning (in shares) at Dec. 31, 2021	2,875,000
Increase (Decrease) in Stockholders' Equity
Remeasurement of common stock subject to possible redemption				0
Net loss				(546,264)
Balance at the end at Jun. 30, 2022	$ 288	1,502,628	(1,130,491)	372,425
Balance at the end (in shares) at Jun. 30, 2022	2,875,000
Balance at the beginning at Dec. 31, 2021	$ 288	1,502,628	(584,227)	918,689
Balance at the beginning (in shares) at Dec. 31, 2021	2,875,000
Balance at the end at Dec. 31, 2022	$ 288	716,387	(1,858,102)	(1,141,427)
Balance at the end (in shares) at Dec. 31, 2022	2,875,000
Balance at the beginning at Mar. 31, 2022	$ 288	1,502,628	(941,625)	561,291
Balance at the beginning (in shares) at Mar. 31, 2022	2,875,000
Increase (Decrease) in Stockholders' Equity
Net loss		0	(188,866)	(188,866)
Balance at the end at Jun. 30, 2022	$ 288	1,502,628	(1,130,491)	372,425
Balance at the end (in shares) at Jun. 30, 2022	2,875,000
Balance at the beginning at Dec. 31, 2022	$ 288	716,387	(1,858,102)	(1,141,427)
Balance at the beginning (in shares) at Dec. 31, 2022	2,875,000
Increase (Decrease) in Stockholders' Equity
Remeasurement of common stock subject to possible redemption		(501,637)	0	(501,637)
Net loss		0	(152,255)	(152,255)
Balance at the end at Mar. 31, 2023	$ 288	214,750	(2,010,357)	(1,795,319)
Balance at the end (in shares) at Mar. 31, 2023	2,875,000
Balance at the beginning at Dec. 31, 2022	$ 288	716,387	(1,858,102)	(1,141,427)
Balance at the beginning (in shares) at Dec. 31, 2022	2,875,000
Increase (Decrease) in Stockholders' Equity
Remeasurement of common stock subject to possible redemption				(1,027,953)
Net loss				(303,744)
Balance at the end at Jun. 30, 2023	$ 288	0	(2,473,412)	(2,473,124)
Balance at the end (in shares) at Jun. 30, 2023	2,875,000
Balance at the beginning at Mar. 31, 2023	$ 288	214,750	(2,010,357)	(1,795,319)
Balance at the beginning (in shares) at Mar. 31, 2023	2,875,000
Increase (Decrease) in Stockholders' Equity
Remeasurement of common stock subject to possible redemption		(214,750)	(311,566)	(526,316)
Net loss		0	(151,489)	(151,489)
Balance at the end at Jun. 30, 2023	$ 288	$ 0	$ (2,473,412)	$ (2,473,124)
Balance at the end (in shares) at Jun. 30, 2023	2,875,000

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash Flows from Operating Activities:
Net loss				$ (303,744)	$ (546,264)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on investment held in Trust Account	$ (258,391)		$ (156,845)	(482,878)	(168,541)
Changes in operating assets and liabilities:
Prepaid expenses				234,964	174,229
Due from vendors				0	30,000
Income taxes payable				(38,557)	2,879
Accrued expenses				117,441	12,048
Net cash used in operating activities				(472,774)	(495,649)
Cash Flows from Investing Activities:
Investment of cash into Trust Account				(720,000)	0
Cash withdrawn from Trust Account to pay tax obligations				367,189	0
Net cash used in investing activities				(352,811)	0
Cash Flows from Financing Activities:
Proceeds from Promissory Notes				1,219,559	0
Payment of offering costs				0	(10,300)
Net cash provided by (used in) financing activities				1,219,559	(10,300)
Net Change in Cash				393,974	(505,949)
Cash - Beginning of period		$ 145,812		145,812	510,814	$ 510,814
Cash - End of period	539,786		$ 4,865	539,786	4,865	$ 145,812
Non-Cash investing and financing activities:
Remeasurement of common stock subject to possible redemption	$ 526,316	$ 501,637		$ 1,027,953	$ 0

