$DUET
DUET Acquisition Corp

2022 Q3 Form 10-Q Financial Statement

#000149315222031928 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $0.00
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $83.86K
YoY Change
Operating Profit -$83.86K
YoY Change
Interest Expense $461.8K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $378.0K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $378.0K
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $33.57K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.17K
YoY Change
Cash & Equivalents $27.17K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.17K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $88.16M
YoY Change
Total Long-Term Assets $88.16M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $27.17K
Total Long-Term Assets $88.16M
Total Assets $88.18M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $167.2K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $50.00K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $217.2K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.588M
YoY Change
Total Long-Term Liabilities $2.588M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $217.2K
Total Long-Term Liabilities $2.588M
Total Liabilities $2.805M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$2.166M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.165M
YoY Change
Total Liabilities & Shareholders Equity $88.18M
YoY Change

Cashflow Statement

Concept 2022 Q3
OPERATING ACTIVITIES
Net Income $378.0K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$355.4K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.00K
YoY Change
NET CHANGE
Cash From Operating Activities -355.4K
Cash From Investing Activities 0.000
Cash From Financing Activities 50.00K
Net Change In Cash -305.4K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$355.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q1 DUET Adjustments To Additional Paid In Capital Reclassification
AdjustmentsToAdditionalPaidInCapitalReclassification
usd
CY2021Q4 DUET Deferred Underwriter Commission
DeferredUnderwriterCommission
usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
usd
dei Entity Central Index Key
EntityCentralIndexKey
0001890671
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
usd
CY2021Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
usd
CY2022Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
usd
CY2021Q4 DUET Working Capital Loan
WorkingCapitalLoan
usd
CY2022Q3 DUET Franchise Tax Expenses
FranchiseTaxExpenses
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
DUET Collection Of Subscription Receivable
CollectionOfSubscriptionReceivable
usd
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-41237
dei Entity Registrant Name
EntityRegistrantName
DUET Acquisition Corp.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
87-2744116
dei Entity Address Address Line1
EntityAddressAddressLine1
V03-11-02, Designer Office
dei Entity Address Address Line2
EntityAddressAddressLine2
V03, Lingkaran SV
dei Entity Address Address Line3
EntityAddressAddressLine3
Sunway Velocity
dei Entity Address City Or Town
EntityAddressCityOrTown
Kuala Lumpur
dei Entity Address Country
EntityAddressCountry
MY
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
55100
dei City Area Code
CityAreaCode
(914)
dei Local Phone Number
LocalPhoneNumber
316-4805
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
true
CY2022Q3 us-gaap Cash
Cash
27165 usd
CY2021Q4 us-gaap Cash
Cash
25000 usd
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
190478 usd
CY2022Q3 us-gaap Assets Current
AssetsCurrent
27165 usd
CY2021Q4 us-gaap Assets Current
AssetsCurrent
215478 usd
CY2022Q3 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
88156041 usd
CY2022Q3 us-gaap Assets
Assets
88183206 usd
CY2021Q4 us-gaap Assets
Assets
215478 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
167246 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1523 usd
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
190478 usd
CY2022Q3 DUET Working Capital Loan
WorkingCapitalLoan
50000 usd
CY2022Q3 us-gaap Liabilities Current
LiabilitiesCurrent
217246 usd
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
192001 usd
CY2022Q3 DUET Deferred Underwriter Commission
DeferredUnderwriterCommission
2587500 usd
CY2022Q3 us-gaap Liabilities
Liabilities
2804746 usd
CY2021Q4 us-gaap Liabilities
Liabilities
192001 usd
CY2022Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
8625000 shares
CY2021Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
8625000 shares
CY2022Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.15
CY2021Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.15
CY2022Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
87543750 usd
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
24784 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2165554 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1523 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-2165290 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
23477 usd
CY2022Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
88183206 usd
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
215478 usd
CY2022Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
83864 usd
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1006818 usd
DUET Franchise Tax Expenses
FranchiseTaxExpenses
1475 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-83864 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-1008293 usd
CY2022Q3 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
461831 usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
612292 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
377967 usd
us-gaap Net Income Loss
NetIncomeLoss
-396001 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
23477 usd
CY2022Q1 DUET Stock Issued During Period Value Sale Of Units In Initial Public Offering
StockIssuedDuringPeriodValueSaleOfUnitsInInitialPublicOffering
86250000 usd
