| Summary of Significant Accounting Policies | Note
2 – Summary of Significant Accounting Policies Basis
of Presentation The
accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. 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 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 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 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 financial statements in conformity with GAAP requires 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 statements and the
reported amounts of expenses during the reporting period. 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 statements, 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 have cash held in escrow nil not Marketable
Securities Held in Trust Account As
per ASC Topic 230, “Statement of Cash Flow” (“ASC 230”), operating cash flows include interest and dividend income
receipts related to investments in other reporting entities or deposits with financial institutions (i.e., returns on investment). Interest
income earned on Investments held in Trust Account is fully reinvested into the Trust Account and therefore considered as an adjustment
to reconcile net profit/(loss) to net cash used in operating activities in the Statements of Cash Flows. Such interest income reinvested
will be used to redeem all or a portion of the ordinary shares upon the completion of a business combination. At
June 30, 2024, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s marketable
securities 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 marketable securities held in
Trust Account are included in interest earned and unrealized gain on marketable securities held in Trust Account in the accompanying
statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information. The
securities are presented on the balance sheets at fair value at the end of each reporting period. Earnings on these securities are included
in dividends, interest earned, and unrealized gain on marketable securities held in Trust Account in the accompanying statements of operations
and are automatically reinvested. The fair value for these securities is determined using quoted market prices in active markets for
identical assets. During
the three and six months ended June 30, 2024, interest earned from the Trust account amounted to $ 466,313 925,152 311,583 770,422 154,730 154,730 During
the three and six months ended June 30, 2023, interest earned from the Trust account amounted to $ 690,406 1,549,326 448,804 1,307,724 241,602 241,602 Deferred
Offering Costs Offering
costs consisted of underwriting, legal, accounting, registration and other expenses incurred through the balance sheet date that directly
related to the IPO. As of April 5, 2021, offering costs amounted to $ 5,704,741 2,300,000 2,875,000 529,741 Income
Taxes The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC
Topic 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’s management determined that the Cayman Islands is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. The Company had generated interest income from the Marketable securities held in trust that is the Unite States sources
investment, which is tax exemption interest and dividends. There were no no On
August 16, 2022, the U.S. Government enacted legislation commonly referred to as the Inflation Reduction Act. The main provisions of
the Inflation Reduction Act (the IRA) that we anticipate may impact us is a 1 2,436,497 The
provision for income taxes was deemed to be immaterial for the three and six months ended June 30, 2024 and 2023. Net
Income Per Share Net
income per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding
ordinary shares subject to forfeiture. The calculation of diluted income (loss) per ordinary shares 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 5,915,000 The
net income (loss) per share presented in the statement of operations is based on the following: Schedule of Statement of Operations
For the For the For the For the
Net income $ 392,165 $ 466,429 $ 689,185 $ 1,061,931
Less: remeasurement to redemption value (150,000 ) (561,466 ) (300,000 ) (1,319,142 )
Less: Interest and dividends earned in Trust Account to be allocated to redeemable shares (466,313 ) (690,406 ) (925,152 ) (1,549,326 )
Net loss excluding investment income in Trust Account $ (224,148 ) $ (785,443 ) $ (535,967 ) $ (1,806,537 ) Schedule of Net Income (Loss) Per Share
For the For the For the For the
Non- Redeemable Non- Redeemable Non- Redeemable Non- Redeemable
Basic and Diluted net income (loss) per share:
Numerators:
Allocation of net losses $ (112,119 ) $ (112,029 ) $ (285,424 ) $ (500,019 ) $ (268,092 ) $ (267,875 ) $ (605,196 ) $ (1,201,341 )
Accretion of temporary equity - 150,000 - 561,466 - 300,000 - 1,319,142
Accretion of temporary equity – (interest earned and unrealized gain on trust account) - 466,313 - 690,406 - 925,152 - 1,549,326
Allocation of net income (loss) $ (112,119 ) $ 504,284 $ (285,424 ) $ 751,853 $ (268,092 ) $ 957,277 $ (605,196 ) $ 1,667,127
Denominators:
Weighted-average shares outstanding 3,205,000 3,202,416 3,205,000 5,614,676 3,205,000 3,202,416 3,205,000 6,362,064
Basic and diluted net income (loss) per share $ (0.03 ) $ 0.16 $ (0.09 ) $ 0.13 $ (0.08 ) $ 0.30 $ (0.19 ) $ 0.26 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.
The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such
account. 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
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature. Recently
Issued Accounting Standards Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements. Warrants The
Company evaluates the Public and Private Warrants as either equity-classified or liability-classified instruments based on an assessment
of the warrants’ specific terms and applicable authoritative guidance in FASB ASC 480 and ASC 815. The assessment considers whether
the warrants are freestanding financial instruments pursuant to ASC 480, 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, among other conditions for equity classification. Pursuant to such evaluation, both Public
and Private Warrants issued were classified in shareholders’ equity. Ordinary
Shares Subject to Possible Redemption The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing
Liabilities from Equity.” Ordinary shares subject to mandatory redemption is classified as a liability instrument and is measured
at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature 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, ordinary shares is classified as shareholders’ equity. The Company’s
ordinary shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence
of uncertain future events. Accordingly, ordinary shares subject to possible redemption is presented at redemption value (plus any interest
earned on the Trust Account) as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. |
