| Schedule of company's assets that are measured at fair value on a recurring basis |
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September 30, |
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December 31, |
Description |
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Level |
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2022 |
|
2021 |
Assets: |
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Marketable Securities held in Trust Account – U.S. Treasury Securities Money Market Fund |
|
1 |
|
116,831,001 |
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116,160,281 |
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Liabilities: |
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Warrant Liability – Public Warrants |
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1 |
|
1,092,500 |
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2,817,500 |
Warrant Liability – Private Placement Warrants |
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2 |
|
773,300 |
|
1,994,300 |
Warrant Liability – Representative Warrants |
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3 |
|
19,000 |
|
49,000 |
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December 31, |
Description |
|
Level |
|
2021 |
Assets: |
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|
|
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Marketable securities held in Trust Account – U.S. Treasury Securities Money Market Fund |
|
1 |
|
$ |
116,160,281 |
Liabilities: |
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|
|
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Warrant Liabilities – Public Warrants |
|
1 |
|
|
2,817,500 |
Warrant Liabilities – Private Placement Warrants |
|
2 |
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|
1,994,300 |
Warrant Liabilities – Representative Warrants |
|
3 |
|
|
49,000 |
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| Schedule of quantitative information regarding Level 3 fair value measurements inputs |
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March 31, 2022 |
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June 30, 2022 |
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September 30, 2022 |
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Representative |
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Private |
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Representative |
|
Private |
|
Representative |
|
Private |
Input |
|
Warrants |
|
Warrants |
|
Warrants |
|
Warrants |
|
Warrants |
|
Warrants |
Market price of public stock |
|
$ |
9.88 |
|
$ |
— |
|
$ |
9.89 |
|
$ |
— |
|
$ |
9.95 |
|
$ |
— |
Risk-free rate |
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|
2.44 |
% |
|
— |
% |
|
2.98 |
% |
|
— |
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|
4.12 |
% |
|
— |
Dividend Yield |
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|
0.00 |
% |
|
— |
% |
|
0.00 |
% |
|
— |
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|
0.00 |
% |
|
— |
Exercise price |
|
$ |
11.50 |
|
$ |
— |
|
$ |
11.50 |
|
$ |
— |
|
$ |
11.50 |
|
$ |
— |
Effective expiration date |
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6/23/26 |
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— |
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6/23/26 |
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— |
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8/26/26 |
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— |
One-touch hurdle |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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February 11, 2021 |
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(Initial Measurement) |
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December 31, 2021 |
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Public |
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Private |
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Representative |
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Representative |
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Private |
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Input |
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Warrants |
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Warrants |
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Warrants |
|
Warrants |
|
Warrants |
|
Market price of public stock |
|
$ |
9.54 |
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$ |
9.54 |
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$ |
9.54 |
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$ |
9.79 |
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$ |
9.79 |
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Risk-free rate |
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|
0.52 |
% |
|
0.52 |
% |
|
0.36 |
% |
|
1.18 |
% |
|
1.18 |
% |
Dividend Yield |
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|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
Exercise price |
|
$ |
11.50 |
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$ |
11.50 |
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$ |
11.50 |
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$ |
11.50 |
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$ |
11.50 |
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Effective expiration date |
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6/26/26 |
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6/26/26 |
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5/11/25 |
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6/23/26 |
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6/23/26 |
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One-touch hurdle |
|
$ |
18.15 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Schedule of change in the fair value of the warrant liabilities |
The following table presents the changes in the fair value of Level 3 warrant liabilities:
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Private Placement |
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Public |
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Representative |
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Warrant Liabilities |
Fair value as of January 1, 2021 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Initial measurement on February 11, 2021 |
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3,785,100 |
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5,290,000 |
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|
36,500 |
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|
9,111,600 |
Change in valuation inputs or other assumptions |
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(1,587,300) |
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(1,437,500) |
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|
17,500 |
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|
(3,007,300) |
Transfer to Level 1 |
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|
— |
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(3,852,500) |
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— |
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|
(3,852,500) |
Transfer to Level 2 |
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(2,197,800) |
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— |
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— |
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|
(2,197,800) |
Fair value as of September 30, 2021 |
|
$ |
— |
|
$ |
— |
|
$ |
54,000 |
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$ |
54,000 |
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Representative |
|
Warrant Liabilities |
Fair value as of January 1, 2022 |
|
$ |
49,000 |
|
$ |
49,000 |
Change in valuation inputs or other assumptions |
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|
(17,000) |
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|
(17,000) |
Fair value as of March 31, 2022 |
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32,000 |
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|
32,000 |
Change in valuation inputs or other assumptions |
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(14,000) |
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|
(14,000) |
Fair value as of June 30, 2022 |
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18,000 |
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|
18,000 |
Change in valuation inputs or other assumptions |
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|
1,000 |
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|
1,000 |
Fair value as of September 30, 2022 |
|
$ |
19,000 |
|
$ |
19,000 |
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Private Placement |
|
Public |
|
Representative |
|
Warrant Liabilities |
Fair value as of January 1, 2021 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Initial measurement on February 11th, 2021 |
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|
3,785,100 |
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|
5,290,000 |
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|
36,500 |
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|
9,111,600 |
Change in valuation inputs or other assumptions |
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|
(1,587,300) |
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|
(1,437,500) |
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|
12,500 |
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|
(3,012,300) |
Transfer to Level 1 |
|
|
— |
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|
(3,852,500) |
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|
— |
|
|
(3,852,500) |
Transfer to Level 2 |
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(2,197,800) |
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|
— |
|
|
— |
|
|
(2,197,800) |
Fair value as of December 31, 2021 |
|
$ |
— |
|
$ |
— |
|
$ |
49,000 |
|
$ |
49,000 |
|