DESCRIPTION OF ORGANIZATION, BU

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES	6 Months Ended
	Jun. 30, 2023
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES	NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS , LIQUIDITY, AND RISKS AND UNCERTAINTIES Monterey Innovation Acquisition Corp., (formerly, Monterey Bio Acquisition Corporation) (the “Company”) was incorporated in Delaware on July 23, 2020. The Company is a blank check company whose business purpose is to enter into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination although it initially focused its efforts on identifying a biotech company that has demonstrated success and is primed to thrive in the rapidly evolving biotech industry for its initial business combination. Since March 2023, the Company expanded its acquisition strategy to include a broader universe of disruptive technology targets. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2023, the Company had not yet commenced any operations. All activity for the period from July 23, 2020 (inception) through June 30, 2023 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and identifying a target company for an initial Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the marketable securities held in the Trust Account (as defined below). The registration statement for the Company’s Initial Public Offering was declared effective on September 30, 2021. On October 5, 2021, the Company consummated the Initial Public Offering of 10,000,000 units (the “Units” and, with respect to the shares of common stock included in the Units sold, the “Public Shares”), generating gross proceeds of $100,000,000. Simultaneous with the closing of the Initial Public Offering, the Company consummated the sale of 5,000,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in private placements to Chardan Monterey Investments LLC (“Chardan Monterey”) (an affiliate of Chardan Capital Markets LLC (“Chardan”), the representative of the underwriters) and to NorthStar Bio Ventures, LLC (“NorthStar”) (an affiliate of certain of the Company’s officers and directors) (“Chardan Monterey” and “NorthStar” are collectively known as co-Sponsors), generating gross proceeds of $5,000,000. NorthStar purchased 3,750,000 Private Warrants and Chardan Monterey purchased 1,250,000 Private Warrants. Following the closing of the Initial Public Offering on October 5, 2021, an amount of $101,000,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Warrants was placed in a trust account (the “Trust Account”), located in the United States and held in cash or invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. On October 4, 2021, the underwriter notified the Company of its intent to fully exercise its over-allotment option on October 6, 2021. The Company consummated the sale of an additional 1,500,000 Units, at $10.00 per Unit, and the sale of an additional 450,000 Private Warrants, at $1.00 per Private Warrant, generating total gross proceeds of $15,450,000. A total of $15,150,000 of the net proceeds was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $116,150,000 as of October 6, 2021. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (less any Marketing Fee (as defined below) and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its holders of the outstanding Public Shares (the “public 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, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.10 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s public warrants. The Company will proceed with a Business Combination if the Company seeks stockholder approval and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated certificate of incorporation, as amended (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC containing substantially the same information as would be included in a proxy statement prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders have agreed (A) to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination, (B) not to propose, or vote in favor of, prior to and unrelated to the initial Business Combination, an amendment to the Company’s Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s redemption obligation to redeem all public shares if the Company cannot complete the initial Business Combination within the Combination Period (as defined below) unless the Company provides public stockholders the opportunity to redeem their Public Shares in conjunction with any such amendment, (C) not to redeem any shares (including their Founder Shares) in connection with a stockholder vote to approve the proposed Business Combination or sell any shares back to the Company in a tender offer in connection with the initial Business Combination, and (D), that the Founder Shares shall not participate in any liquidating distribution upon winding up if the Business Combination is not consummated. The initial stockholders have agreed (a) to waive their redemption rights with respect to the Founder Shares and Public Shares held by them in connection with the completion of a Business Combination, including their Founder Shares and Public Shares that they have purchased during or after the Initial Public Offering, if any and (b) to waive their rights to liquidating distributions with respect to their Founder Shares if the Company fails to consummate the initial Business Combination within the Combination Period. The initial stockholders who have acquired Public Shares in or after the Initial Public Offering are entitled to receive liquidating distributions with respect to such Public Shares if the Company fails to consummate the initial Business Combination within the Combination Period. On September 29, 2022, the Company’s stockholders approved an amendment to the Amended and Restated Certificate of Incorporation (the “First Extension”) to extend the deadline to consummate a Business Combination from October 5, 2022 to January 5, 2023. In the event that the Company had not consummated a Business Combination by January 5, 2023, the Company may have, by resolution of the Company’s board of directors (the “Board”) if requested by the Company’s insiders or their affiliates, extended the period of time to consummate a Business Combination up to six (6) times by an additional month each time (or up to July 5, 2023); provided that, pursuant to the trust agreement entered into between the Corporation and Continental Stock Transfer & Trust Company on September 30, 2021, as amended (the “Trust Agreement”), the only way to extend the time available for the Company to consummate its Business Combination was for the Company’s insiders or their affiliates or designees, upon five days’ advance notice prior to each applicable deadline, to deposit into the Trust Account $120,000 (or an aggregate of $720,000 if the time to consummate a Business Combination is extended to July 5, 2023), on or prior to the date of the applicable deadline (the “Combination Period”). During the period ended June 30, 2023 the Company deposited an aggregate of $720,000 into the Trust Account, extending the Combination Period (defined below) to July 5, 2023. As described in Note 7, on July 3, 2023, the Company’s stockholders approved a second amendment to the Amended and Restated Certificate of Incorporation (the “Second Extension”) to further extend the Combination Period from July 5, 2023 to up to nine (9) times by an additional month each time (or up to April 5, 2024) (as extended, the “Extended Date”) by depositing into the Trust Account $100,000 for each additional month extension. From the date of the First Extension to the date of this filing, the Company has deposited an aggregate of $1,310,000 into the Trust Account to extend the Combination Period to September 5, 2023. If the Company is unable to complete a Business Combination the Extended Date, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten In connection with the First Extension, the Company stockholders had the right to redeem their shares of common stock. The holders of 9,480,616 shares of common stock elected to redeem their shares at a per share redemption price of $10.13. As a result, approximately $96.1 million was removed from the Trust Account on October 3, 2022 to pay such holders, leaving approximately $20.5 million in the Trust Account. Additionally, as discussed in Note 7, in connection with the Second Extension, the holders of 558,454 shares of common stock of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.835 per share, for an aggregate redemption amount of $6,050,967, leaving approximately $15.8 million in the Trust Account. The Company’s placing of funds in the Trust Account may not protect those funds from third-party claims against the Company. Although, the Company will seek to have all vendors, service providers (excluding the independent registered public accounting firm), prospective target businesses and 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 any monies held in the Trust Account for the benefit of our public stockholders, such parties may not execute such agreements, or even if they execute such agreements, they may not be prevented from bringing claims against the Trust Account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against the Company’s assets, including the funds held in the Trust Account. If any third-party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, the Company’s management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third-party that has not executed a waiver if the Company’s management believes that such third-party’s engagement would be significantly more beneficial to the Company than any alternative. