| Significant Accounting Policies | Note
2 - Significant Accounting Policies Basis
of Presentation The
accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. The
accompanying unaudited condensed financial statements as of June 30, 2024, have been prepared in accordance with U.S. GAAP for interim
financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal accruals)
considered for a fair presentation have been included. Operating results for the three and six months ended June 30, 2024, are not necessarily
indicative of the results that may be expected for the year ending December 31, 2024, or any future period. Emerging
Growth Company Status The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities
Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (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 auditor 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 shareholder 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 an election to opt out is irrevocable. We have 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, we, 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 our financial statement 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 financial statement in conformity with U.S. 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 unaudited
condensed financial statements and the reported amounts of expenses during the reporting period. 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.
As of June 30, 2024, the Company’s investment held in Trust Account invested in money market fund, which are considered cash equivalents
and included in the investment held in Trust Account in the accompanying balance sheets. The Company had no Concentration
of Credit Risk Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $ 250,000 Offering
Costs The
offering costs were $ 4,892,699 4,770,382 122,317 Investment
Held in Trust Account The
Company’s portfolio of investment held in the Trust Account is mainly comprised of investments in U.S. government securities and
generally have a readily determinable fair value, or a combination thereof. Gains and losses resulting from the change in fair value
of these securities and income earned from the investments held in the Trust Account is included in income earned on Trust Account in
the accompanying statements of operations. The estimated fair values of investment held in the Trust Account are determined using available
market information. Income
earned on these investments will be fully reinvested into the investment held in Trust Account and therefore considered as an adjustment
to reconcile net income (loss) to net cash used in operating activities in the statements of cash flows. Such income reinvested will
be used to redeem all or a portion of the ordinary shares upon the completion of business combination. Net
Income/(Loss) Per Share The
Company complies with the accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. In order to determine the net income
(loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss)
allocable to both the redeemable shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net
income (loss) less any dividends paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average
number of shares outstanding between the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value
of the ordinary shares subject to possible redemption was considered to be dividends paid to the public shareholders. As of June 30,
2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary
shares and then share in the earnings of the Company. As a result, diluted income/(loss) per share is the same as basic income/(loss)
per share for the period presented. The
net income/(loss) per share presented in the statements of operations is based on the following: Schedule of Net Income/(Loss) Per Share
Three Months Three Months Six months Six months
Net income $ 385,370 $ 701,529 $ 827,635 $ 1,226,272
Income earned on Trust Account (675,837 ) (841,820 ) (1,463,005 ) (1,574,062 )
Accretion of carrying value to redemption value (165,000 ) - (330,000 ) (7,737,382 )
Net loss including accretion of equity into redemption value $ (455,467 ) $ (140,291 ) $ (965,370 ) $ (8,085,172 ) Schedule of Income (Loss) Basic and Diluted Per Share
Redeemable Non-
Redeemable Non-
Redeemable Non-
Redeemable
Non-
Redeemable
Three
months ended June
30, 2024 Six
months ended June
30, 2024 Three
months ended June
30, 2023 Six
months ended June
30, 2023
Redeemable Non-
Redeemable Non-
Redeemable Non-
Redeemable
Non-
Redeemable
Particulars Shares Shares Shares Shares Shares Shares Shares Shares
Basic
and diluted net income/(loss) per share:
Numerators:
Allocation
of net loss including accretion of temporary equity (314,044 ) (141,423 ) (667,168 ) (298,202 ) (107,149 ) (33,142 ) (6,150,699 ) (1,934,473 )
Income
earned on trust account 675,837 — 1,463,005 — 841,820 — 1,574,062 —
Accretion
of temporary equity to redemption value 165,000 — 330,000 — — — 7,737,382 —
Allocation
of net income/(loss) 526,793 (141,423 ) 1,125,837 (298,202 ) 734,671 (33,142 ) 3,160,745 (1,934,473 )
Denominators:
Weighted-average
shares outstanding 4,739,226 2,134,200 4,774,843 2,134,200 6,900,000 2,134,200 6,760,773 2,126,349
Basic
and diluted net income/(loss) per share 0.11 (0.07 ) 0.24 (0.14 ) 0.11 (0.02 ) 0.47 (0.91 ) Fair
Value of Financial Instruments The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “ Fair Value
Measurement Warrants The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 “Distinguishing
Liabilities from Equity” (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers
whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant
to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants
are indexed to the Company’s own ordinary shares and whether the warrant 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, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while
the warrants are outstanding. For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter.
As the Company’s warrants meet all the criteria for equity classification, both public and private warrants are classified in shareholders’
equity/(deficit). Ordinary
Shares Subject to Possible Redemption The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification
(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if
any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary
shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence
of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares
are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered
to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2024,
4,739,226 11.09 At
June 30, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table: Schedule of Subject to Possible Redemption
Gross proceeds $ 69,000,000
Less:
Proceeds allocated to Public Rights (621,000 )
Proceeds allocated to Public Warrants (1,104,000 )
Allocation of offering costs related to redeemable shares (4,770,382 )
Accretion of carrying value to redemption value 7,737,382
Redemption of public shares (23,302,146 )
Subsequent measurement of ordinary shares subject to possible redemption (income
earned on trust account) and extension deposit 3,820,199
Ordinary shares subject to possible redemption - December 31, 2023 $ 74,062,199
Redemption of public shares (23,302,146 )
Subsequent measurement of ordinary shares subject to possible redemption (income
earned on trust account) and extension deposit 1,793,005
Ordinary shares subject to possible redemption - June 30,
2024 $ 52,553,058 Income
Taxes The
Company follows the asset and liability method of accounting for income taxes under ASC 740, “ Income Taxes ASC
740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions
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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits
as income tax expense. There were no unrecognized tax benefits and no Income
earned from U.S. debt obligations held by the Trust Account is intended to qualify for the portfolio income exemption or otherwise be
exempt from U.S. withholding taxes. Furthermore, shareholders of the Company’s shares may be subject to tax in their respective
jurisdictions based on applicable law, for instance, United States persons may be subject to tax on amounts deemed received depending
on whether the Company is a passive foreign investment company and whether U.S. persons have made any applicable tax elections permitted
under applicable law. The provision for income taxes was deemed to be immaterial. There
is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations,
income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial
statements. Recent
Accounting Pronouncements Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Company’s unaudited condensed financial statements. |
