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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File No. 001-41694
GOLDEN STAR ACQUISITION CORPORATION
(Exact
name of registrant as specified in its charter)
Cayman Islands |
|
00-0000000N/A
|
(State
or other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
99 Hudson Street, 5th Floor
New York, New York 10013
(Address
of Principal Executive Offices, including zip code)
(646)
706-5365
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one Ordinary Share, $0.001 par value, and one right |
|
GODNU |
|
The
Nasdaq Stock Market LLC |
Ordinary
Shares, $0.001 par value |
|
GODN |
|
The
Nasdaq Stock Market LLC |
Rights
to receive two-tenth (2/10th) of one Ordinary Share |
|
GODNR |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
☐ |
Large accelerated filer |
☐ |
Accelerated filer |
|
☒ |
Non-accelerated filer |
☒ |
Smaller reporting company |
|
|
|
☒ |
Emerging growth company |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
Indicate
the number of shares outstanding of each of the registrant’s classes of ordinary shares, as of the latest practicable date: As
of August 11, 2023, there were 8,932,000
ordinary shares, par value $0.001, issued and outstanding.
GOLDEN
STAR ACQUISITION CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED June 30, 2023
TABLE
OF CONTENTS
Part
I - Financial Information
Item
1. Financial Statements
GOLDEN
STAR ACQUISITION CORPORATION
BALANCE
SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash
in escrow |
|
$ |
- |
|
|
$ |
37,423 |
|
Prepaid expenses |
|
|
247,868 |
|
|
|
- |
|
Deferred
offering costs |
|
|
- |
|
|
|
278,352 |
|
Due
from sponsor |
|
|
- |
|
|
|
2,300 |
|
Marketable securities held in Trust Account |
|
|
70,235,068 |
|
|
|
- |
|
Total
assets |
|
$ |
70,482,936 |
|
|
$ |
318,075 |
|
|
|
|
|
|
|
|
|
|
Liabilities
and shareholders’ equity (deficit) |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accrued
liabilities |
|
$ |
109,937 |
|
|
$ |
16,175 |
|
Promissory
note payable to sponsor |
|
|
- |
|
|
|
300,000 |
|
Deferred underwriting commissions |
|
|
1,725,000 |
|
|
|
- |
|
Total
liabilities |
|
|
1,834,937 |
|
|
|
316,175 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 6) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Ordinary
shares subject to possible redemption, 6,900,000
shares at redemption value of $10.17
per share, including interest and dividends earned in Trust Account |
|
|
70,194,710 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity (deficit): |
|
|
|
|
|
|
|
|
Ordinary
shares, $0.001
par value; 50,000,000
shares authorized; 2,032,000
and 1,725,000
shares issued and outstanding at June 30, 2023
and December 31, 2022, respectively |
|
|
2,032 |
|
|
|
1,725 |
|
Additional
paid-in capital |
|
|
- |
|
|
|
23,275 |
|
Accumulated
deficit |
|
|
(1,548,743 |
) |
|
|
(23,100 |
) |
Total
shareholders’ equity (deficit) |
|
|
(1,546,711 |
) |
|
|
1,900 |
|
Total
liabilities and shareholders’ equity (deficit) |
|
$ |
70,482,936 |
|
|
$ |
318,075 |
|
The
accompanying notes are an integral part of the unaudited financial statements.
GOLDEN
STAR ACQUISITION CORPORATION
STATEMENTS
OF OPERATIONS
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
For the
three months ended June 30, 2023 | | |
For the three months ended June 30, 2022 | | |
For the six months ended June 30, 2023 | | |
For the six months ended June 30, 2022 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Formation and operational costs | |
$ | 173,871 | | |
$ | 2,300 | | |
$ | 175,721 | | |
$ | 2,300 | |
Loss from operations | |
| 173,871
| | |
| 2,300 | | |
| 175,721 | | |
| 2,300 | |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Interest and dividends earned in Trust Account | |
| 504,710 | | |
| - | | |
| 504,710 | | |
| - | |
Total other income | |
| 504,710 | | |
| - | | |
| 504,710 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
Net income (loss) | |
$ | 330,839 | | |
$ | (2,300 | ) | |
$ | 328,989 | | |
$ | (2,300 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding | |
| | | |
| | | |
| | | |
| | |
Redeemable ordinary shares, basic and diluted | |
| 4,321,978
| | |
| - | | |
| 2,172,928 | | |
| - | |
Non-redeemable ordinary shares,
basic and diluted(1) | |
| 1,917,297
| | |
|
1,725,000
| | |
| 1,821,680
| | |
|
1,725,000
| |
| |
| | | |
| | | |
| | | |
| | |
Redeemable ordinary shares, basic and diluted net income per share | |
$ | 1.28 | | |
$ | - | | |
$ | 3.71 | | |
$ | - | |
Non-redeemable ordinary shares, basic and diluted net loss per share | |
$ | (2.72 | ) | |
$ | (0.00 | ) | |
$ | (4.25 | ) | |
$ | (0.00 | ) |
The
accompanying notes are an integral part of the unaudited financial statements.
GOLDEN
STAR ACQUISITION CORPORATION
STATEMENTS
OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
For the three and six months ended
June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Shareholders’ |
|
|
|
Ordinary
Shares |
|
|
Paid-In |
|
|
Accumulated |
|
|
Equity |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
(Deficit) |
|
Balance
at January 1, 2023 |
|
|
1,725,000 |
|
|
$ |
1,725 |
|
|
$ |
23,275 |
|
|
$ |
(23,100 |
) |
|
$ |
1,900 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,850 |
) |
|
|
(1,850 |
) |
Balance
at March 31, 2023 |
|
|
1,725,000 |
|
|
|
1,725 |
|
|
|
23,275 |
|
|
|
(24,950 |
) |
|
|
50 |
|
Sales of ordinary shares and over-allotment | |
| 6,900,000 | | |
| 6,900 | | |
| 68,993,100 | | |
| - | | |
| 69,000,000 | |
Underwriters’ compensation | |
| - | | |
| - | | |
| (3,105,000 | ) | |
| - | | |
| (3,105,000 | ) |
Offering costs | |
| - | | |
| - | | |
| (647,890 | ) | |
| - | | |
| (647,890 | ) |
Allocation of offering costs related to redeemable shares | |
| - | | |
| - | | |
| 3,042,588 | | |
| - | | |
| 3,042,588 | |
Accretion for redeemable shares to redemption value | |
| - | | |
| - | | |
| (15,442,164 | ) | |
| (1,349,922 | ) | |
| (16,792,086 | ) |
Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned in Trust Account) | |
| - | | |
| - | | |
| - | | |
| (504,710 | ) | |
| (504,710 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 330,839 | | |
| 330,839 | |
Balance at June 30, 2023 | |
| 2,032,000 | | |
$ | 2,032 | | |
$ | - | | |
$ | (1,548,743 | ) | |
$ | (1,546,711 | ) |
For the three and six months ended
June 30, 2022
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Total |
|
|
|
Ordinary
Shares |
|
|
Paid-In |
|
|
Accumulated |
|
|
Shareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
Balance
at January 1, 2022(1) |
|
|
1,725,000 |
|
|
$ |
1,725 |
|
|
$ |
23,275 |
|
|
$ |
(17,400 |
) |
|
$ |
7,600 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance
at March 31, 2022 |
|
|
1,725,000 |
|
|
|
1,725 |
|
|
|
23,275 |
|
|
|
(17,400 |
) |
|
|
7,600 |
|
Net loss | |
| - | | |
| - | | |
| - | | |
| (2,300 | ) | |
| (2,300 | ) |
Balance at June 30, 2022 | |
| 1,725,000 | | |
$ | 1,725 | | |
$ | 23,275 | | |
$ | (19,700 | ) | |
$ | 5,300 | |
The accompanying notes are an integral part of the unaudited financial statements.
GOLDEN
STAR ACQUISITION CORPORATION
STATEMENT
OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For
the six months ended June 30, 2023 |
|
|
For
the six months ended June 30, 2022 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
328,989 |
|
|
$ |
(2,300 |
) |
Net
changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Deferred
offering costs |
|
|
- |
|
|
|
(78,358 |
) |
Interest and dividends earned in Trust Account |
|
|
(504,710 |
) |
|
|
- |
|
Prepaid expenses |
|
|
(247,868 |
) |
|
|
- |
|
Due
to sponsor |
|
|
2,300 |
|
|
|
- |
|
Accrued liabilities |
|
|
93,762 |
|
|
|
(51,865 |
) |
Net
cash used in operating activities |
|
|
(327,527 |
) |
|
|
(132,523 |
) |
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
Investment of cash in Trust Account |
|
|
(70,337,513 |
) |
|
|
- |
|
Cash withdrawn from Trust Account for working capital purposes |
|
|
607,155 |
|
|
|
- |
|
Net
cash used in investing activities |
|
|
(69,730,358 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of private placement units |
|
|
3,070,000 |
|
|
|
- |
|
Proceeds from sales of public offering units |
|
|
69,000,000 |
|
|
|
- |
|
Payment of offering costs |
|
|
(1,749,538 |
) |
|
|
- |
|
Net
cash provided by financing activities |
|
|
70,020,462 |
|
|
|
175,000 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
(37,423 |
) |
|
|
42,477 |
|
Cash and cash equivalents at beginning of period |
|
|
37,423 |
|
|
|
20,821 |
|
Cash and cash equivalents at end of period |
|
$ |
- |
|
|
$ |
63,298 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash flow information |
|
|
|
|
|
|
|
|
Deferred underwriting compensation |
|
$ |
1,725,000 |
|
|
$ |
- |
|
Initial value of ordinary share subject to possible redemption |
|
$ |
55,940,502 |
|
|
$ |
- |
|
Reclassification of offering costs related to public shares |
|
$ |
(3,042,588 |
) |
|
$ |
- |
|
Change in value of ordinary shares subject to redemption |
|
$ |
16,792,086 |
|
|
$ |
- |
|
Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned in Trust Account) |
|
$ |
504,710 |
|
|
$ |
- |
|
Deferred
offering costs included in accrued offering costs |
|
$ |
- |
|
|
$ |
50,865 |
|
The
accompanying notes are an integral part of the unaudited financial statements.
GOLDEN
STAR ACQUISITION CORPORATION
UNAUDITED
NOTES TO FINANCIAL STATEMENTS
NOTE
1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Golden
Star Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on July 9,
2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization,
or similar business combination with one or more businesses (“Business Combination”).
Although
the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company
intends to focus on businesses that have a connection to the Asian market. The Company is an early stage and emerging growth company
and, as such, the Company is subject to all the risks associated with early stage and emerging growth companies.
The Company will not generate any operating revenues
until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest
income from the proceeds derived from the initial public offering (the “IPO”). The Company has selected December 31 as
its fiscal year-end.
The
registration statement for the Company’s IPO was declared effective on May 1, 2023. On May 4, 2023, the Company consummated
the IPO of 6,000,000 units (“Units” and, with respect to the Ordinary Shares included in the Units being offered, the “Public
Shares”) at $10.00 per Unit, generating gross proceeds of $60,000,000 which is described in Note 3. On the closing date, the underwriter
purchased an additional 900,000 Units at $10.00 per Unit pursuant to the exercise of the over-allotment option, generating additional
gross proceeds to the Company of $9,000,000. Simultaneously with the closing of the IPO, the Company consummated the Private Placement
of an aggregate of 307,000 units to the Sponsor at a purchase price of $10.00 per Private Placement Unit (the “Private Units”),
generating gross proceeds to the Company in the amount of $3,070,000 (See Note 4).