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts, or agreements with the Company and will not seek recourse against the Trust Account for any reason. Upon redemption of the Public Shares, if the Company was unable to consummate the initial Business Combination within the Combination Period, or upon the exercise of the redemption right in connection with the Business Combination, the Company will be required to provide for payment of claims of creditors that were not waived that may be brought against the Company within the ten years following redemption. Accordingly, the per-share redemption amount received by public stockholders could be less than the $10.10 per Public Share initially held in the Trust Account, due to claims of such creditors. The co-Sponsors have agreed to be liable to the Company if and to the extent any claims by a third-party (excluding the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or 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 the lesser of (i) $10.10 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering 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 co-Sponsors will not be responsible to the extent of any liability for such third-party claims. On June 30, 2023, the co-Sponsors agreed to pay any Delaware franchise taxes currently owed by the Company or that may become due after such date (the “Delaware Franchise Tax Obligations”). As a result, the Company confirmed that interest earned on the proceeds placed in the Trust Account will not be used to pay for Delaware Franchise Tax Obligations. At June 30, 2023, an excess of $44,380 was withdrawn from the interest earned in the Trust Account for the payment of taxes, as the Company had inadvertently overpaid such amount in taxes. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the world. As of the date the financial statements were issued, there was considerable uncertainty around the expected duration of this pandemic. The Company has concluded that while it is reasonably possible that COVID-19 could have a negative effect on identifying a target company for a Business Combination, the specific impact is not readily determinable as of the date of this condensed financial statement. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. On June 30, 2023, the Company confirmed that it will not use the proceeds placed in the Trust Account and the interest earned thereon to pay any excise taxes or any other similar fees or taxes in nature that may be imposed on the Company pursuant to any current, pending or future rules or laws, including without limitation any excise tax due imposed under the Inflation Reduction Act of 2022 (the “IR Act”) on any redemptions or stock buybacks by the Company. The Co-Sponsors agreed to promptly either directly pay such tax or fee on behalf of the Company or advance to the Company such funds as necessary and appropriate to allow the Company to pay such tax or fee timely with respect to any future redemptions that occur prior to or in connection with a business combination or the Company’s liquidation. The Co-Sponsors also agreed not to seek recourse for such expenses from the Trust Account. Going Concern As of June 30, 2023, the Company had $539,786 in its operating bank accounts and $21,865,397 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem stock in connection therewith and working capital deficit of $2,351,338 (excluding taxes payable from the Trust Account). 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. In March 2022, the Sponsors committed to provide the Company $500,000 in loans in connection with the Working Capital Loans as described in Note 3. The co-Sponsors issued unsecured promissory notes on October 7, 2022 to evidence the Working Capital Loans for an aggregate principal balance of $700,000. On March 10, 2023, the Company issued promissory notes to the co-Sponsors pursuant to which the Company may borrow up to an aggregate principal amount of $893,036, respectively. The promissory notes are non-interest bearing and payable upon consummation of the initial Business Combination. At the option of each co-Sponsor, the respective promissory notes may be converted into warrants at a price of $1.00 per warrant. The warrants would be identical to the private warrants (See Note 3). The Company may raise additional capital through loans or additional investments from the Sponsors or its stockholders, officers, directors, or third parties. The Company’s officers and directors and the Sponsors 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. At June 30, 2023 and December 31, 2022, $1,919,559 and $700,000 was due to the Company under the Working Capital Loans. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification Subtopic 205-40, “Presentation of Financial Statements – Going Concern,” the Company has until September 5, 2023 (as extended) to consummate a Business Combination. The Company has the option to extend the date for mandatory liquidation if the Company’s insiders or their affiliates deposit into the Trust Account $100,000 for each month extension up to April 5, 2024. The Company intends to complete a Business Combination before the mandatory liquidation date or its extended liquidation date if applicable. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date and an extension is not requested by the Company’s insiders or their affiliates, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur and an extension is not requested by the Company’s insiders or their affiliates, and potential subsequent dissolution, raise substantial doubts about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 5, 2023 (as may be extended).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K as filed with the SEC on April 17, 2023. The interim results for the three and three months ended June 30, 2023, are not necessarily indicative of the results to be expected for the period ending December 31, 2023 or for any future periods. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents at June 30, 2023 and December 31, 2022. Marketable Securities Held in Trust Account At June 30, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in money market funds which invest U.S. Treasury securities. All of 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. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. As of June 30, 2023 and December 31, 2022, the Company’s deferred tax asset had a full valuation allowance recorded against it. The effective tax rate was (41.3)% and (1.6)% for the three months ended June 30, 2023 and 2022, respectively, and (36.9)% and (0.5)% for the six months ended June 30, 2023 and 2022, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2023 and 2022, due to the valuation allowance on the deferred tax assets. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. 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 is classified as a liability instrument. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is 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. As of June 30, 2023 and December 31, 2022, 2,019,384 shares of common stock were subject to possible redemption. Accordingly, all common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit. At June 30, 2023 and December 31, 2022, the common stock reflected in the condensed balance sheets is reconciled in the following table: ​ ​ ​ ​ ​ Common stock subject to possible redemption as of December 31, 2021 ​ $ 116,150,000 Less: ​ ​ ​ Redemptions of common stock ​ ​ (96,054,417) Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 786,241 Common stock subject to possible redemption as of December 31, 2022 ​ ​ 20,881,824 Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 501,637 Common stock subject to possible redemption as of March 31, 2023 ​ ​ 21,383,461 Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 526,316 Common stock subject to possible redemption as of June 30, 2023 ​ $ 21,909,777 ​ Net Loss per Common Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net loss per common stock is computed by dividing net loss by the weighted average number of common stock outstanding for the period. Accretion associated with the redeemable shares of common stock is excluded from net loss per share as the redemption value approximates fair value. Mandatorily redeemable common stock is excluded from the weighted average number of common stock outstanding. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 16,950,000 shares of common stock in the aggregate. As of June 30, 2023 and 2022, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the losses of the Company. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the periods presented. The following table reflects the calculation of basic and diluted net loss per common stock (in dollars, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ ​ 2023 ​ 2022 ​ Class A Class B Class A Class B Basic and diluted net loss per common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allocation of net loss ​ $ (62,503) ​ $ (88,986) ​ $ (151,093) ​ $ (37,773) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted average shares outstanding ​ 2,019,384 ​ 2,875,000 ​ 11,500,000 ​ 2,875,000 Basic and diluted net loss per common stock ​ $ (0.03) ​ $ (0.03) ​ $ (0.01) ​ $ (0.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ Class A Class B Class A Class B Basic and diluted net loss per common stock ​ ​ ​ ​ Numerator: ​ ​ ​ ​ Allocation of net loss ​ $ (125,322) ​ $ (178,422) ​ $ (437,011) ​ $ (109,253) Denominator: ​ ​ ​ ​ Basic and diluted weighted average shares outstanding ​ 2,019,384 ​ 2,875,000 ​ 11,500,000 ​ 2,875,000 Basic and diluted net loss per common stock ​ $ (0.06) ​ $ (0.06) ​ $ (0.04) ​ $ (0.04) ​ Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximate the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature. Derivative Liabilities The Company accounts for derivative liabilities as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of issuance and as of each subsequent quarterly period end date while the instruments are outstanding. As discussed in Note 5, management concluded that the Public Warrants and Private Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment. Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 3. RELATED PARTY TRANSACTIONS Founder Shares On September 18, 2020, Chardan Monterey purchased an aggregate of 5,000,000 shares (the “Founder Shares”) of the Company’s common stock for an aggregate price of $25,000, or $0.005 per share. On May 20, 2021, Chardan Monterey transferred 687,500 Founder Shares back to the Company for no consideration, which shares were cancelled, resulting in an aggregate of 4,312,500 shares of common stock outstanding. On May 21, 2021, Chardan Monterey transferred 3,315,625 Founder Shares to NorthStar at a price of $0.006 per share, resulting in Chardan Monterey holding a balance of 996,875 Founder Shares. On May 21, 2021, NorthStar transferred 150,000 Founder Shares to Dr. Satyal, the Company’s Chief Executive Officer, and transferred 35,000 Founder Shares to each of the Company’s directors and director nominees at a price of $0.006 per share On March 9, 2023, NorthStar transferred 478,125 Founder Shares to Chardan Monterey and 30,625 Founder Shares to each of the Company's newly appointed directors, in each case, at a price of $0.006 per share All of the Insider Shares issued and outstanding prior to the date of the Initial Public Offering were placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until (1) with respect to 50% of the Insider Shares, the earlier of six months or after the date of the consummation of Initial Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share for any 20 trading days within any 30-trading period commencing after the Initial Business Combination, and (2) with respect to the remaining 50% of the Insider Shares, six months after the date of the consummation of Initial Business Combination, or earlier, in either case, if subsequent to the Initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which will result in all of the stockholders having the right to exchange their shares for cash, securities, or other property. During the escrow period, the holders of these shares will not be able to sell or transfer their securities except (1) to any persons (including their affiliates and stockholders) participating in the private placement of the private warrants, officers, directors, stockholders, employees and members of the co-Sponsors and their affiliates, (2) amongst initial stockholders or to Company’s officers, directors and employees, (3) if a holder is an entity, as a distribution to its partners, stockholders or members upon its liquidation, (4) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is a holder or a member of a holder’s immediate family, for estate planning purposes, (5) by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified domestic relations order, (7) by certain pledges to secure obligations incurred in connection with purchases of our securities, (8) by private sales at prices no greater than the price at which the shares were originally purchased. The sale of the Founder Shares to the Company’s Chief Executive Officer, directors and director nominees is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Company has hired a valuation firm to assess using the lattice model, the fair value associated with the Founder Shares granted. The fair value of the 325,000 Founder Shares granted to the Company’s Chief Executive Officer, directors and director nominees was $1,901,250 or $5.85 per share. The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of June 30, 2023, the Company determined the performance conditions are not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date the performance conditions are considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares vested times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares. Administrative Services Agreement The Company entered into an administrative services agreement (the “Administrative Services Agreement”), commencing on September 30, 2021 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay NorthStar a total of $10,000 per month for office space, utilities and secretarial and administrative support. On March 9, 2023, NorthStar has assigned all amounts payable under the Administrative Services Agreement to Chardan Monterey. For the three and six months ended June 30, 2023 and 2022, the Company incurred $30,000 and $60,000 fees for these services, of which such amounts are recorded as accrued expenses in the condensed balance sheets, respectively. Related Party Loans In order to finance transaction costs in connection with an intended initial Business Combination, the Company’s initial stockholders, officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Each loan would be evidenced by a promissory note. The notes would be paid upon consummation of a Business Combination, without interest, or, at the lender’s discretion up to $1,500,000 of the notes may be converted upon consummation of a Business Combination into additional Private Warrants to purchase shares of common stock at a conversion price of $1.00 per Private Warrant. Such Private Warrants are identical to the Public Warrants issued at the closing of the Initial Public Offering. On October 7, 2022, the Company issued an unsecured promissory note in the amount of up to $175,000 to Chardan Monterey to evidence a Working Capital Loan. On March 9, 2023, the Company issued an unsecured promissory note in the amount of up to $331,563 to Chardan Monterey to evidence a Working Capital Loan. The notes bear no interest and are payable on the date on which the Company consummates an initial Business Combination. The notes are convertible into private warrants as described above. On October 7, 2022, the Company issued an unsecured promissory note in the amount of up to $525,000 to NorthStar to evidence a Working Capital Loan. On March 9, 2023, the Company issued an unsecured promissory note in the amount of up to $561,473 to NorthStar to evidence a Working Capital Loan. The notes bear no interest and are payable on the date on which the Company consummates an initial Business Combination. The notes are convertible into private warrants as described above. On March 10, 2023, the Company issued a promissory note to each of Northstar and Chardan Monterey pursuant to which the Company may borrow up to an aggregate principal amount of $561,473 and $331,563, respectively. The promissory notes are non-interest bearing and payable upon consummation of the Company’s initial business combination. At the option of NorthStar or Chardan Monterey, the respective promissory note may be converted into warrants at a price of $1.00 per warrant. The warrants would be identical to the private warrants described above. On June 30, 2023, the Company issued a promissory note to each of Northstar and Chardan Monterey pursuant to which the Company may borrow up to an aggregate principal amount of $221,060 and $128,940, respectively. The promissory notes are non-interest bearing and payable upon consummation of the Company’s initial business combination. At the option of NorthStar or Chardan Monterey, the respective promissory note may be converted into warrants at a price of $1.00 per warrant. The warrants would be identical to the private warrants described above. At June 30, 2023 and December 31, 2022 there was $1,919,559 and $700,000 outstanding under the promissory notes, respectively ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 4. COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration and stockholder rights agreement entered into on September 30, 2021, the holders of the Insider Shares issued and outstanding on the date of the Initial Public Offering, Private Warrants (and underlying securities) are entitled to registration and stockholder rights. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Insider Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the Private Warrants (and underlying securities) can elect to exercise these registration rights at any time after the consummation of a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. Notwithstanding the foregoing, Chardan Monterey may not exercise its demand and “piggyback” registration rights after five Related Party Transactions The Company engaged Chardan as an advisor in connection with the Business Combination. The Company will pay Chardan the marketing fee for such services upon the consummation of the initial Business Combination in an amount equal to, in aggregate 3.5% of the gross proceeds of the Initial Public Offering, including the proceeds from the full exercise of the over-allotment option (or $4,025,000) (the “Marketing Fee”). Contingent Fee Arrangements The Company entered into a consulting agreement dated as of September 14, 2021, as amended, with a consultant to assist the Company in facilitating a Business Combination with one or more targets, subject to certain conditions. The consultant will receive a success fee of (i) $100,000 or (ii) in the event the Company’s successful Business Combination is consummated with an entity or target first introduced to the Company by the consultant, $150,000, in either case, subject to, and payable upon, the Company’s successful consummation of an initial Business Combination, provided that the consulting agreement is not terminated prior to such date. Additionally, the Company will reimburse the Consultant for any out-of-pocket expenses and pre-approved travel-related expenses incurred in connection with the provision of services under the consulting agreement. The Company has incurred legal expenses that are contingent upon the consummation of a Business Combination. At June 30, 2023 and December 31, 2022, the amount due under this arrangement was approximately $560,000 and 550,000, respectively.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	6 Months Ended
	Jun. 30, 2023
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT	NOTE 5. STOCKHOLDERS’ DEFICIT Preferred Stock Common Stock Warrants— No warrant will be exercisable for cash, and the Company will not be obligated to issue shares of common stock unless at the time a holder seeks to exercise such warrant, a prospectus relating to the shares of common stock issuable upon exercise is current and the shares of common stock have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. Under the terms of the warrant agreement, the Company has agreed to use its best efforts to meet the above conditions and to maintain a current prospectus relating to the shares of common stock issuable upon exercise of the warrants until the expiration of the warrants. If the prospectus relating to the shares of common stock issuable upon the exercise of the warrants is not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, the Company will not be required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited and the warrants may expire worthless. Redemptions for warrants. ● at any time while the warrants are exercisable; ● upon not less than 30 days ’ prior written notice of redemption to each warrant holder; ● if, and only if, the reported last sales price of the shares of common stock equals or exceeds $16.50 per share, for any 20 trading days within a 30 - day trading period ending three business days before the Company sends the notice of redemption to warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30 -day trading period referred to above and continuing each day thereafter until the date of redemption. The right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of the warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant. The redemption criteria for the warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of the Company’s redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants. If the Company calls the warrants for redemption as described above, its management will have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis”. