$BOCN
Blue Ocean Acquisition Corp

2022 Q4 Form 10-K Financial Statement

#000114036123015009 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $283.9K $1.244M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $283.9K $1.244M
YoY Change 41.48% 481.01%
Operating Profit -$1.244M
YoY Change
Interest Expense $1.633M $2.676M
YoY Change 33023.12% 54187.02%
% of Operating Profit
Other Income/Expense, Net $654.9K $11.23M
YoY Change -73.08% 361.48%
Pretax Income $2.004M $12.66M
YoY Change 14.1% 626.27%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $2.004M $12.66M
YoY Change 14.1% 626.27%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.08 $0.53
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $627.6K $627.6K
YoY Change -40.26% -40.26%
Cash & Equivalents $627.6K
Short-Term Investments
Other Short-Term Assets $236.0K $236.0K
YoY Change -17.18% -17.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $863.7K $863.7K
YoY Change -35.34% -35.34%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $196.2M $196.2M
YoY Change 1.38% 1.38%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $196.2M $196.2M
YoY Change 1.26% 1.26%
TOTAL ASSETS
Total Short-Term Assets $863.7K $863.7K
Total Long-Term Assets $196.2M $196.2M
Total Assets $197.1M $197.1M
YoY Change 1.01% 1.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $686.7K $686.7K
YoY Change 391.05% 391.05%
Accrued Expenses $0.00 $0.00
YoY Change -100.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $686.7K $686.7K
YoY Change 354.92% 354.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.852M $8.852M
YoY Change -55.91% -55.91%
Total Long-Term Liabilities $8.852M $8.852M
YoY Change -55.91% -55.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $686.7K $686.7K
Total Long-Term Liabilities $8.852M $8.852M
Total Liabilities $9.538M $9.538M
YoY Change -52.85% -52.85%
SHAREHOLDERS EQUITY
Retained Earnings -$8.675M
YoY Change -53.49%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.675M $187.6M
YoY Change
Total Liabilities & Shareholders Equity $197.1M $197.1M
YoY Change 1.01% 1.01%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $2.004M $12.66M
YoY Change 14.1% 626.27%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$102.8K -$411.9K
YoY Change -82.34% -30.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -11.11K
YoY Change -100.0% -100.01%
NET CHANGE
Cash From Operating Activities -102.8K -411.9K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 -11.11K
Net Change In Cash -102.8K -423.0K
YoY Change -109.93% -140.26%
FREE CASH FLOW
Cash From Operating Activities -$102.8K -$411.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001856961
CY2022 bocn Period To Redeem Public Shares If Business Combination Is Not Completed Within Initial Combination Period
PeriodToRedeemPublicSharesIfBusinessCombinationIsNotCompletedWithinInitialCombinationPeriod
P10D
CY2022 dei Auditor Firm
AuditorFirmId
688
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022 dei Document Type
DocumentType
10-K
CY2022 dei Document Annual Report
DocumentAnnualReport
true
CY2022 dei Document Period End Date
DocumentPeriodEndDate
2022-12-31
CY2022 dei Document Transition Report
DocumentTransitionReport
false
CY2022 dei Entity File Number
EntityFileNumber
001-41112
CY2022 dei Entity Registrant Name
EntityRegistrantName
Blue Ocean Acquisition Corp.
