Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

v3.23.1
Condensed Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net income/(loss) $ 1,147,659 $ (1,107,325)
Adjustments to reconcile net income /(loss) to net cash used in operating activities:    
Profit interest compensation 145,550 105,119
Income from investments held in the Trust Account (2,537,219) (21,456)
Changes in operating assets and liabilities:    
Prepaid expenses 90,423 (251,492)
Prepaid Consulting Services 190,546 (767,017)
Other assets 0 (431,357)
Accounts payable and accrued expenses 119,491 23,649
Franchise taxes payable 50,050 0
Income tax payable 572,481 0
Other long-term liabilities 21,000 1,506,000
Net Cash Used In Operating Activities (200,019) (943,879)
Cash Flows From Investing Activities:    
Cash deposited into Trust Account 0 (235,750,000)
Net Cash Used In Investing Activities 0 (235,750,000)
Cash Flows From Financing Activities:    
Sale of Units in the Initial Public Offering, net of underwriting discount 0 225,400,000
Sale of Private Placement Warrants to the Sponsor 0 13,100,000
Proceeds from Sponsor promissory note 0 0
Repayment of the Sponsor promissory note 0 (86,000)
Proceeds from related party advances 0 38,500
Repayment of related party advances 0 (152,128)
Payment of offering costs, net of reimbursements 0 (9,841)
Net Cash Provided By Financing Activities 0 238,290,531
Net change in cash (200,019) 1,596,652
Cash at beginning of period 1,052,953 2,020
Cash at end of period 852,934 1,598,672
Supplemental disclosure of non-cash financing activities:    
Deferred underwriters' compensation charged to temporary equity in connection with the Public Offering 0 6,900,000
Operating costs paid by related party on behalf of the Company 0 12,302
Class A Common Stock remeasurement and accretion adjustments $ 1,914,736 $ 26,204,931