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” by (y) the fair market value. The “fair market value” shall mean the average reported last sales price of shares of common stock for the ten trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the warrants. Whether the Company will exercise its option to require all holders to exercise their warrants on a “cashless basis” will depend on a variety of factors including the price of shares of common stock at the time the warrants are called for redemption, the Company’s cash needs at such time, and concerns regarding dilutive shares issuances. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend, recapitalization, reorganization, merger, or consolidation. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issued price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the Market Value is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 165% of the higher of the Market Value and the Newly Issued Price. The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that each Private Warrant is exercisable for one share of common stock at an exercise price of $11.50 per share. The Private Warrants and any shares of common stock issued upon exercise thereof are subject to transfer restrictions pursuant to lock-up provision in a letter agreement with the Company to be entered into by the co-Sponsors, officers, directors, and Chardan. Those lock-up provisions provide that such securities are not transferable or salable until 30 days after the completion of the Initial Business Combination, except to conditions as set forth in the agreement.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 6. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, Description Level 2023 2022 Assets: ​ ​ ​ ​ ​ ​ ​ Marketable securities held in Trust Account 1 ​ $ 21,865,397 ​ $ 21,029,708 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 7. SUBSEQUENT EVENTS ​ The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review the Company did not identify any subsequent events, other than disclosed below, that would have required adjustment or disclosure in the condensed financial statements. On July 3, 2023, the Company held a special meeting of stockholders (the “special meeting”) in which the stockholders approved proposals to amend the Company’s Charter and Trust Agreement to allow the Company to further extend the Combination Period from July 5, 2023 to up to nine (9) times by an additional month each time (or up to April 5, 2024) by depositing into the Trust Account $100,000 for each additional month extension. In connection with the votes to approve the Second Extension, the holders of 558,454 shares of common stock of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.835 per share, for an aggregate redemption amount of $6,050,967, leaving $15,829,486 in the Trust Account. On August 21, 2023, the Company returned $44,380 to the Trust Account, which was the excess amount the Company had previously inadvertently withdrawn from interest earned in the Trust Account to pay taxes. See Note 2.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K as filed with the SEC on April 17, 2023. The interim results for the three and three months ended June 30, 2023, are not necessarily indicative of the results to be expected for the period ending December 31, 2023 or for any future periods.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents at June 30, 2023 and December 31, 2022.
Marketable Securities Held in Trust Account	Marketable Securities Held in Trust Account At June 30, 2023 and December 31, 2022, substantially all of the assets held in the Trust Account were held in money market funds which invest U.S. Treasury securities. All of 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.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. As of June 30, 2023 and December 31, 2022, the Company’s deferred tax asset had a full valuation allowance recorded against it. The effective tax rate was (41.3)% and (1.6)% for the three months ended June 30, 2023 and 2022, respectively, and (36.9)% and (0.5)% for the six months ended June 30, 2023 and 2022, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three and six months ended June 30, 2023 and 2022, due to the valuation allowance on the deferred tax assets. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Common Stock Subject to Possible Redemption	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 is classified as a liability instrument. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is 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. As of June 30, 2023 and December 31, 2022, 2,019,384 shares of common stock were subject to possible redemption. Accordingly, all common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit. At June 30, 2023 and December 31, 2022, the common stock reflected in the condensed balance sheets is reconciled in the following table: ​ ​ ​ ​ ​ Common stock subject to possible redemption as of December 31, 2021 ​ $ 116,150,000 Less: ​ ​ ​ Redemptions of common stock ​ ​ (96,054,417) Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 786,241 Common stock subject to possible redemption as of December 31, 2022 ​ ​ 20,881,824 Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 501,637 Common stock subject to possible redemption as of March 31, 2023 ​ ​ 21,383,461 Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 526,316 Common stock subject to possible redemption as of June 30, 2023 ​ $ 21,909,777
Net Loss per Common Share	Net Loss per Common Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net loss per common stock is computed by dividing net loss by the weighted average number of common stock outstanding for the period. Accretion associated with the redeemable shares of common stock is excluded from net loss per share as the redemption value approximates fair value. Mandatorily redeemable common stock is excluded from the weighted average number of common stock outstanding. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the warrants is contingent upon the occurrence of future events. The warrants are exercisable to purchase 16,950,000 shares of common stock in the aggregate. As of June 30, 2023 and 2022, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the losses of the Company. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the periods presented. The following table reflects the calculation of basic and diluted net loss per common stock (in dollars, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ ​ 2023 ​ 2022 ​ Class A Class B Class A Class B Basic and diluted net loss per common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allocation of net loss ​ $ (62,503) ​ $ (88,986) ​ $ (151,093) ​ $ (37,773) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted average shares outstanding ​ 2,019,384 ​ 2,875,000 ​ 11,500,000 ​ 2,875,000 Basic and diluted net loss per common stock ​ $ (0.03) ​ $ (0.03) ​ $ (0.01) ​ $ (0.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ Class A Class B Class A Class B Basic and diluted net loss per common stock ​ ​ ​ ​ Numerator: ​ ​ ​ ​ Allocation of net loss ​ $ (125,322) ​ $ (178,422) ​ $ (437,011) ​ $ (109,253) Denominator: ​ ​ ​ ​ Basic and diluted weighted average shares outstanding ​ 2,019,384 ​ 2,875,000 ​ 11,500,000 ​ 2,875,000 Basic and diluted net loss per common stock ​ $ (0.06) ​ $ (0.06) ​ $ (0.04) ​ $ (0.04) ​
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximate the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature.
Derivative Liabilities	Derivative Liabilities The Company accounts for derivative liabilities as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of issuance and as of each subsequent quarterly period end date while the instruments are outstanding. As discussed in Note 5, management concluded that the Public Warrants and Private Warrants issued pursuant to the warrant agreement qualify for equity accounting treatment.
Recent Accounting Standards	Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of reconciliation of common stock reflected in the balance sheets	​ ​ ​ ​ ​ Common stock subject to possible redemption as of December 31, 2021 ​ $ 116,150,000 Less: ​ ​ ​ Redemptions of common stock ​ ​ (96,054,417) Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 786,241 Common stock subject to possible redemption as of December 31, 2022 ​ ​ 20,881,824 Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 501,637 Common stock subject to possible redemption as of March 31, 2023 ​ ​ 21,383,461 Plus: ​ ​ ​ Accretion of carrying value to redemption value ​ ​ 526,316 Common stock subject to possible redemption as of June 30, 2023 ​ $ 21,909,777
Schedule of reconciliation of net loss per common stock	The following table reflects the calculation of basic and diluted net loss per common stock (in dollars, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ ​ 2023 ​ 2022 ​ Class A Class B Class A Class B Basic and diluted net loss per common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allocation of net loss ​ $ (62,503) ​ $ (88,986) ​ $ (151,093) ​ $ (37,773) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted average shares outstanding ​ 2,019,384 ​ 2,875,000 ​ 11,500,000 ​ 2,875,000 Basic and diluted net loss per common stock ​ $ (0.03) ​ $ (0.03) ​ $ (0.01) ​ $ (0.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ Class A Class B Class A Class B Basic and diluted net loss per common stock ​ ​ ​ ​ Numerator: ​ ​ ​ ​ Allocation of net loss ​ $ (125,322) ​ $ (178,422) ​ $ (437,011) ​ $ (109,253) Denominator: ​ ​ ​ ​ Basic and diluted weighted average shares outstanding ​ 2,019,384 ​ 2,875,000 ​ 11,500,000 ​ 2,875,000 Basic and diluted net loss per common stock ​ $ (0.06) ​ $ (0.06) ​ $ (0.04) ​ $ (0.04) ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
Schedule of Company's assets that are measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, Description Level 2023 2022 Assets: ​ ​ ​ ​ ​ ​ ​ Marketable securities held in Trust Account 1 ​ $ 21,865,397 ​ $ 21,029,708