CY2022 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
E9
CY2022 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1593951
CY2022 dei Entity Address Address Line1
EntityAddressAddressLine1
2 Wisconsin Circle
CY2022 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
20815
CY2022 dei Entity Address Address Line2
EntityAddressAddressLine2
7th Floor
CY2022 dei Entity Address City Or Town
EntityAddressCityOrTown
Chevy Chase
CY2022 dei Entity Address State Or Province
EntityAddressStateOrProvince
MD
CY2022 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
20815
CY2022 dei City Area Code
CityAreaCode
240
CY2022 dei Local Phone Number
LocalPhoneNumber
235-5049
CY2022 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2022 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2022 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2022 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2022 dei Entity Small Business
EntitySmallBusiness
true
CY2022 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2022 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2022 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2022 dei Entity Shell Company
EntityShellCompany
true
CY2022Q2 dei Entity Public Float
EntityPublicFloat
145001923
CY2022 dei Auditor Name
AuditorName
Marcum LLP
CY2022 dei Auditor Location
AuditorLocation
New York, NY
CY2022Q4 us-gaap Cash
Cash
627628
CY2021Q4 us-gaap Cash
Cash
1050670
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
236042
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
285020
CY2022Q4 us-gaap Assets Current
AssetsCurrent
863670
CY2021Q4 us-gaap Assets Current
AssetsCurrent
1335690
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
0
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
236041
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
196226283
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
193549933
CY2022Q4 us-gaap Assets
Assets
197089953
CY2021Q4 us-gaap Assets
Assets
195121664
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
576727
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
139852
CY2022Q4 us-gaap Accounts Payable Underwriters Promoters And Employees Other Than Salaries And Wages Current
AccountsPayableUnderwritersPromotersAndEmployeesOtherThanSalariesAndWagesCurrent
0
CY2021Q4 us-gaap Accounts Payable Underwriters Promoters And Employees Other Than Salaries And Wages Current
AccountsPayableUnderwritersPromotersAndEmployeesOtherThanSalariesAndWagesCurrent
11105
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
110000
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
0
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
686727
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
150957
CY2022Q4 bocn Accounts Payable Underwriters Promoters And Employees Other Than Salaries And Wages Non Current
AccountsPayableUnderwritersPromotersAndEmployeesOtherThanSalariesAndWagesNonCurrent
806823
CY2021Q4 bocn Accounts Payable Underwriters Promoters And Employees Other Than Salaries And Wages Non Current
AccountsPayableUnderwritersPromotersAndEmployeesOtherThanSalariesAndWagesNonCurrent
806823
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1403438
CY2021Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
12629625
CY2022Q4 bocn Deferred Underwriting Fee Payable Non Current
DeferredUnderwritingFeePayableNonCurrent
6641250
CY2021Q4 bocn Deferred Underwriting Fee Payable Non Current
DeferredUnderwritingFeePayableNonCurrent
6641250
CY2022Q4 us-gaap Liabilities
Liabilities
9538238
CY2021Q4 us-gaap Liabilities
Liabilities
20228655
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
196226283
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
193545000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8675042
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18652465
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-8674568
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-18651991
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
197089953
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
195121664
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1243831
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
214079
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-1243831
us-gaap Operating Income Loss
OperatingIncomeLoss
-214079
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
854167
us-gaap Investment Income Interest
InvestmentIncomeInterest
4933
CY2022 bocn Transaction Costs Allocated To Warrant Liabilities
TransactionCostsAllocatedToWarrantLiabilities
0
bocn Transaction Costs Allocated To Warrant Liabilities
TransactionCostsAllocatedToWarrantLiabilities
480506
CY2022 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1822183
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0
CY2022 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
11226187
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
2432625
CY2022 us-gaap Net Income Loss
NetIncomeLoss
12658706
us-gaap Net Income Loss
NetIncomeLoss
1742973
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-18651991
CY2022 bocn Redeemable Ordinary Shares Accretion To Redemption Value
RedeemableOrdinarySharesAccretionToRedemptionValue
2681283
CY2022 us-gaap Net Income Loss
NetIncomeLoss
12658706
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-8674568
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
0
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
25000
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
0
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1015
bocn Adjustments To Additional Paid In Capital Cash Paid In Excess Of Fair Value For Private Warrants
AdjustmentsToAdditionalPaidInCapitalCashPaidInExcessOfFairValueForPrivateWarrants
1752750
bocn Redeemable Ordinary Shares Accretion To Redemption Value