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-87543750 usd
CY2022Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
3900000 usd
CY2022Q1 DUET Stock Issued During Period Value Representative Share
StockIssuedDuringPeriodValueRepresentativeShare
862500 usd
CY2022Q1 DUET Adjustments To Additional Paid In Capital Offering And Underwriting Costs
AdjustmentsToAdditionalPaidInCapitalOfferingAndUnderwritingCosts
-2674015 usd
CY2022Q1 DUET Adjustments To Additional Paid In Capital Deferred Underwriting Commission
AdjustmentsToAdditionalPaidInCapitalDeferredUnderwritingCommission
-2587500 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-365765 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-2135053 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-408204 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-2543257 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-2543257 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
377967 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-2165290 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-2165290 usd
us-gaap Net Income Loss
NetIncomeLoss
-396001 usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
612292 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
165723 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-842570 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
87571802 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-87571802 usd
DUET Proceeds From Working Capital Loan
ProceedsFromWorkingCapitalLoan
50000 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
84660072 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
3900000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
193535 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
88416537 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2165 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
27165 usd
DUET Non Cash Deferred Underwriting Fee Payable
NonCashDeferredUnderwritingFeePayable
2587500 usd
DUET Non Cash Initial Classification Of Class A Ordinary Shares Subject To Redemption
NonCashInitialClassificationOfClassAOrdinarySharesSubjectToRedemption
87543750 usd
DUET Deferred Offering Costs Paid For By Promissory Note Related Party
DeferredOfferingCostsPaidForByPromissoryNoteRelatedParty
3058 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80C_eus-gaap--NatureOfOperations_zqehZdhHHeDh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_821_z7Wd0M6Dv7n5">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DUET Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on September 20, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2022, the Company had not commenced any operations. All activity for the period from September 20, 2021 (inception) through September 30, 2022, relates to the Company’s formation, its initial public offering, and its entry into a business combination agreement and plan of merger, as 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 on cash and cash equivalents from the proceeds derived from the Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s sponsor is DUET Partners LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 19, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 24, 2022, the Company consummated its Initial Public Offering of <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJWKzu3FYR2b" title="Number of stock units issued">7,500,000</span> units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), at $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znV1IDh2maed" title="Number of units issued, at par value">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyBWuzMAmAK4" title="Proceeds from initial public offering">75,000,000</span>, and incurring offering costs of $<span style="background-color: white"><span id="xdx_90F_eus-gaap--PaymentsOfStockIssuanceCosts_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMylAiZD7eJl" title="Incurring offering costs">5,161,516</span></span>, of which $<span id="xdx_90B_eus-gaap--DeferredOfferingCosts_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zduGYdLAB3rk" title="Deferred offering costs">2,250,500</span> was for deferred underwriting commissions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_z59GoMQK7Onh" title="Number of stock units issued">356,250</span> units (the “Private Placement Units”) to DUET Partners LLC, the sponsor of the Company (the “Sponsor”), at a price of $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zNwzV6FdRpqf" title="Number of units issued, at par value">10.00</span> per Private Placement Unit, generating total gross proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zSaf0hFyzQKg" title="Proceeds from private placement">3,562,500</span> (the “Private Placement”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequently, on January 24, 2022, the Company consummated the closing of the sale of <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220123__20220124_zYNYRPb8MMwj" title="Number of stock units issued">1,125,000</span> additional units at a price of $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_c20220124_z0318sqtelv" title="Number of units issued, at par value">10.00</span> per Unit upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220123__20220124_z8rWg6kOOKwj" title="Proceeds from sale of Units, net of IPO costs">11,250,000</span> and incurred additional offering costs of $<span id="xdx_90F_eus-gaap--PaymentsOfStockIssuanceCosts_c20220123__20220124_zBT4815WMgY1" title="Incurring offering costs">506,250</span>, of which $<span id="xdx_90B_eus-gaap--DeferredOfferingCosts_iI_c20220124_z4jx7CeXyUk5" title="Deferred offering costs">337,500</span> are for deferred underwriting commissions. Each Unit, including the Overallotment Units, consists of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_dc_c20220123__20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ze5RayZ7hK74" title="Number of common stock