Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2023
FAIR VALUE MEASUREMENTS  
Schedule of company's financial assets that are measured at fair value on a recurring basis

Amount at

Description

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

March 31, 2023 (Unaudited)

Assets

Investments held in Trust Account:

 

  

  

 

  

  

Money Market investments

$

67,731,730

$

67,731,730

$

$

Liabilities

Warrant liability – Public Warrants

$

800,000

$

800,000

$

$

Warrant liability – Private Placement Warrants

$

480,000

$

$

$

480,000

Promissory note - related party

$

396,700

$

$

$

396,700

Amount at

Description

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

December 31, 2022

Assets

Investments held in Trust Account:

 

  

  

 

  

  

Money Market investments

$

202,841,231

$

202,841,231

$

$

Liabilities

Warrant liability – Public Warrants

$

200,000

$

200,000

$

$

Warrant liability – Private Placement Warrants

$

120,000

$

$

$

120,000

Promissory note - related party

$

295,900

$

295,900

Schedule of changes in the fair value of warrant liabilities

Private

Warrant

    

Placement

    

Public

    

Liabilities

Fair value as of December 31, 2022

$

120,000

$

200,000

$

320,000

Change in fair value

360,000

600,000

960,000

Fair value as of March 31, 2023

$

480,000

$

800,000

$

1,280,000

The following table presents the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value:

    

Level 3

Private Placement

Warrants

Promissory Note

Fair value as of December 31, 2022

    

$

120,000

$

295,900

Change in fair value

360,000

 

100,800

Fair value as of March 31, 2023

$

480,000

$

396,700

Promissory note - related party  
FAIR VALUE MEASUREMENTS  
Schedule of significant inputs for fair value measurement

As of March 31, 2023

As of December 31, 2022

(Unaudited)

Warrant price

$

0.08

$

0.02

 

Conversion price

$

1.00

$

1.00

 

Expected term

 

0.32

 

0.24

Warrant volatility

 

298.0

%  

263.2

%

Risk free rate

 

4.9

%  

4.4

%

Discount rate

 

5.9

%  

6.2

%

Probability of completing a Business Combination

 

20

%  

15.0

%

Fair value convertible promissory note - related party

$

396,700

$

295,900

Private Placement Warrants  
FAIR VALUE MEASUREMENTS  
Schedule of significant inputs for fair value measurement

As of March 31, 2023

As of December 31, 2022

 

    

(Unaudited)

    

 

Stock price

 

$

10.25

 

$

10.08

Strike price

 

$

11.50

 

$

11.50

Probability of completing a Business Combination*

 

20

%  

15

%

Dividend yield

Remaining term (in years)

5.32

5.23

Volatility**

 

1

%  

10.0

%

Risk-free rate

 

3.59

%  

3.99

%

Fair value of warrants

 

$

0.08

 

$

0.02