RedeemableOrdinarySharesAccretionToRedemptionValue
22173729
us-gaap Net Income Loss
NetIncomeLoss
1742973
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-18651991
CY2022 us-gaap Net Income Loss
NetIncomeLoss
12658706
us-gaap Net Income Loss
NetIncomeLoss
1742973
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
854167
us-gaap Investment Income Interest
InvestmentIncomeInterest
4933
CY2022 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1822183
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-11226187
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-2432625
CY2022 bocn Transaction Costs Allocated To Warrant Liabilities
TransactionCostsAllocatedToWarrantLiabilities
0
bocn Transaction Costs Allocated To Warrant Liabilities
TransactionCostsAllocatedToWarrantLiabilities
480506
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-48979
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
285020
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-236041
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
236041
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
436874
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
139852
CY2022 bocn Increase Decrease In Noncurrent Accrued Liabilities
IncreaseDecreaseInNoncurrentAccruedLiabilities
0
bocn Increase Decrease In Noncurrent Accrued Liabilities
IncreaseDecreaseInNoncurrentAccruedLiabilities
0
CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
110000
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
0
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-411937
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-595288
CY2022 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
193545000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-193545000
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
186505000
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9225000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000
CY2022 bocn Proceeds From Issuance Of Common Stock To Anchor Investor
ProceedsFromIssuanceOfCommonStockToAnchorInvestor
0
bocn Proceeds From Issuance Of Common Stock To Anchor Investor
ProceedsFromIssuanceOfCommonStockToAnchorInvestor
1015
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
165340
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
165340
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
11105
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
565057
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11105
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
195190958
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-423042
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1050670
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1050670
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
627628
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1050670
CY2022 bocn Offering Costs Included In Accrued Offering Costs
OfferingCostsIncludedInAccruedOfferingCosts
0
bocn Offering Costs Included In Accrued Offering Costs
OfferingCostsIncludedInAccruedOfferingCosts
817928
CY2022 bocn Deferred Underwriting Fee Charged To Additional Paid In Capital
DeferredUnderwritingFeeChargedToAdditionalPaidInCapital
6641250
bocn Deferred Underwriting Fee Charged To Additional Paid In Capital
DeferredUnderwritingFeeChargedToAdditionalPaidInCapital
6641250
CY2022 bocn Initial Measurement Of Warrants Issued In Connection With Initial Public Offering Accounted For As Liabilities
InitialMeasurementOfWarrantsIssuedInConnectionWithInitialPublicOfferingAccountedForAsLiabilities
0
bocn Initial Measurement Of Warrants Issued In Connection With Initial Public Offering Accounted For As Liabilities
InitialMeasurementOfWarrantsIssuedInConnectionWithInitialPublicOfferingAccountedForAsLiabilities
15062250
CY2022 bocn Change In Common Stock Subject To Possible Redemption
ChangeInCommonStockSubjectToPossibleRedemption
2681283
bocn Change In Common Stock Subject To Possible Redemption
ChangeInCommonStockSubjectToPossibleRedemption
22173729
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 63pt;"> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">NOTE 1.</div> </td> <td style="vertical-align: top; width: auto;"> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Blue Ocean Acquisition Corp (the “Company”) is a blank check company incorporated in the Cayman Islands on March 26, 2021. The Company was formed for the purpose of effectuating a merger, capital share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). 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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2022, the Company had not yet commenced any operations. All activity for the period March 26, 2021 (inception), through December 31, 2022, relates to the Company’s formation and the initial public offering (the “Public Offering”) which is described below. 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 from the proceeds derived from the Public Offering. The Company has selected December 31 as its fiscal year end.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The registration statement for the Company’s Public Offering was declared effective on December 6, 2021 (the “Effective Date”). On December 7, 2021, the Company consummated the Public Offering of 16,500,000 units (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units being offered, the “Public Shares”), generating gross proceeds of $165,000,000 which is described in Note 3. Each Unit consists of one Class A ordinary share of the Company (the “Public Shares”) and <span style="-sec-ix-hidden:Fact_da564c805eaf4cbbbe97b541fe26700f">one-half</span> of one redeemable warrant (the “Public Warrants”). On December 9, 2021, the underwriters fully exercised the over-allotment option and purchased 2,475,000 units (the “Over-Allotment Option Units”) at a price of $10.00 per Over-Allotment Option Unit, generating gross proceeds of $24,750,000.