$BNIX
Bannix Acquisition Corp. Stock $bnix

$bnix Overview Financials Valuation SEC Filings Company Website

2023 Q2 Form 10-K Financial Statement

#000173112223000634 Filed on April 11, 2023

Income Statement

Concept	2023 Q2	2022 Q4	2022
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$490.1K	$257.3K	$1.001M
YoY Change	90.48%	-6.66%	152.95%
Operating Profit	-$490.1K		-$1.001M
YoY Change	90.48%
Interest Expense	$340.0K	$630.5K	$1.089M
YoY Change	638.65%	41932.67%	72475.33%
% of Operating Profit
Other Income/Expense, Net	$336.3K	$4.060K	$1.271M
YoY Change	417.69%	-99.85%	-43.24%
Pretax Income	-$153.8K	$377.3K	$270.4K
YoY Change	5.13%	-83.99%	-85.35%
Income Tax	$85.58K	$160.0K	$223.3K
% Of Pretax Income		42.42%	82.58%
Net Earnings	-$239.4K	$217.2K	$47.11K
YoY Change	63.62%	-90.78%	-97.45%
Net Earnings / Revenue
Basic Earnings Per Share	-$0.04		$0.00
Diluted Earnings Per Share	-$0.04	$0.02	$0.01
COMMON SHARES
Basic Shares Outstanding	5.464M shares	9.424M shares	9.424M shares
Diluted Shares Outstanding	5.464M shares		9.424M shares

Balance Sheet

Concept	2023 Q2	2022 Q4	2022
SHORT-TERM ASSETS
Cash & Short-Term Investments	$130.0K	$19.26K	$19.26K
YoY Change	-12.55%	-95.52%	-95.52%
Cash & Equivalents	$0.00	$0.00
Short-Term Investments
Other Short-Term Assets	$20.00K	$26.30K	$26.30K
YoY Change	-81.7%	-84.68%	-84.68%
Inventory
Prepaid Expenses		$26.30K
Receivables
Other Receivables
Total Short-Term Assets	$153.0K	$45.55K	$45.55K
YoY Change	-40.68%	-92.42%	-92.42%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$31.31M	$71.42M	$71.42M
YoY Change	-55.1%
Other Assets
YoY Change
Total Long-Term Assets	$31.31M	$71.42M	$71.42M
YoY Change	-55.1%	2.48%	2.48%
TOTAL ASSETS
Total Short-Term Assets	$153.0K	$45.55K	$45.55K
Total Long-Term Assets	$31.31M	$71.42M	$71.42M
Total Assets	$31.46M	$71.47M	$71.47M
YoY Change	-55.05%	1.67%	1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$510.0K	$272.6K	$272.6K
YoY Change	83.42%	30.45%	30.45%
Accrued Expenses	$410.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$440.0K	$0.00	$0.00
YoY Change
Long-Term Debt Due	$0.00	$0.00
YoY Change
Total Short-Term Liabilities	$3.030M	$1.432M	$1.432M
YoY Change	799.23%	501.95%	501.95%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$240.0K	$237.2K	$237.2K
YoY Change	-8.24%	-93.52%	-93.52%
Total Long-Term Liabilities	$240.0K	$237.2K	$237.2K
YoY Change	-8.24%	-93.52%	-93.52%
TOTAL LIABILITIES
Total Short-Term Liabilities	$3.030M	$1.432M	$1.432M
Total Long-Term Liabilities	$240.0K	$237.2K	$237.2K
Total Liabilities	$3.271M	$1.736M	$1.736M
YoY Change	446.57%	-55.5%	-55.5%
SHAREHOLDERS EQUITY
Retained Earnings	-$2.672M	-$1.268M
YoY Change	420.52%	357.37%
Common Stock	$39.62K	$39.62K
YoY Change	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$14.38K	$14.38K
YoY Change	0.0%	0.0%
Treasury Stock Shares
Shareholders Equity	-$2.646M	-$1.243M	$69.73M
YoY Change
Total Liabilities & Shareholders Equity	$31.46M	$71.47M	$71.47M
YoY Change	-55.05%	1.67%	1.67%

