2023 Q2 Form 10-Q Financial Statement

#000149315223028531 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $50.00K $190.2K $0.00
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.068M $280.6K $530.6K
YoY Change 101.24%
Operating Profit -$1.068M -$530.6K
YoY Change 101.24%
Interest Expense $851.0K $436.1K $122.4K
YoY Change 595.18%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$216.8K $155.5K -$408.2K
YoY Change -46.88%
Income Tax $168.2K $229.1K
% Of Pretax Income 147.29%
Net Earnings -$385.0K -$73.56K -$408.2K
YoY Change -5.67%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.05 -$0.01 -$36.26K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2022 Q4 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.40K $27.07K $332.6K
YoY Change -80.64%
Cash & Equivalents $64.40K $27.07K $332.6K
Short-Term Investments $88.59M
Other Short-Term Assets $0.00 $15.00K
YoY Change
Inventory
Prepaid Expenses $15.00K
Receivables
Other Receivables
Total Short-Term Assets $64.40K $27.07K $347.6K
YoY Change -81.47% -87.44%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $53.07M $88.59M $87.69M
YoY Change -39.49%
Total Long-Term Assets $53.07M $88.59M $87.69M
YoY Change -39.49%
TOTAL ASSETS
Total Short-Term Assets $64.40K $27.07K $347.6K
Total Long-Term Assets $53.07M $88.59M $87.69M
Total Assets $53.13M $88.62M $88.04M
YoY Change -39.65% 41026.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.7K $182.5K
YoY Change
Accrued Expenses $1.066M $25.00K $453.8K
YoY Change 134.95% 1541.5%
Deferred Revenue
YoY Change
Short-Term Debt $1.033M $100.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.565M $726.8K $453.8K
YoY Change 465.24% 278.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.588M $2.588M $2.588M
YoY Change 0.0%
Total Long-Term Liabilities $2.588M $2.588M $2.588M
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.565M $726.8K $453.8K
Total Long-Term Liabilities $2.588M $2.588M $2.588M
Total Liabilities $5.153M $3.314M $3.041M
YoY Change 69.42% 1626.2%
SHAREHOLDERS EQUITY
Retained Earnings -$3.219M -$2.239M -$2.544M
YoY Change 26.54% 146920.03%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.218M -$2.239M -$2.543M
YoY Change
Total Liabilities & Shareholders Equity $53.13M $88.62M $88.04M
YoY Change -39.65% 41026.81%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022 Q2
OPERATING ACTIVITIES
Net Income -$385.0K -$73.56K -$408.2K
YoY Change -5.67%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$151.0K -$50.10K -$95.00K
YoY Change 58.93%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $35.82M $0.00 $0.00
YoY Change
Cash From Investing Activities $35.82M $0.00 $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 -35.81M 50.00K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -151.0K -50.10K -95.00K
Cash From Investing Activities 35.82M 0.000 0.000
Cash From Financing Activities -35.81M 50.00K 0.000
Net Change In Cash -143.5K -100.0 -95.00K
YoY Change 51.03%
FREE CASH FLOW
Cash From Operating Activities -$151.0K -$50.10K -$95.00K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_80C_eus-gaap--NatureOfOperations_zqA4V7X8BsEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_827_zEk5rbfoROk6">DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 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: 0pt 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 June 30, 2023, the Company had not commenced any operations. All activity for the period from September 20, 2021 (inception) through June 30, 2023, relates to the Company’s formation and the initial public offering 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: 0pt 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: 0pt 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: 0pt 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: 0pt 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_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0XAUcqeK8G5" 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_907_eus-gaap--SaleOfStockPricePerShare_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zcJBJvPgGE4j" title="Number of units issued, at par value">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFzg5nvKLJEd" title="Proceeds from initial public offering">75,000,000</span>, and incurring offering costs of $<span id="xdx_908_eus-gaap--PaymentsOfStockIssuanceCosts_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zudtJjyZAFe4" title="Incurring offering costs">5,161,516</span>, of which $<span id="xdx_901_eus-gaap--DeferredOfferingCosts_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zN8fASajnvS9" 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: 0pt 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: 0pt 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_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zZvfYagFTsc7" 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_903_eus-gaap--SaleOfStockPricePerShare_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zHCtn7TYNGB8" title="Number of units issued, at par value">10.00</span> per Private Placement Unit, generating total gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_zR8899xyY7w3" title="Proceeds from private placement">3,562,500</span> (the “Private Placement”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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_zFpGQRRb0UH9" title="Number of stock units issued">1,125,000</span> additional units at a price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_c20220124_zUsiLptq9tcd" title="Number of units issued, at par value">10</span> per unit (the “Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220123__20220124_zCCtV9l8WP81" 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_zEjnKx1Nxlea" title="Incurring offering costs">506,250</span>, of which $<span id="xdx_90C_eus-gaap--DeferredOfferingCosts_iI_c20220124_z3PD4asLCMge" title="Deferred offering costs">337,500</span> are for deferred underwriting commissions. Each Unit consists of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_dc_c20220123__20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5cCwaF9MT3l" title="Number of common stock issued">one</span> share of Class A common stock of the Company, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zuVrBWqh9cYf" title="Common stock, par value">0.0001</span> per share (“Class A Common Stock”), <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_dc_c20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zELhwMY9k4ze" title="Number of warrant issued">one</span> redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_dc_c20220123__20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6NMGfng19t" title="Number of common stock issued">one</span> share of Class A Common Stock for $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20220124__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z53MyvycNsuh" 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: 0pt 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: 0pt 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_zAaDXhsQGPo6" title="Number of stock units issued">33,750</span> Private Placement Units to DUET Partners LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementOneMember__dei--LegalEntityAxis__custom--DuetPartnersLLCMember_z3QcKKuCt791" title="Proceeds from sale of private placement units">337,500</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220123__20220124_zrUCZnveoZ55" 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: 0pt 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: 0pt 