Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $110,305, compared to a net loss of $126 for the same period in 2022[102]. - The company generated non-operating income of $417,728 from investments held in the Trust Account[102]. Capital Structure - The net proceeds from the initial public offering and private placement amounted to $70,610,000, with $70,207,500 placed in the trust account[104]. - As of March 31, 2023, the company had $348,802 in its operating bank account and working capital of $26,443[107]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2023[111]. Future Obligations and Risks - The company expects to incur significant costs in pursuit of financing and acquisition plans following the initial public offering[103]. - The company has a contractual obligation to pay an affiliate of its Sponsor a monthly fee of $7,500 for office space and administrative support[113]. - The company will cease operations and liquidate if it cannot complete a business combination by November 14, 2023[110]. - The company estimates its annual franchise tax obligations to be $200,000, which may be paid from funds held outside the trust account[105]. - The company may require additional funding through loans from its Sponsor or affiliates to meet working capital needs[108].

Financial Performance - The company reported a net loss of $35,388 for the year ended December 31, 2022, compared to a net loss of $3,308 for the year ended December 31, 2021, indicating a significant increase in operating costs [159]. Liquidity and Capital Structure - As of December 31, 2022, the company had $124,501 in its operating bank account and a working capital deficit of $1,138,861, raising concerns about its liquidity [164]. - The net proceeds from the initial public offering and the sale of Private Placement Units amounted to $70,610,000, with $70,207,500 placed in the Trust Account for future business combinations [162]. - The company has no off-balance sheet arrangements or long-term debt obligations as of December 31, 2022 [168]. Business Operations and Obligations - The company expects to incur significant costs related to being a public company, including legal and financial reporting expenses, as well as due diligence costs for potential business combinations [158]. - The company has a contractual obligation to pay an affiliate of its Sponsor a monthly fee of $7,500 for office space and administrative support, starting from February 9, 2023 [169]. - The company has incurred legal fees of $100,000 related to its initial public offering, which will only be payable upon consummation of a business combination [170]. Future Prospects and Risks - If the company fails to complete a business combination by November 14, 2023, it will cease operations and liquidate, raising substantial doubt about its ability to continue as a going concern [167]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination, with the possibility of withdrawing interest to pay taxes [163]. - The company anticipates that interest earned on the Trust Account will be sufficient to cover its annual franchise tax obligations of $200,000 [163].