Cashflow Statement

Concept	2023 Q2	2022 Q4	2022
OPERATING ACTIVITIES
Net Income	-$239.4K	$217.2K	$47.11K
YoY Change	63.62%	-90.78%	-97.45%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$160.0K	-$429.1K	-$683.2K
YoY Change	101.18%	405.41%	105.44%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities	-$230.0K	-$690.0K	-$641.0K
YoY Change			-99.08%
Cash From Investing Activities	-$230.0K	-$690.0K	-$641.0K
YoY Change			-99.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	510.0K	914.0K	$914.0K
YoY Change			-98.7%
NET CHANGE
Cash From Operating Activities	-160.0K	-429.1K	-$683.2K
Cash From Investing Activities	-230.0K	-690.0K	-$641.0K
Cash From Financing Activities	510.0K	914.0K	$914.0K
Net Change In Cash	120.0K	-205.1K	-$410.2K
YoY Change	-250.89%	141.61%	-195.51%
FREE CASH FLOW
Cash From Operating Activities	-$160.0K	-$429.1K	-$683.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022	binxu	Investment Of Cash Into Trust Account InvestmentOfCashIntoTrustAccount	690000	usd
	binxu	Investment Of Cash Into Trust Account InvestmentOfCashIntoTrustAccount	69690000	usd
CY2022	binxu	Withdrawal From Trust Account To Pay Taxes WithdrawalFromTrustAccountToPayTaxes	49010	usd
CY2022	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-640990	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-69690000	usd
CY2022	binxu	Proceeds From Sellers In Stock Purchase Agreement ProceedsFromSellersInStockPurchaseAgreement	200000	usd
CY2022	us-gaap	Proceeds From Payments For Long Term Loans For Related Parties ProceedsFromPaymentsForLongTermLoansForRelatedParties	23960	usd
CY2022	binxu	Proceeds From Promissory Note To Instant Fame ProceedsFromPromissoryNoteToInstantFame	690000	usd
CY2022	binxu	Underwriter Discount UnderwriterDiscount	1845000	usd
	binxu	Underwriter Discount UnderwriterDiscount	1845000	usd
	us-gaap	Proceeds From Issuance Initial Public Offering ProceedsFromIssuanceInitialPublicOffering	67155000	usd
	binxu	Proceeds From Issuance Of Private Placement Units ProceedsFromIssuanceOfPrivatePlacementUnits	2460000	usd
	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	28750	usd
	us-gaap	Deferred Finance Costs Ownshare Lending Arrangement Issuance Costs Adjustment DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment	509759	usd
	us-gaap	Increase Decrease In Notes Payable Current IncreaseDecreaseInNotesPayableCurrent	300000	usd
	binxu	Loans From Sponsors LoansFromSponsors	-1017994	usd
CY2022	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	913960	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	70451985	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-410187	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	429444	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	429444	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	19257	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	429444	usd
	binxu	Initial Value Of Warrant Liabilities InitialValueOfWarrantLiabilities	345100	usd
	binxu	Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital	225000	usd
	binxu	Initial Value Of Common Stock Subject To Possible Redemption InitialValueOfCommonStockSubjectToPossibleRedemption	54491136	usd
CY2022	binxu	Accretions Of Common Stock Subject To Possible Redemption To Redemption Value AccretionsOfCommonStockSubjectToPossibleRedemptionToRedemptionValue	12902071	usd
	binxu	Accretions Of Common Stock Subject To Possible Redemption To Redemption Value AccretionsOfCommonStockSubjectToPossibleRedemptionToRedemptionValue	3580177	usd
	binxu	Repurchase Of Treasury Stock Included In Due To Related Parties RepurchaseOfTreasuryStockIncludedInDueToRelatedParties	7000	usd
	binxu	Repurchase Of Treasury Stock Included In Loans Payable Sponsors RepurchaseOfTreasuryStockIncludedInLoansPayableSponsors	7375	usd
	binxu	Repayment Of Loans And Promissory Note To Sponsor Through Issuance Of Private Placement Units RepaymentOfLoansAndPromissoryNoteToSponsorThroughIssuanceOfPrivatePlacementUnits	1105369	usd
	binxu	Offering Costs Paid By Sponsor OfferingCostsPaidBySponsor	50000	usd
	binxu	Additional Capital Contribution Via Forfeiture Of Loan From Sponsor AdditionalCapitalContributionViaForfeitureOfLoanFromSponsor	270000	usd
	binxu	Stock Dividend On Founder Shares StockDividendOnFounderShares	2875	usd
	binxu	Value Of Representative Shares ValueOfRepresentativeShares	2864970	usd
CY2022	binxu	Reverse Over Accrual Of Delaware Franchise Tax ReverseOverAccrualOfDelawareFranchiseTax	48830	usd
CY2022	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_801_eus-gaap--NatureOfOperations_zMfKpm4wYw5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><span id="b_006"/>NOTE 1 — <span id="xdx_827_z3z0TstG4NT3">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 32.4pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><i>Organization and General</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 32.4pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Bannix Acquisition Corp. (the “Company”) is a newly organized blank check company incorporated in the state of Delaware on January 21, 2021. The Company was formed for the purpose of effecting mergers, capital stock exchange, asset acquisitions, stock purchases, reorganization or similar business combinations with one or more businesses (“Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target with respect to the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">As of December 31, 2022, the Company had not commenced any operations. All activity for the period from January 21, 2021 (inception) through December 31, 2022, relates to the Company’s formation and the initial public offering (the “IPO”) (as defined below) and the Company’s search for a target for an initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and non-operating income or expense from the changes in the fair value of warrant liabilities. 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; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Financing</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company’s original sponsors were Subash Menon and Sudeesh Yezhuvath (through their investment entity Bannix Management LLP), Suresh Yezhuvath (“Yezhuvath”) and Seema Rao (“Rao”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">On October 20, 2022, pursuant to a Securities Purchase Agreement (“SPA”), Instant Fame LLC, a Nevada limited liability company controlled by a U.S. person (“Instant Fame”) (the “new Sponsors”), acquired an aggregate of 385,000 shares of common stock of the Company from Bannix Management LLP, Balaji Venugopal Bhat, Nicholos Hellyer, Subbanarasimhaiah Arun, Vishant Vora and Suresh Yezhuvath and 90,000 private placement units from Suresh Yezhuvath (collectively, the “Sellers”) in a private transaction. The Sellers immediately loaned the entire proceeds to the Company for the working capital requirements of the Company. This loan will be forfeited by the Sellers upon liquidation or business combination. In connection with this transaction, all parties agreed that there will be certain changes to the Board of Directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">As a result of the above, Subash Menon resigned as Chief Executive Officer and Chairman of the Board of Directors of the Company and Nicholas Hellyer resigned as Chief Financial Officer, Secretary and Head of Strategy. Douglas Davis was appointed as the Chief Executive Officer of the Company. Further, Balaji Venugopal Bhat, Subbanarasimhaiah Arun and Vishant Vora resigned as Directors of the Company. Mr. Bhat, Mr. Arun and Mr. Vora served on the Audit Committee with Mr. Bhat serving as the committee chair. Mr. Bhat, Mr. Arun and Mr. Vora served on the Compensation Committee with Mr. Arun serving as the committee chair.