issued">one</span> share of Class A common stock of the Company, par value $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdP7ifI4e09l" title="Common stock, par value">0.0001</span> per share (“Class A Common Stock”), and <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_dc_c20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zweKbeOWmO22" title="Number of warrant issued">one</span> redeemable warrant of the Company (“Warrant”), with each Warrant entitling the holder thereof to purchase <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_dc_c20220123__20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJegH3192es8" title="Number of common stock issued">one</span> share of Class A Common Stock for $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znVTw8euuK9" title="Shares issued, per share">11.50</span> per share, subject to adjustment, pursuant to the Company’s registration statement on Form S-1 (File No. 333-261494).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementOneMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zVuCUNmpuBX6" title="Number of stock units issued">33,750</span> Private Placement Units to DUET Partners LLC, a Delaware limited liability company (the “Sponsor”), generating additional gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementOneMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zKmY5jPrEj8l" title="Proceeds from sale of private placement units">337,500</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A total of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220123__20220124_zFctOlvqWurf" title="Proceeds from offering and private placements">87,543,750</span>, comprised of the proceeds from the Offering and the proceeds of private placements that closed on January 20, 2022 and January 24, 2022, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust Account”) which may be invested 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 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 Trust Account to the Company’s stockholders, as described below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction costs of the Initial Public Offering with the exercise of the overallotment amounted to $<span id="xdx_901_eus-gaap--PaymentsOfStockIssuanceCosts_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zmmLHWivhgB5" title="Incurring offering costs">5,667,766</span> consisting of $<span id="xdx_90E_eus-gaap--ExpenseRelatedToDistributionOrServicingAndUnderwritingFees_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zrbz3EwimIH1" title="Cash underwriting fees">1,293,750</span> of cash underwriting fees, $<span id="xdx_903_ecustom--DeferredUnderwritingFees_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zR0HmV7lXMJ3" title="Deferred underwriting fees">2,587,500</span> of deferred underwriting fees and $<span id="xdx_90D_ecustom--OtherCostsInExerciseOfOverallotment_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zoThHmN4Dh6c" title="Other costs">492,766</span> of other costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the Initial Public Offering $<span id="xdx_908_eus-gaap--AssetsHeldInTrust_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zw6bJWhGDaqa" title="Cash held in trust account">818,211</span> of cash was held outside of the Trust Account available for working capital purposes. As of September 30, 2022, we have available to us $<span id="xdx_900_eus-gaap--Cash_iI_c20220930_zl1iyRsniRMh" title="Cash">27,165</span> of cash on our balance sheet and a working capital deficit of $<span id="xdx_90D_ecustom--WorkingCapital_iI_c20220930_zUzDmP49XT86" title="Working capital">190,081</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, 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 <span id="xdx_90E_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20220930__us-gaap--BusinessAcquisitionAxis__custom--DuetPartnersLLCMember__srt--RangeAxis__srt--MinimumMember_zaifqAcKyXel" title="Business acquistion, ownership interest percentage">80</span>% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of 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 <span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20220930__us-gaap--BusinessAcquisitionAxis__custom--DuetPartnersLLCMember_zdCH3oy9UIe8" title="Business acquistion, ownership interest percentage">50</span>% 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. There is no assurance that the Company will be able to successfully effect a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 25, 2022, the Company entered into a definitive business combination agreement and plan of merger (the “Merger Agreement”) with Millymont Limited, a private limited company incorporated in Ireland (“Holdco”), Duet Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Holdco (“Merger Sub”), J. Streicher Technical Services, LLC, a Delaware limited liability company (“J. Streicher”), Anteco Systems, S.L., trading as AnyTech365, a company incorporated in Spain and registered at the Commercial Registry of Malaga under reference MA-122108 (the “Target”), Miguel Ángel Casales Ruiz and Thomas Marco Balsloev, as the sellers’ representatives (the “Sellers’ Representatives”) and Lee Keat Hin, as the Company’s representative (the “Company Representative”). Pursuant to the Merger Agreement, the parties will effect the merger of Merger Sub with and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of Holdco, as a result of which (a) the Company will issue shares of Class A Common Stock to Holdco, with such amount of shares to be determined in accordance with the terms of the Merger Agreement, (b) all of the issued and outstanding shares of Class A Common Stock held by the Company’s stockholders (other than Holdco) shall be converted into ordinary shares of Holdco at a one-for-one ratio, and (c) each outstanding warrant of the Company will be assumed by Holdco and automatically adjusted to become exercisable to purchase one ordinary share of