Financial Performance - For the six months ended June 30, 2023, the company reported a net income of $1,061,931 compared to a net loss of $11,255 for the same period in 2022, driven by interest income of $1,549,326[113]. - The company incurred operating costs of $487,395 for the six months ended June 30, 2023, an increase from $172,165 in the same period of 2022[113]. - For the six months ended June 30, 2023, net cash used in operating activities was $344,341, compared to $21,603 for the same period in 2022[118]. Financial Position - As of June 30, 2023, the company has an accumulated deficit of $4,613,145 and a working capital deficit of $1,734,940, raising substantial doubt about its ability to continue as a going concern[114]. - As of June 30, 2023, the company had cash of $1,164 held outside the Trust Account, primarily for identifying and evaluating target businesses[120]. - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 to the Sponsor for administrative services[124]. Capital Raising - The company raised gross proceeds of $115,000,000 from its Initial Public Offering and an additional $3,300,000 from the sale of Private Units[116]. - The company issued a Promissory Note for up to $2,500,000 to fund transaction costs, with a portion drawn to extend the time for consummating a Business Combination[126]. Investments and Business Combination - At June 30, 2023, the company had investments held in the Trust Account amounting to $59,452,791, which are intended to be used for completing a Business Combination[119]. - The company entered into a Merger Agreement on April 12, 2023, with Future Dao Group Holding Limited, with the Business Combination expected to close prior to the end of 2023[128]. Risk Management - As of June 30, 2023, the company was not subject to any market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government securities and money market funds[136]. - The company believes there will be no material exposure to interest rate risk due to the short-term nature of its investments[136]. Accounting and Reporting - The company applies the two-class method in calculating earnings per share, excluding ordinary shares subject to possible redemption from the basic net loss per ordinary share calculation[134]. - Management does not anticipate that recently issued accounting standards will have a material effect on interim financial statements[135].

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $595,502 compared to a net loss of $3,550 for the same period in 2022[104]. - The company has an accumulated deficit of $3,827,702 and a working capital deficit of $155,946 as of March 31, 2023, raising substantial doubt about its ability to continue as a going concern[105]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 Units on April 5, 2022[107]. - Following the Initial Public Offering, a total of $115,000,000 was placed in the Trust Account, with transaction costs amounting to $5,704,741[108]. Cash Flow and Investments - For the three months ended March 31, 2023, net cash used in investing activities was $59,331,482, while net cash provided by financing activities was $59,295,607[110]. - As of March 31, 2023, the company had investments held in the Trust Account amounting to $58,200,919, intended for completing a Business Combination[111]. - The company had cash of $132,368 held outside of the Trust Account as of March 31, 2023, primarily for identifying and evaluating target businesses[112]. - The company issued a promissory note for up to $1,000,000 to fund transaction costs, with $383,333 drawn to extend the time for consummating a business combination[118]. Shareholder Activity - A total of 5,885,324 public shares were tendered for redemption, leaving 5,614,676 public shares unredeemed[119]. Financing Arrangements - The company does not have any off-balance sheet financing arrangements as of March 31, 2023[115].

Financial Performance - For the year ended December 31, 2022, the company reported a net income of $1,274,669, primarily from interest income of $1,295,815 and an unrealized gain of $377,666 on marketable securities [221]. - As of December 31, 2022, the company had net cash used in operating activities of $87,585, reflecting its current operational status [224]. Initial Public Offering - The company completed its Initial Public Offering on April 5, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units and an additional $3,300,000 from the sale of 330,000 Private Units [222]. - The company incurred total offering costs of $5,704,741, which included $2,300,000 in underwriting fees and $2,875,000 in deferred underwriting fees [240]. Investments and Trust Account - As of December 31, 2022, the company had investments in the Trust Account totaling $116,673,481, which are intended to be used for completing a Business Combination [225]. - At December 31, 2022, the company had cash of $178,652 held outside the Trust Account, which will be used for identifying and evaluating target businesses [226]. Future Expenses and Capital Needs - The company expects to incur increased expenses related to being a public company, including legal and compliance costs, as well as due diligence expenses for potential acquisitions [220]. - The company may need to raise additional capital to complete a Business Combination, which raises substantial doubt about its ability to continue as a going concern if such a transaction is not consummated [228]. Debt and Financial Obligations - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 to the Sponsor for administrative services [230]. - The company issued a promissory note for up to $1,000,000 to fund transaction costs, with an initial draw of $383,333 to extend the time for consummating a Business Combination [232].

Financial Performance - The Company reported a net loss of $11,255 for the six months ended June 30, 2022, compared to a net loss of $11,750 for the same period in 2021[91]. - Net cash used in operating activities was $21,603 for the six months ended June 30, 2022, with no cash used in the same period in 2021[95]. - The Company incurred operating costs of $172,165 for the six months ended June 30, 2022[91]. IPO and Capital Generation - The Company generated gross proceeds of $115,000,000 from the IPO of 11,500,000 units at $10.00 per unit[93]. - Offering costs amounted to $5,704,741, including $2,300,000 in underwriting fees[93]. - The underwriters are entitled to a deferred fee of 2.5% of the gross proceeds of the IPO, amounting to $2,500,000[103]. Future Plans and Commitments - The Company intends to use substantially all funds in the trust account to complete its Business Combination[96]. - The Company has a commitment letter from its Sponsor to provide additional capital ranging from $500,000 to $800,000 as needed through May 31, 2023[100]. - The Company plans to use funds held outside the trust account primarily for identifying and evaluating target businesses[97]. Debt and Financing - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2022[101].

Financial Performance - The company reported a net loss of $3,550 for the three months ended March 31, 2022, which consisted entirely of operating costs [85]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination [84]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on April 5, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit [87]. - Offering costs for the IPO amounted to $5,704,741, including $2,300,000 in underwriting fees and $2,875,000 in deferred underwriting fees [87]. - The underwriters are entitled to a deferred fee of 2.5% of the gross proceeds from the IPO, amounting to $2,500,000, payable upon the closing of a Business Combination [97]. Use of Funds - The company intends to use substantially all funds held in the trust account to complete its Business Combination, with net proceeds from the IPO and private placement totaling $115,682,250 [90]. - The company plans to use funds held outside the trust account primarily for identifying and evaluating target businesses [91]. Financial Commitments and Expectations - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2022 [95]. - The company has a commitment letter from its Sponsor to provide additional capital ranging from $500,000 to $800,000 for operations through May 31, 2023 [94]. - The company expects to incur increased expenses due to being a public company, including legal and compliance costs [84].