Offering
costs amounted to $3,752,890 consisting of $1,380,000 of underwriting fees, $1,725,000 of deferred underwriting commissions (which are
held in the Trust Account as defined below), and $647,890 of other offering costs. As described in Note 6, the $1,725,000 of deferred
underwriting commissions is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement.
The
Trust Account
As
of May 4, 2023, a total of $70,337,513
of the net proceeds from the IPO and the Private Placement transaction completed with the Sponsor, was deposited in a Trust Account
(the “Trust Account”) established for the benefit of the Company’s public shareholders with Wilmington Trust,
National Association, acting as trustee. The amount of funds currently in the Trust Account in excess of $69,690,000
and the related interest and dividends earned that are subject to possible redemption is available to the Company for use as its
working capital.
The
funds held in the Trust Account will be invested only in United States government treasury bills, bonds or notes having a maturity of
180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company
Act of 1940, as amended (the “Investment Company Act”), and that invest solely in United States government treasuries. Except with respect to interest and dividends earned on the funds held in the Trust Account that may be released to the Company to pay income or other tax obligations, the proceeds will not be released from the
Trust Account until the earlier of the completion of a Business Combination or the Company’s liquidation.
As of June 30, 2023
and December 31, 2022, the Company had $70,235,068
and nil
marketable securities held in Trust Account, of which the amount of $40,358
and nil
can be used as working capital and not subject to redemption, respectively.
Going
Concern Consideration
As of June 30,
2023, the Company had working capital of $178,289
excluding deferred underwriting commissions and including the available cash held in the Trust Account for marketable securities, which indicated a lack of liquidity it needed to sustain operations for a reasonable period of
time, which was considered to be one year from the issuance date of the financial statements.
The
Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur
significant transaction costs in pursuit of the consummation of a Business Combination. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern one year from the issuance date of the financial statements. In order to finance transaction cost in connection a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, provide the Company related party loans. On July 28, 2023, the Company has secured additional funding of up to $500,000 from the Sponsor through the issuance of a promissory note which will be matured upon the consummation of the initial business combination (see Note 9). There is no assurance that the
Company’s plans to consummate a Business Combination will be successful within 9 months (or 21 months, as applicable). The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
In
connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial
Statements Going Concern,” management has determined that mandatory liquidation, should a Business Combination not occur, and potential
subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of
time, which is considered to be one year from the issuance of the financial statements.
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The accompanying financial statements are presented
in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and
pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).
The accompanying unaudited financial
statements as of June 30, 2023, and for the three months and six months ended June 30, 2023 have been prepared in accordance with
U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments
(consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months and
six months ended June 30, 2023 are not necessary indicative of the results that may be expected for the period ending December 31,
2023, or any future period.
Emerging
Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholders’ approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accordingly, the actual results could differ significantly from those estimates.
Cash in Escrow
The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of June 30, 2023 and December 31, 2022. The Company had cash held in escrow of 0nil and $37,423 as of June 30, 2023 and December 31,
2022, respectively.
Marketable Securities Held in Trust Account
The Company’s investments held in the
Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end
of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included
in interest and dividends earned on marketable securities held in Trust Account in the accompanying statements
of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As
of June 30, 2023 and December 31, 2022, the Company had $70,235,068
and 0nil
marketable securities held in Trust Account, and the amount of $40,358
and 0nil
can be used as working capital and not subject to redemption, respectively. The available working capital held in Trust Account was the excess amount of $69,690,000
from IPO and any interest and dividends earned which are subject to possible redemption.
During both three
and six months ended June 30, 2023, interest and dividends earned in the Trust Account amounted to $504,710,
which $218,293
were reinvested in the Trust Account, $286,417 was
accrued income on investments held in the Trust Account. During both three and six months ended June 30, 2022, no balance of marketable securities and no related investment income as the account had not opened.
Offering Costs Associated with the Initial Public Offering
The Company complies with the requirements of
ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. Offering costs consisted of legal,
accounting, and other costs incurred that were directly related to the Initial Public Offering. Upon completion of the Initial Public
Offering, offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative
fair value basis, compared to total proceeds received. Offering costs allocated to the Rights were charged to the shareholders’
equity. Offering costs allocated to the ordinary shares were charged against the carrying value of ordinary shares subject to possible
redemption upon the completion of the Initial Public Offering.
Income
Taxes
The
Company complies with the accounting and reporting requirements Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 740, “Income Taxes,” which requires an asset and liability approach to financial
accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws
and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of May 4, 2023, and no amounts were accrued for interest and penalties.
The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation
from its position.
The
Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations
may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with
foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s
tax provision was zero for the periods presented.
On August 16, 2022, the U.S. Government enacted
legislation commonly referred to as the Inflation Reduction Act. The main provisions of the Inflation Reduction Act (the “IR Act”)
that we anticipate may impact us is a 1% excise tax on share repurchases. Any redemption or other repurchase that occurs after December
31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Because there is possibility
that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic corporation becomes parent or
affiliate to the Company and the Company may become a “covered corporation” as a listed Company in Nasdaq. The management
team has evaluated the IR Act as of June 30, 2023 and does not believe it would have a material effect on the Company, and will continue
to evaluate its impact.
Ordinary Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification
(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is
classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares
that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified
as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside
of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible
redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s
balance sheet.
The
Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares
to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to
zero. The interest and dividends earned by the marketable security held in trust, and the extension fee invest into the marketable security held in
trust, were also recognizes in redemption value against additional paid-in capital and accumulated deficit immediately. The proceeds
on the deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest
to pay dissolution expenses) will be used to fund the redemption of the public shares.
Net Income
(Loss) Per Share
The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine the net income (loss) attributable to both
the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable
shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net income (loss) less any dividends
paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between
the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible
redemption was considered to be dividends paid to the public shareholders.
The calculation of diluted net income (loss) per ordinary shares and related weighted average of the ordinary shares does not consider the effect of the rights issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the rights are contingent upon the occurrence of future events. As of June 30, 2023, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised
or converted into ordinary shares in the earnings of the Company. As a result, diluted net income (loss) per ordinary shares is the same
as basic net income (loss) per ordinary share for the periods presented.
The net income (loss) per share presented in the
statements of operations is based on the following:
Schedule of Temporary equity balance
sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2023 |
|
|
For the Three Months Ended June 30, 2022 |
|
|
For the Six Months Ended June 30, 2023 |
|
|
For the Six Months Ended June 30, 2022 |
|
Net income (loss) |
|
$ |
330,839 |
|
|
$ |
(2,300 |
) |
|
$ |
328,989 |
|
|
$ |
(2,300 |
) |
Less: remeasurement to redemption value |
|
|
(16,792,086 |
) |
|
|
- |
|
|
|
(16,792,086 |
) |
|
|
- |
|
Less: Interest
and dividends earned in Trust Account to be allocated to redeemable shares |
|
|
(504,710 |
) |
|
|
- |
|
|
|
(504,710 |
) |
|
|
- |
|
Net (loss)
excluding investment income in Trust Account |
|
$ |
(16,965,957 |
) |
|
$ |
(2,300 |
) |
|
$ |
(16,967,807 |
) |
|
$ |
(2,300 |
) |
Schedule of Basic and diluted net
loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Three Months Ended June 30, 2022 |
|
|
For
the Six Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
Basic
and Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation
of net losses |
|
$ |
(5,213,550 |
) |
|
$ |
(11,752,407 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
(9,229,899 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
Accretion
of temporary equity |
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
- |
|
Accretion
of temporary equity- investment income earned |
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
Allocation
of net income (loss) |
|
$ |
(5,213,550 |
) |
|
$ |
5,544,389 |
|
|
$ |
(2,300 |
) |
|
|
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
8,066,897 |
|
|
$ |
(2,300 |
) |
|
$ |
- |
|
Denominators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding |
|
|
1,917,297 |
|
|
|
4,321,978 |
|
|
|
1,725,000 |
|
|
|
- |
|
|
|
1,821,680 |
|
|
|
2,172,928 |
|
|
|
1,725,000 |
|
|
|
- |
|
Basic
and diluted net income (loss) per share |
|
$ |
(2.72 |
) |
|
$ |
1.28 |
|
|
$ |
(0.00 |
) |
|
|
- |
|
|
$ |
(4.25 |
) |
|
$ |
3.71 |
|
|
$ |
(0.00 |
) |
|
$ |
- |
|
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account held in escrow.
The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
NOTE
3. INITIAL PUBLIC OFFERING
On May 4, 2023, the Company sold 6,900,000 Units (including the issuance of 900,000 Units as a result of the underwriter’s full exercise of the over-allotment) at a price of $10.00 per Unit, generating gross proceeds of $69,000,000 related to the IPO. Each Unit consists of one Ordinary Share and one right to receive two-tenths (2/10) of an Ordinary Share upon the consummation of an Initial Business Combination. Each five rights entitle the holder thereof to receive one Ordinary Share at the closing of a Business Combination. No fractional shares will be issued.
At
June 30, 2023, the ordinary shares reflected in the balance sheet are reconciled in the following table:
Scheduled of common stock subject to possible redemption | |
| | |
Gross proceeds from Public Shares | |
$ | 69,000,000 | |
Less: | |
| | |
Proceeds allocated to public rights | |
| (13,059,498 | ) |
Allocation of offering costs related to ordinary shares | |
| (3,042,588 | ) |
Plus: | |
| | |
Accretion of carrying value to redemption value | |
| 16,792,086 | |
Subsequent measurement of ordinary shares subject to possible redemption (interest and dividends earned in Trust Account) | |
| 504,710 | |
Ordinary shares subject to possible redemption (plus any interest and dividends earned in the Trust Account) | |
$ | 70,194,710 | |
NOTE
4. PRIVATE PLACEMENT
Concurrently
with the closing of the IPO, the Sponsor purchased an aggregate of 307,000 Private Units at a price of $10.00 per Private Unit for an
aggregate purchase price of $3,070,000 in a Private Placement. The Private Units are identical to the Public Units except with respect
to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to the proceeds from the IPO
to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds
from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable
law), and the Private Units and all underlying securities will expire worthless.
NOTE
5. RELATED PARTY TRANSACTIONS
Founder
Shares
On
September 17, 2021, the Company issued 2,875,000
founder shares to the Sponsor (“Founder Shares”) for $25,000.
On December 14, 2022, the Sponsor surrendered
shares for no consideration. All share amounts and related information have been retroactively restated to reflect the share
surrender (see Note 7). As a result of such share surrender, the Sponsor of the Company held 1,725,000 Founder Shares as of December 31, 2022, which include an aggregate of up to 225,000 Ordinary Shares subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part.
On
May 4, 2023, since the underwriters exercised the over-allotment in full, no Founder Shares are subject to forfeiture.
Administrative Services Agreement
The Company entered into an administrative services
agreement, commencing on May 1, 2023, through the earlier of the Company’s consummation of a Business Combination or its liquidation,
to pay to the Sponsor a total of $10,000 per month for office space, secretarial and administrative services provided to members
of the Company’s management team.
