Financial Position - As of March 31, 2023, the company had investments held in the Trust Account amounting to $239.8 million, primarily in U.S. government securities[111]. - The company had cash of approximately $88,000 and a working capital deficit of approximately $1,094,000 as of March 31, 2023[111]. - The company may lack the financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[112]. - The company has no long-term debt or significant liabilities other than a monthly fee of $15,000 to an affiliate of the Sponsor for administrative support[120]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of $1,807,666, compared to $8,260,876 for the same period in 2022[110]. - Interest income for the three months ended March 31, 2023 was $2,423,610, while operating expenses totaled $492,689[110]. Trust Account and Shareholder Activity - Stockholders holding 21,422,522 Class A Shares redeemed their shares for a pro rata portion of the funds in the Trust Account, resulting in $222,484,624.02 being removed from the Trust Account[107]. - The company intends to use substantially all funds in the Trust Account to complete an initial business combination[113]. - As of May 15, 2023, approximately $16,382,973 remained in the Trust Account[107]. - As of March 31, 2023, the Class A common stock subject to possible redemption amounts to $234,600,000, classified as temporary equity[123]. Warrants and Derivative Instruments - The Public Warrants and Private Placement Warrants are classified as derivative instruments, with the Public Warrants valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy[126]. - The Company has determined that the Private Placement Warrants are classified within Level 3 of the Fair Value Hierarchy due to the use of unobservable inputs[126]. - The warrants are exercisable to purchase a total of 23,500,000 shares of Class A common stock[129]. Accounting and Risk Management - The Company did not have any dilutive securities as of March 31, 2023, resulting in diluted net income per common share being the same as basic net income per common share[129]. - The Company has not engaged in any hedging activities since inception and does not expect to do so in the future[131]. - Management does not believe that any recently issued accounting standards would have a material effect on the financial statements[130]. - As of March 31, 2023, the Company was not subject to any market or interest rate risk[130]. Fees and Commissions - Upon consummation of the initial business combination, the company will pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc.[121].

Financial Performance - For the year ended December 31, 2022, the company reported a net income of $13,805,233, which included interest income of $3,376,559 and a gain of $12,591,000 from the change in fair value of derivative warrant liability [229]. - The company reported a net income of $13,805,233 for the year ended December 31, 2022, compared to $11,639,507 for the period from February 9, 2021, through December 31, 2021, representing an increase of approximately 18.6% [264]. - Basic and diluted net income per share of Class A common stock was $0.48 for the year ended December 31, 2022, compared to $1.17 for the prior period [264]. - The company’s accumulated deficit decreased to $(8,543,365) as of December 31, 2022, from $(20,563,001) as of December 31, 2021 [262]. - The company’s cash and prepaid expenses totaled $591,496 as of December 31, 2022, down from $1,437,359 as of December 31, 2021 [261]. - The company incurred transaction costs of $13,355,589 related to the IPO, including $4,600,000 in underwriting fees [277]. Capital Structure and Financing - The company generated gross proceeds of $230,000,000 from its initial public offering of 23,000,000 units at a price of $10.00 per unit [231]. - The company may need to seek additional financing to complete its business combination or to redeem public shares, which could involve issuing additional securities or incurring debt [237]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2022 [242]. - The company has a contractual obligation to pay an affiliate of the Sponsor a monthly fee of $15,000 for office space and administrative support, which will accrue until the completion of a business combination [243]. - The company is required to complete a business combination by May 2, 2023, or it will need to cease operations, raising substantial doubt about its ability to continue as a going concern [256]. Trust Account and Working Capital - As of December 31, 2022, the company had $234,600,000 placed in the trust account and $2,817,141 of cash held outside the trust account for working capital purposes [232]. - The company intends to use substantially all funds in the Trust Account to complete an initial business combination, with remaining proceeds for working capital and growth strategies [236]. - The company had cash of $212,232 available for working capital purposes as of December 31, 2022 [277]. - The company reported a working capital deficit of $81,731 and current liabilities of $673,227, which includes $368,804 related to taxes [287]. Operations and Business Combination - The company has not commenced any operations as of December 31, 2022, and will not generate operating revenues until after completing a Business Combination [272]. - The company must complete a Business Combination with a fair market value equal to at least 80% of the net assets held in the Trust Account [278]. - If the Company fails to complete a Business Combination by May 2, 2023, it will cease operations, redeem public shares, and liquidate [288]. - The holders of the Founder Shares have agreed to waive their liquidation rights if the Company fails to complete a Business Combination within the Combination Period [283]. Tax and Regulatory Matters - The net deferred tax assets as of December 31, 2022, amounted to $7,190, compared to $0 as of December 31, 2021, indicating a significant increase in deferred tax assets [360]. - The company's effective tax rate for the year ended December 31, 2022, was 4.4%, influenced by changes in fair value of warrants and valuation allowances [362]. - The Company has identified the United States as its only major tax jurisdiction and does not expect significant changes in unrecognized tax benefits over the next twelve months [312]. Warrants and Derivative Liabilities - The Public Warrants and Private Placement Warrants are classified as liabilities and are measured at fair value at each reporting date [315]. - The fair value of the Public Warrants was classified as Level 1, while the Private Placement Warrants were classified as Level 3 due to the use of unobservable inputs [354]. - As of December 31, 2022, the total fair value of derivative liabilities decreased to $1,399,000 from $13,990,000 as of December 31, 2021, reflecting a change of $12,591,000 [358]. - The company recorded a gain of $12,591,000 on the change in fair value of derivative warrants for the year ended December 31, 2022 [358]. Management and Compensation - The CFO's consulting agreement was amended to a monthly payment of $10,400, with an additional contingent fee of $5,200 per month upon a successful business combination [332]. - The Company agreed to pay a one-time fee of $300,000 to the COO and $150,000 to the CFO upon the consummation of the initial business combination, which has not been accrued as of December 31, 2022 [333]. - The consulting fee for the CFO was amended to $15,600 per month, accruing until the closing of a business combination [366].