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Simultaneously with the closing of the Public Offering, the Company consummated the sale of 8,235,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant that closed in a private placement to Blue Ocean Sponsor LLC (the “Sponsor”) and Apollo SPAC Fund I, L.P. (“Apollo” or “Anchor Investor”) simultaneously with the closing of the Public Offering (see Note 4). On December 9, 2021, the Company consummated the sale of additional 990,000 Private Placement Warrants (the “Additional Private Placement Warrants”) with the Sponsor at a price of $1.00 per Private Placement Warrant, generating total proceeds of $990,000.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">Transaction costs amounted to $12,517,335, consisting of $3,795,000 in cash underwriting fees, $6,641,250 of deferred underwriting fees, </span>$1,248,100 of offering costs related to the fair value of the Founder Shares sold to Anchor Investor, <span style="color: rgb(0, 0, 0);">and $832,985 of other offering costs.</span></div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Following the closing of the Public Offering, the sale of the Private Placement Warrants, the sale of the Over-Allotment Option Units and the sale of the Additional Private Placement Shares, an amount of $193,545,000 ($10.20 per Public Unit) was placed in a trust account (the “Trust Account”), located in the United States and will be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination 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”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Public Offering, management has agreed that $10.20 per Unit sold in the Public Offering, including the proceeds from the sale of the Private Placement Warrants, will be held in a trust account (the “Trust Account”) and may or may not be 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 185 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, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company will provide its holders of the outstanding Public Shares (the “public shareholders”) 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 shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Memorandum and Articles of Association provides that, a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent. </div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The public shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.20 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). The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These shares of Class A ordinary shares are recorded at a redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s Sponsor and Apollo have agreed (a) to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Memorandum and Articles of Association relating to shareholders’ rights of pre-Business Combination activity and (d) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor and Apollo will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Public Offering if the Company fails to complete its Business Combination.</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">If the Company is unable to complete a Business Combination within 18 months (or up to 21 months if the period of time to consummate a business combination is extended) from the closing of the Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than <span style="-sec-ix-hidden:Fact_71d7ea9c678e49f29a109f69f07b192c">ten</span> 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 earned on the funds held in the Trust Account and not previously released to us to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of applicable law. </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the 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 the Public Offering price per Unit ($10.00).</div> <div><br/></div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Sponsor and Apollo have agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares and Private Placement Warrants it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor, Apollo or any of their respective affiliates acquire Public Shares, 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 6) held in the Trust Account in the event the Company does not complete a Business Combination within 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 the Public Offering price per Unit ($10.00).</div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In order to protect the amounts held in the trust, the Sponsor has agreed that it 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) $10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.20 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 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 underwriter of Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy their indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its shareholders that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Liquidity and Capital Resources</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0);"> </span><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2022 and December 31, 2021, the Company had approximately $627,628 and $1,050,670 in its operating bank account, respectively, and working capital of approximately $176,944.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"> </span><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s liquidity needs to date have been satisfied through a payment of $25,000 from the Sponsor to purchase the Founder Shares, the loan from the Sponsor under the Note (as defined in Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account of $2.2 million. The Company repaid the Note in full on December 6, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 5). As of December 31, 2022 and December 31, 2021, there were no amounts outstanding under any Working Capital Loans.