Financial Performance - For the three months ended September 30, 2022, the Company reported a net income of $248,109, with interest earned on marketable securities of approximately $519,818[114]. - For the nine months ended September 30, 2022, the Company had a net income of $227,889, offset by general and administrative expenses of approximately $303,472[115]. - The Company had cash of $354,737 outside the Trust Account and a working capital of $467,153 as of September 30, 2022[120]. - Net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding, with 11,843,500 shares from warrants not included in diluted income calculations[130]. IPO and Capital Raising - The Company generated gross proceeds of $100 million from the IPO of 10,000,000 units at an offering price of $10.00 per unit[116]. - The underwriters fully exercised the over-allotment option, purchasing an additional 1,500,000 units, generating gross proceeds of $15 million[117]. - Offering costs related to the IPO were charged to stockholders' equity and allocated between public shares and public rights based on their relative fair values[131]. Business Combination and Future Plans - The Company plans to issue 17.5 million shares of common stock to former security holders of NaturalShrimp upon the closing of the merger[110]. - The proposed business combination with NaturalShrimp is expected to close in the first quarter of 2023, subject to customary closing conditions[111]. - If the Company cannot complete a Business Combination by January 27, 2023, it may proceed to voluntary liquidation[121]. Accounting and Compliance - The company has issued or modified warrants that qualify for equity accounting treatment, recorded as additional paid-in capital upon issuance[129]. - The company is assessing the impact of ASU 2020-06, effective for smaller reporting companies after December 15, 2023, which simplifies accounting for certain financial instruments[132]. - Management believes that no other recently issued accounting pronouncements will materially affect the company's financial statements[133]. - As a smaller reporting company, the company is not required to disclose market risk information[134]. Costs and Expenses - The Company has incurred significant professional costs and expects to continue incurring costs related to being a publicly traded company[121].

IPO and Fundraising - The Company completed its IPO on April 22, 2022, issuing 10,000,000 units at $10.00 per unit, generating gross proceeds of $100,000,000[104] - An additional 1,500,000 units were sold through the underwriters' over-allotment option, generating gross proceeds of $15,000,000[105] - The underwriters are entitled to a cash underwriting discount of 2.0% of the gross proceeds from the IPO, amounting to $2,300,000[112] Financial Position - As of June 30, 2022, the Company had marketable securities in the Trust Account totaling $115,139,177[107] - The Company had cash of $386,487 outside the Trust Account and a working capital of $609,470 as of June 30, 2022[108] - The Company plans to use funds from the Trust Account primarily for acquiring a target business and covering related expenses[107] Financial Performance - The Company reported a net loss of $20,219 for the three and six months ended June 30, 2022, primarily due to general and administrative expenses[103] - The Company expects to incur significant costs related to being a public company and pursuing a Business Combination[109] Business Combination and Liquidation - If a Business Combination is not completed by January 27, 2023, the Company may proceed with voluntary liquidation[109] Accounting Standards - The Financial Accounting Standards Board (FASB) issued ASU 2020-06 to simplify accounting for certain financial instruments, effective for smaller reporting companies for fiscal years beginning after December 15, 2023[119] - ASU 2020-06 eliminates the separation of beneficial conversion and cash conversion features from convertible instruments[119] - The new standard introduces additional disclosures for convertible debt and freestanding instruments indexed to an entity's own equity[119] - The amendments to diluted earnings per share guidance require the use of the if-converted method for all convertible instruments[119] - Management does not believe that any other recently issued accounting pronouncements would have a material effect on the Company's financial statement[120] Market Risk Disclosures - As a smaller reporting company, the Company is not required to make disclosures about market risk[121] Off-Balance Sheet Arrangements - The Company has no off-balance sheet arrangements as of June 30, 2022[110]

IPO and Fundraising - The Company completed its IPO on April 22, 2022, raising gross proceeds of $100 million from the sale of 10 million units at $10.00 per unit [108]. - An additional 1.5 million units were sold through the over-allotment option, generating an extra $15 million in gross proceeds [109]. - The total amount placed in the Trust Account after the IPO and private placement was $115 million, intended for acquiring a target business and covering related expenses [110]. - The underwriters received a cash underwriting discount of 2.0% of the gross proceeds from the IPO, totaling $2 million, with a deferred fee of 3.5% amounting to $3.5 million [117]. - Offering costs related to the IPO were charged to stockholders' equity upon completion, including underwriting, legal, and accounting expenses [123]. Financial Position - As of March 31, 2022, the Company had cash of $150,991 and a working capital deficit of $136,378, which improved to cash of $929,798 and working capital of $706,818 post-IPO [111]. - A promissory note of $500,000 was established with the Sponsor, of which $250,000 was outstanding as of March 31, 2022, and was repaid on April 22, 2022 [114]. - The Company has raised substantial doubt about its ability to continue as a going concern if it cannot complete a business combination within the specified period [112]. Revenue and Expenses - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [105]. - The Company incurred no expenses from inception through March 31, 2022, resulting in no net loss during that period [107]. - The Company anticipates incurring significant professional and transaction costs as it pursues a business combination [112]. Accounting Standards - The Financial Accounting Standards Board issued ASU 2020-06 to simplify accounting for certain financial instruments, effective for smaller reporting companies after December 15, 2023 [125]. - The new standard introduces additional disclosures for convertible debt and amends diluted earnings per share guidance, requiring the use of the if-converted method for all convertible instruments [125]. - Management does not anticipate that recently issued accounting pronouncements will materially affect the Company's financial statements [126]. - As a smaller reporting company, the Company is not required to disclose market risk under Item 3 [127].