Financial Performance - As of September 30, 2022, the company reported a net income of $920,184 for the three months ended September 30, 2022, compared to a net loss of $40,954 for the same period in 2021[116]. - For the nine months ended September 30, 2022, the company achieved a net income of $10,089,460, driven by interest income of $1,436,349 and a gain of $10,230,000 from the change in fair value of derivative warrant liability[117]. Cash and Investments - The company had cash of approximately $215,500 and working capital of approximately $365,300 as of September 30, 2022[115]. - Investments held in the Trust Account amounted to approximately $235.8 million, primarily in U.S. government securities[119]. Public Offering and Business Combination - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000[123]. - The company has until May 2, 2023, to complete an Initial Business Combination, or it will cease operations and liquidate[120]. - The company intends to use substantially all funds in the Trust Account to complete an Initial Business Combination and for working capital of the target business[121]. - The company is required to pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc. upon consummation of the Initial Business Combination[129]. Debt and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022[128][126]. - The company has not engaged in any hedging activities since inception and is not subject to market or interest rate risk as of September 30, 2022[135].

Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $908,400, compared to a net loss of $50,653 for the same period in 2021, reflecting a significant turnaround in performance [118]. - For the six months ended June 30, 2022, the company achieved a net income of $9,169,276, driven by interest income of $404,819 and a gain of $9,995,000 from the change in fair value of derivative warrant liability [120]. - The company recorded an income tax provision of $452,793 for the three months ended June 30, 2022 [118]. Investments and Assets - As of June 30, 2022, the company had approximately $235.0 million in investments held in the Trust Account, primarily in U.S. government securities [121]. - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000, after deducting underwriting commissions of $4,600,000 and other offering costs [125]. - The company has a working capital of approximately $629,000 and current liabilities of approximately $399,800 as of June 30, 2022 [121]. Business Operations and Future Plans - The company is required to complete an initial business combination within 18 months from the closing of the IPO, or it will cease operations and liquidate [124]. - The company intends to use substantially all funds held in the Trust Account to complete an initial business combination, with any remaining proceeds used for working capital [123]. - The company may lack the financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern [122]. Debt and Liabilities - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022 [131][130].

