2024 Q1 Form 10-K Financial Statement
#000121390024039767 Filed on May 03, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $89.88K | $109.0K | $861.8K |
YoY Change | -74.32% | -48.1% | 291.74% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $89.88K | $109.0K | $861.8K |
YoY Change | -74.32% | -48.1% | 291.74% |
Operating Profit | -$89.88K | -$861.8K | |
YoY Change | -74.53% | 289.91% | |
Interest Expense | $417.8K | $418.6K | $2.122M |
YoY Change | -29.18% | -4.86% | 382.27% |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | $327.9K | $309.6K | $1.260M |
YoY Change | 36.64% | 40.74% | 472.8% |
Income Tax | $84.44K | $27.88K | $262.2K |
% Of Pretax Income | 25.75% | 9.0% | 20.81% |
Net Earnings | $98.81K | $281.8K | $997.9K |
YoY Change | -34.91% | 65.74% | 508.23% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $0.02 | $0.03 | $0.17 |
COMMON SHARES | |||
Basic Shares Outstanding | 4.553M shares | 4.553M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $27.70K | $340.00 | $340.00 |
YoY Change | -99.95% | -100.0% | -100.0% |
Cash & Equivalents | $340.00 | ||
Short-Term Investments | |||
Other Short-Term Assets | $0.00 | $2.190K | $2.190K |
YoY Change | -100.0% | -99.0% | -99.0% |
Inventory | |||
Prepaid Expenses | $2.188K | ||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $27.70K | $2.527K | $2.530K |
YoY Change | -99.95% | -100.0% | -100.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $32.49M | $31.96M | $31.96M |
YoY Change | |||
Other Assets | $0.00 | $144.7K | $144.7K |
YoY Change | |||
Total Long-Term Assets | $32.49M | $32.10M | $32.10M |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $27.70K | $2.527K | $2.530K |
Total Long-Term Assets | $32.49M | $32.10M | $32.10M |
Total Assets | $32.52M | $32.11M | $32.11M |
YoY Change | -42.19% | -42.36% | -42.36% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $85.77K | $149.1K | $149.1K |
YoY Change | -61.01% | 6.46% | 6.46% |
Accrued Expenses | $29.29K | $18.50K | $18.50K |
YoY Change | 192.9% | 85.0% | 85.0% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $1.419M | $1.040M | $1.040M |
YoY Change | 491.1% | ||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.231M | $1.917M | $1.917M |
YoY Change | -31.02% | -32.29% | -32.27% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $2.526M | $2.526M | $2.526M |
YoY Change | |||
Total Long-Term Liabilities | $2.526M | $2.526M | $2.526M |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.231M | $1.917M | $1.917M |
Total Long-Term Liabilities | $2.526M | $2.526M | $2.526M |
Total Liabilities | $4.756M | $4.443M | $4.443M |
YoY Change | 47.1% | 56.94% | 56.98% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$4.729M | -$4.296M | |
YoY Change | -1618.23% | -2790.22% | |
Common Stock | $163.00 | $163.00 | |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$4.729M | -$4.295M | $27.66M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $32.52M | $32.11M | $32.11M |
YoY Change | -42.19% | -42.36% | -42.36% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $98.81K | $281.8K | $997.9K |
YoY Change | -34.91% | 65.74% | 508.23% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$140.2K | -$103.2K | -$653.2K |
YoY Change | -48.68% | -63.15% | 125.06% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$114.4K | -$277.0K | $25.58M |
YoY Change | -1244.2% | -99.5% | -146.53% |
Cash From Investing Activities | -$114.4K | -$277.0K | $25.58M |
YoY Change | -974.38% | -99.5% | -146.53% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $0.00 | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $281.9K | 373.3K | -$24.99M |
YoY Change | 17.48% | -99.33% | -145.17% |
NET CHANGE | |||
Cash From Operating Activities | -$140.2K | -103.2K | -$653.2K |
Cash From Investing Activities | -$114.4K | -277.0K | $25.58M |
Cash From Financing Activities | $281.9K | 373.3K | -$24.99M |
Net Change In Cash | $27.36K | -6.940K | -$56.95K |
YoY Change | -236.54% | -113.88% | -240.87% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$140.2K | -$103.2K | -$653.2K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
25582948 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-54984377 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
54171800 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
2687654 | usd |
CY2022 | us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
100 | usd |
CY2023 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
370000 | usd |
CY2022 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
100000 | usd |
CY2023 | aqu |
Payment To Related Party
PaymentToRelatedParty
|
-97052 | usd |
CY2022 | aqu |
Payment To Related Party
PaymentToRelatedParty
|
-99546 | usd |
CY2023 | aqu |
Proceeds From Promissory Note Bestpath
ProceedsFromPromissoryNoteBestpath
|
490000 | usd |
CY2023 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
25943773 | usd |
CY2022 | aqu |
Payment Of Underwriters Commissions