Promissory
Note — Sponsor
On
August 11, 2021, the Company issued an unsecured promissory note to the Sponsor which was later amended on January 12,
2022 and January 4, 2023. Pursuant to the promissory note and its amendments (the “Promissory Note”), the Company
may borrow up to an aggregate principal amount of $,
which is non-interest bearing and payable on the earlier of (i) December 31, 2023 or (ii) the consummation of the IPO. On April 6, 2023, the Company transferred all of the cash
balance of $181,573
in the escrow account to the Sponsor, which was deemed to be a partial repayment of the principal owed under the Promissory
Note. On May 4, 2023, the remaining balance was fully repaid upon the consummation of the IPO. As of June 30, 2023 and December 31, 2022, the Company had borrowed an aggregate amount of 0nil and $300,000, respectively, evidenced by the Promissory Note.
Due
from Sponsor
The
balance of $2,300 due from Sponsor as of December 31, 2022 was fully repaid subsequently. As of June 30, 2023, there was no balance due
from Sponsor.
NOTE
6. COMMITMENTS AND CONTINGENCIES
Risks
and Uncertainties
Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
In
February 2022, the Russian Federation and Belarus commenced a military action with the Republic of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further,
the impact of this action and related sanctions on the world economy is not determinable as of the date of this financial statement.
The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of
the date of this financial statement. The management will continuously evaluate the effect to the Company.
Registration
Rights
The
holders of the Founder Shares and Private Placement Units will be entitled to registration rights pursuant to a registration rights
agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to
three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain
“piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a
Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the
Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.
Underwriting
Agreement
The
Company engaged Ladenburg Thalmann & Co. Inc. as its underwriter. The Company granted the underwriter a 45-day option to purchase
up to 900,000 additional Units to cover over-allotments at $10.00 per Unit, less the underwriting discounts and commissions. On May 4,
2023, the underwriters exercised the over-allotment in full.
On
May 4, 2023, the Company paid a cash underwriting commission of 2.0% of the gross proceeds of the IPO, or $1,380,000.
The
underwriters are entitled to a deferred underwriting commission of 2.5% of the gross proceeds of the IPO, or $1,725,000, which will be
paid from the funds held in the Trust Account upon completion of the Company’s initial Business Combination subject to the terms
of the underwriting agreement.
NOTE
7. SHAREHOLDERS’ EQUITY
Ordinary
Shares — The Company is authorized to issue 50,000,000 ordinary
shares, with a par value of $0.001 per
share. Holders of the ordinary shares are entitled to one vote for each ordinary share. At December 31, 2022, there was 1,725,000 Ordinary Shares issued and outstanding, of which 225,000 were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full, so that the Sponsor will own 20% of the issued and outstanding shares after the IPO (see Note 5). On May 4, 2023, the underwriter fully exercised the over-allotment option, as such there are no ordinary shares subject to forfeiture.
On
May 4, 2023, the Company issued 307,000 shares to the Sponsor upon the completion of the Private Placement (see Note 4). As of June 30,
2023, there was 2,032,000 Ordinary Shares issued and outstanding.
The
6,900,000 Ordinary Shares issued in the IPO subject to possible redemption are excluded from the shareholders’ equity.
Rights — Except in cases where the Company
is not the surviving Company in a business combination, the holders of the rights will automatically receive 2/10 of an Ordinary Share
upon consummation of the Company’s initial business combination. In the event the Company will not be the surviving company upon
completion of the initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights
in order to receive the 2/10 of an Ordinary Share underlying each right upon consummation of the business combination. As of June 30,
2023, no rights had been converted into Ordinary Shares.
NOTE
8. FAIR VALUE MEASUREMENTS
The
Company complies with ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured and
reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value
at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer
a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.
The
following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used
in order to value the assets and liabilities:
Level
1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which
transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level
2: Observable inputs other than Level inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or
liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level
3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
At
June 30, 2023, assets held in the Trust Account were entirely comprised of marketable securities.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30,
2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such
fair value.
Scheduled of fair value measurements | |
| | | |
| | | |
| | |
At June 30, 2023 | |
Quoted
Prices in
Active
Markets
(Level 1) | | |
Significant
Other
Observable
Inputs
(Level 2) | | |
Significant
Other
Unobservable
Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 70,235,068 | | |
$ | - | | |
$ | - | |
As of June 30, 2022, the Company did not have any assets measured at
fair value on a recurring basis.
NOTE
9. SUBSEQUENT EVENTS
The Company has evaluated all events or transactions
that occurred up to August 11, 2023, the date the financial statements were issued, the Company did not identify any other subsequent
events that would have required adjustment or disclosure in the financial statements except the following:
On July 28, 2023, the Company issued an unsecured
promissory note to the Sponsor. Pursuant to the promissory note (the “Second Promissory Note”), the Company may borrow up
to an aggregate principal amount of $500,000, which is non-interest bearing and payable upon the consummation of the Company’s
initial Business Combination. The Second Promissory Note has no conversion feature, and no collateral. The Sponsor waives any and all right, title, interest
or claim of any kind in or to any distribution of or from the Trust Account, and agrees not to seek resources, reimbursement, payment
or satisfaction for any claim against the Trust Account for any reason whatsoever.
In July
2023, the Sponsor paid a total of $54,749 operating expenses on behalf of the Company.
The payments made by the Sponsor were not considered as drawdown of the Second Promissory Note.
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References
in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Golden
Star Acquisition Corporation. References to our “management” or our “management team” refer to our officers and
directors, and references to the “Sponsor” refer to G-Star Management Corporation. The following discussion and analysis
of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and
the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth
below includes forward-looking statements that involve risks and uncertainties.
Special
Note Regarding Forward-Looking Statements
This
Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E
of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially
from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including,
without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations,
are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and variations thereof
and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to
future events or future performance, but reflect management’s current beliefs, based on information currently available. A number
of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed
in the forward-looking statements. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website
at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Overview
We
are a blank check company incorporated in the Cayman Islands and formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar Business Combination with one or more businesses. We intend to effectuate our
Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Units, our shares,
debt or a combination of cash, shares and debt.
We
expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business
Combination will be successful.
Results
of Operations
We have neither engaged in any operations nor
generated any operating revenues to date. Our only activities from inception through June 30, 2023 were organizational activities, and
those necessary to prepare for the Initial Public Offering, as described below and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our initial Business Combination. We expect to generate
non-operating income in the form of interest income on marketable securities held after the Initial Public Offering. We expect that we
will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.
For the three months ended June 30, 2023, we
had a net income of $330,839, which consists of operating costs of $173,871, offset by interest and dividends earned on marketable
securities held in the Trust Account of $504,710. For the three months ended June 30, 2022, we had a net loss as $2,300, which
consisted of the operating cost of $2,300.
For the six months ended June 30, 2023, we had a net income of $328,989,
which consists of operating costs of $175,721, offset by interest and dividends earned on marketable securities held in the Trust Account
of $504,710. For the six months ended June 30, 2022, we had a net loss as $2,300, which consisted of the operating cost of $2,300.
Liquidity and Capital Resources
On May 4, 2023, the Company consummated the IPO of 6,900,000 units
(including the exercise in full of the over-allotment option by the underwriters in the IPO) at $10.00 per unit (the “Public Units”),
generating gross proceeds of $69,000,000. Each Unit consists of one ordinary share and one right to receive two-tenths (2/10) of an ordinary
share upon the consummation of a Business Combination. Simultaneously with the IPO, the Company sold to its Sponsor 307,000
units at $10.00 per unit in a private placement generating total gross proceeds of $3,070,000. Offering costs amounted to
$3,752,890 consisting of $1,380,000 of underwriting fees, $1,725,000 of deferred underwriting fees, and $647,890
of other offering costs. The Company received net proceeds of $70,337,513 from the IPO and the private placement,
of which amounts of $647,518 in excess of $69,690,000 was available to be used as its working
capital.
Except for the funds available for using as working capital, we intend to use substantially all of the funds held in the Trust Account established for the benefit of the public shareholders, including
any amounts representing interest and dividends earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the
extent that our capital stock or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining
proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make
other acquisitions and pursue our growth strategies.
For the six months ended
June 30, 2023, net cash used in operating activities was $327,527, which mainly consisted net income of $328,989, off-setting
by the increase of the prepaid expenses and investment income earned in the Trust Account, and increase of accrued liabilities.
Net cash provided by financing activities in amount of $70,020,462 mainly consisted of the proceeds from sales of Public Units with amount
of $69,000,000 and sales of Private Placement Units with amount of $3,070,000, off-setting by the offering cost paid during the period.
Net cash used in investing activities is $69,730,358 which is invested into the marketable security held in Trust Account, and mainly
consisted of the investment of cash in Trust Account with amount of $70,337,513 and offset by cash withdrawn from Trust Account
for working capital purposes with amount of $607,155.
For the six months ended
June 30, 2022, net cash used in operating activities was $132,523, which consisted of net loss of $2,300, increase of deferred
offering costs $78,358, and decrease of accrued offering cost $51,865. Net cash provided by financing activities was from the drawdown
of Promissory Note of $175,000.
At June 30, 2023, we had marketable securities
held in the Trust Account of $70,235,068 of which the amount of $40,358 can be used as available working capital and not subject to redemption.
As of June 30, 2023,
the Company had working capital of $178,289 excluding deferred underwriting commissions and including the available cash held in the Trust Account for marketable securities, which indicated a lack of liquidity it needed to sustain operations for a reasonable period of time,
which was considered to be one year from the issuance date of the financial statements.
On July 28, 2023, the Company issued an unsecured
promissory note to the Sponsor. Pursuant to the promissory note (the “Second Promissory Note”), the Company may borrow up
to an aggregate principal amount of $500,000, which is non-interest bearing and payable upon the consummation of the Company’s
initial Business Combination. The Second Promissory Note has no conversion feature, and no collateral. The Sponsor waives any and all right, title, interest
or claim of any kind in or to any distribution of or from the Trust Account, and agrees not to seek resources, reimbursement, payment
or satisfaction for any claim against the Trust Account for any reason whatsoever.
In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination,
our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may
be required. If we complete our initial Business Combination, we would repay such loaned amounts. In the event that our initial Business
Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but
no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units at a
price of $10.00 per unit (which, for example, would result in the holders being issued 180,000 ordinary shares if $1,500,000 of notes
were so converted (including 30,000 shares upon the closing of our initial Business Combination in respect of 150,000 rights included
in such units) at the option of the lender. The units would be identical to the private placement units issued to our Sponsor. The terms
of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.
We do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will
be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.
We believe we may have insufficient funds to meet
the required expenditures of operation prior to our initial Business Combination. Moreover, we may need to obtain additional financing
either to complete our Business Combination or because we become obligated to redeem a significant number of our public shares upon completion
of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.
We have determined that insufficient working capital, mandatory liquidation, should a Business Combination not occur, and potential subsequent
dissolution raises substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time,
which is considered to be one year from the issuance of the financial statements.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities that would be considered off-balance sheet arrangements as of June 30, 2023. We do not
participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable
interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered
into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other
entities, or purchased any non-financial assets.
Contractual
Obligations
We do not have any long-term debt, capital lease
obligations, operating lease obligations or long-term liabilities, other than agreements to pay: (1) our Sponsor a monthly fee of $10,000
for certain general and administrative services, including office space, utilities and administrative services, provided to the Company;
(2) our legal counsel a monthly fee of $5,000 for professional services as legal consulting. We began incurring these fees in May
2023 and will continue to incur these fees monthly until the earlier of the completion of a Business Combination and the
Company’s liquidation.