DESCRIPTION OF ORGANIZATION, _2

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES (Details)

6 Months Ended

Aug. 21, 2023 USD ($)

Jul. 03, 2023 USD ($) item $ / shares shares

Mar. 09, 2023 $ / shares shares

Oct. 06, 2021 USD ($) $ / shares shares

Oct. 05, 2021 USD ($) $ / shares shares

Oct. 04, 2021 USD ($)

May 21, 2021 $ / shares shares

Jun. 30, 2023 USD ($) item $ / shares shares

Jun. 30, 2022 USD ($)

Mar. 10, 2023 USD ($) $ / shares

Dec. 31, 2022 USD ($)

Oct. 07, 2022 USD ($)

Oct. 03, 2022 USD ($)

Mar. 31, 2022 USD ($)

Sep. 01, 2021 shares

May 20, 2021 shares

Sep. 18, 2020 $ / shares

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Condition for future business combination number of businesses minimum | item

1

Payments for investment of cash in Trust Account

$ 720,000

$ 0

Purchase price, per unit | $ / shares

$ 10.10

Condition for future business combination use of proceeds percentage

80

Condition for future business combination threshold Percentage Ownership

50

Extend the period of times to consummate a business combination | item

6

Number of days in advance notice prior

5 days

Aggregate amount of business combination

$ 720,000

Redemption period upon closure

10 days

Maximum allowed dissolution expenses

$ 100,000

Shares elected to redeem | shares

9,480,616

Redemption price per share | $ / shares

$ 10.13

Cash withdrawn from Trust Account

$ 96,100,000

Cash and investments held in Trust Account

$ 116,150,000

$ 21,865,397

$ 21,029,708

$ 20,500,000

Stock issued exercised during period | shares

558,454

Redemption price per share | $ / shares

$ 10.835

Aggregate redemption amount

$ 6,050,967

Cash withdrawn from trust account in connection with tax payment

44,380

Amount deposited in trust account for extension of business combination

$ 720,000

Aggregate amount of investment in trust account

$ 1,310,000

Threshold period to raise claims of creditor that were not waived

10 years

Amount held in operating bank accounts

$ 539,786

145,812

Marketable securities held in Trust Account

$ 116,150,000

21,865,397

21,029,708

$ 20,500,000

Working capital

(2,351,338)

Notes Payable

1,919,559

$ 700,000

Exercise price of warrant | $ / shares

$ 1

Amount deposited in the trust account

15,800,000

Business combination extension upto April 5, 2024

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Mandatory liquidation deposit trust account

100,000

Business combination extended to July 5, 2023

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Mandatory liquidation deposit trust account

120,000

Notes Payable Other Payables

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Aggregate principal balance

$ 893,036

Chardan Monterey

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Aggregate principal balance

128,940

331,563

NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Aggregate principal balance

$ 221,060

$ 561,473

Founder Shares Transferred from NorthStar to Chardan Monterey [Member] | NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Share transferred to other co-sponsor | shares

478,125

Founder Shares [Member]

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Common shares, shares outstanding | shares

2,875,000

4,312,500

Founder Shares [Member] | Chardan Monterey

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Purchase price, per unit | $ / shares

$ 0.006

$ 0.005

Share transferred to other co-sponsor | shares

3,315,625

Number Of Shares Transferred Back For No Consideration | shares

359,375

687,500

Common shares, shares outstanding | shares

1,102,500

996,875

637,500

Founder Shares [Member] | NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Purchase price, per unit | $ / shares

$ 0.006

Number Of Shares Transferred Back For No Consideration | shares

1,078,125

Common shares, shares outstanding | shares

1,417,500

2,990,625

1,912,500

Sponsor | Related Party Loans

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Aggregate principal balance

$ 700,000

Amount of loans committed

$ 500,000

Dr. Satyal, Chief Executive Officer | Founder Shares [Member] | NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Purchase price, per unit | $ / shares

$ 0.006

Number Of Shares Transferred Back For No Consideration | shares

75,000

Director and Director Nominees | Founder Shares [Member] | NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Purchase price, per unit | $ / shares

$ 0.006

Officers and directors | Founder Shares [Member]

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Common shares, shares outstanding | shares

325,000

Directors | Founder Shares [Member] | Chardan Monterey

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Purchase price, per unit | $ / shares

$ 0.006

Number of shares transferred to each of Company's newly appointed directors | shares

4,375

Directors | Founder Shares [Member] | NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Purchase price, per unit | $ / shares

$ 0.006

Number of shares transferred to each of Company's newly appointed directors | shares

30,625

Subsequent Event

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Shares elected to redeem | shares

558,454

Redemption price per share | $ / shares

$ 10.835

Aggregate redemption amount

$ 6,050,967

Cash withdrawn from trust account in connection with tax payment

$ 44,380

Amount deposited in the trust account

$ 15,829,486

Number of extended period of Business Combination | item

9

Initial Public Offering

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Number of units issued | shares