PaymentOfUnderwritersCommissions
|
812577 | usd |
CY2022 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
631506 | usd |
CY2022 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
300000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-24986721 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
55315017 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-56945 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
40424 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
57284 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
16860 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
339 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
57284 | usd |
CY2022 | aqu |
Initial Classification Of Common Stock Subject To Redemption
InitialClassificationOfCommonStockSubjectToRedemption
|
44011103 | usd |
CY2022 | aqu |
Allocation Of Offering Costs To Common Stock Subject To Redemption
AllocationOfOfferingCostsToCommonStockSubjectToRedemption
|
3714253 | usd |
CY2022 | aqu |
Deferred Offering Costs In Accrued Offering Expenses
DeferredOfferingCostsInAccruedOfferingExpenses
|
2525896 | usd |
CY2023 | aqu |
Accretion Of Common Stock To Redemption Valuetwo
AccretionOfCommonStockToRedemptionValuetwo
|
10332579 | usd |
CY2022 | aqu |
Accretion Of Common Stock To Redemption Valuetwo
AccretionOfCommonStockToRedemptionValuetwo
|
3560360 | usd |
CY2023 | aqu |
Exercise Tax Payable Charged Against Retained Earnings
ExerciseTaxPayableChargedAgainstRetainedEarnings
|
259438 | usd |
CY2023 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
105660 | usd |
CY2023 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
79780 | usd |
CY2023 | aqu |
Other Payable Due To Related Party
OtherPayableDueToRelatedParty
|
99846 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 — Description of Organization and Business Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aquaron Acquisition Corp. (the “Company”) is a newly organized blank check company incorporated as a Delaware corporation on March 11, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on operating business in the new energy sector. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, the Company had not commenced any operations. All activities through December 31, 2023 are related to the Company’s formation and the initial public offering (“IPO” as defined below), and subsequent to the IPO, identifying a target company for an initial business combination. 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 IPO. The Company has selected December 31 as its fiscal year end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s sponsor is Aquaron Investments LLC (the “Sponsor”), a Delaware limited liability company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s IPO became effective on October 3, 2022. On October 6, 2022, the Company consummated the IPO of 5,000,000 units at an offering price of $10.00 per unit (the “Public Units’), generating gross proceeds of $50,000,000. Simultaneously with the IPO, the Company sold to its Sponsor 256,250 units at $10.00 per unit (the “Private Units”) in a private placement generating total gross proceeds of $2,562,500, which is described in Note 4.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company granted the underwriter a 45-day option to purchase up to an additional 750,000 units at the IPO price to cover over-allotments, if any. On October 14, 2022, the underwriters partially exercised the over-allotment option to purchase 417,180 Units (“Over-Allotment Option Units”) at $10.00 per Unit generating total gross proceeds of $4,171,800. On October 14, 2022, simultaneously with the sale of the Over-Allotment Option Units, the Company consummated the Private Placement of an additional 12,515.40 Private Units generating gross proceeds of $125,154.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A total of $54,984,377 of the net proceeds from the sale of the Units in the IPO (including the Over-Allotment Option Units) and the Private Placements on October 6, 2022 and October 14, 2022, were deposited in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust Company as a trustee and will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S. government treasury obligations. These funds will not be released until the earlier of the completion of the initial Business Combination or the liquidation due to the Company’s failure to complete a Business Combination within the applicable period of time. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. In addition, interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations. With these exceptions, expenses incurred by the Company may be paid prior to a business combination only from the net proceeds of the IPO and private placement not held in the Trust Account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Nasdaq listing rules, the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.15 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income tax obligations).