On August 11, 2021, the Company issued an
unsecured promissory note to the Sponsor which was later amended on January 12, 2022 and January 4, 2023. Pursuant to the promissory
note and its amendments (the “Promissory Note”), the Company may borrow up to an aggregate principal amount of $500,000, which
is non-interest bearing and payable on the earlier of (i) December 31, 2023 or (ii) the consummation of the IPO. The Company drew
down of $500,000 proceeds before February 14, 2023. On April 6, 2023, the Company transferred all cash balance of $181,573 in
the escrow account to the Sponsor, which deemed to be a partial repayment of the principal under the Promissory Note. On May 4,
2023, the remaining balance was fully repaid upon the consummation of the IPO.
On May 4, 2023, the Company paid a cash underwriting
commission of two percent (2.0%) of the gross proceeds of the IPO, or $1,380,000. The underwriter is entitled
to a deferred fee of two and one-half percent (2.5%) of the gross proceeds of the Initial Public Offering, or
$1,725,000 as the underwriter’s over-allotment option is exercised in full. The deferred fee will be paid in cash upon the closing
of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.
Critical
Accounting Policies
The
preparation of condensed financial statements and related disclosures in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the condensed financial statements, and income and expenses during the
periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:
Ordinary Shares Subject to Possible Redemption
The Company accounts for its ordinary shares subject
to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing
Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured
at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s
ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence
of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary
equity, outside of the shareholders’ equity section of the Company’s balance sheets.
The Company recognizes changes in redemption value
immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each
reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional
paid-in capital and accumulated deficit if additional paid in capital equals to zero.
Offering Costs Associated with the Initial
Public Offering
The Company complies with the requirements of
ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. Offering costs consisted of legal,
accounting, and other costs incurred that were directly related to the Initial Public Offering. Upon completion of the Initial Public
Offering, offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative
fair value basis, compared to total proceeds received. Offering costs allocated to the Rights were charged to the shareholders’
equity. Offering costs allocated to the ordinary shares were charged against the carrying value of ordinary shares subject to possible
redemption upon the completion of the Initial Public Offering.
Net income (loss) per share
The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine the net income (loss) attributable to both
the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable
shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net income (loss) less any dividends
paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between
the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible
redemption was considered to be dividends paid to the public shareholders.
The calculation of diluted net income (loss) per
ordinary shares and related weighted average of the ordinary shares does not consider the effect of the rights issued in
connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the rights are contingent
upon the occurrence of future events. As of June 30, 2023, the Company did not have
any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares. As a result, diluted net income (loss) per ordinary shares is the same as basic net income (loss)
per ordinary shares for the periods presented.
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
of June 30, 2023, we were not subject to any market or interest rate risk. Following the consummation of our Initial Public Offering,
the net proceeds of our Initial Public Offering, including amounts in the Trust Account, have been invested in certain U.S. government
securities with a maturity of 185 days or less or in certain money market funds that invest solely in U.S. treasuries. Due to the short-term
nature of these investments, we believe there will be no associated material exposure to interest rate risk.
ITEM 4.
CONTROLS AND PROCEDURES
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Evaluation
of Disclosure Controls and Procedures
As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out
an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2023. Based
upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures
(as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were effective.
Changes
in Internal Control Over Financial Reporting
During
the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS.
We
are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against
us or any of our officers or directors in their corporate capacity.
ITEM 1A.
RISK FACTORS
Factors that could cause our actual results to differ materially from
those in this Quarterly Report are any of the risks described in our final prospectus for our Initial Public Offering filed with the SEC
on May 3, 2023. Any of these factors could result in a significant or material adverse effect on our results of operations
or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business
or results of operations. As of the date of this Quarterly Report, other than as described herein, there have been no material changes
to the risk factors disclosed in our final prospectus for our Initial Public Offering filed with the SEC on May 3, 2023.
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
In September 2021, our Sponsor purchased an aggregate
of 2,875,000 Founder Shares, for an aggregate purchase price $25,000 at an average purchase price of approximately $0.001 per share.
Such securities were issued in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2)
of the Securities Act. Our Sponsor is an accredited investor for purposes of Rule 501 of Regulation D. In December 2022, our Sponsor
surrendered 1,150,000 Founder Shares for no consideration. As a result of such share surrender, the Sponsor of the Company held 1,725,000
Founder Shares, and are not subject to forfeiture due to the underwriter’s exercise in full of their over-allotment
option on May 4, 2023.
On
May 4, 2023, we consummated the Initial Public Offering consisting of 6,900,000 Public Units, including 900,000 Public Units as
a result of the underwriter’s exercise in full of their over-allotment option. Each Public Unit consists of one Ordinary Share,
$0.001 par value and one right to receive two-tenths (2/10th) of an Ordinary Share upon the consummation of the Company’s
initial business combination. The Public Units were sold at an offering price of $10.00 per unit, and the Initial Public Offering generated
aggregate gross proceeds of $69,000,000.
Simultaneously with the consummation of the closing
of the Initial Public Offering, the Company consummated the private placement of an aggregate of 307,000 Private Placement Units to our
Sponsor, at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $3,070,000.
As of May 4, 2023, a total of $70,337,513 of the
net proceeds from the IPO and the private placement transaction completed with the Sponsor, was deposited in a Trust Account established
for the benefit of the Company’s public shareholders with Wilmington Trust, National Association, acting as trustee. Following the
closing, the funds deposited in the Trust Account in excess of $69,690,000 was available to be used as its working capital.
The funds held in trust has been
invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act having a maturity of 180 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act which invest only in direct U.S. government treasury obligations, so that we are not deemed to be an investment
company under the Investment Company Act. Except with respect to interest and dividends earned on the funds held in the Trust Account that may be released
to us to pay our income or other tax obligations, the proceeds will not be released from the Trust Account until the earlier of the completion
of a Business Combination or our redemption of 100% of the outstanding Public Shares if we have not completed a Business Combination in
the required time period. The proceeds held in the Trust Account may be used as consideration to pay the sellers of a target business
with which we complete a Business Combination. Any amounts not paid as consideration to the sellers of the target business may be used
to finance operations of the target business.
We
intend to use the proceeds held outside of trust for legal, accounting and other expenses of structuring and negotiating Business Combinations,
due diligence of prospective target businesses, legal and accounting fees related to SEC reporting obligations, our monthly office rent,
as well as for reimbursement of any out-of-pocket expenses incurred by our founders, officers and directors in connection with activities
on our behalf as described above.
Officers,
directors and founders will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our
behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and Business
Combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their
operations. Our audit committee will review and approve all reimbursements and payments made to our founders, officers, directors or
our or their respective affiliates, with any interested director abstaining from such review and approval. There is no limit on the amount
of such expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds not deposited
in the Trust Account, such expenses would not be reimbursed by us unless we consummate an initial Business Combination. Since the role
of present management after a Business Combination is uncertain, we have no ability to determine what remuneration, if any, will be paid
to those persons after a Business Combination.
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4.
MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM 5.
OTHER INFORMATION.
None.
ITEM 6.
EXHIBITS.
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
* |
Filed herewith. |
** |
Furnished. |
SIGNATURES
Pursuant
to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
GOLDEN
STAR ACQUISITION CORPORATION |
|
|
|
Date:
August 11, 2023 |
/s/ Linjun Guo |
|
Name:
|
Linjun
Guo |
|
Title: |
Chief
Executive Officer |
|
|
|
Date:
August 11, 2023 |
/s/ Kenneth Lam |
|
Name: |
Kenneth
Lam |
|
Title: |
Chief
Financial Officer |
Exhibit
31.1
CERTIFICATIONS
OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302
I,
Linjun Guo, certify that:
| 1. | I
have reviewed this Quarterly Report on Form 10-Q of Golden Star Acquisition Corporation; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant as of, and for, the periods presented in this report; |
| 4. | The
Registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the Registrant and have: |
| a. | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| b. | Designed
such internal control over financial reporting or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures
as of the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the Registrant’s internal control over financial
reporting; and |
| 5. | The
Registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions): |
| a. | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and |
| b. | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Date:
August 11, 2023
| By: | /s/
Linjun Guo |
| | Linjun Guo |
| | Chief Executive Officer and Chairman |
| | (Principal Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 302
I,
Kenneth Lam, certify that:
| 1. | I
have reviewed this Quarterly Report on Form 10-Q of Golden Star Acquisition Corporation; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant as of, and for, the periods presented in this report; |
| 4. | The
Registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the Registrant and have: |
| a. | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| b. | Designed
such internal control over financial reporting or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures
as of the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the Registrant’s internal control over financial
reporting; and |
| 5. | The
Registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions): |
| a. | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and |
| b. | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Date:
August 11, 2023
| By: | /s/ Kenneth
Lam |
| | Kenneth Lam |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Golden Star Acquisition Corporation on Form 10-Q for the period ended June 30, 2023 as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on
the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
| 1. | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operation of the Company. |
Date: August 11, 2023
|
By: |
/s/ Linjun
Guo |
|
|
Linjun Guo |
|
|
Chief Executive Officer and
Chairman |
|
|
(Principal Executive Officer) |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Golden Star Acquisition Corporation on Form 10-Q for the period ended June 30, 2023 as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on
the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
| 1. | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operation of the Company. |
Date: August 11, 2023
|
By: |
/s/ Kenneth Lam |
|
|
Kenneth Lam |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 11, 2023 |
Document Type |
10-Q
|
|
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|
|
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Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41694
|
|
Entity Registrant Name |
GOLDEN STAR ACQUISITION CORPORATION
|
|
Entity Central Index Key |
0001895144
|
|
Entity Tax Identification Number |
00-0000000
|
|
Entity Incorporation, State or Country Code |
E9
|
|
Entity Address, Address Line One |
99 Hudson Street
|
|
Entity Address, Address Line Two |
5th Floor
|
|
Entity Address, City or Town |
New York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10013
|
|
City Area Code |
(646)
|
|