Financial Position - As of March 31, 2022, the company had cash of approximately $511,100 and working capital of approximately $811,000[112] - As of March 31, 2022, the company had no long-term debt or capital lease obligations[124] - The company had investments held in the Trust Account of approximately $234.7 million, primarily in U.S. government securities[114] Income and Revenue - For the three months ended March 31, 2022, the company reported a net income of $8,260,876, which included interest income of $66,601 and a gain of $8,585,000 from the change in fair value of derivative warrant liability[113] - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000, with underwriting commissions of $4,600,000 and other offering costs of $530,022[119] - The total proceeds from the Public Offering and the Private Placement amounted to $242,000,000, with $234,600,000 deposited in a trust account[121] Business Operations - The company intends to use substantially all funds held in the Trust Account to complete an initial business combination[116] - The company is required to complete an initial business combination within 18 months from the closing of the IPO, or it will cease operations and liquidate[118] - Management has determined that if the company is unsuccessful in completing an initial business combination within 18 months, it will raise substantial doubt about the ability to continue as a going concern[115] Risk Management - The company has not engaged in any hedging activities since inception and does not expect to do so[132]

Financial Performance - The company had a net income of $11,639,507 for the period from February 9, 2021, through December 31, 2021, after offsetting formation and administrative costs of $640,595 with net other income of $12,280,102 [241]. - Cash used in operating activities was $1,128,074, primarily due to an increase in the fair value of warrant liabilities of $17,270,000 [246]. - Net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period [262]. - The company applies the two-class method for calculating earnings per share, sharing earnings and losses pro rata between two classes of shares [262]. - Diluted earnings per share of common stock is the same as basic earnings per common stock due to anti-dilutive effects of warrants [262]. Initial Public Offering - The initial public offering generated gross proceeds of $230,000,000 from the sale of 23,000,000 units at a price of $10.00 per unit [243]. - A total of $234,600,000 was placed in the trust account following the initial public offering, with $2,817,141 of cash held outside the trust account for working capital purposes [244]. - The company incurred transaction costs of $13,355,589, which included $4,600,000 in underwriting fees and $8,050,000 in deferred underwriting fees [244]. Trust Account and Working Capital - The company intends to use substantially all funds held in the trust account to complete its business combination, with remaining proceeds allocated for working capital [247]. - As of December 31, 2021, the company had cash of $979,226 held outside the trust account for identifying and evaluating target businesses [248]. - The company plans to repay any working capital loans upon completion of a business combination, with up to $1,500,000 of such loans convertible into private placement units [249]. - The company does not anticipate needing to raise additional funds to meet operating expenditures for at least one year from the issuance date of the financial statements [250]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2021 [251]. Accounting and Valuation - Management believes that recently issued accounting standards will not materially affect financial statements [263]. - As a smaller reporting company, the company is not required to provide detailed market risk disclosures [264]. - Level 1 inputs are observable prices for identical instruments in active markets [264]. - Level 2 inputs include prices for similar instruments in active markets or quoted prices for identical instruments in inactive markets [264]. - Level 3 inputs are unobservable and require the company to develop its own assumptions for valuations [264]. Warrants - The company has 23,500,000 warrants exercisable to purchase Class A common stock [262].

Financial Position - As of September 30, 2021, the company had cash of $48,349 and current liabilities of $554,757, resulting in a working capital deficit of $506,408[98][102]. - The company has no long-term debt or capital lease obligations as of September 30, 2021[109]. Financial Performance - For the three months ended September 30, 2021, the company reported a net loss of $40,954, and a cumulative net loss of $126,155 since inception on February 9, 2021[99]. Fundraising Activities - The company completed the sale of 23,000,000 Public Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000, with underwriting commissions of $4,600,000 and other offering costs of $530,022[103]. - The Private Placement Warrants generated $12,000,000 of proceeds, with a total of 12,000,000 Private Placement Warrants sold at a price of $1.00 each[103]. - Of the total proceeds from the Public Offering and Private Placement, $234,600,000 were deposited in a trust account[105]. - The company does not anticipate needing to raise additional funds beyond those raised in the Public Offering to meet operational expenditures prior to the Initial Business Combination[106]. Business Operations - Upon consummation of the Initial Business Combination, the company will pay a cash fee of 3.5% of the gross proceeds of the Public Offering to B. Riley Securities, Inc.[110]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[117].