beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Formation and operational costs	$ 4,270,713	$ 1,809,484
Loss from operations	(4,270,713)	(1,809,484)
Other income (expense):
Interest earned on marketable securities held in Trust Account	22,231,067	7,277,660
Unrealized loss on marketable securities held in Trust Account		(68,050)
Other income, net	22,231,067	7,209,610
Income before provision for income taxes	17,960,354	5,400,126
Provision for income taxes	(6,092,149)	(1,474,356)
Net income	$ 11,868,205	$ 3,925,770
Common shares subject to redemption
Other income (expense):
Basic weighted average shares outstanding	45,417,697	50,000,000
Diluted weighted average shares outstanding	45,417,697	50,000,000
Basic net income per share	$ 0.20	$ 0.06
Diluted net income per share	$ 0.20	$ 0.06
Common shares not subject to redemption
Other income (expense):
Basic weighted average shares outstanding	13,950,000	13,950,000
Diluted weighted average shares outstanding	13,950,000	13,950,000
Basic net income per share	$ 0.20	$ 0.06
Diluted net income per share	$ 0.20	$ 0.06

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 11,868,205	$ 3,925,770
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account	(22,231,067)	(7,277,660)
Unrealized loss on marketable securities held in Trust Account		68,050
Deferred tax (benefit) provision	(294,084)	294,084
Changes in operating assets and liabilities:
Prepaid expenses	(9,892)	835,706
Accrued expenses	197,421	21,503
Income taxes payable	(375,186)	1,177,856
Net cash used in operating activities	(10,844,603)	(954,691)
Cash flows from investing activities:
Cash withdrawn from Trust Account to pay franchise and income taxes	7,895,936	195,000
Cash withdrawn from Trust Account for working capital purposes	1,000,000	1,000,000
Cash withdrawn from Trust Account in connection with redemption	215,914,673
Net cash provided by investing activities	224,810,609	1,195,000
Cash flows from financing activities:
Redemptions of common stock	(215,914,673)
Net cash used in financing activities	(215,914,673)
Net change in cash	(1,948,667)	240,309
Cash - Beginning of period	3,577,359	3,337,050
Cash - End of period	1,628,692	3,577,359
Supplemental cash flow information:
Cash paid for income taxes	6,761,419	$ 3,128
Non-cash investing and financing activities:
Remeasurement for Class A common stock to redemption amount	14,785,760
Deferred underwriting fee payable	10,500,000
Excise tax liability accrued for common stock redemptions	$ 2,159,147

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 1,628,692	$ 3,577,359
Prepaid expenses	430,720	420,828
Total current assets	2,059,412	3,998,187
Marketable securities held in Trust Account	303,560,538	506,140,080
TOTAL ASSETS	305,619,950	510,138,267
Current liabilities:
Accrued expenses	526,952	303,257
Excise tax liability	2,159,147
Income taxes payable	805,086	1,180,272
Total current liabilities	3,491,185	1,483,529
Deferred tax liability		294,084
Deferred legal fee	92,441	118,715
Deferred underwriting fee payable	7,000,000	17,500,000
Total liabilities	10,583,626	19,396,328
Commitments and contingencies
Stockholders' deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at December 31, 2023 and December 31, 2022, respectively
Additional paid-in capital	7,939,799	0
Accumulated deficit	(16,320,644)	(13,804,143)
Total stockholders' deficit	(8,379,450)	(13,802,748)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	305,619,950	510,138,267
Class A Common Stock
Stockholders' deficit
Common stock	145	145
Class A Common Stock Subject to Possible Redemption
Current liabilities:
Class A common stock subject to possible redemption, 29,150,521 and 50,000,000 shares at redemption value of approximately $10.41 and $10.09 at December 31, 2023 and December 31, 2022, respectively	303,415,774	504,544,687
Class B Common Stock
Stockholders' deficit
Common stock	$ 1,250	$ 1,250