Local Phone Number |
706-5365
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
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false
|
|
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|
|
Entity Common Stock, Shares Outstanding |
|
8,932,000
|
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|
|
Title of 12(b) Security |
Units,
each consisting of one Ordinary Share, $0.001 par value, and one right
|
|
Trading Symbol |
GODNU
|
|
Security Exchange Name |
NASDAQ
|
|
Ordinary Shares, $0.001 par value |
|
|
Title of 12(b) Security |
Ordinary
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|
|
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GODN
|
|
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NASDAQ
|
|
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v3.23.2
BALANCE SHEETS (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash in escrow |
$ (0)
|
$ 37,423
|
Prepaid expenses |
247,868
|
|
Deferred offering costs |
|
278,352
|
Due from sponsor |
(0)
|
2,300
|
Marketable securities held in Trust Account |
70,235,068
|
(0)
|
Total assets |
70,482,936
|
318,075
|
Current liabilities: |
|
|
Accrued liabilities |
109,937
|
16,175
|
Promissory note payable to sponsor |
|
300,000
|
Deferred underwriting commissions |
1,725,000
|
|
Total liabilities |
1,834,937
|
316,175
|
Commitments and contingencies (Note 6) |
|
|
Ordinary shares subject to possible redemption, 6,900,000 shares at redemption value of $10.17 per share, including interest and dividends earned in Trust Account |
70,194,710
|
|
Shareholders’ equity (deficit): |
|
|
Ordinary shares, $0.001 par value; 50,000,000 shares authorized; 2,032,000 and 1,725,000 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
2,032
|
1,725
|
Additional paid-in capital |
|
23,275
|
Accumulated deficit |
(1,548,743)
|
(23,100)
|
Total shareholders’ equity (deficit) |
(1,546,711)
|
1,900
|
Total liabilities and shareholders’ equity (deficit) |
$ 70,482,936
|
$ 318,075
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v3.23.2
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Odinary shares subject to possible redemption |
6,900,000
|
6,900,000
|
Ordinary shares subject to possible redemption, per share |
$ 10.17
|
$ 10.17
|
Common Stock, Par or Stated Value Per Share |
|
$ 0.001
|
Common Stock, Shares Authorized |
|
50,000,000
|
Common Stock, Shares, Outstanding |
2,032,000
|
1,725,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating expenses: |
|
|
|
|
|
Formation and operational costs |
|
$ 173,871
|
$ 2,300
|
$ 175,721
|
$ 2,300
|
Loss from operations |
|
173,871
|
2,300
|
175,721
|
2,300
|
Other income: |
|
|
|
|
|
Interest and dividends earned in Trust Account |
|
504,710
|
|
504,710
|
|
Total other income |
|
504,710
|
(0)
|
504,710
|
(0)
|
Income (loss) before income taxes |
|
330,839
|
(2,300)
|
328,989
|
(2,300)
|
Income tax expense |
|
|
|
|
|
Net income (loss) |
|
$ 330,839
|
$ (2,300)
|
$ 328,989
|
$ (2,300)
|
Basic and diluted weighted average shares outstanding |
|
|
|
|
|
Redeemable ordinary shares, basic and diluted |
|
4,321,978
|
|
2,172,928
|
|
Non-redeemable ordinary shares, basic and diluted |
[1] |
$ 1,917,297
|
$ 1,725,000
|
$ 1,821,680
|
$ 1,725,000
|
Redeemable ordinary shares, basic and diluted net income per share |
|
1.28
|
|
3.71
|
|
Non-redeemable ordinary shares, basic and diluted net loss per share |
|
$ (2.72)
|
$ (0.00)
|
$ (4.25)
|
$ (0.00)
|
|
|
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v3.23.2
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
[1] |
$ 1,725
|
$ 23,275
|
$ (17,400)
|
$ 7,600
|
Balance at beginning, Shares at Dec. 31, 2021 |
[1] |
1,725,000
|
|
|
|
Net loss |
|
|
|
|
|
Ending balance, value at Mar. 31, 2022 |
|
$ 1,725
|
23,275
|
(17,400)
|
7,600
|
Balance at ending, Shares at Mar. 31, 2022 |
|
1,725,000
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
[1] |
$ 1,725
|
23,275
|
(17,400)
|
7,600
|
Balance at beginning, Shares at Dec. 31, 2021 |
[1] |
1,725,000
|
|
|
|
Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned in Trust Account) |
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
|
$ 1,725
|
23,275
|
(19,700)
|
5,300
|
Balance at ending, Shares at Jun. 30, 2022 |
|
1,725,000
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 1,725
|
23,275
|
(17,400)
|
7,600
|
Balance at beginning, Shares at Mar. 31, 2022 |
|
1,725,000
|
|
|
|
Net loss |
|
|
|
(2,300)
|
(2,300)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 1,725
|
23,275
|
(19,700)
|
5,300
|
Balance at ending, Shares at Jun. 30, 2022 |
|
1,725,000
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 1,725
|
23,275
|
(23,100)
|
1,900
|
Balance at beginning, Shares at Dec. 31, 2022 |
[1] |
1,725,000
|
|
|
|
Net loss |
|
|
|
(1,850)
|
(1,850)
|
Ending balance, value at Mar. 31, 2023 |
|
$ 1,725
|
23,275
|
(24,950)
|
50
|
Balance at ending, Shares at Mar. 31, 2023 |
|
1,725,000
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 1,725
|
23,275
|
(23,100)
|
1,900
|
Balance at beginning, Shares at Dec. 31, 2022 |
[1] |
1,725,000
|
|
|
|
Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned in Trust Account) |
|
|
|
|
504,710
|
Ending balance, value at Jun. 30, 2023 |
|
$ 2,032
|
|
(1,548,743)
|
(1,546,711)
|
Balance at ending, Shares at Jun. 30, 2023 |
|
2,032,000
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 1,725
|
23,275
|
(24,950)
|
50
|
Balance at beginning, Shares at Mar. 31, 2023 |
|
1,725,000
|
|
|
|
Sales of ordinary shares and over-allotment |
|
$ 6,900
|
68,993,100
|
|
69,000,000
|
Sales of ordinary shares and over-allotment, shares |
|
6,900,000
|
|
|
|
Underwriters’ compensation |
|
|
(3,105,000)
|
|
(3,105,000)
|
Offering costs |
|
|
(647,890)
|
|
(647,890)
|
Sale of shares to sponsor in private placement |
|
$ 307
|
3,069,693
|
|
3,070,000
|
Sale of shares to sponsor in private placement, shares |
|
307,000
|
|
|
|
Ordinary shares subject to possible redemption |
|
$ (6,900)
|
(55,933,602)
|
|
(55,940,502)
|
Ordinary shares subject to possible redemption, shares |
|
(6,900,000)
|
|
|
|
Allocation of offering costs related to redeemable shares |
|
|
3,042,588
|
|
3,042,588
|
Accretion for redeemable shares to redemption value |
|
|
(15,442,164)
|
(1,349,922)
|
(16,792,086)
|
Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned in Trust Account) |
|
|
|
(504,710)
|
(504,710)
|
Net loss |
|
|
|
330,839
|
330,839
|
Ending balance, value at Jun. 30, 2023 |
|
$ 2,032
|
|
$ (1,548,743)
|
$ (1,546,711)
|
Balance at ending, Shares at Jun. 30, 2023 |
|
2,032,000
|
|
|
|
|
|
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v3.23.2
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ 328,989
|
$ (2,300)
|
Net changes in operating assets and liabilities: |
|
|
Deferred offering costs |
|
(78,358)
|
Interest and dividends earned in Trust Account |
(504,710)
|
|
Prepaid expenses |
(247,868)
|
|
Due to sponsor |
2,300
|
|
Accrued liabilities |
93,762
|
(51,865)
|
Net cash used in operating activities |
(327,527)
|
(132,523)
|
Cash flows from investing activities: |
|
|
Investment of cash in Trust Account |
(70,337,513)
|
|
Cash withdrawn from Trust Account for working capital purposes |
607,155
|
|
Net cash used in investing activities |
(69,730,358)
|
|
Cash flows from financing activities: |
|
|
Proceeds from promissory note – sponsor |
200,000
|
175,000
|
Payment of promissory note – sponsor |
(500,000)
|
|
Proceeds from sale of private placement units |
3,070,000
|
|
Proceeds from sales of public offering units |
69,000,000
|
|
Payment of offering costs |
(1,749,538)
|
|
Net cash provided by financing activities |
70,020,462
|
175,000
|
Net increase in cash and cash equivalents |
(37,423)
|
42,477
|
Cash and cash equivalents at beginning of period |
37,423
|
20,821
|
Cash and cash equivalents at end of period |
|
63,298
|
Deferred underwriting compensation |
1,725,000
|
|
Initial value of ordinary share subject to possible redemption |
55,940,502
|
|
Reclassification of offering costs related to public shares |
(3,042,588)
|
|
Change in value of ordinary shares subject to redemption |
16,792,086
|
|
Subsequent measurement of ordinary shares subject to redemption (interest and dividends earned in Trust Account) |
504,710
|
|
Deferred offering costs included in accrued offering costs |
|
$ 50,865
|
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v3.23.2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS |
NOTE
1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Golden
Star Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on July 9,
2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization,
or similar business combination with one or more businesses (“Business Combination”).
Although
the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company
intends to focus on businesses that have a connection to the Asian market. The Company is an early stage and emerging growth company
and, as such, the Company is subject to all the risks associated with early stage and emerging growth companies.
The Company will not generate any operating revenues
until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest
income from the proceeds derived from the initial public offering (the “IPO”). The Company has selected December 31 as
its fiscal year-end.
The
registration statement for the Company’s IPO was declared effective on May 1, 2023. On May 4, 2023, the Company consummated
the IPO of 6,000,000 units (“Units” and, with respect to the Ordinary Shares included in the Units being offered, the “Public
Shares”) at $10.00 per Unit, generating gross proceeds of $60,000,000 which is described in Note 3. On the closing date, the underwriter
purchased an additional 900,000 Units at $10.00 per Unit pursuant to the exercise of the over-allotment option, generating additional
gross proceeds to the Company of $9,000,000. Simultaneously with the closing of the IPO, the Company consummated the Private Placement
of an aggregate of 307,000 units to the Sponsor at a purchase price of $10.00 per Private Placement Unit (the “Private Units”),
generating gross proceeds to the Company in the amount of $3,070,000 (See Note 4).
Offering
costs amounted to $3,752,890 consisting of $1,380,000 of underwriting fees, $1,725,000 of deferred underwriting commissions (which are
held in the Trust Account as defined below), and $647,890 of other offering costs. As described in Note 6, the $1,725,000 of deferred
underwriting commissions is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement.
The
Trust Account
As
of May 4, 2023, a total of $70,337,513
of the net proceeds from the IPO and the Private Placement transaction completed with the Sponsor, was deposited in a Trust Account
(the “Trust Account”) established for the benefit of the Company’s public shareholders with Wilmington Trust,
National Association, acting as trustee. The amount of funds currently in the Trust Account in excess of $69,690,000
and the related interest and dividends earned that are subject to possible redemption is available to the Company for use as its
working capital.
The
funds held in the Trust Account will be invested only in United States government treasury bills, bonds or notes having a maturity of
180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company
Act of 1940, as amended (the “Investment Company Act”), and that invest solely in United States government treasuries. Except with respect to interest and dividends earned on the funds held in the Trust Account that may be released to the Company to pay income or other tax obligations, the proceeds will not be released from the
Trust Account until the earlier of the completion of a Business Combination or the Company’s liquidation.
As of June 30, 2023
and December 31, 2022, the Company had $70,235,068
and nil
marketable securities held in Trust Account, of which the amount of $40,358
and nil
can be used as working capital and not subject to redemption, respectively.
Going
Concern Consideration
As of June 30,
2023, the Company had working capital of $178,289
excluding deferred underwriting commissions and including the available cash held in the Trust Account for marketable securities, which indicated a lack of liquidity it needed to sustain operations for a reasonable period of
time, which was considered to be one year from the issuance date of the financial statements.
The
Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur
significant transaction costs in pursuit of the consummation of a Business Combination. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern one year from the issuance date of the financial statements. In order to finance transaction cost in connection a Business Combination, the Sponsor or an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, provide the Company related party loans. On July 28, 2023, the Company has secured additional funding of up to $500,000 from the Sponsor through the issuance of a promissory note which will be matured upon the consummation of the initial business combination (see Note 9). There is no assurance that the
Company’s plans to consummate a Business Combination will be successful within 9 months (or 21 months, as applicable). The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
In
connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial
Statements Going Concern,” management has determined that mandatory liquidation, should a Business Combination not occur, and potential
subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of
time, which is considered to be one year from the issuance of the financial statements.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The accompanying financial statements are presented
in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and
pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).
The accompanying unaudited financial
statements as of June 30, 2023, and for the three months and six months ended June 30, 2023 have been prepared in accordance with
U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments
(consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months and
six months ended June 30, 2023 are not necessary indicative of the results that may be expected for the period ending December 31,
2023, or any future period.
Emerging
Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholders’ approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accordingly, the actual results could differ significantly from those estimates.