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s officers or directors that may hold Insider Shares (as defined in Note 5) (the “Initial Stockholders”) and Chardan have agreed (a) to vote their Insider Shares, Private Shares (as defined in Note 4) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) not to convert any shares (including the Insider Shares) in connection with a stockholder vote to approve, or sell the shares to the Company in any tender offer in connection with, a proposed Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Initial Stockholders and Chardan have agreed (a) to waive their redemption rights with respect to the Insider Shares, Private Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initially, the Company had until 9 months from the closing of the IPO to consummate a Business Combination. In addition, if the Company anticipates that it may not be able to consummate initial business combination within 9 months, the Company’s insiders or their affiliates may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three months each time (for a total of 12 or 15 months to complete a business combination) (the “Combination Period”). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $750,000 ($0.15 per Public Share or an aggregate of $1,500,000) on or prior to the date of the applicable deadline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2023, the Company held a special meeting of stockholders, at which the Company’s stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation (the “Extension Amendment”) and (ii) an amendment (the “Trust Amendment”) to the Investment Management Trust Agreement, dated October 3, 2022, by and between the Company and Continental Stock Transfer & Trust Company to allow the Company to extend the Business Combination Period for a period of three months from July 6, 2023 to October 6, 2023, plus an option for the Company to further extend such date to January 6, 2024, and then on a monthly basis up to four times from January 6, 2024 to May 6, 2024. In connection with the stockholders’ vote at the special meeting, an aggregate of 2,487,090 shares with redemption value of approximately $25,943,773 (or $10.43 per share) of the Company’s common stock were tendered for redemption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2023, October 4, 2023 and December 29, 2023, Bestpath deposited in the Trust Account $210,000, $210,000 and $70,000 (totaling $490,000), respectively, and from January 2024 to May 2024, Bestpath provided loans of $70,000 each month to the Company to fund the amount required to extend the Business Combination Period to May 6, 2024. On May 2, 2024, Bestpath provided a loan of $20,000 to the Company to fund the amount required to extend the Business Combination Period to June 6, 2024. The Company issued an unsecured promissory note of $70,000 each time from January 2024 to May 2024 and $20,000 on May 2, 2024 to Bestpath in exchange for Bestpath depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 30, 2024, the Company held an annual stockholder meeting, at which the Company’s stockholders approved (i) an amendment to the Company’s amended and restated certificate of incorporation and (ii) an amendment to the Investment Management Trust Agreement, dated October 3, 2022 and amended on June 28, 2023, by and between the Company and Continental Stock Transfer & Trust Company to allow the Company to extend the Business Combination Period for up to twelve months on a monthly basis from May 6, 2024 to May 6, 2025. In connection with the stockholders’ vote at the annual meeting, an aggregate of 2,124,738 shares with redemption value of approximately $23.5 million (or $11.04 per share) of the Company’s common stock were tendered for redemption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on 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) divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor and Chardan have agreed to waive their liquidation rights with respect to the Insider Shares and Private Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or Chardan acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.15.