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Board was also increased from two to seven and Craig Marshak and Douglas Davis were appointed as Co-Chairmans of the Board of Directors effective immediately. Further, Jamal Khurshid, Eric T. Shuss and Ned L. Siegel were appointed to the Board of Directors of the Company effective ten days after the mailing of a Schedule 14f Information Statement. The resignations referenced above were not the result of any disagreement with management or the Board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">On November 10, 2022, Sudeesh Yezhuvath resigned as a director of the Company for personal reasons. The resignation was not the result of any disagreements with management or the Board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Due to vacancies as results of board members departure, on November 11, 2022 the Board made the following decisions: (i) Jamie Khurshid, Ned Siegel and Eric Shuss each have been identified as being financially literate and independent under the SEC and Nasdaq Rules shall be appointed to the Audit Committee to serve until their successors are qualified and appointed with such appointment subject to the mailing of that certain Schedule 14F Information Statement. Mr. Khurshid will chair the audit committee. (ii) Mr. Siegel, Mr. Shuss and Craig Marshak each have been identified as being independent under the SEC and Nasdaq Rules shall be appointed to the Compensation Committee to serve until their successors are qualified and appointed with such appointment subject to the mailing of that certain Schedule 14F Information Statement. (iii) Messrs. Davis and Marshak shall be appointed as Class III directors, Subash Menon will be appointed as a Class I director and, subject to the mailing of the Schedule 14F Information Statement, Messrs. Khurshid, Siegel and Shuss shall be appointed as the Class II directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The registration statements for the Company’s IPO were declared effective on September 9, 2021 and September 10, 2021 (the “Effective Date”). On September 14, 2021, the Company consummated its IPO of 6,900,000 units at $10.00 per unit (the “Units”), which is discussed in Note 2. Each Unit consists of one share of common stock (the “Public Shares”), one redeemable warrant to purchase one share of common stock at a price of $11.50 per share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Concurrent with the IPO, the Company consummated the issuance of 406,000 private placement units (the “Private Placement Units”) as follows: the Company sold 181,000 Private Placement Units to certain investors for aggregate cash proceeds of $2,460,000 and issued an additional 225,000 private placement units to the Sponsor in exchange for the cancellation of $1,105,000 in loans and a promissory note due to them (see Note 5). Each Private Placement Unit consists of one share of common stock, one redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of the Business Combination. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private Placement Units, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Transaction costs incurred related to the IPO were $8,746,087, consisting of $1,845,000 in underwriter’s discount paid at the time of the offering, $225,000 in underwriting expense to be paid in the future, $2,861,040 in fair value of representative shares to the underwriters, $3,244,453 in fair value of Anchor Investors shares, $10,834 fair value of Associate shares and $559,760 in other offering costs. Of the total incurred, $33,223 was allocated to the warrants and charged to expense and $8,712,864 was charged to temporary equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Trust Account</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Following the closing of the IPO on September 14, 2021, an amount of $69,690,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the IPO and Private Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from this offering and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 15 months from the closing of this offering, or within any period of extension, subject to applicable law. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">On December 13, 2022, the Company issued an unsecured promissory note (the “Note”) in favor of Instant Fame, in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20221213__us-gaap--LongtermDebtTypeAxis__custom--UnsecuredPromissoryNoteMember_zuUBw4UyFJq5" title="Principal amount">690,000</span>. The proceeds of the Note were utilized by the Company to obtain the first three-month extension of the period for the Company to consummate a business combination. The Company has until March 14, 2023, unless extended, to consummate a Business Combination. The Note does not bear interest and matures upon closing of a Business Combination by the Company. If the Company fails to consummate a Business Combination, the outstanding debt under the Note will be forgiven, except to the extent of any funds held outside of the Company’s trust account after paying all other fees and expenses of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">On March 8, 2023, the Company held a special meeting and approved the date by which the Company must consummate a business combination to April 14, 2023. Associated with the extension of the deadline to consummate a business combination, $<span id="xdx_907_ecustom--AdditionalFunds_iI_c20230308__us-gaap--PledgedStatusAxis__us-gaap--DepositsMember_zZXEU7sYoHzd" title="Additional funds">75,000</span> of additional funds have been deposited into the Trust Account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">In March 2023, the Company issued an unsecured promissory note (the “March 2023 Note”) in favor of Instant, in the principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20230331__us-gaap--LongtermDebtTypeAxis__custom--UnsecuredPromissoryNoteMember_zC4iHfpJ4LC5" title="Principal amount">75,000</span>. The proceeds of the March 2023 Note were utilized by the Company to obtain a one-month extension of the period for the Company to consummate a Business Combination. The March 2023 Note does not bear interest and matures upon closing of a Business Combination by the Company. If the Company fails to consummate a Business Combination, the outstanding debt under the March 2023 Note will be forgiven, except to the extent of any funds held outside of the Company’s Trust Account after paying all other fees and expenses of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><i>Initial Business Combination</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.5pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company had 15 months from the closing of the offering to consummate the initial Business Combination. However, if the Company anticipates that it may not be able to consummate the initial Business Combination within 15 months, the Company may, by resolution of the board if requested by the initial stockholders, extend the period of time to consummate a Business Combination up to two times, each by an additional three months (for a total of up to 21 months to complete a Business Combination) (the “Combination Period”), subject to the new Sponsors depositing additional funds into the Trust Account as set out below. Pursuant to the terms of the bylaws and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company on the date of this prospectus, in order to extend the time available for the Company to consummate the initial Business Combination, the new Sponsors, upon five days advance notice prior to the applicable deadline, must deposit into the Trust Account for each three-month extension, $690,000 ($0.10 per share in either case) on or prior to the date of the applicable deadline, up to an aggregate of $1,380,000, or approximately $0.20 per share. In the event that the Company receives notice from the new Sponsors five days prior to the applicable deadline of its wish for the Company to effect an extension, the Company intends to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition, the Company intends to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited. The new Sponsors and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination. If the Company is unable to consummate the initial Business Combination within the applicable time period, the Company will, promptly but not more than ten business days thereafter, redeem the Public Shares for a pro rata portion of the funds held in the Trust Account and promptly following such redemption, subject to the approval of the remaining stockholders and the board of directors, dissolve and liquidate, subject in each case to the obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. In such event, the rights and warrants will be worthless. Additionally, pursuant to Nasdaq rules, any initial Business Combination must be approved by a majority of the independent directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">On December 13, 2022, the Company extended the Combination period by three months from December 14, 2022 to March 14, 2023 with a deposit of $<span id="xdx_903_ecustom--InvestmentOfCashIntoTrustAccount_c20221212__20221213_z1zNBnHULZCl" title="Investment of cash into Trust Account">690,000</span> ($0.10 per share) in the Trust Account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">On March 8, 2023, the Company held a special meeting and approved the date by which the Company must consummate a business combination to April 14, 2023. Associated with the extension of the deadline to consummate a business combination, $<span id="xdx_903_ecustom--AdditionalFunds_iI_c20230308__us-gaap--PledgedStatusAxis__us-gaap--DepositsMember_zinsGTkURlga" title="Additional funds">75,000</span> of additional funds have been deposited into the Trust Account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company anticipates structuring the initial Business Combination so that the post-transaction company in which the public stockholders’ own shares will own or acquire substantially all of the equity interests or assets of the target business or businesses. The Company may, however, structure the initial Business Combination such that the post-transaction company owns or acquires less than substantially all of such interests or assets of the target business in order to meet certain objectives of the target management team or stockholders or for other reasons, but the Company will only complete such 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 of 1940, as amended (the “Investment Company Act”). Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, the stockholders prior to the initial Business Combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and the Company in the Business Combination transaction. For example, the Company could pursue a transaction in which the Company issue a substantial number of new shares in exchange for all of the outstanding capital stock of shares or other equity interests. In this case, the Company would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, the stockholders immediately prior to the initial Business Combination could own less than a majority of the outstanding shares subsequent to the initial Business Combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test. If the initial Business Combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses even if the acquisitions of the target businesses are not closed simultaneously.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"><br/> Although the Company believes that the net proceeds of the offering will be sufficient to allow the Company to consummate a Business Combination, because the Company has not yet identified any prospective target business, the Company cannot ascertain the capital requirements for any particular transaction. If the net proceeds of this offering prove to be insufficient, either because of the size of the Business Combination, the depletion of the available net proceeds in search of a target business, or because the Company becomes obligated to redeem a significant number of the Public Shares upon consummation of the initial Business Combination, the Company will be required to seek additional financing, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. Furthermore, the Company may issue a substantial number of additional shares of common or preferred stock to complete the initial Business Combination or under an employee incentive plan upon or after consummation of the initial Business Combination. The Company does not have a maximum debt leverage