Revelstone Capital Acquisition Corp.

CIK:0001874218|SEC Filings

Unaudited Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Unaudited Condensed Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Expenses
Formation and Operating Costs	$ 804,083	$ 201,493	$ 2,484,680	$ 545,791
Total Operating Expenses	804,083	201,493	2,484,680	545,791
Net Operating Loss	804,083	201,493	2,484,680	545,791
Gain from investments held in Trust Account	478,474	758,134	4,137,173	1,003,415
Change in fair value of overallotment units				15,119
Fair value of forfeited overallotment option				79,071
Total Other Income	478,474	758,134	4,137,173	1,097,605
Income (loss) before provision for income tax	(325,609)	556,641	1,652,493	551,814
Provision for income taxes- loss	89,811	143,177	821,820	165,340
Net income (loss)	$ (415,420)	$ 413,464	$ 830,673	$ 386,474
Shares subject to possible redemption
Operating Expenses
Basic weighted average shares (in Shares)	3,519,819	16,500,000	11,745,355	16,439,560
Basic net income (loss) per share (in Dollars per share)	$ (0.05)	$ 0.02	$ 0.05	$ 0.02
Non-redeemable
Operating Expenses
Basic weighted average shares (in Shares)	4,125,000	4,125,000	4,125,000	4,125,000
Basic net income (loss) per share (in Dollars per share)	$ (0.05)	$ 0.02	$ 0.05	$ 0.02

Unaudited Condensed Statements of Cash Flows - USD ($)	9 Months Ended
Unaudited Condensed Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ 830,673	$ 386,474
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of overallotment units		(15,119)
Fair value of forfeited overallotment units		(79,071)
Gain from investments held in Trust Account	(4,137,173)	(1,003,415)
Changes in operating assets and liabilities:
Prepaid Assets	89,113	166,653
Accounts Payable	145,074	(671,220)
Accrued Expenses	1,195,511	71,888
Franchise Tax Liability	(131,884)	43,980
Income tax receivable/payable	(152,180)	133,340
Net cash used in operating activities	(2,160,866)	(966,490)
Cash Flows from Investing Activities:
Principal deposited in Trust Account		(15,150,000)
Cash withdrawn from Trust Account in connection with redemption	134,295,092
Payment of extension fee into Trust Account	(360,000)
Withdrawals from Trust Account for income and franchise taxes	1,412,201	137,204
Net cash provided by (used in) investing activities	135,347,293	(15,012,796)
Cash Flows from Financing Activities:
Redemption of common stock	(134,295,092)
Proceeds from partial exercise of overallotment option, net of costs		14,700,000
Proceeds from private placement related to partial exercise of overallotment option		450,000
Proceeds from note and other payable—related party	485,014	(189,789)
Net cash provided by/(used in) financing activities	(133,810,078)	14,960,211
Net Change in Cash	(623,651)	(1,019,075)
Cash–Beginning	776,607	1,844,672
Cash–Ending	152,956	825,597
Non-Cash investing and financing activities:
Waiver of deferred underwriting commissions payable	4,042,500	525,000
Re-measurement of carrying value of redeemable shares of Class A common stock to redemption value	3,452,168	1,785,947
Exercised portion of overallotment unit liability		158,141
Excise tax related to stock redemptions	1,342,951
Conversion of Class B shares to Class A shares	$ 412

Condensed Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash	$ 152,956	$ 776,607
Prepaid Assets		89,113
Total Current Assets	152,956	865,720
Other Assets
Investments held in Trust Account	37,549,655	168,759,775
Total Other Assets	37,549,655	168,759,775
Total Assets	37,702,611	169,625,495
Current Liabilities
Accounts payable	210,399	65,325
Franchise tax liability	27,378	159,262
Accrued Expenses	1,469,530	274,019
Income Tax Payable	78,501	230,681
Excise tax payable	1,342,951
Total Current Liabilities	3,613,773	729,287
Long-Term Liabilities
Deferred underwriting commission payable	1,732,500	5,775,000
Total Long-Term Liabilities	1,732,500	5,775,000
Total Liabilities	5,346,273	6,504,287
Commitments and Contingencies (Note 6)
Class A Common stock subject to possible redemption, 3,519,819 and 16,500,000 shares at redemption value of $10.66 and $10.20 as of September 30, 2023 and December 31, 2022, respectively	37,525,062	168,367,986
Stockholders’ Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2023 and December 31, 2022
Additional paid-in capital
Accumulated Deficit	(5,169,136)	(5,247,190)
Total Stockholders’ Deficit	(5,168,724)	(5,246,778)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	37,702,611	169,625,495
Class A Common Stock
Stockholders’ Deficit
Common stock	412
Class B Common Stock
Stockholders’ Deficit
Common stock		412
Related Party
Current Liabilities
Note and Other Payable – Related Party	$ 485,014