10,000,000

Proceeds from initial public offering

$ 100,000,000

Payments for investment of cash in Trust Account

$ 101,000,000

Initial Public Offering | Subsequent Event

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Payments for investment of cash in Trust Account

$ 100,000

Private Placement | Private Placement Warrants

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Sale of Private Placement Warrants (in shares) | shares

5,000,000

Price of warrant | $ / shares

$ 1

Proceeds from sale of private placement warrants

$ 5,000,000

Exercise price of warrant | $ / shares

$ 11.50

Private Placement | Private Placement Warrants | Chardan Monterey

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Sale of Private Placement Warrants (in shares) | shares

1,250,000

Private Placement | Private Placement Warrants | NorthStar

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Sale of Private Placement Warrants (in shares) | shares

3,750,000

Over-allotment option

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Number of units issued | shares

1,500,000

Payments for investment of cash in Trust Account

$ 15,150,000

Purchase price, per unit | $ / shares

$ 10

ProceedFromIssuanceOfAdditionalUnitsAndWarrantsToUnderwriters

$ 15,450,000

Over-allotment option | Private Placement Warrants

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, LIQUIDITY, AND RISKS AND UNCERTAINTIES

Sale of Private Placement Warrants (in shares) | shares

450,000

Price of warrant | $ / shares

$ 1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash equivalents	$ 0		$ 0		$ 0
Effective tax rate	(41.30%)	(1.60%)	36.90%	(0.50%)
Statutory federal income tax rate	21%	21%	21%	21%
Unrecognized tax benefits	$ 0		$ 0		0
Unrecognized tax benefits accrued for interest and penalties	$ 0		$ 0		$ 0
Antidilutive securities excluded from computation of earnings per share, amount			16,950,000
Common stock subject to possible redemption
Common stock subject to possible redemption , shares outstanding	2,019,384		2,019,384		2,019,384

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of reconciliation of common stock reflected on the balance sheet (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Accretion of carrying value to redemption value	$ 526,316	$ 501,637	$ 1,027,953	$ 0
Common stock subject to possible redemption
Redemptions of common stock					$ (96,054,417)
Accretion of carrying value to redemption value	526,316	501,637			786,241
Common stock subject to possible redemption	$ 21,909,777	$ 21,383,461	$ 21,909,777		$ 20,881,824	$ 116,150,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Net Loss per Common Stock (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class A Common Stock
Numerator:
Allocation of net loss	$ (62,503)	$ (151,093)	$ (125,322)	$ (437,011)
Denominator:
Weighted average shares outstanding, basic	2,019,384	11,500,000	2,019,384	11,500,000
Weighted average shares outstanding, diluted	2,019,384	11,500,000	2,019,384	11,500,000
Basic net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Diluted net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Common stock not subject to redemption
Denominator:
Weighted average shares outstanding, basic	2,875,000	2,875,000	2,875,000	2,875,000
Weighted average shares outstanding, diluted	2,875,000	2,875,000	2,875,000	2,875,000
Basic net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Diluted net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Common stock subject to possible redemption
Denominator:
Weighted average shares outstanding, basic	2,019,384	11,500,000	2,019,384	11,500,000
Weighted average shares outstanding, diluted	2,019,384	11,500,000	2,019,384	11,500,000
Basic net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Diluted net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Class B Common Stock
Numerator:
Allocation of net loss	$ (88,986)	$ (37,773)	$ (178,422)	$ (109,253)
Denominator:
Weighted average shares outstanding, basic	2,875,000	2,875,000	2,875,000	2,875,000
Weighted average shares outstanding, diluted	2,875,000	2,875,000	2,875,000	2,875,000
Basic net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)
Diluted net loss per common share	$ (0.03)	$ (0.01)	$ (0.06)	$ (0.04)

RELATED PARTY TRANSACTIONS - Fo

RELATED PARTY TRANSACTIONS - Founder Shares (Details)				6 Months Ended
	Mar. 09, 2023 $ / shares shares	May 21, 2021 USD ($) $ / shares shares	Sep. 18, 2020 USD ($) $ / shares shares	Jun. 30, 2023 D $ / shares	Oct. 06, 2021 $ / shares	Oct. 05, 2021 $ / shares	Sep. 01, 2021 shares	May 20, 2021 shares
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares						$ 10.10
Over-allotment option [Member]
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares					$ 10
Founder Shares
RELATED PARTY TRANSACTIONS
Common shares, shares outstanding							2,875,000	4,312,500
Founder Shares | First 50% of the Insider Shares
RELATED PARTY TRANSACTIONS
Percentage of insider shares held with escrow agent				50%
Restrictions on transfer period of time after business combination completion				6 months
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) | $ / shares				$ 12.50
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D				20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination | D				30
Founder Shares | Remaining 50% of the Insider Shares
RELATED PARTY TRANSACTIONS
Percentage of insider shares held with escrow agent				50%
Restrictions on transfer period of time after business combination completion				6 months
Founder Shares | Chardan Monterey
RELATED PARTY TRANSACTIONS
Number of shares issued			5,000,000
Aggregate purchase price | $			$ 25,000
Purchase price, per unit | $ / shares		$ 0.006	$ 0.005
Number Of Shares Transferred Back For No Consideration							359,375	687,500
Common shares, shares outstanding	1,102,500	996,875					637,500
Stock issued during period, shares, issued between related parties		3,315,625
Founder Shares | NorthStar
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares	$ 0.006
Number Of Shares Transferred Back For No Consideration							1,078,125
Common shares, shares outstanding	1,417,500	2,990,625					1,912,500
Founder Shares | Sponsor
RELATED PARTY TRANSACTIONS
Number of shares forfeited by co-sponsors for no consideration							1,437,500
Founder Shares | Dr. Satyal, Chief Executive Officer | NorthStar
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares		$ 0.006
Number Of Shares Transferred Back For No Consideration	75,000
Stock issued during period, shares, issued for services		150,000
Founder Shares | Director and Director Nominees | NorthStar
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares		$ 0.006
Stock issued during period, shares, issued for services		35,000
Founder Shares | Officers and directors
RELATED PARTY TRANSACTIONS
Common shares, shares outstanding							325,000
Stock issued during period, shares, issued for services		325,000
Fair value per share | $ / shares		$ 5.85
Stock issued during period, fair value, issued for services | $		$ 1,901,250
Founder Shares | Directors | Chardan Monterey
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares	$ 0.006
Number of shares transferred to each of Company's newly appointed directors	4,375
Founder Shares | Directors | NorthStar
RELATED PARTY TRANSACTIONS
Purchase price, per unit | $ / shares	$ 0.006
Number of shares transferred to each of Company's newly appointed directors	30,625
Founder shares transferred from NorthStar to Chardan Monterey | NorthStar
RELATED PARTY TRANSACTIONS
Stock issued during period, shares, issued between related parties	478,125