Holdco (the “Proposed Business Combination”). </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Proposed Business Combination, the Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of such Business Combination in connection with a stockholder meeting called to approve such Business Combination. In the event the Proposed Business Combination is not consummated, the Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders 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 $<span id="xdx_903_eus-gaap--IntangibleAssetsNetIncludingGoodwill_iI_c20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z0boJ5qQl9hc" title="Intangible assets net">5,000,001</span> either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will have until 15 months (subject to a three-month extension of time, as set forth in the Company’s registration statement) from the closing of the Public Offering to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem <span id="xdx_905_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20220101__20220930_zP356aDNwb63" title="Redemption percentage">100</span>% of the outstanding 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 (net of taxes payable and less interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further 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 stockholders 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 to provide for claims of creditors and the requirements of applicable law. 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 of $<span id="xdx_90D_ecustom--SharePriceAvailableForDistributionForPublicOfferingPricePerUnit_iI_c20220930_zhOGZnbYAeBe" title="Share price available for distribution for public offering price per unit">10.00</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20220930__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zCvayCd7gdl2" title="Shares issued, price per share">10.15</span> per share (whether or not the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. 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 (except for the company’s independent registered accounting firm), 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity and Capital Resources</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2022, the Company had $<span id="xdx_90A_eus-gaap--Cash_iI_c20220930_zSXW3H1cJO9l" title="Cash in operating bank">27,165</span> of cash in its operating bank account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220101__20220930__srt--TitleOfIndividualAxis__custom--SponsorMember_zVggMf6IFWu8" title="Proceeds from sale of Units, net of IPO costs">25,000</span> from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as defined in Note 5), and loan from the Sponsor of $<span id="xdx_90E_eus-gaap--DueFromOfficersOrStockholders_iI_c20220930_zueJuu9mfgo6" title="Due from Officers or Stockholders">190,478</span> under the Note (as defined in Note 5). Following the IPO of the Company on January 24, 2022 (as described in Note 1), a total of $<span id="xdx_906_eus-gaap--ProceedsFromRepaymentsOfDebt_c20220123__20220124_zG8ta2DnIcU5" title="Proceeds from (Repayments of) Debt">193,535</span> under the promissory note was repaid on January 24, 2022. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account. 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 September 30, 2022, there was $<span id="xdx_907_ecustom--WorkingCapitalLoan_iI_c20220930_zu9hShyBYRg3" title="Working capital loan">50,000</span> outstanding under any Working Capital Loan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity 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 the funds held outside of the Trust Account 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1125000 shares
CY2022Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
11250000 usd
CY2022Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
506250 usd
CY2022Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
337500 usd
CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
87543750 usd
CY2022Q3 us-gaap Cash
Cash
27165 usd
CY2022Q3 DUET Working Capital
WorkingCapital
190081 usd
us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
1 pure
CY2022Q3 DUET Share Price Available For Distribution For Public Offering Price Per Unit
SharePriceAvailableForDistributionForPublicOfferingPricePerUnit
10.00
CY2022Q3 us-gaap Cash
Cash
27165 usd
CY2022Q3 us-gaap Due From Officers Or Stockholders
DueFromOfficersOrStockholders
190478 usd
CY2022Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
193535 usd
CY2022Q3 DUET Working Capital Loan
WorkingCapitalLoan
50000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zwQV7EylX72a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zyZhRxZRrnLl">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zt69lp6ORNRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zYlVgaLXo9ji">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_90B_eus-gaap--CashFDICInsuredAmount_iI_c20220930_zSKo13Wqiwp8" title="Cash, FDIC insured amount">250,000</span>. On September 30, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2156250 shares
CY2021Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25000 usd
CY2022Q3 DUET Lenders Discretion
LendersDiscretion
1500000 usd
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2022Q3 DUET Working Capital Loan
WorkingCapitalLoan
50000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
90000 usd
DUET Underwriting Discount Percentage
UnderwritingDiscountPercentage
0.015 pure
DUET Deferred Underwriting Fee Percentage
DeferredUnderwritingFeePercentage
0.030 pure
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

Files In Submission

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0001493152-22-031928-index.html Edgar Link pending
0001493152-22-031928.txt Edgar Link pending
0001493152-22-031928-xbrl.zip Edgar Link pending
duet-20220930.xsd Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
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