ratio or a policy with respect to how much debt the Company may incur. The amount of debt the Company will be willing to incur will depend on the facts and circumstances of the proposed Business Combination and market conditions at the time of the potential Business Combination. At this time, the Company is not party to any arrangement or understanding with any third party with respect to raising additional funds through the sale of the securities or the incurrence of debt. Subject to compliance with applicable securities laws, the Company would only consummate such financing simultaneously with the consummation of the initial Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Nasdaq rules require that the initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding advisory fees and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. If the board is not able to independently determine the fair market value of the target business or businesses, the Company will obtain an opinion from an independent investment banking firm or an independent accounting firm with respect to the satisfaction of such criteria. The Company does not intend to purchase multiple businesses in unrelated industries in connection with the initial Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely at its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.10 per 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 tax obligations plus additional deposits to extend the Combination Period).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The initial carrying value of the common stock subject to redemption is recorded at an amount equal to the proceeds of the public offering less (i) the fair value of the public warrants and less (ii) offering costs allocable to the common stock sold as part of the units in the IPO. Such initial carrying value is classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company’s amended and restated certificate of incorporation provides that in no event will it redeem the public shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 both immediately before and after the consummation of the Business Combination (so that the Company is not subject to the SEC’s “penny stock” rules). Redemptions of the Company’s public shares may also be subject to a higher net tangible asset test or cash requirement pursuant to an agreement relating to the Business Combination. For example, the Business Combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the Business Combination. In the event the aggregate cash consideration the Company would be required to pay for all shares of common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the Business Combination exceed the aggregate amount of cash available to the Company, it will not complete the Business Combination or redeem any shares, and all shares of common stock submitted for redemption will be returned to the holders thereof.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The new Sponsors, officers and directors and Representative (as defined in Note 6) have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares (as defined below) and Public Shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within the Combination Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company’s new Sponsors have agreed that they will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.46 per Public Share (subject to increase of up to an additional $75,000 per month in the event that our sponsors elect to extend the period of time to consummate a business combination as set forth in the Extension Amendment) and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.46 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its new Sponsors to reserve for such indemnification obligations, nor has the Company independently verified whether its new Sponsors have sufficient funds to satisfy its indemnity obligations and believe that the Company’s new Sponsors’ only assets are securities of the Company. Therefore, the Company cannot assure that its new Sponsors would be able to satisfy those obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><i>Liquidity, Capital Resources, and Going Concern</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 32.4pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">As of December 31, 2022, the Company had $<span id="xdx_90B_eus-gaap--Cash_c20221231_pp0p0" title="Cash">19,257</span> in cash and a working capital deficit of $<span id="xdx_90A_ecustom--WorkingCaptial_iI_c20221231_znn9ykTUHav2" title="Working captial">1,025,509</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company’s liquidity needs through December 31, 2022, were satisfied through (1) a capital contribution from the Sponsors of $<span id="xdx_902_eus-gaap--OtherLiabilitiesCurrent_iI_c20221231__us-gaap--RelatedAndNonrelatedPartyStatusAxis__us-gaap--RelatedPartyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SpansorsMember_z97kRMHt5dL7" title="Due to Related Parties">28,750</span> for common stock (“Founder Shares”) and (2) loans from Sponsors and new Sponsors and related parties in order to pay offering costs and other working capital needs. In addition, in order to fund transaction costs in connection with a possible Business Combination, the Company’s new Sponsors, an affiliate of the new Sponsors, and/or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans. As of December 31, 2022 and 2021, there were no loans associated with the Working Capital Loans. As of December 31, 2022 and 2021, the Company owed $<span id="xdx_901_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20221231__us-gaap--RelatedAndNonrelatedPartyStatusAxis__us-gaap--RelatedPartyMember_z2lIDDd6KJci" title="Due to Related Parties, Current">1,002,850</span> and $<span id="xdx_908_eus-gaap--OtherLiabilitiesCurrent_iI_c20211231__us-gaap--RelatedAndNonrelatedPartyStatusAxis__us-gaap--RelatedPartyMember_zw9OPqB3hfph" title="Due to Related Parties, Current">28,890</span> to Sponsors, new Sponsors and related parties. See Note 5 for further disclosure of Sponsor, new Sponsors and related party loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Based on the foregoing, management believes that the Company may not have sufficient funds and borrowing capacity to meet its operating needs through the consummation of a Business Combination through the extended term of the Company which expires on April 14, 2023 (as extended). Over this time period, the Company will be utilizing the funds in the operating bank account to pay existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. As of the date of the filing of this report, management has indicated that it does intend to extend the term of the Company after its initial term expires.