2022 Q4 Form 10-Q Financial Statement

#000141057822003184 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $590.1K $254.0K $30.00
YoY Change 39.02% 846400.0%
Operating Profit -$254.0K -$30.00
YoY Change 846413.33%
Interest Expense $961.3K $541.2K
YoY Change 8695.43%
% of Operating Profit
Other Income/Expense, Net $541.2K
YoY Change
Pretax Income $371.3K $287.3K -$30.00
YoY Change -189.79% -957636.67%
Income Tax $201.4K $103.2K
% Of Pretax Income 54.24% 35.91%
Net Earnings $169.9K $184.1K -$30.00
YoY Change -141.08% -613786.67%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01 $12.23K $0.00
COMMON SHARES
Basic Shares Outstanding 15.05M 15.05M 2.500M
Diluted Shares Outstanding 2.500M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $222.3K $347.7K $24.99K
YoY Change -76.13% 1291.24%
Cash & Equivalents $222.3K $347.7K $24.99K
Short-Term Investments
Other Short-Term Assets $163.0K $222.0K
YoY Change -57.64%
Inventory $9.634M
Prepaid Expenses $163.0K $222.0K
Receivables $1.508M
Other Receivables $1.011M
Total Short-Term Assets $385.2K $569.7K $24.99K
YoY Change -70.73% 2179.55%
LONG-TERM ASSETS
Property, Plant & Equipment $2.426M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $118.7M $118.1M
YoY Change 1.22%
Other Assets $0.00 $0.00 $287.4K
YoY Change -100.0% -100.0%
Total Long-Term Assets $118.7M $118.1M $287.4K
YoY Change 1.12% 40991.21%
TOTAL ASSETS
Total Short-Term Assets $385.2K $569.7K $24.99K
Total Long-Term Assets $118.7M $118.1M $287.4K
Total Assets $119.1M $118.7M $312.4K
YoY Change 0.33% 37886.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.360M
YoY Change
Accrued Expenses $239.0K $170.7K $20.09K
YoY Change 36.07% 749.48%
Deferred Revenue $287.0K
YoY Change
Short-Term Debt $21.36K $21.36K $267.7K
YoY Change -13.21% -92.02%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $553.2K $253.3K $287.8K
YoY Change 176.23% -11.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $553.2K $253.3K $287.8K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $553.2K $253.3K $287.8K
YoY Change 176.22% -11.98%
SHAREHOLDERS EQUITY
Retained Earnings -$377.1K -$547.0K -$443.00
YoY Change -8.9% 123369.07%
Common Stock $356.00 $356.00 $288.00
YoY Change 0.0% 23.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.59K $660.4K $24.56K
YoY Change
Total Liabilities & Shareholders Equity $119.1M $118.7M $312.4K
YoY Change 0.33% 37886.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $169.9K $184.1K -$30.00
YoY Change -141.08% -613786.67%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$432.6K -$186.7K -$60.00
YoY Change -39.98% 311100.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $307.2K
YoY Change -100.26%
Cash From Investing Activities $307.2K
YoY Change -100.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 25.05K
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -432.6K -186.7K -60.00
Cash From Investing Activities 307.2K
Cash From Financing Activities 0.000 0.000 25.05K
Net Change In Cash -125.4K -186.7K 24.99K
YoY Change -113.84% -847.18%
FREE CASH FLOW
Cash From Operating Activities -$432.6K -$186.7K -$60.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Organization and Business Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">SportsMap Tech Acquisition Corp. (the “Company”) is a newly organized, blank check company incorporated as a Delaware corporation on May 14, 2021. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”).</span> The <span style="background:#ffffff;">Company does not have any specific Business Combination under consideration and it has not (nor has anyone on its behalf), directly or indirectly, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction with the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">As of September 30, 2022, the Company had not commenced any operations. All activity for the period from May 14, 2021 (inception) through September 30, 2022 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 Initial Public Offering (the “IPO”). The Company has selected December 31 as its fiscal year end.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">The Company’s sponsor is SportsMap, LLC, a limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on October 18, 2021 (the “Effective Date”). On October 21, 2021, the Company consummated the IPO of </span>11,500,000<span style="background:#ffffff;"> units (the “Units” and, with respect to the Common stock included in the Units being offered, the “public shares”) at </span>$10.00<span style="background:#ffffff;"> per Unit, including the full exercise of the underwriters’ over-allotment of </span>1,500,000<span style="background:#ffffff;"> units, generating gross proceeds to the Company of </span>$115,000,000<span style="background:#ffffff;">, which is discussed in Note 3.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">Simultaneously with the consummation of the IPO, the Company consummated the private placement of</span> 675,000 units <span style="background:#ffffff;">(the “Private Placement Units”) at a price of </span>$10.00 per Private Placement Unit t<span style="background:#ffffff;">o the Sponsor and the representative of the underwriters and/or certain of their designees or affiliates, generating gross proceeds to the Company of</span> $6,750,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Transaction costs amounted to $2,822,937 consisting of $2,300,000 of underwriting commissions and $522,937 of <span style="background:#ffffff;">other offering costs. </span><span style="background:#ffffff;">$2,686,076</span><span style="background:#ffffff;"> was all charged to temporary equity and </span><span style="background:#ffffff;">$136,861</span><span style="background:#ffffff;"> was charged to additional paid-in capital.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least </span><span style="background:#ffffff;">80%</span><span style="background:#ffffff;"> of the net balance in the Trust Account (as defined below) (less any taxes payable on interest earned) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires </span><span style="background:#ffffff;">50%</span><span style="background:#ffffff;"> 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.