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 10, 2023	Mar. 09, 2023	Dec. 31, 2022	Oct. 07, 2022
RELATED PARTY TRANSACTIONS
Conversion price			$ 1		$ 1
Promissory note outstanding		$ 1,919,559		$ 1,919,559				$ 700,000
Outstanding balance of related party note		1,919,559		1,919,559				700,000
Notes Payable		1,919,559		1,919,559				$ 700,000
Operating and formation costs		365,605	$ 342,832	704,697	$ 711,926
Chardan Monterey
RELATED PARTY TRANSACTIONS
Aggregate principal balance		$ 128,940		$ 128,940		$ 331,563
Conversion price		$ 1		$ 1
NorthStar
RELATED PARTY TRANSACTIONS
Aggregate principal balance		$ 221,060		$ 221,060		$ 561,473
Administrative Support Agreement | NorthStar
RELATED PARTY TRANSACTIONS
Expenses per month	$ 10,000
Expenses incurred and paid		30,000		30,000	$ 60,000
Related Party Loans
RELATED PARTY TRANSACTIONS
Loan conversion agreement warrant		$ 1,500,000		$ 1,500,000
Related Party Loans | NorthStar
RELATED PARTY TRANSACTIONS
Maximum borrowing capacity of related party promissory note							$ 561,473		$ 525,000
Related Party Loans | Working Capital Loans Warrant
RELATED PARTY TRANSACTIONS
Price of warrant		$ 1		$ 1
Related Party Loans | Working Capital Loans Warrant | Chardan Monterey
RELATED PARTY TRANSACTIONS
Maximum borrowing capacity of related party promissory note							$ 331,563		$ 175,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Jun. 30, 2023 item
COMMITMENTS AND CONTINGENCIES
Maximum number of demands for registration of securities	2
Threshold term for registration rights prior to share release from escrow	3 months
Chardan Monterey
COMMITMENTS AND CONTINGENCIES
Maximum term for demand registration right	5 years
Maximum term for piggy-back registration right	7 years

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Related Party Transactions (Details) - Chardan Monterey - Initial Public Offering	6 Months Ended
	Jun. 30, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Marketing fee paid as a percentage to the proceeds from IPO	3.50%
Marketing fee payable	$ 4,025,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Contingent Fee Arrangements (Details) - Contingent Fee Arrangements - USD ($)	Sep. 14, 2021	Jun. 30, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Consultation fee in the event that the Business Combination	$ 100,000
Consultation fee in the event that the Business Combination is consummated with a target sourced by the consultant	$ 150,000
Accounts payable and accrued expenses		$ 560,000	$ 550,000

STOCKHOLDERS' DEFICIT - Preferr

STOCKHOLDERS' DEFICIT - Preferred Stock Shares (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
STOCKHOLDERS' DEFICIT
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value, (per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

STOCKHOLDERS' DEFICIT - Common

STOCKHOLDERS' DEFICIT - Common Stock Shares (Details)	Jun. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Sep. 01, 2021 shares	May 20, 2021 shares
STOCKHOLDERS' EQUITY
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Founder Shares [Member]
STOCKHOLDERS' EQUITY
Common stock, shares outstanding (in shares)			2,875,000	4,312,500
Common stock subject to possible redemption
STOCKHOLDERS' EQUITY
Common stock, votes per share | Vote	1
Common stock subject to possible redemption , shares outstanding	2,019,384	2,019,384
Common stock not subject to redemption
STOCKHOLDERS' EQUITY
Common stock, shares issued (in shares)	2,875,000	2,875,000
Common stock, shares outstanding (in shares)	2,875,000	2,875,000

STOCKHOLDERS' DEFICIT- Warrants

STOCKHOLDERS' DEFICIT- Warrants (Details)	6 Months Ended
	Jun. 30, 2023 D $ / shares	Mar. 10, 2023 $ / shares	Oct. 05, 2021 $ / shares shares
STOCKHOLDERS' EQUITY
Debt instrument, convertible, threshold to consecutive trading days	10
Exercise price of warrants		$ 1
Private Placement Warrants
STOCKHOLDERS' EQUITY
Restrictions on transfer period of time after business combination completion	30 days
Private Placement Warrants | Private Placement
STOCKHOLDERS' EQUITY
Number of shares issuable per warrant | shares			1
Exercise price of warrants			$ 11.50
Public Warrants
STOCKHOLDERS' EQUITY
Warrant exercise period condition two	1 year
Public Warrants expiration term	5 years
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant	60
Share price trigger used to measure dilution of warrant	$ 9.50
Warrant exercise price adjustment multiple	115
Warrant redemption price adjustment multiple	165
Public Warrants | Class A Common Stock
STOCKHOLDERS' EQUITY
Share price	$ 9.20
Public Warrants | Redemption of Warrants When Price Per Share of Common Stock Equals or Exceeds $16.50
STOCKHOLDERS' EQUITY
Redemption price per public warrant (in dollars per share)	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days
Warrant redemption condition minimum share price	$ 16.50
Threshold trading days for redemption of public warrants	20 days
Threshold number of business days before sending notice of redemption to warrant holders | D	3

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of company's assets that are measured at fair value on a recurring basis (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Oct. 03, 2022	Oct. 06, 2021
Assets:
Marketable securities held in Trust Account	$ 21,865,397	$ 21,029,708	$ 20,500,000	$ 116,150,000
Level 1 | Recurring
Assets:
Marketable securities held in Trust Account	$ 21,865,397	$ 21,029,708

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)		6 Months Ended
	Aug. 21, 2023 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jul. 03, 2023 USD ($) item $ / shares shares
SUBSEQUENT EVENTS
Mandatorily redeemable common stock, shares outstanding | shares		9,480,616
Redemption price per share | $ / shares		$ 10.13
Aggregate redemption amount		$ 6,050,967
Amount deposited in the trust account		15,800,000
Cash withdrawn from trust account in connection with tax payment		$ 44,380
Subsequent Event
SUBSEQUENT EVENTS
Amount to be deposited in trust account for each additional month extension			$ 100,000
Mandatorily redeemable common stock, shares outstanding | shares			558,454
Redemption price per share | $ / shares			$ 10.835
Aggregate redemption amount			$ 6,050,967
Amount deposited in the trust account			$ 15,829,486
Number of extended period of Business Combination | item			9
Cash withdrawn from trust account in connection with tax payment	$ 44,380