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The Company is within 12 months of its mandatory liquidation date as of the date of the filing of this report. In connection with the Company’s assessment of going concern considerations, the Company has until April 14, 2023 (as extended) to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by that time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company has determined that the insufficient funds to meet the operating needs of the Company through the liquidation date as well as the mandatory liquidation, should a business combination not occur, and potential subsequent dissolution raise substantial doubt about our ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><i>Risks and Uncertainties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 32.4pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Management is currently evaluating the impact of the COVID-19 pandemic on the Company and has concluded that while it is reasonably possible that the virus 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 this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Consideration of Inflation Reduction Act Excise Tax</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">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 of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt; text-align: justify; text-indent: 22.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">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; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Investment Company Act 1940</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Under the current rules and regulations of the SEC we are not deemed an investment company for purposes of the Investment Company Act; however, on March 30, 2022, the SEC proposed new rules (the “Proposed Rules”) relating, among other matters, to the circumstances in which SPACs such as us could potentially be subject to the Investment Company Act and the regulations thereunder. The Proposed Rules provide a safe harbor for companies from the definition of “investment company” under Section 3(a)(1)(A) of the Investment Company Act, provided that a SPAC satisfies certain criteria. To comply with the duration limitation of the proposed safe harbor, a SPAC would have a limited time period to announce and complete a de-SPAC transaction. Specifically, to comply with the safe harbor, the Proposed Rules would require a company to file a Current Report on Form 8-K announcing that it has entered into an agreement with a target company for an initial business combination no later than 18 months after the effective date of the SPAC’s registration statement for its initial public offering. The company would then be required to complete its initial business combination no later than 24 months after the effective date of such registration statement. There is currently uncertainty concerning the applicability of the Investment Company Act to a SPAC, including a company like ours. Although we entered into a definitive business combination agreement within 18 months after the effective date of our registration statement relating to our initial public offering, there is a risk that we may not complete our initial business combination within 24 months of such date. As a result, it is possible that a claim could be made that we have been operating as an unregistered investment company. If we were deemed to be an investment company for purposes of the Investment Company Act, we may be forced to abandon our efforts to complete an initial business combination and instead be required to liquidate. If we are required to liquidate, our investors would not be able to realize the benefits of owning stock in a successor operating business, including the potential appreciation in the value of our stock and warrants following such a transaction. Currently, the funds in our trust account are held only in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. The Investment Company Act defines an investment company as any issuer which (i) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; (ii) is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or (iii) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of Government securities and cash items) on an unconsolidated basis. On or immediately prior to the 24-month anniversary of the effective date of our registration statement relating to our initial public offering, we intend to review and assess our primary line of business and the value of our investment securities as compared to the value of our total assets to determine whether we may be deemed an investment company. The longer that the funds in the trust account are held in money market funds, there is a greater risk that we may be considered an unregistered investment company. In the event we are deemed an investment company under the Investment Company Act, whether based upon our activities, the investment of our funds, or as a result of the Proposed Rules being adopted by the SEC, we may determine that we are required to liquidate the money market funds held in our trust account and may thereafter hold all funds in our trust account in cash until the earlier of consummation of our business combination or liquidation. As a result, if we were to switch all funds to cash, we will likely receive minimal interest, if any, on the funds held in our trust account after such time, which would reduce the dollar amount our public stockholders would receive upon any redemption or liquidation of our Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q4	binxu	Investment Of Cash Into Trust Account InvestmentOfCashIntoTrustAccount	690000	usd
CY2022Q4	us-gaap	Cash Cash	19257	usd
CY2022Q4	binxu	Working Captial WorkingCaptial	1025509	usd
CY2022Q4	binxu	Withdrawn Amount WithdrawnAmount	49010	usd
CY2022	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_843_eus-gaap--UseOfEstimates_zxNMroLb5Gc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><i><span id="xdx_862_zXEHDLuNLUr8">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 32.4pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">The preparation of these financial statements in conformity with US GAAP requires management to make 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 amounts of expenses during the reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Making estimates requires management to exercise significant judgement. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 12.5pt; text-align: justify; text-indent: 22pt"> </p>
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	0	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	0	usd
