Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements During preparation of the financial statements for the year ended December 31, 2023, the Company determined that the amounts of prepaid expenses, accrued expenses and general and administrative costs were not accounted for properly as of and for the three months ended March 31, 2023, as of and for the three and six months ended June 30, 2023 and as of and for the three and nine months ended September 30, 2023. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the changes and has determined that the related impacts were material to previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements for the impacted periods ended March 31, 2023, June 30, 2023, and September 30, 2023, which it filed with the SEC on May 19, 2023, August 14, 2023, and November 14, 2023, respectively, should be restated to reflect the impact of the proper accounting. Impact of the Restatement As Adjustments As Condensed Consolidated Balance sheet as of March 31, 2023 Accounts Payable $ 4,619,652 $ (548,688 ) $ 4,070,964 Total Liabilities 19,672,576 (548,688 ) 19,123,888 Accumulated Deficit (19,181,132 ) 548,688 (18,632,444 ) Total Shareholder’s Deficit (19,180,100 ) 548,688 (18,631,412 ) Condensed Consolidated Balance sheet as of June 30, 2023 Prepaid Expenses $ 184,943 $ 589,867 $ 774,810 Total Assets 38,875,925 589,867 39,465,792 Accounts Payable 4,845,235 (820,266 ) 4,024,969 Total Liabilities 19,356,482 (820,266 ) 18,536,216 Accumulated Deficit (18,921,120 ) 1,410,133 (17,510,987 ) Total Shareholder’s Deficit (18,920,088 ) 1,410,133 (17,509,955 ) Condensed Consolidated Balance sheet as of September 30, 2023 Prepaid Expenses $ 63,224 $ 352,143 $ 415,367 Total Assets 39,327,270 352,143 39,679,413 Accounts Payable 4,944,332 (854,898 ) 4,089,434 Total Liabilities 19,372,294 (854,898 ) 18,517,396 Accumulated Deficit (18,987,646 ) 1,207,041 (17,780,605 ) Total Shareholder’s Deficit (18,986,614 ) 1,207,041 (17,779,573 ) Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2023 General & Administrative Costs $ 1,148,752 $ (548,688 ) $ 600,064 Net Income (loss) (479,264 ) 548,688 69,424 Basic and diluted net income (loss) per share, Class A ordinary shares (0.02 ) (0.02 ) 0.00 Basic and diluted net income (loss) per share, Class B ordinary shares (0.02 ) (0.02 ) 0.00 As Adjustments As Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2023 General & Administrative Costs $ 1,231,268 $ (861,445 ) $ 369,823 Net income (loss) 715,816 861,445 1,577,261 Basic and diluted net income per share, Class A ordinary shares 0.05 0.06 0.11 Basic and diluted net income per share, Class B ordinary shares 0.05 0.06 0.11 Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2023 General & Administrative Costs $ 2,380,020 $ (1,410,133 ) $ 969,887 Net income (loss) 236,552 1,410,133 1,646,685 Basic and diluted net income per share, Class A ordinary shares 0.01 0.07 0.08 Basic and diluted net income per share, Class B ordinary shares 0.01 0.07 0.08 Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2023 General & Administrative Costs $ 355,310 $ 203,092 $ 558,402 Net income (loss) 435,533 (203,092 ) 232,441 Basic and diluted net income per share, Class A ordinary shares 0.03 (0.01 ) 0.02 Basic and diluted net income per share, Class B ordinary shares 0.03 (0.01 ) 0.02 Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2023 General & Administrative Costs $ 2,735,330 $ (1,207,041 ) $ 1,528,289 Net income (loss) 672,085 1,207,041 1,879,126 Basic and diluted net income per share, Class A ordinary shares 0.04 0.06 0.10 Basic and diluted net income per share, Class B ordinary shares 0.04 0.06 0.10 Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the three months ended March 31, 2023 Net Income (Loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Total Shareholders’ Deficit as of March 31, 2023 (19,180,100 ) 548,688 (18,631,412 ) Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the six months ended June 30, 2023 Net Income (loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Net Income (loss) 715,816 861,445 1,577,261 Accumulated Deficit Balance – June 30, 2023 (18,921,120 ) 1,410,133 (17,510,987 ) Total Shareholders’ Deficit as of June 30, 2023 (18,920,088 ) 1,410,133 (17,509,955 ) As Adjustments As Condensed Consolidated Statement of Changes in Shareholder’s Deficit as of and for the nine months ended September 30, 2023 Net Income (loss) $ (479,239 ) $ 548,688 $ 69,424 Accumulated Deficit Balance - March 31, 2023 (19,181,132 ) 548,688 (18,632,444 ) Net Income (loss) 715,816 861,445 1,577,261 Accumulated Deficit Balance – June 30, 2023 (18,921,120 ) 1,410,133 (17,510,987 ) Net Income (loss) 435,533 (203,092 ) 232,441 Accumulated Deficit Balance – September 30, 2023 (18,987,646 ) 1,207,041 (17,780,605 ) Total Shareholders' Deficit as of September 30, 2023 (18,986,614 ) 1,207,041 (17,779,573 ) Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2023 Net Income (Loss) $ (479,264 ) $ 548,688 $ 69,424 Accounts Payable 915,211 (548,688 ) 366,523 Condensed Consolidated Statements of Cash flows for the Six Months Ended June 30, 2023 Net Income (Loss) $ 236,552 $ 1,410,133 $ 1,646,685 Accounts Payable 1,140,794 (820,266 ) 320,528 Prepaid Expenses 199,687 (589,867 ) (390,180 ) Condensed Consolidated Statements of Cash flows for the Nine Months Ended September 30, 2023 Net Income (Loss) $ 672,085 $ 1,207,041 $ 1,879,126 Accounts Payable 1,239,891 (854,898 ) 384,993 Prepaid Expenses 321,406 (352,143 ) (30,737 ) |