Cash in Escrow
The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of June 30, 2023 and December 31, 2022. The Company had cash held in escrow of 0nil and $37,423 as of June 30, 2023 and December 31,
2022, respectively.
Marketable Securities Held in Trust Account
The Company’s investments held in the
Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end
of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included
in interest and dividends earned on marketable securities held in Trust Account in the accompanying statements
of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As
of June 30, 2023 and December 31, 2022, the Company had $70,235,068
and 0nil
marketable securities held in Trust Account, and the amount of $40,358
and 0nil
can be used as working capital and not subject to redemption, respectively. The available working capital held in Trust Account was the excess amount of $69,690,000
from IPO and any interest and dividends earned which are subject to possible redemption.
During both three
and six months ended June 30, 2023, interest and dividends earned in the Trust Account amounted to $504,710,
which $218,293
were reinvested in the Trust Account, $286,417 was
accrued income on investments held in the Trust Account. During both three and six months ended June 30, 2022, no balance of marketable securities and no related investment income as the account had not opened.
Offering Costs Associated with the Initial Public Offering
The Company complies with the requirements of
ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. Offering costs consisted of legal,
accounting, and other costs incurred that were directly related to the Initial Public Offering. Upon completion of the Initial Public
Offering, offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative
fair value basis, compared to total proceeds received. Offering costs allocated to the Rights were charged to the shareholders’
equity. Offering costs allocated to the ordinary shares were charged against the carrying value of ordinary shares subject to possible
redemption upon the completion of the Initial Public Offering.
Income
Taxes
The
Company complies with the accounting and reporting requirements Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 740, “Income Taxes,” which requires an asset and liability approach to financial
accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws
and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of May 4, 2023, and no amounts were accrued for interest and penalties.
The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation
from its position.
The
Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations
may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with
foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s
tax provision was zero for the periods presented.
On August 16, 2022, the U.S. Government enacted
legislation commonly referred to as the Inflation Reduction Act. The main provisions of the Inflation Reduction Act (the “IR Act”)
that we anticipate may impact us is a 1% excise tax on share repurchases. Any redemption or other repurchase that occurs after December
31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Because there is possibility
that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic corporation becomes parent or
affiliate to the Company and the Company may become a “covered corporation” as a listed Company in Nasdaq. The management
team has evaluated the IR Act as of June 30, 2023 and does not believe it would have a material effect on the Company, and will continue
to evaluate its impact.
Ordinary Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification
(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is
classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares
that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified
as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside
of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible
redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s
balance sheet.
The
Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares
to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to
zero. The interest and dividends earned by the marketable security held in trust, and the extension fee invest into the marketable security held in
trust, were also recognizes in redemption value against additional paid-in capital and accumulated deficit immediately. The proceeds
on the deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest
to pay dissolution expenses) will be used to fund the redemption of the public shares.
Net Income
(Loss) Per Share
The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine the net income (loss) attributable to both
the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable
shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net income (loss) less any dividends
paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between
the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible
redemption was considered to be dividends paid to the public shareholders.
The calculation of diluted net income (loss) per ordinary shares and related weighted average of the ordinary shares does not consider the effect of the rights issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the rights are contingent upon the occurrence of future events. As of June 30, 2023, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised
or converted into ordinary shares in the earnings of the Company. As a result, diluted net income (loss) per ordinary shares is the same
as basic net income (loss) per ordinary share for the periods presented.
The net income (loss) per share presented in the
statements of operations is based on the following:
Schedule of Temporary equity balance
sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2023 |
|
|
For the Three Months Ended June 30, 2022 |
|
|
For the Six Months Ended June 30, 2023 |
|
|
For the Six Months Ended June 30, 2022 |
|
Net income (loss) |
|
$ |
330,839 |
|
|
$ |
(2,300 |
) |
|
$ |
328,989 |
|
|
$ |
(2,300 |
) |
Less: remeasurement to redemption value |
|
|
(16,792,086 |
) |
|
|
- |
|
|
|
(16,792,086 |
) |
|
|
- |
|
Less: Interest
and dividends earned in Trust Account to be allocated to redeemable shares |
|
|
(504,710 |
) |
|
|
- |
|
|
|
(504,710 |
) |
|
|
- |
|
Net (loss)
excluding investment income in Trust Account |
|
$ |
(16,965,957 |
) |
|
$ |
(2,300 |
) |
|
$ |
(16,967,807 |
) |
|
$ |
(2,300 |
) |
Schedule of Basic and diluted net
loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Three Months Ended June 30, 2022 |
|
|
For
the Six Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
Basic
and Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation
of net losses |
|
$ |
(5,213,550 |
) |
|
$ |
(11,752,407 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
(9,229,899 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
Accretion
of temporary equity |
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
- |
|
Accretion
of temporary equity- investment income earned |
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
Allocation
of net income (loss) |
|
$ |
(5,213,550 |
) |
|
$ |
5,544,389 |
|
|
$ |
(2,300 |
) |
|
|
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
8,066,897 |
|
|
$ |
(2,300 |
) |
|
$ |
- |
|
Denominators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding |
|
|
1,917,297 |
|
|
|
4,321,978 |
|
|
|
1,725,000 |
|
|
|
- |
|
|
|
1,821,680 |
|
|
|
2,172,928 |
|
|
|
1,725,000 |
|
|
|
- |
|
Basic
and diluted net income (loss) per share |
|
$ |
(2.72 |
) |
|
$ |
1.28 |
|
|
$ |
(0.00 |
) |
|
|
- |
|
|
$ |
(4.25 |
) |
|
$ |
3.71 |
|
|
$ |
(0.00 |
) |
|
$ |
- |
|
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account held in escrow.
The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
|
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v3.23.2
INITIAL PUBLIC OFFERING
|
6 Months Ended |
Jun. 30, 2023 |
Initial Public Offering |
|
INITIAL PUBLIC OFFERING |
NOTE
3. INITIAL PUBLIC OFFERING
On May 4, 2023, the Company sold 6,900,000 Units (including the issuance of 900,000 Units as a result of the underwriter’s full exercise of the over-allotment) at a price of $10.00 per Unit, generating gross proceeds of $69,000,000 related to the IPO. Each Unit consists of one Ordinary Share and one right to receive two-tenths (2/10) of an Ordinary Share upon the consummation of an Initial Business Combination. Each five rights entitle the holder thereof to receive one Ordinary Share at the closing of a Business Combination. No fractional shares will be issued.
At
June 30, 2023, the ordinary shares reflected in the balance sheet are reconciled in the following table:
Scheduled of common stock subject to possible redemption | |
| | |
Gross proceeds from Public Shares | |
$ | 69,000,000 | |
Less: | |
| | |
Proceeds allocated to public rights | |
| (13,059,498 | ) |
Allocation of offering costs related to ordinary shares | |
| (3,042,588 | ) |
Plus: | |
| | |
Accretion of carrying value to redemption value | |
| 16,792,086 | |
Subsequent measurement of ordinary shares subject to possible redemption (interest and dividends earned in Trust Account) | |
| 504,710 | |
Ordinary shares subject to possible redemption (plus any interest and dividends earned in the Trust Account) | |
$ | 70,194,710 | |
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v3.23.2
PRIVATE PLACEMENT
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement |
|
PRIVATE PLACEMENT |
NOTE
4. PRIVATE PLACEMENT
Concurrently
with the closing of the IPO, the Sponsor purchased an aggregate of 307,000 Private Units at a price of $10.00 per Private Unit for an
aggregate purchase price of $3,070,000 in a Private Placement. The Private Units are identical to the Public Units except with respect
to certain registration rights and transfer restrictions. The proceeds from the Private Units were added to the proceeds from the IPO
to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds
from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable
law), and the Private Units and all underlying securities will expire worthless.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
5. RELATED PARTY TRANSACTIONS
Founder
Shares
On
September 17, 2021, the Company issued 2,875,000
founder shares to the Sponsor (“Founder Shares”) for $25,000.
On December 14, 2022, the Sponsor surrendered
shares for no consideration. All share amounts and related information have been retroactively restated to reflect the share
surrender (see Note 7). As a result of such share surrender, the Sponsor of the Company held 1,725,000 Founder Shares as of December 31, 2022, which include an aggregate of up to 225,000 Ordinary Shares subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part.
On
May 4, 2023, since the underwriters exercised the over-allotment in full, no Founder Shares are subject to forfeiture.
Administrative Services Agreement
The Company entered into an administrative services
agreement, commencing on May 1, 2023, through the earlier of the Company’s consummation of a Business Combination or its liquidation,
to pay to the Sponsor a total of $10,000 per month for office space, secretarial and administrative services provided to members
of the Company’s management team.
Promissory
Note — Sponsor
On
August 11, 2021, the Company issued an unsecured promissory note to the Sponsor which was later amended on January 12,
2022 and January 4, 2023. Pursuant to the promissory note and its amendments (the “Promissory Note”), the Company
may borrow up to an aggregate principal amount of $,
which is non-interest bearing and payable on the earlier of (i) December 31, 2023 or (ii) the consummation of the IPO. On April 6, 2023, the Company transferred all of the cash
balance of $181,573
in the escrow account to the Sponsor, which was deemed to be a partial repayment of the principal owed under the Promissory
Note. On May 4, 2023, the remaining balance was fully repaid upon the consummation of the IPO. As of June 30, 2023 and December 31, 2022, the Company had borrowed an aggregate amount of 0nil and $300,000, respectively, evidenced by the Promissory Note.
Due
from Sponsor
The
balance of $2,300 due from Sponsor as of December 31, 2022 was fully repaid subsequently. As of June 30, 2023, there was no balance due
from Sponsor.
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
6. COMMITMENTS AND CONTINGENCIES
Risks
and Uncertainties
Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
In
February 2022, the Russian Federation and Belarus commenced a military action with the Republic of Ukraine. As a result of this action,
various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further,
the impact of this action and related sanctions on the world economy is not determinable as of the date of this financial statement.
The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of
the date of this financial statement. The management will continuously evaluate the effect to the Company.
Registration
Rights
The
holders of the Founder Shares and Private Placement Units will be entitled to registration rights pursuant to a registration rights
agreement to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to
three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain
“piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a
Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the
Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.
Underwriting
Agreement
The
Company engaged Ladenburg Thalmann & Co. Inc. as its underwriter. The Company granted the underwriter a 45-day option to purchase
up to 900,000 additional Units to cover over-allotments at $10.00 per Unit, less the underwriting discounts and commissions. On May 4,
2023, the underwriters exercised the over-allotment in full.
On
May 4, 2023, the Company paid a cash underwriting commission of 2.0% of the gross proceeds of the IPO, or $1,380,000.
The
underwriters are entitled to a deferred underwriting commission of 2.5% of the gross proceeds of the IPO, or $1,725,000, which will be
paid from the funds held in the Trust Account upon completion of the Company’s initial Business Combination subject to the terms
of the underwriting agreement.
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v3.23.2
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
7. SHAREHOLDERS’ EQUITY
Ordinary
Shares — The Company is authorized to issue 50,000,000 ordinary
shares, with a par value of $0.001 per
share. Holders of the ordinary shares are entitled to one vote for each ordinary share. At December 31, 2022, there was 1,725,000 Ordinary Shares issued and outstanding, of which 225,000 were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full, so that the Sponsor will own 20% of the issued and outstanding shares after the IPO (see Note 5). On May 4, 2023, the underwriter fully exercised the over-allotment option, as such there are no ordinary shares subject to forfeiture.