CY2022	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zRFSqFIIb3v9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><b><i><span id="xdx_86E_zzfNxtIVYV7g">Concentration of Credit Risk</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 32.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $<span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_c20221231_zwAPIkOnr05j" title="Federal Depository Insurance">250,000</span>. The Company has not experienced losses on these accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.4pt"> </p>
CY2022Q4	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000	usd
CY2022	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-92863	usd
CY2022Q4	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	7306000	shares
CY2022Q4	binxu	Private Placement Units Acquired PrivatePlacementUnitsAcquired	1453900	usd
CY2022Q4	binxu	Component Of Stockholders Equity ComponentOfStockholdersEquity	1253900	usd
CY2022	us-gaap	Temporary Equity Issue Period Increase Or Decrease TemporaryEquityIssuePeriodIncreaseOrDecrease	12994286	usd
	us-gaap	Proceeds From Stock Plans ProceedsFromStockPlans	69000000	usd
	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	8712864	usd
	binxu	Proceeds Allocated To Public Warrants ProceedsAllocatedToPublicWarrants	5796000	usd
	binxu	Remeasurement Of Shares Subject To Redemption RemeasurementOfSharesSubjectToRedemption	3580177	usd
CY2021Q4	binxu	Common Stock Subject To Possible Redemption CommonStockSubjectToPossibleRedemption	58071313	usd
CY2022	binxu	Remeasurement Of Shares Subject To Redemption RemeasurementOfSharesSubjectToRedemption	12902071	usd
CY2022Q4	binxu	Common Stock Subject To Possible Redemption CommonStockSubjectToPossibleRedemption	70973384	usd
CY2022Q4	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	7306000	shares
	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-82782	usd
CY2022	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	45007	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	47107	usd
	us-gaap	Net Income Loss NetIncomeLoss	-277203	usd
CY2022	binxu	Weighted Average Shares Of Common Stock WeightedAverageSharesOfCommonStock	9424000	shares
	binxu	Weighted Average Shares Of Common Stock WeightedAverageSharesOfCommonStock	4785051	shares
CY2022	binxu	Basic And Diluted Loss Per Share BasicAndDilutedLossPerShare	0.00
	binxu	Basic And Diluted Loss Per Share BasicAndDilutedLossPerShare	-0.06
CY2021Q3	us-gaap	Shares Issued Price Per Share SharesIssuedPricePerShare	7.48
CY2021Q3	binxu	Aggregate Value AggregateValue	972400	usd
CY2021Q3	binxu	Founder Shares FounderShares	130000	shares
CY2022	us-gaap	Share Based Compensation ShareBasedCompensation	972400	usd
CY2022	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	2460000	usd
CY2022Q4	binxu	Private Placement Units Acquired PrivatePlacementUnitsAcquired	1453900	usd
CY2022Q4	binxu	Component Of Stockholders Equity ComponentOfStockholdersEquity	1253900	usd
CY2022Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	0	usd
CY2021Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	0	usd
CY2022Q4	us-gaap	Subordinated Debt SubordinatedDebt	300000	usd
CY2022	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement	30000	usd
CY2022	us-gaap	Proceeds From Payments For Long Term Loans For Related Parties ProceedsFromPaymentsForLongTermLoansForRelatedParties	23960	usd
CY2022	binxu	Proceeds From Sellers In Stock Purchase Agreement ProceedsFromSellersInStockPurchaseAgreement	200000	usd
CY2022	binxu	Proceeds From Promissory Note To Instant Fame ProceedsFromPromissoryNoteToInstantFame	690000	usd
CY2022	us-gaap	Payment For Administrative Fees PaymentForAdministrativeFees	60000	usd
CY2022Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2022Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	2524000	shares
CY2022Q4	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	6900000	shares
CY2022Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2022	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	-38139	usd
	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	-20242	usd
CY2022	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	197999	usd
	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	103024	usd
CY2022	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	223282	usd
CY2021Q4	us-gaap	Fair Value Net Asset Liability FairValueNetAssetLiability	194880	usd
CY2022	binxu	Change In Fair Value Of Private Warrants ChangeInFairValueOfPrivateWarrants	182700	usd
CY2022Q4	us-gaap	Fair Value Net Asset Liability FairValueNetAssetLiability	12180	usd
	binxu	Initial Fair Value Of Private Warrants InitialFairValueOfPrivateWarrants	345100	usd
	binxu	Change In Fair Value ChangeInFairValue	150220	usd
CY2021Q4	us-gaap	Fair Value Net Asset Liability FairValueNetAssetLiability	194880	usd
CY2022Q4	us-gaap	Deferred Set Up Costs Noncurrent DeferredSetUpCostsNoncurrent	301024	usd
CY2021Q4	us-gaap	Deferred Set Up Costs Noncurrent DeferredSetUpCostsNoncurrent	72992	usd
CY2022Q4	binxu	Deferred Tax Asset Unrealized Gainloss Trust DeferredTaxAssetUnrealizedGainlossTrust	66997	usd
CY2021Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	24132	usd
CY2021Q4	binxu	Deferred Tax Assets State Net Operating Loss DeferredTaxAssetsStateNetOperatingLoss	5901	usd
CY2022Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	234027	usd
CY2021Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	103024	usd
CY2022Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	301024	usd
CY2021Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	103024	usd
CY2022Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	66997	usd
CY2022	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	111278	usd
CY2022Q4	us-gaap	Operating Loss Carryforwards OperatingLossCarryforwards	0	usd
CY2021Q4	us-gaap	Operating Loss Carryforwards OperatingLossCarryforwards	114913	usd
CY2022	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	197999	usd
	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	103024	usd
CY2022	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	7	pure
	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0.05	pure
CY2022	binxu	Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrant Liability EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantLiability	-0.18	pure
	binxu	Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrant Liability EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantLiability	0.14	pure
CY2022	binxu	Effective Income Tax Rate Reconciliation Warrant Issuance Costs EffectiveIncomeTaxRateReconciliationWarrantIssuanceCosts	0.000	pure
	binxu	Effective Income Tax Rate Reconciliation Warrant Issuance Costs EffectiveIncomeTaxRateReconciliationWarrantIssuanceCosts	-0.03	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	0.73	pure
	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	-0.37	pure
CY2022	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.83	pure
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0	pure