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_90A_eus-gaap--PaymentsOfStockIssuanceCosts_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zC45oSkisbwg" title="Incurring offering costs">5,667,766</span> consisting of $<span id="xdx_90C_eus-gaap--ExpenseRelatedToDistributionOrServicingAndUnderwritingFees_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zBhRW8oqw5u3" title="Cash underwriting fees">1,293,750</span> of cash underwriting fees, $<span id="xdx_906_ecustom--DeferredUnderwritingFees_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zSxi20jHbYDg" title="Deferred underwriting fees">2,587,500</span> of deferred underwriting fees and $<span id="xdx_90E_ecustom--OtherCostsInExerciseOfOverallotment_c20220123__20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z3CUDHGMciLe" title="Other costs">492,766</span> of other costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 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_90A_eus-gaap--AssetsHeldInTrust_iI_c20220124__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zNtixvTWjX99" 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 June 30, 2023, we have available to us $<span id="xdx_90C_eus-gaap--Cash_iI_c20230630_zJKo8domyzNk" title="Cash">64,396</span> of cash on our balance sheet and a working capital deficit of $<span id="xdx_909_ecustom--WorkingCapital_iI_c20230630_zkPqmR7Zpmoc" title="Working capital">2,500,615</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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_901_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20230630__us-gaap--BusinessAcquisitionAxis__custom--DuetPartnersLLCMember__srt--RangeAxis__srt--MinimumMember_zzN4Ndph1ATk" 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_c20230630__us-gaap--BusinessAcquisitionAxis__custom--DuetPartnersLLCMember_zhaVPChn9dGi" 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: 0pt 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: 0pt 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 provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. 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_909_eus-gaap--IntangibleAssetsNetIncludingGoodwill_iI_c20230630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zmjpLmofq5E2" 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: 0pt 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: 0pt 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_901_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20230101__20230630_zTyWA4NeZV01" 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_902_ecustom--SharePriceAvailableForDistributionForPublicOfferingPricePerUnit_iI_c20230630_zp59BTwn7WPa" 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: 0pt 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: 0pt 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: 0pt 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_906_eus-gaap--SharesIssuedPricePerShare_iI_c20230630__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zmHDHH89WTN2" 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: 0pt 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: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern, Liquidity and Capital Resources</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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 June 30, 2023, the Company had $<span id="xdx_909_eus-gaap--Cash_iI_c20230630_zY8omDnEsth4" title="Cash in operating bank">64,396</span> of cash in its operating bank account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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_c20230101__20230630__srt--TitleOfIndividualAxis__custom--SponsorMember_zdAaNnLq1ZQ5" 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_908_eus-gaap--OtherReceivables_iI_c20230630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zqR7cAHgqhGb" title="Other receivables">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_907_eus-gaap--ProceedsFromRepaymentsOfDebt_c20220123__20220124_zPwsARYEnWs1" title="Promissory note repayment">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 June 30, 2023, there were $<span id="xdx_903_ecustom--WorkingCapitalLoan_iI_c20230630_zTLfb85JGgY8" title="Working capital loan">1,032,500</span> outstanding under any Working Capital Loan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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. The accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates the continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during the period leading up to the business combination, however this cannot be guaranteed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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
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
CY2023Q2 us-gaap Cash
Cash
64396 usd
CY2023Q2 DUET Working Capital
WorkingCapital
2500615 usd
us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
1 pure
CY2023Q2 DUET Share Price Available For Distribution For Public Offering Price Per Unit
SharePriceAvailableForDistributionForPublicOfferingPricePerUnit
10.00
CY2023Q2 us-gaap Cash
Cash
64396 usd
CY2022Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
193535 usd
CY2023Q2 DUET Working Capital Loan
WorkingCapitalLoan
1032500 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.7757 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.8618 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zkRgwvEb0JY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zeW9yHqwACYf">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 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: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
8625000 shares
DUET Redemption Of Class Common Stock Including Interest
RedemptionOfClassCommonStockIncludingInterest
37167327 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
87543750 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
87543750 usd
DUET Redemption Of Class Common Stock Including Interest
RedemptionOfClassCommonStockIncludingInterest
37167327 usd
DUET Remeasurement Of Ordinary Shares Subject To Redemption
RemeasurementOfOrdinarySharesSubjectToRedemption
820319 usd
CY2023Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
51196742 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
87543750 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zCqtzL5JpWgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_ztQKrSbdkuWh">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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_903_eus-gaap--CashFDICInsuredAmount_iI_c20230630_zFoulCihh70d" title="Cash, FDIC insured amount">250,000</span>. On June 30, 2023, 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: 0pt 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>
CY2023Q2 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
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
281250 usd
CY2023Q2 DUET Lenders Discretion
LendersDiscretion
1500000 usd
CY2023Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2023Q2 DUET Working Capital Loan
WorkingCapitalLoan
1032500 usd
CY2022Q4 DUET Working Capital Loan
WorkingCapitalLoan
100000 usd
CY2023Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 usd
CY2022Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 usd
DUET Underwriting Discount Percentage
UnderwritingDiscountPercentage
0.015 pure
DUET Deferred Underwriting Fee Percentage
DeferredUnderwritingFeePercentage
0.030 pure
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q2 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
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

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