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.15 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 23, 2023, the Company entered into an Agreement and Plan of Merger (the “Agreement”) with (i) Bestpath IoT Technology Ltd., a Cayman Islands exempted company (“Holdco”), (ii) Bestpath Group Limited, an exempted company incorporated in Cayman Islands and a direct wholly-owned subsidiary of Holdco (“PubCo”), (iii) Bestpath Merger Sub I Limited, an exempted company incorporated in Cayman Islands and a direct wholly-owned subsidiary of PubCo (“Merger Sub 1”), (iv) Bestpath Merger Sub II Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo (“Merger Sub 2” and, together with PubCo and Merger Sub 1, each an “Acquisition Entity” and collectively, the “Acquisition Entities”), and (v) Bestpath (Shanghai) IoT Technology Co., Ltd., a PRC limited liability company (“Bestpath”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement, (i) Merger Sub 1 will merger with and into the Holdco (the “Initial Merger”) whereby the separate existence of Merger Sub 1 will cease and Holdco will be the surviving corporation of the Initial Merger and become a wholly owned subsidiary of PubCo, and (ii) following confirmation of the effective filing of the Initial Merger, Merger Sub 2 will merge with and into us (the “SPAC Merger”, and together with the Initial Merger, the “Mergers”), the separate existence of Merger Sub 2 will cease and will be the surviving corporation of the SPAC Merger and a direct wholly owned subsidiary of PubCo.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Mergers implies a current equity value of Bestpath at $1.2 billion prior to the closing of the Mergers (the “Closing”). As a result of the Mergers, among other things, (i) each outstanding share in Holdco shall automatically be cancelled, and in exchange for the right to receive newly issued ordinary shares in PubCo (“PubCo Ordinary Shares”) at the Holdco Exchange Ratio; (ii) each outstanding SPAC Unit will be automatically detached; (iii) each unredeemed outstanding share of common stock will be cancelled in exchange for the right to receive one PubCo Ordinary Share, (iv) every five (5) outstanding our rights will be cancelled and cease to exist in exchange for one PubCo Ordinary Share, and (v) each SPAC UPO will automatically be cancelled and cease to exist in exchange for one (1) PubCo UPO. Each outstanding PubCo Ordinary Share will have a value at the time of the Closing of $10.00.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern Consideration</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023, the Company had $339 in cash and working capital deficit of $1,914,142. The Company’s liquidity needs prior to the consummation of the IPO had been satisfied through a payment from the Sponsor of $25,000 for the Insider Shares and the loan under an unsecured promissory note from the Sponsor of $300,000. On February 8, 2023, February 23, 2023, March 31, 2023, and June 26, 2023, the Sponsor provided a loan of $100,000, $140,000, $130,000, and $79,780 (excluding $99,846 converted from amount due to related party), respectively, to be used, in part, for transaction costs related to the Business Combination (see Note 5). On June 29, 2023, October 4, 2023 and December 29, 2023, Bestpath deposited into the Trust Account $210,000, $210,000 and $70,000 (totaling $490,000), respectively, and from January 2024 to April 2024, Bestpath provided loans of $70,000 each month to the Company to fund the amount required to extend the Business Combination Period to May 6, 2024. On May 2, 2024, Bestpath provided a loan of $20,000 to the Company to fund the amount required to extend the Business Combination Period to June 6, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has until June 6, 2024 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution. The Company 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. The Company may need to obtain additional financing either to complete its Business Combination or because it becomes obligated to redeem a significant number of public shares upon consummation of its Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, the Company would only complete such financing simultaneously with the completion of our Business Combination. If the Company is unable to complete its Business Combination because it does not have sufficient funds available, it will be forced to cease operations and liquidate the Trust Account. In addition, following the Business Combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, management has determined that if the Company is unable to complete a Business Combination by June 6, 2024 (unless the Company extends the time to complete a Business Combination), then the Company will cease all operations except for the purpose of liquidating. The date for liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks and Uncertainties </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management has evaluated the impact of persistent inflation and rising interest rates, financial market instability, including the recent bank failures, the lingering effects of the COVID-19 pandemic and certain geopolitical events, including the conflict in Ukraine and the surrounding region, and has concluded that while it is reasonably possible that the risks and uncertainties related to or resulting from these events 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 these risks and uncertainties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this time, it has been determined that the IR Act tax provisions have an impact to the Company’s fiscal 2023 tax provision as there were redemptions by the public stockholders in June 2023; as a result, the Company recorded $259,438 excise tax liability as of December 31, 2023. The Company will continue to monitor for updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision in future periods.</p> | |
