Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (614,778) $ 3,205,754
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Income from cash and investments held in Trust Account (485,344) (4,801,013)
Change in fair value of derivative liability 271,680 30,000
Changes in operating assets and liabilities:    
Prepaid expenses 101,616
Accounts payable 388,948 134,785
Franchise tax payable 10,000 (82,082)
Income tax payable (168,496) 342,143
Due to related party 60,000 30,229
Net cash used in operating activities (537,990) (1,038,568)
Cash Flows from Investing Activities:    
Investment income released from Trust Account to pay for taxes 150,000 1,477,482
Cash withdrawn from Trust Account in connection with redemption 12,136,736 269,597,445
Net cash provided by investing activities 12,286,736 271,074,927
Cash Flows from Financing Activities:    
Proceeds from convertible promissory note – related party 275,000
Redemptions of Class A common stock (12,136,736) (269,597,445)
Net cash used in financing activities (11,861,736) (269,597,445)
Net change in cash (112,990) 438,914
Cash - beginning of the period 403,456 409,725
Cash - end of the period 290,466 848,639
Supplementary cash flow information:    
Cash paid for income taxes 261,072 645,000
Non-cash investing and financing activities and cash paid for income taxes:    
Initial classification of shareholder non-redemption agreements derivative liability 1,311,997 1,770,000
Excise tax liability for redemptions of Class A common stock 261,072
Cash paid for income taxes $ 254,501 $ 645,000