Restatement of Previously Issued Financial Statements | Note 2 - Restatement of Previously Issued Financial Statements In connection with the preparation of the Company’s financial statements as of December 31, 2023, management determined it should restate its previously reported financial statements for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023. The Company identified that it had been accounting for its convertible sponsor notes using the fair value option, rather than reporting the convertible sponsor notes at par and bifurcating the conversion feature. As a result, the Company did not adhere to ASC 815-10-15-74 guidance. Due to this error, change in fair value of sponsor convertible note – related party, net income and accumulated deficit were overstated. The impact of the error affects all financial statements for the three months ended March 31, 2023, three and six months ended June 30, 2023, and three and nine months ended September 30, 2023. The revision had no impact on the Company’s cash position or amount held in the trust account. The Company concluded that the impact of applying correction for these errors and misstatements, specifically the impact to net income and earnings per share, on the aforementioned financial statements is material. The impact of the restatement on the Company’s financial statements is reflected in the following tables: Unaudited Condensed Balance Sheet as of March 31, 2023 As Reported Adjustment As Restated Sponsor convertible note – related party 350,000 1,000,000 1,350,000 Total current liabilities 1,690,289 1,000,000 2,690,289 Accumulated Deficit (10,915,636 ) (1,000,000 ) (11,915,636 ) Total shareholders’ deficit (10,915,061 ) (1,000,000 ) (11,915,061 ) Unaudited Condensed Balance Sheet as of June 30, 2023 As Reported Adjustment As Restated Sponsor convertible notes – related party 305,000 2,345,000 2,650,000 Total current liabilities 2,899,632 2,345,000 5,244,632 Accumulated Deficit (13,015,923 ) (2,345,000 ) (15,360,923 ) Total shareholders’ deficit (13,015,348 ) (2,345,000 ) (15,360,348 ) Unaudited Condensed Balance Sheet as of September 30, 2023 As Reported Adjustment As Restated Sponsor convertible notes – related party 247,500 4,302,500 4,550,000 Total current liabilities 1,617,304 4,302,500 5,919,804 Accumulated Deficit (11,021,061 ) (4,302,500 ) (15,323,561 ) Total shareholders’ deficit (11,020,486 ) (4,302,500 ) (15,322,986 ) Unaudited Condensed Statement of Operations for the Three Months Ended March 30, 2023 As Reported Adjustment As Restated Change in fair value of sponsor convertible note – related party 1,000,000 (1,000,000 ) - Total other income 2,849,173 (1,000,000 ) 1,849,173 Net income allocable to common shareholders 1,535,788 (1,000,000 ) 535,788 Basic and diluted net income per share, redeemable Class A ordinary shares 0.08 (0.04 ) 0.04 Basic and diluted net income per share, Class B ordinary shares (0.04 ) (0.03 ) (0.07 ) Unaudited Condensed Statement of Operations for the Three Months Ended June 30, 2023 As Reported Adjustment As Restated Change in fair value of sponsor convertible note – related party 1,345,000 (1,345,000 ) - Total other income 3,069,695 (1,345,000 ) 1,724,695 Net income allocable to common shareholders 552,924 (1,345,000 ) (792,076 ) Basic and diluted net income per share, redeemable Class A ordinary shares 0.06 (0.06 ) 0.00 Basic and diluted net income per share, Class B ordinary shares (0.09 ) (0.06 ) (0.15 ) Unaudited Condensed Statement of Operations for the Six Months Ended June 30, 2023 As Reported Adjustment As Restated Change in fair value of sponsor convertible note – related party 2,345,000 (2,345,000 ) - Total other income 5,918,869 (2,345,000 ) 3,573,869 Net income allocable to common shareholders 2,088,712 (2,345,000 ) (256,288 ) Basic and diluted net income per share, redeemable Class A ordinary shares 0.14 (0.09 ) 0.05 Basic and diluted net income per share, Class B ordinary shares (0.12 ) (0.09 ) (0.21 ) Unaudited Condensed Statement of Operations for the Three Months Ended September 30, 2023 As Reported Adjustment As Restated Change in fair value of sponsor convertible note – related party 1,957,500 (1,957,500 ) - Total other income 4,917,184 (1,957,500 ) 2,959,684 Net income allocable to common shareholders 4,694,546 (1,957,500 ) 2,737,046 Basic and diluted net income per share, redeemable Class A ordinary shares 0.31 (0.10 ) 0.21 Basic and diluted net income per share, Class B ordinary shares 0.11 (0.11 ) 0.00 Unaudited Condensed Statement of Operations for the Nine Months Ended September 30, 2023 As Reported Adjustment As Restated Change in fair value of sponsor convertible note – related party 4,302,500 (4,302,500 ) - Total other income 10,836,053 (4,302,500 ) 6,533,553 Net income allocable to common shareholders 6,783,258 (4,302,500 ) 2,480,758 Basic and diluted net income per share, redeemable Class A ordinary shares 0.39 (0.18 ) 0.21 Basic and diluted net income per share, Class B ordinary shares (0.05 ) (0.18 ) (0.23 ) Unaudited Condensed Statement of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Three Months Ended March 31, 2023 As Reported Adjustment As Restated Net income 1,535,788 (1,000,000 ) 535,788 Accumulated Deficit (10,915,636 ) (1,000,000 ) (11,915,636 ) Total shareholders’ deficit (10,915,061 ) (1,000,000 ) (11,915,061 ) Unaudited Condensed Statement of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Three Months Ended June 30, 2023 As Reported Adjustment As Restated Net income 552,924 (1,345,000 ) (792,076 ) Accumulated Deficit (13,015,923 ) (2,345,000 ) (15,360,923 ) Total shareholders’ deficit (13,015,348 ) (2,345,000 ) (15,360,348 ) Unaudited Condensed Statement of Changes in Redeemable Class A Ordinary Shares and Shareholders’ Deficit for the Three Months Ended September 30, 2023 As Reported Adjustment As Restated Net income 4,694,546 (1,957,500 ) 2,737,046 Accumulated Deficit (11,021,061 ) (4,302,500 ) (15,323,561 ) Total shareholders’ deficit (11,020,486 ) (4,302,500 ) (15,322,986 ) Unaudited Condensed Statement of Cash Flows for the Three Months Ended March 31, 2023 As Reported Adjustment As Restated Net income 1,535,788 (1,000,000 ) 535,788 Change in fair value of sponsor convertible note – related party (1,000,000 ) 1,000,000 - Unaudited Condensed Statement of Cash Flows for the Six Months Ended June 30, 2023 As Reported Adjustment As Restated Net income 2,088,712 (2,345,000 ) (256,288 ) Change in fair value of sponsor convertible note – related party (2,345,000 ) 2,345,000 - Unaudited Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2023 As Reported Adjustment As Restated Net income 6,783,258 (4,302,500 ) 2,480,758 Change in fair value of sponsor convertible note – related party (4,302,500 ) 4,302,500 - |