On
May 4, 2023, the Company issued 307,000 shares to the Sponsor upon the completion of the Private Placement (see Note 4). As of June 30,
2023, there was 2,032,000 Ordinary Shares issued and outstanding.
The
6,900,000 Ordinary Shares issued in the IPO subject to possible redemption are excluded from the shareholders’ equity.
Rights — Except in cases where the Company
is not the surviving Company in a business combination, the holders of the rights will automatically receive 2/10 of an Ordinary Share
upon consummation of the Company’s initial business combination. In the event the Company will not be the surviving company upon
completion of the initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights
in order to receive the 2/10 of an Ordinary Share underlying each right upon consummation of the business combination. As of June 30,
2023, no rights had been converted into Ordinary Shares.
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v3.23.2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
8. FAIR VALUE MEASUREMENTS
The
Company complies with ASC 820, “Fair Value Measurements”, for its financial assets and liabilities that are re-measured and
reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value
at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer
a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.
The
following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used
in order to value the assets and liabilities:
Level
1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which
transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level
2: Observable inputs other than Level inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or
liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level
3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
At
June 30, 2023, assets held in the Trust Account were entirely comprised of marketable securities.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30,
2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such
fair value.
Scheduled of fair value measurements | |
| | | |
| | | |
| | |
At June 30, 2023 | |
Quoted
Prices in
Active
Markets
(Level 1) | | |
Significant
Other
Observable
Inputs
(Level 2) | | |
Significant
Other
Unobservable
Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 70,235,068 | | |
$ | - | | |
$ | - | |
As of June 30, 2022, the Company did not have any assets measured at
fair value on a recurring basis.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
9. SUBSEQUENT EVENTS
The Company has evaluated all events or transactions
that occurred up to August 11, 2023, the date the financial statements were issued, the Company did not identify any other subsequent
events that would have required adjustment or disclosure in the financial statements except the following:
On July 28, 2023, the Company issued an unsecured
promissory note to the Sponsor. Pursuant to the promissory note (the “Second Promissory Note”), the Company may borrow up
to an aggregate principal amount of $500,000, which is non-interest bearing and payable upon the consummation of the Company’s
initial Business Combination. The Second Promissory Note has no conversion feature, and no collateral. The Sponsor waives any and all right, title, interest
or claim of any kind in or to any distribution of or from the Trust Account, and agrees not to seek resources, reimbursement, payment
or satisfaction for any claim against the Trust Account for any reason whatsoever.
In July
2023, the Sponsor paid a total of $54,749 operating expenses on behalf of the Company.
The payments made by the Sponsor were not considered as drawdown of the Second Promissory Note.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The accompanying financial statements are presented
in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and
pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).
The accompanying unaudited financial
statements as of June 30, 2023, and for the three months and six months ended June 30, 2023 have been prepared in accordance with
U.S. GAAP for interim financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments
(consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months and
six months ended June 30, 2023 are not necessary indicative of the results that may be expected for the period ending December 31,
2023, or any future period.
|
Emerging Growth Company |
Emerging
Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholders’ approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accordingly, the actual results could differ significantly from those estimates.
|
Cash in Escrow |
Cash in Escrow
The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of June 30, 2023 and December 31, 2022. The Company had cash held in escrow of 0nil and $37,423 as of June 30, 2023 and December 31,
2022, respectively.
|
Marketable Securities Held in Trust Account |
Marketable Securities Held in Trust Account
The Company’s investments held in the
Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end
of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included
in interest and dividends earned on marketable securities held in Trust Account in the accompanying statements
of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As
of June 30, 2023 and December 31, 2022, the Company had $70,235,068
and 0nil
marketable securities held in Trust Account, and the amount of $40,358
and 0nil
can be used as working capital and not subject to redemption, respectively. The available working capital held in Trust Account was the excess amount of $69,690,000
from IPO and any interest and dividends earned which are subject to possible redemption.
During both three
and six months ended June 30, 2023, interest and dividends earned in the Trust Account amounted to $504,710,
which $218,293
were reinvested in the Trust Account, $286,417 was
accrued income on investments held in the Trust Account. During both three and six months ended June 30, 2022, no balance of marketable securities and no related investment income as the account had not opened.
|
Offering Costs Associated with the Initial Public Offering |
Offering Costs Associated with the Initial Public Offering
The Company complies with the requirements of
ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A – “Expenses of Offering”. Offering costs consisted of legal,
accounting, and other costs incurred that were directly related to the Initial Public Offering. Upon completion of the Initial Public
Offering, offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative
fair value basis, compared to total proceeds received. Offering costs allocated to the Rights were charged to the shareholders’
equity. Offering costs allocated to the ordinary shares were charged against the carrying value of ordinary shares subject to possible
redemption upon the completion of the Initial Public Offering.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 740, “Income Taxes,” which requires an asset and liability approach to financial
accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws
and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of May 4, 2023, and no amounts were accrued for interest and penalties.
The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation
from its position.
The
Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations
may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with
foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s
tax provision was zero for the periods presented.
On August 16, 2022, the U.S. Government enacted
legislation commonly referred to as the Inflation Reduction Act. The main provisions of the Inflation Reduction Act (the “IR Act”)
that we anticipate may impact us is a 1% excise tax on share repurchases. Any redemption or other repurchase that occurs after December
31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Because there is possibility
that the Company may acquire a U.S. domestic corporation or engage in a transaction in which a domestic corporation becomes parent or
affiliate to the Company and the Company may become a “covered corporation” as a listed Company in Nasdaq. The management
team has evaluated the IR Act as of June 30, 2023 and does not believe it would have a material effect on the Company, and will continue
to evaluate its impact.
|
Ordinary Shares Subject to Possible Redemption |
Ordinary Shares Subject to Possible Redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification
(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption is
classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares
that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares are classified
as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside
of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible
redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s
balance sheet.
The
Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares
to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary
shares are affected by charges against additional paid-in capital and accumulated deficit if additional paid in capital equals to
zero. The interest and dividends earned by the marketable security held in trust, and the extension fee invest into the marketable security held in
trust, were also recognizes in redemption value against additional paid-in capital and accumulated deficit immediately. The proceeds
on the deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest
to pay dissolution expenses) will be used to fund the redemption of the public shares.
|
Net Income (Loss) Per Share |
Net Income
(Loss) Per Share
The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” In order to determine the net income (loss) attributable to both
the redeemable shares and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable
shares and non-redeemable shares and the undistributed income (loss) is calculated using the total net income (loss) less any dividends
paid. The Company then allocated the undistributed income (loss) ratably based on the weighted average number of shares outstanding between
the redeemable and non-redeemable shares. Any remeasurement of the accretion to redemption value of the ordinary shares subject to possible
redemption was considered to be dividends paid to the public shareholders.
The calculation of diluted net income (loss) per ordinary shares and related weighted average of the ordinary shares does not consider the effect of the rights issued in connection with the (i) Initial Public Offering, and (ii) the private placement since the exercise of the rights are contingent upon the occurrence of future events. As of June 30, 2023, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised
or converted into ordinary shares in the earnings of the Company. As a result, diluted net income (loss) per ordinary shares is the same
as basic net income (loss) per ordinary share for the periods presented.
The net income (loss) per share presented in the
statements of operations is based on the following:
Schedule of Temporary equity balance
sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2023 |
|
|
For the Three Months Ended June 30, 2022 |
|
|
For the Six Months Ended June 30, 2023 |
|
|
For the Six Months Ended June 30, 2022 |
|
Net income (loss) |
|
$ |
330,839 |
|
|
$ |
(2,300 |
) |
|
$ |
328,989 |
|
|
$ |
(2,300 |
) |
Less: remeasurement to redemption value |
|
|
(16,792,086 |
) |
|
|
- |
|
|
|
(16,792,086 |
) |
|
|
- |
|
Less: Interest
and dividends earned in Trust Account to be allocated to redeemable shares |
|
|
(504,710 |
) |
|
|
- |
|
|
|
(504,710 |
) |
|
|
- |
|
Net (loss)
excluding investment income in Trust Account |
|
$ |
(16,965,957 |
) |
|
$ |
(2,300 |
) |
|
$ |
(16,967,807 |
) |
|
$ |
(2,300 |
) |
Schedule of Basic and diluted net
loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Three Months Ended June 30, 2022 |
|
|
For
the Six Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
Basic
and Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation
of net losses |
|
$ |
(5,213,550 |
) |
|
$ |
(11,752,407 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
(9,229,899 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
Accretion
of temporary equity |
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
- |
|
Accretion
of temporary equity- investment income earned |
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
Allocation
of net income (loss) |
|
$ |
(5,213,550 |
) |
|
$ |
5,544,389 |
|
|
$ |
(2,300 |
) |
|
|
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
8,066,897 |
|
|
$ |
(2,300 |
) |
|
$ |
- |
|
Denominators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding |
|
|
1,917,297 |
|
|
|
4,321,978 |
|
|
|
1,725,000 |
|
|
|
- |
|
|
|
1,821,680 |
|
|
|
2,172,928 |
|
|
|
1,725,000 |
|
|
|
- |
|
Basic
and diluted net income (loss) per share |
|
$ |
(2.72 |
) |
|
$ |
1.28 |
|
|
$ |
(0.00 |
) |
|
|
- |
|
|
$ |
(4.25 |
) |
|
$ |
3.71 |
|
|
$ |
(0.00 |
) |
|
$ |
- |
|
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account held in escrow.