CY2023 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2021-03-11 | |
CY2022Q4 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
10 | |
CY2023 | aqu |
Underwriters Option Period From Date Of Initial Public Offering
UnderwritersOptionPeriodFromDateOfInitialPublicOffering
|
P45Y | |
CY2022Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
CY2023 | aqu |
Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
|
P185D | |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
5000001 | usd |
CY2023 | aqu |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | pure |
CY2023 | us-gaap |
Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
|
2487090 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
25943773 | usd |
CY2023Q2 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
70000 | usd |
CY2023Q4 | aqu |
Maximum Net Interest To Pay Dissolution Expenses
MaximumNetInterestToPayDissolutionExpenses
|
50000 | usd |
CY2023 | aqu |
Trust Account Per Share
TrustAccountPerShare
|
10.15 | |
CY2023Q4 | us-gaap |
Equity Fair Value Disclosure
EquityFairValueDisclosure
|
1200000000 | usd |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
CY2023Q4 | us-gaap |
Cash
Cash
|
339 | usd |
CY2023Q4 | us-gaap |
Cumulative Earnings Deficit
CumulativeEarningsDeficit
|
1914142 | usd |
CY2023 | us-gaap |
Line Of Credit Facility Periodic Payment
LineOfCreditFacilityPeriodicPayment
|
25000 | usd |
CY2023Q4 | us-gaap |
Other Long Term Notes Payable
OtherLongTermNotesPayable
|
300000 | usd |
CY2023Q1 | us-gaap |
Loans Payable
LoansPayable
|
100000 | usd |
CY2023Q1 | us-gaap |
Loans Payable
LoansPayable
|
140000 | usd |
CY2023Q1 | us-gaap |
Loans Payable
LoansPayable
|
130000 | usd |
CY2023Q2 | us-gaap |
Loans Payable
LoansPayable
|
79780 | usd |
CY2022Q3 | us-gaap |
Derivative Average Forward Interest Rate
DerivativeAverageForwardInterestRate
|
0.01 | pure |
CY2022Q3 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
|
0.01 | pure |
CY2023 | us-gaap |
Excise And Sales Taxes
ExciseAndSalesTaxes
|
259438 | usd |
CY2023 | us-gaap |
Reclassifications
Reclassifications
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 2 — Revision of Prior Period Financial Information</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the preparation of this Annual Report on Form 10-K, the Company determined that it had not appropriately classified two balance sheet accounts, Investments Held in Trust Account and Deferred Underwriting Commissions, under accounting principles generally accepted in the United States of America (“U.S. GAAP”). Investments Held in Trust Account and Deferred Underwriting Commissions accounts were misclassified as current assets and current liabilities, respectively, on the balance sheets, resulting in misstatements of current and non-current assets accounts and current and non-current liabilities accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Staff Accounting Bulletin (“SAB”) 99, “Materiality”, and SAB 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, the Company evaluated the materiality of the errors from qualitative and quantitative perspectives, individually and in aggregate, and concluded that the errors were material to the Balance Sheet as of October 6, 2022 (IPO date), for the fiscal year ended December 31, 2022, and the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023. Management revised the impacted Balance Sheets for the fiscal year ended December 31, 2022, and the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023. Refer to Note 12 for revised annual and quarterly financial statements.</p> | |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing of financial statements in conformity with U.S. GAAP, the Company’s management makes 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 expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> | |
CY2023Q4 | us-gaap |
Cash
Cash
|
339 | usd |
CY2022Q4 | us-gaap |
Cash
Cash
|
57284 | usd |
CY2023Q4 | us-gaap |
Assets Held In Trust Current
AssetsHeldInTrustCurrent
|
31960267 | usd |
CY2022Q4 | us-gaap |
Assets Held In Trust Current
AssetsHeldInTrustCurrent
|
55421229 | usd |
CY2023Q4 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
2121986 | usd |
CY2022Q4 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
436852 | usd |
CY2023 | us-gaap |
Deferred Policy Acquisition Costs Text Block1
DeferredPolicyAcquisitionCostsTextBlock1