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying 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.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The Company has until June 6, 2023, 18 months from the closing of the IPO, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by that specified period. If a Business Combination is not consummated by June 6, 2023, and the Company decides not to extend the period of time to consummate a Business Combination, there will be a mandatory liquidation and subsequent dissolution.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s evaluation of its liquidity condition and the date for mandatory liquidation and subsequent dissolution raise substantial doubt about the Company’s ability to continue as a going concern one year from the date that these financial statements are issued. 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Risks and Uncertainties</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Management is currently evaluating the impact of the COVID-19 pandemic on the industry 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.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inflation Reduction Act of 2022</div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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. Because we may acquire a domestic corporation or engage in a transaction in which a domestic corporation becomes our parent or our affiliate and our securities trade on US stock exchange, we may become a “covered corporation” within the meaning of the IR Act. 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.</div>
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
12517335
CY2021Q4 bocn Underwriting Fees
UnderwritingFees
3795000
CY2021Q4 bocn Underwriting Fees Deferred
UnderwritingFeesDeferred
6641250
CY2021Q4 bocn Offering Costs
OfferingCosts
1248100
CY2020Q4 bocn Other Offering Costs
OtherOfferingCosts
832985
CY2020Q4 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
193545000
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.2
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.2
CY2022Q4 bocn Net Tangible Assets Threshold Value For Redeeming Public Shares
NetTangibleAssetsThresholdValueForRedeemingPublicShares
5000001
CY2022 bocn Percentage Of Public Shares That Can Be Redeemed Without Prior Consent
PercentageOfPublicSharesThatCanBeRedeemedWithoutPriorConsent
0.15
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.2
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.2
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.2
CY2022 bocn Operating Bank Account
OperatingBankAccount
627628
bocn Operating Bank Account
OperatingBankAccount
1050670
CY2022Q4 bocn Working Capital
WorkingCapital
176944
CY2022 bocn Noncash Contribution Expenses
NoncashContributionExpenses
25000
CY2022 us-gaap Payments To Invest In Decommissioning Fund
PaymentsToInvestInDecommissioningFund
2200000
CY2022Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="display: inline; float: none; letter-spacing: normal; white-space: normal; word-spacing: 0px; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-weight: 400; text-align: justify; text-transform: none;">The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period. 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.</span> </div>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Concentration of Credit Risk</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</div>
CY2022Q4 us-gaap Cash
Cash
627628
CY2021Q4 us-gaap Cash
Cash
1050670
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Derivative Financial Instruments</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). Derivative instruments are initially recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statement of operations. Derivative assets and liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</div>
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
12517335
CY2021Q4 bocn Underwriting Fees
UnderwritingFees
3795000
CY2021Q4 bocn Underwriting Fees Deferred
UnderwritingFeesDeferred
6641250
CY2021Q4 bocn Offering Costs
OfferingCosts
1248100
CY2021Q4 bocn Other Offering Costs
OtherOfferingCosts
832985
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2022 bocn Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
18712500
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022 bocn Stock Conversion Ratio
StockConversionRatio
1
CY2022Q4 bocn Stock Conversion Percentage Threshold
StockConversionPercentageThreshold
0.20
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y2M12D
CY2021Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y2M12D

Files In Submission

Name View Source Status
0001140361-23-015009-index-headers.html Edgar Link pending
0001140361-23-015009-index.html Edgar Link pending
0001140361-23-015009.txt Edgar Link pending
0001140361-23-015009-xbrl.zip Edgar Link pending
bocn-20221231.xsd Edgar Link pending
brhc10049811_10k.htm Edgar Link pending
brhc10049811_ex31-1.htm Edgar Link pending
brhc10049811_ex31-2.htm Edgar Link pending
brhc10049811_ex32-1.htm Edgar Link pending
brhc10049811_ex32-2.htm Edgar Link pending
brhc10049811_ex4-5.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
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
bocn-20221231_cal.xml Edgar Link unprocessable
bocn-20221231_lab.xml Edgar Link unprocessable
bocn-20221231_def.xml Edgar Link unprocessable
bocn-20221231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
brhc10049811_10k_htm.xml Edgar Link completed
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
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.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