The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Temporary equity balance sheet |
Schedule of Temporary equity balance
sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2023 |
|
|
For the Three Months Ended June 30, 2022 |
|
|
For the Six Months Ended June 30, 2023 |
|
|
For the Six Months Ended June 30, 2022 |
|
Net income (loss) |
|
$ |
330,839 |
|
|
$ |
(2,300 |
) |
|
$ |
328,989 |
|
|
$ |
(2,300 |
) |
Less: remeasurement to redemption value |
|
|
(16,792,086 |
) |
|
|
- |
|
|
|
(16,792,086 |
) |
|
|
- |
|
Less: Interest
and dividends earned in Trust Account to be allocated to redeemable shares |
|
|
(504,710 |
) |
|
|
- |
|
|
|
(504,710 |
) |
|
|
- |
|
Net (loss)
excluding investment income in Trust Account |
|
$ |
(16,965,957 |
) |
|
$ |
(2,300 |
) |
|
$ |
(16,967,807 |
) |
|
$ |
(2,300 |
) |
|
Schedule of Basic and diluted net loss per share |
Schedule of Basic and diluted net
loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Three Months Ended June 30, 2022 |
|
|
For
the Six Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
|
Non-
redeemable shares |
|
|
Redeemable
shares |
|
Basic
and Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation
of net losses |
|
$ |
(5,213,550 |
) |
|
$ |
(11,752,407 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
(9,229,899 |
) |
|
$ |
(2,300 |
) |
|
$ |
- |
|
Accretion
of temporary equity |
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
16,792,086 |
|
|
|
- |
|
|
|
- |
|
Accretion
of temporary equity- investment income earned |
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
504,710 |
|
|
|
- |
|
|
|
- |
|
Allocation
of net income (loss) |
|
$ |
(5,213,550 |
) |
|
$ |
5,544,389 |
|
|
$ |
(2,300 |
) |
|
|
- |
|
|
$ |
(7,737,908 |
) |
|
$ |
8,066,897 |
|
|
$ |
(2,300 |
) |
|
$ |
- |
|
Denominators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding |
|
|
1,917,297 |
|
|
|
4,321,978 |
|
|
|
1,725,000 |
|
|
|
- |
|
|
|
1,821,680 |
|
|
|
2,172,928 |
|
|
|
1,725,000 |
|
|
|
- |
|
Basic
and diluted net income (loss) per share |
|
$ |
(2.72 |
) |
|
$ |
1.28 |
|
|
$ |
(0.00 |
) |
|
|
- |
|
|
$ |
(4.25 |
) |
|
$ |
3.71 |
|
|
$ |
(0.00 |
) |
|
$ |
- |
|
|
X |
- References
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.23.2
INITIAL PUBLIC OFFERING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Initial Public Offering |
|
Scheduled of common stock subject to possible redemption |
Scheduled of common stock subject to possible redemption | |
| | |
Gross proceeds from Public Shares | |
$ | 69,000,000 | |
Less: | |
| | |
Proceeds allocated to public rights | |
| (13,059,498 | ) |
Allocation of offering costs related to ordinary shares | |
| (3,042,588 | ) |
Plus: | |
| | |
Accretion of carrying value to redemption value | |
| 16,792,086 | |
Subsequent measurement of ordinary shares subject to possible redemption (interest and dividends earned in Trust Account) | |
| 504,710 | |
Ordinary shares subject to possible redemption (plus any interest and dividends earned in the Trust Account) | |
$ | 70,194,710 | |
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Scheduled of fair value measurements |
Scheduled of fair value measurements | |
| | | |
| | | |
| | |
At June 30, 2023 | |
Quoted
Prices in
Active
Markets
(Level 1) | | |
Significant
Other
Observable
Inputs
(Level 2) | | |
Significant
Other
Unobservable
Inputs
(Level 3) | |
Marketable Securities held in Trust Account | |
$ | 70,235,068 | | |
$ | - | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.23.2
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
|
May 04, 2023 |
Jul. 23, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Sale of units in initial public offering |
6,000,000
|
|
|
|
|
Sale of units in initial public offering aggragate amount |
$ 60,000,000
|
|
|
|
|
Transaction costs |
|
|
$ 3,752,890
|
|
|
Underwriting fees |
|
|
1,380,000
|
|
|
Deferred underwriting fees |
|
|
1,725,000
|
|
|
Other offering costs |
|
|
647,890
|
|
|
Net proceeds from the IPO |
70,337,513
|
|
69,000,000
|
|
|
Held in the trust account |
$ 69,690,000
|
|
|
|
|
Marketable Securities |
|
|
70,235,068
|
|
$ (0)
|
[custom:CashAndNotSubjectToRedemption-0] |
|
|
40,358
|
|
$ 0
|
Working capital deficit |
|
|
178,289
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Issuance of a promissory note |
|
$ 500,000
|
|
|
|
IPO [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Sale of units in initial public offering |
6,900,000
|
|
|
|
|
Sale of units per share |
$ 10.00
|
|
|
|
|
Sale of units in initial public offering aggragate amount |
$ 69,000,000
|
|
|
|
|
Net proceeds from the IPO |
$ 1,380,000
|
|
|
|
|
Held in the trust account |
|
|
$ 69,690,000
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Sale of units in initial public offering |
900,000
|
|
900,000
|
|
|
Sale of units per share |
|
|
$ 10.00
|
|
|
Over-Allotment Option [Member] | Underwriters [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Sale of units in initial public offering |
900,000
|
|
|
|
|
Sale of units per share |
$ 10.00
|
|
|
|
|
Sale of units in initial public offering aggragate amount |
$ 9,000,000
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Sale of units in initial public offering |
307,000
|
|
307,000
|
|
|
Sale of units per share |
$ 10.00
|
|
$ 10.00
|
|
|
Sale of units in initial public offering aggragate amount |
$ 3,070,000
|
|
$ 3,070,000
|
|
|
Held in the trust account |
|
|
$ 69,690,000
|
|
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Net income (loss) |
$ 330,839
|
$ (2,300)
|
$ 328,989
|
$ (2,300)
|
Less: remeasurement to redemption value |
(16,792,086)
|
|
(16,792,086)
|
|
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(504,710)
|
|
(504,710)
|
|
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$ (16,965,957)
|
$ (2,300)
|
$ (16,967,807)
|
$ (2,300)
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Numerators: |
|
|
|
|
Allocation of net losses |
|
|
$ 328,989
|
$ (2,300)
|
Allocation of net income (loss) |
$ 330,839
|
$ (2,300)
|
328,989
|
(2,300)
|
Non Redeemable Shares [Member] |
|
|
|
|
Numerators: |
|
|
|
|
Allocation of net losses |
(5,213,550)
|
(2,300)
|
(7,737,908)
|
(2,300)
|
Accretion of temporary equity |
|
|
|
|
Accretion of temporary equity- investment income earned |
|
|
|
|
Allocation of net income (loss) |
$ (5,213,550)
|
$ (2,300)
|
$ (7,737,908)
|
$ (2,300)
|
Denominators: |
|
|
|
|
Weighted-average shares outstanding |
1,917,297
|
1,725,000
|
1,821,680
|
1,725,000
|
Basic and diluted net income (loss) per share |
$ (2.72)
|
$ (0.00)
|
$ (4.25)
|
$ (0.00)
|
Redeemable Shares [Member] |
|
|
|
|
Numerators: |
|
|
|
|
Allocation of net losses |
$ (11,752,407)
|
|
$ (9,229,899)
|
|
Accretion of temporary equity |
16,792,086
|
|
16,792,086
|
|
Accretion of temporary equity- investment income earned |
504,710
|
|
504,710
|
|
Allocation of net income (loss) |
$ 5,544,389
|
|
$ 8,066,897
|
|
Denominators: |
|
|
|
|
Weighted-average shares outstanding |
4,321,978
|
|
2,172,928
|
|
Basic and diluted net income (loss) per share |
$ 1.28
|
|
$ 3.71
|
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
May 04, 2023 |
Apr. 06, 2023 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Cash |
$ 0
|
|
$ 0
|
|
|
|
$ 0
|
Cash in escrow |
(0)
|
|
(0)
|
|
|
$ 181,573
|
37,423
|
Marketable securities held in trust account |
70,235,068
|
|
70,235,068
|
|
|
|
(0)
|
Cash and not subject to redemption |
40,358
|
|
40,358
|
|
|
|
$ 0
|
Held in the trust account |
|
|
|
|
$ 69,690,000
|
|
|
Nonoperating Income (Expense) |
504,710
|
$ (0)
|
504,710
|
$ (0)
|
|
|
|
[custom:InterestEarnedInTrustAccounts] |
218,293
|
|
218,293
|
|
|
|
|
[custom:UnrealizedGainLossInTrustAccount] |
286,417
|
|
|
|
|
|
|
Unrecognized tax benefits |
|
|
|
|
0
|
|
|
Accrued interest and penalties |
|
|
|
|
$ 0
|
|
|
Interest to pay dissolution expenses |
|
|
$ 50,000
|
|
|
|
|
Antidilutive shares |
|
|
0
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Held in the trust account |
69,690,000
|
|
$ 69,690,000
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
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Held in the trust account |
$ 69,690,000
|
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$ 69,690,000
|
|
|
|
|
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v3.23.2
INITIAL PUBLIC OFFERING (Details)
|
Jun. 30, 2023
USD ($)
|
Initial Public Offering |
|
Gross proceeds from Public Shares |
$ 69,000,000
|
Proceeds allocated to public rights |
(13,059,498)
|
Allocation of offering costs related to ordinary shares |
(3,042,588)
|
Accretion of carrying value to redemption value |
16,792,086
|
Subsequent measurement of ordinary shares subject to possible redemption (interest and dividends earned in Trust Account) |
504,710
|
Ordinary shares subject to possible redemption (plus any interest and dividends earned in the Trust Account) |
$ 70,194,710
|
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INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
|
6 Months Ended |
May 04, 2023 |
Jun. 30, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
6,000,000
|
|
Sale of units in initial public offering aggragate amount |
$ 60,000,000
|
|
IPO [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
6,900,000
|
|
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$ 10.00
|
|
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$ 69,000,000
|
|
Over-Allotment Option [Member] |
|
|
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|
|
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900,000
|
900,000
|
Sale of units per share |
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$ 10.00
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PRIVATE PLACEMENT (Details Narrative) - USD ($)
|
|
6 Months Ended |
May 04, 2023 |
Jun. 30, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
6,000,000
|
|
Sale of units in initial public offering aggragate amount |
$ 60,000,000
|
|
Private Placement [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Sale of units in initial public offering |
307,000
|
307,000
|
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$ 10.00
|
$ 10.00
|
Sale of units in initial public offering aggragate amount |
$ 3,070,000
|
$ 3,070,000
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Dec. 14, 2022 |
Sep. 17, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 06, 2023 |
Aug. 11, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of shares forfeiture |
|
|
|
$ 225,000
|
|
|
Administrative services |
|
|
$ 10,000
|
|
|
|
Cash in escrow |
|
|
(0)
|
37,423
|
$ 181,573
|
|
Borrowed an aggregate amount |
|
|
0
|
300,000
|
|
|
Due from related party |
|
|
$ (0)
|
$ 2,300
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Surrendered shares |
1,150,000
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
$ 500,000
|
Founder Shares [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Shares issued |
|
2,875,000
|
|
1,725,000
|
|
|
Stockholders [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Aggregate value of shares |
|
$ 25,000
|
|
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
6 Months Ended |
May 04, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Sale of units in initial public offering |
6,000,000
|
|
|
Proceeds from Initial Public Offering |
$ 70,337,513
|
$ 69,000,000
|
|
Over-Allotment Option [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Sale of units in initial public offering |
900,000
|
900,000
|
|
Share price |
|
$ 10.00
|
|
IPO [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Sale of units in initial public offering |
6,900,000
|
|
|
Share price |
$ 10.00
|
|
|
Percentage of cash underwritng commission |
2.00%
|
|
|
Proceeds from Initial Public Offering |
$ 1,380,000
|
|
|
Percentage of underwriting deferred Commission |
2.50%
|
|
|
Gross proceeds from Initial Public Offering |
$ 1,725,000
|
|
|
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v3.23.2
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
6 Months Ended |
12 Months Ended |
May 04, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Common Stock, Shares Authorized |
|
|
50,000,000
|
Common Stock, Par or Stated Value Per Share |
|
|
$ 0.001
|
Common Stock, Shares, issued |
|
2,032,000
|
1,725,000
|
Common Stock, Shares, Outstanding |
|
2,032,000
|
1,725,000
|
Number of shares forfeiture |
|
|
$ 225,000
|
Sale of units in initial public offering |
6,000,000
|
|
|
Ordinary shares subject to possible redemption, shares |
6,900,000
|
|
|
Private Placement [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Sale of units in initial public offering |
307,000
|
307,000
|
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring [Member]
|
Jun. 30, 2023
USD ($)
|
Fair Value, Inputs, Level 1 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Marketable Securities held in Trust Account |
$ 70,235,068
|
Fair Value, Inputs, Level 2 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Marketable Securities held in Trust Account |
|
Fair Value, Inputs, Level 3 [Member] |
|
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|
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|
X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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Golden Star Acquisition (NASDAQ:GODNU)
過去 株価チャート
から 5 2024 まで 7 2024
Golden Star Acquisition (NASDAQ:GODNU)
過去 株価チャート
から 7 2023 まで 7 2024