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Deferred Offering Costs</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company complies with the requirements of Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (the “ASC”) Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Offering costs are allocated between public shares and public rights based on the estimated fair values of public shares and public rights at the date of issuance. Deferred offering costs consisted principally of underwriting, legal, accounting and other expenses were charged to stockholders’ equity upon the completion of the IPO on October 6, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
997917 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
164068 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
10332578 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3560360 | usd |
CY2023 | us-gaap |
Temporary Equity Net Income
TemporaryEquityNetIncome
|
-9334661 | usd |
CY2022 | us-gaap |
Temporary Equity Net Income
TemporaryEquityNetIncome
|
-3396292 | usd |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. As of December 31, 2023 and December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p> | |
CY2023 | us-gaap |
Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
|
250000 | usd |
CY2023 | aqu |
Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
|
10332578 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
54171800 | usd |
CY2022 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
6446444 | usd |
CY2022 | aqu |
Allocation Of Offering Costs Related To Redeemable Shares
AllocationOfOfferingCostsRelatedToRedeemableShares
|
-3714253 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3560360 | usd |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
47571463 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
10332578 | usd |
CY2023 | us-gaap |
Temporary Equity Other Changes
TemporaryEquityOtherChanges
|
25943773 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
31960268 | usd |
CY2022Q4 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
5000000 | shares |
CY2022Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
CY2022Q4 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
10 | |
CY2022Q4 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
12515.4 | shares |
CY2021Q2 | aqu |
Common Stock Aggregated Consideration Value
commonStockAggregatedConsiderationValue
|
25000 | usd |
CY2021Q2 | aqu |
Share Issued And Outstanding Percentage
ShareIssuedAndOutstandingPercentage
|
0.20 | pure |
CY2023 | aqu |
Subject To Certain Limited Exceptions Percentage
SubjectToCertainLimitedExceptionsPercentage
|
0.50 | pure |
CY2022Q4 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
200000 | usd |
CY2022Q4 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
100000 | usd |
CY2023Q2 | us-gaap |
Capital Units
CapitalUnits
|
99846 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
99846 | usd |
CY2023Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
97052 | usd |
CY2022Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
99846 | usd |
CY2023 | us-gaap |
Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
|
97052 | usd |
CY2023Q4 | us-gaap |
Other Loans Payable Current
OtherLoansPayableCurrent
|
210000 | usd |
CY2023Q4 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
70000 | usd |
CY2023 | us-gaap |
Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
|
490000 | usd |
CY2022 | us-gaap |
Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
|
0 | usd |
CY2023 | us-gaap |
Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
|
750000 | shares |
CY2023 | us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
812577 | usd |
CY2023 | aqu |
Payments To Acquire Businesses From Amounts Held In Trust Account
PaymentsToAcquireBusinessesFromAmountsHeldInTrustAccount
|
1896013 | usd |
CY2022Q4 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
100 | usd |
CY2022Q4 | us-gaap |
Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
|
97509 | shares |
CY2022Q4 | us-gaap |
Percentage Of Weighted Average Cost Inventory
PercentageOfWeightedAverageCostInventory
|
1.15 | pure |
CY2023Q4 | us-gaap |
Assets Held In Trust Current
AssetsHeldInTrustCurrent
|
31960267 | usd |
CY2022Q4 | us-gaap |
Assets Held In Trust Current
AssetsHeldInTrustCurrent
|
55421229 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
|
174157 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
|
33997 | usd |
CY2023Q4 | aqu |
Amortization Of Startup Cost
AmortizationOfStartupCost
|
2897 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
|
29727 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
|
37144 | usd |
CY2023Q4 | aqu |
Deferred Taxs Asset Gross
DeferredTaxsAssetGross
|
141533 | usd |
CY2022Q4 | aqu |
Deferred Taxs Asset Gross
DeferredTaxsAssetGross
|
-3147 | usd |
CY2023Q4 | aqu |
Deferred Tax Asset Valuation Allowances
DeferredTaxAssetValuationAllowances
|
-3147 | usd |
CY2022Q4 | aqu |
Deferred Tax Asset Valuation Allowances
