Restatement of Previously Issued Financial Statements | Note 2 – Restatement of Previously Issued Financial Statements Subsequent to our filing of Form 10-Q filing for the period ended September 30, 2022 on November 14, 2022, management determined it should restate its previously reported financial statements. The Company determined that at the closing of the Company’s Initial Public Offering (including the sale of the shares issued pursuant to the exercise of the underwriters’ overallotment) it had improperly valued its Class A ordinary shares subject to possible redemption The Company previously determined the Class A ordinary shares subject to possible redemption to be equal to the redemption value of $ 10.15 per Class A ordinary shares while also taking into consideration a redemption cannot result in net tangible assets being less than $ 5,000,001 . Management determined that the Class A ordinary shares issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that temporary equity should include all Class A ordinary shares subject to possible redemption, resulting in the Class A ordinary shares subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares. Refer to Note 3 and Note 8 which have also been updated to reflect the restatement contained in this Amendment No. 1. There has been no impact in the Company’s total assets, liabilities or operating results. The impact of the restatement on the Company’s financial statements is reflected in the following table: Schedule of Restatement on the Company Financial Statements As Previously As Reported Adjustments Restated Condensed Balance sheet as of March 31, 2022 (unaudited) Class A ordinary shares Subject to Possible Redemption 104,591,877 12,133,123 116,725,000 Class A ordinary shares 131 (131 ) - Additional Paid-in Capital 5,176,753 (5,176,753 ) - Accumulated Deficit (177,171 ) (6,956,239 ) (7,133,410 ) Total Shareholders’ Equity (Deficit) 5,000,001 (12,133,123 ) (7,133,122 ) Number of Class A ordinary shares subject to redemption 10,304,618 1,195,382 11,500,000 Condensed Balance sheet as of June 30, 2022 (unaudited) Class A ordinary shares Subject to Possible Redemption 104,090,376 12,634,624 116,725,000 Class A ordinary shares 136 (136 ) - Additional Paid-in Capital 5,678,249 (5,678,249 ) - Accumulated Deficit (678,672 ) (6,956,239 ) (7,634,911 ) Total Shareholders’ Equity (Deficit) 5,000,001 (12,634,624 ) (7,634,623 ) Number of Class A ordinary shares subject to redemption 10,255,209 1,244,791 11,500,000 Condensed Balance sheet as of September 30, 2022 (unaudited) Class A ordinary shares Subject to Possible Redemption 104,870,130 12,347,004 117,217,134 Class A ordinary shares 128 (128 ) - Additional Paid-in Capital 4,898,504 (4,898,504 ) - Retained Earnings (Accumulated Deficit) 101,081 (7,448,373 ) (7,347,292 ) Total Shareholders’ Equity (Deficit) 5,000,001 (12,347,005 ) (7,347,004 ) Number of Class A ordinary shares subject to redemption 10,332,033 1,167,967 11,500,000 Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the three months ended March 31, 2022 (unaudited) Change in Class A Ordinary shares subject to possible redemption (3,364,702 ) 3,364,702 - Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the three months ended June 30, 2022 (unaudited) Change in Class A Ordinary shares subject to possible redemption 501,501 (501,501 ) - Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the three months ended September 30, 2022 (unaudited) Change in Class A Ordinary shares subject to possible redemption (779,753 ) 779,753 - Accretion for Class A Ordinary Shares to redemption amount - (492,134 ) (492,134 ) OXBRIDGE ACQUISITION CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2022 (Unaudited) (As Restated) |