Files In Submission

Name	View Source	Status
FilingSummary.xml	Edgar Link	unprocessable
0001731122-23-000634-index-headers.html	Edgar Link	pending
0001731122-23-000634-index.html	Edgar Link	pending
0001731122-23-000634.txt	Edgar Link	pending
0001731122-23-000634-xbrl.zip	Edgar Link	pending
binxu-20221231.xsd	Edgar Link	pending
e4583_10k.htm	Edgar Link	pending
e4583_ex31-1.htm	Edgar Link	pending
e4583_ex32-1.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
binxu-20221231_cal.xml	Edgar Link	unprocessable
binxu-20221231_lab.xml	Edgar Link	unprocessable
binxu-20221231_def.xml	Edgar Link	unprocessable
binxu-20221231_pre.xml	Edgar Link	unprocessable
e4583_10k_htm.xml	Edgar Link	completed
R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
R16.htm	Edgar Link	pending
R17.htm	Edgar Link	pending
R18.htm	Edgar Link	pending
R19.htm	Edgar Link	pending
R2.htm	Edgar Link	pending
R20.htm	Edgar Link	pending
R21.htm	Edgar Link	pending
R22.htm	Edgar Link	pending
R23.htm	Edgar Link	pending
R24.htm	Edgar Link	pending
R25.htm	Edgar Link	pending
R26.htm	Edgar Link	pending
R27.htm	Edgar Link	pending
R28.htm	Edgar Link	pending
R29.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
R30.htm	Edgar Link	pending
R31.htm	Edgar Link	pending
R32.htm	Edgar Link	pending
R33.htm	Edgar Link	pending
R34.htm	Edgar Link	pending
R35.htm	Edgar Link	pending
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R37.htm	Edgar Link	pending
R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$BNIX
Bannix Acquisition Corp. Stock $bnix

2023 Q2 Form 10-K Financial Statement

#000173112223000634 Filed on April 11, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$BNIX Bannix Acquisition Corp. Stock $bnix

2023 Q2 Form 10-K Financial Statement

#000173112223000634 Filed on April 11, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$BNIX
Bannix Acquisition Corp. Stock $bnix