DeferredTaxAssetValuationAllowances
|
-3147 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
144680 | usd |
CY2023 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
406920 | usd |
CY2022 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
51753 | usd |
CY2023 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
-144680 | usd |
CY2022 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
-4071 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
4071 | usd |
CY2023 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
262240 | usd |
CY2022 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
51753 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.21 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.21 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0 | pure |
CY2023 | aqu |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Transaction Costs Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxTransactionCostsAllowance
|
0.035 | pure |
CY2022 | aqu |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Transaction Costs Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxTransactionCostsAllowance
|
0.049 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
|
-0.037 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
|
0 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
0 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.019 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
|
0.208 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
|
0.24 | pure |
CY2023Q4 | us-gaap |
Tax Credit Carryforward Valuation Allowance
TaxCreditCarryforwardValuationAllowance
|
0 | usd |
CY2022Q4 | us-gaap |
Tax Credit Carryforward Valuation Allowance
TaxCreditCarryforwardValuationAllowance
|
4071 | usd |
CY2023 | us-gaap |
Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
|
262240 | usd |
CY2022 | us-gaap |
Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
|
51753 | usd |
CY2022Q4 | us-gaap |
Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
|
usd | |
CY2022Q4 | us-gaap |
Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
|
usd | |
CY2022 | us-gaap |
Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
|
usd | |
CY2022 | us-gaap |
Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
|
usd | |
CY2023 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
usd | |
CY2022 | aqu |
Cash Withdrawn From Trust Account To Public Stockholder Redemption
CashWithdrawnFromTrustAccountToPublicStockholderRedemption
|
usd | |
CY2022 | aqu |
Cash Deposited Into Trust Account
CashDepositedIntoTrustAccount
|
usd | |
CY2022 | us-gaap |
Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
|
usd | |
CY2023 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
usd | |
CY2023 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
usd | |
CY2023 | us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
usd | |
CY2022 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
usd | |
CY2023 | aqu |
Payment Of Underwriters Commissions
PaymentOfUnderwritersCommissions
|
usd | |
CY2023 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
usd | |
CY2023 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
usd | |
CY2023 | aqu |
Initial Classification Of Common Stock Subject To Redemption
InitialClassificationOfCommonStockSubjectToRedemption
|
usd | |
CY2023 | aqu |
Allocation Of Offering Costs To Common Stock Subject To Redemption
AllocationOfOfferingCostsToCommonStockSubjectToRedemption
|
usd | |
CY2023 | aqu |
Deferred Offering Costs In Accrued Offering Expenses
DeferredOfferingCostsInAccruedOfferingExpenses
|
usd | |
CY2022 | aqu |
Exercise Tax Payable Charged Against Retained Earnings
ExerciseTaxPayableChargedAgainstRetainedEarnings
|
usd | |
CY2022 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
usd | |
CY2022 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
usd | |
CY2022 | aqu |
Other Payable Due To Related Party
OtherPayableDueToRelatedParty
|
usd | |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
usd | |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
usd | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
usd | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
usd | |
CY2022Q4 | aqu |
Amortization Of Startup Cost
AmortizationOfStartupCost
|
usd | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
usd | |
CY2023 | us-gaap |
Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
|
usd | |
CY2022 | us-gaap |
Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
|
usd | |
CY2023 | us-gaap |
Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
|
usd | |
CY2022 | us-gaap |
Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
|
usd | |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
usd | |
CY2023 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2023 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2023 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001861063 |