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">Following the closing of the IPO on October 21, 2021,</span> $117,300,000 ($10.20 per Unit) <span style="background:#ffffff;">from the net proceeds of the sale of Units in the IPO and a portion of the proceeds of the sale of the Private Placement Units was deposited into a trust account (“Trust Account”) located in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee, and will be invested only in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act and which invest solely in U.S. Treasuries. Except as set forth below, the proceeds held in the Trust Account will not be released until the earlier of: (1) the completion of the initial Business Combination within the required time period; (2) the Company’s redemption of </span><span style="background:#ffffff;">100%</span><span style="background:#ffffff;"> of the outstanding public shares if the Company has not completed an initial Business Combination in the required time period; and (3) the redemption of any public shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption of public shares as described in the IPO or redeem </span><span style="background:#ffffff;">100%</span><span style="background:#ffffff;"> of the public shares if the Company does not complete the initial Business Combination within the required time period or (B) with respect to any other provision relating to stockholders’ rights or pre-Business Combination activity.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">In connection with any proposed initial Business Combination, the Company will either (1) seek stockholder approval of such initial Business Combination at a meeting of stockholders called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against the proposed Business Combination or do not vote at all, for their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable), or (2) provide the Company’s stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable),</span> in <span style="background:#ffffff;">each case subject to the limitations described herein. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or will allow stockholders to sell their shares to the Company in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such</span> as <span style="background:#ffffff;">the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">The Company will have only </span><span style="background:#ffffff;">18 months</span><span style="background:#ffffff;"> from the closing of the IPO (the “Combination Period”) to complete the initial Business Combination. If the Company is unable to complete the initial Business Combination within such </span><span style="background:#ffffff;">18</span><span style="background:#ffffff;">-month period, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than </span><span style="-sec-ix-hidden:Hidden_7MtH7Tpg20mHSggsJI6mfQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;background:#ffffff;">ten</span></span><span style="background:#ffffff;"> business days thereafter, redeem</span> 100% <span style="background:#ffffff;">of the 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 holders of common stock and the board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject (in the case of (ii) and (iii) above) to the Company’s obligations to provide for claims of creditors and the requirements of applicable law.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">The initial stockholders have agreed to (i) waive their redemption rights with respect to their private shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their private shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem</span> 100% <span style="background:#ffffff;">of the public shares if the Company does not complete the initial Business Combination within the Combination Period or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their private shares if the company fail to complete the initial Business Combination within the Combination Period.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">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> $10.20 <span style="background:#ffffff;">per share, 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 IPO against certain liabilities, including liabilities under 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 has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company. The Company has not asked the Sponsor to reserve for such obligations and therefore believes the Sponsor will be unlikely to satisfy its indemnification obligations if it is required to do so.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">However, the Company believes the likelihood of the Sponsor having to indemnify the Trust Account is limited because the Company will endeavor to have all vendors and prospective target businesses as well as other entities execute agreements</span> with <span style="background:#ffffff;">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-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity and Capital Resources</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2022, the Company had $347,671 in its operating bank account and working capital of $527,665, excluding taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs through September 30, 2022 were satisfied through a payment from the Sponsor of $25,000 (see Note 5) for the Founder Shares to cover certain offering costs and the loan under an unsecured promissory note from the Sponsor of up to $400,000. The outstanding balance under the promissory note of $323,190 was paid in full and the unsecured promissory note is no longer available to the Company. As of September 30, 2022, no amounts were outstanding under the unsecured promissory note.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">After consummation of the IPO on October 21, 2021, the Company had $24,991 in its operating bank account, and working capital of $1,463,454, which included $2,150,000 of private placement proceeds receivable from the Sponsor which was received into the Company’s operating bank account on October 22, 2021.  In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s 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 below (see Note 5). As of September 30, 2022, there were no amounts outstanding under any Working Capital Loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company anticipates that the $347,671 held outside the Trust Account as of September 30, 2022 may not be sufficient to allow the Company to operate for at least 12 months from the issuance of the financial statements, assuming that a business combination is not consummated during that time. Until consummation of its business combination, the Company will be using the funds not held in the Trust Account, and any additional Working Capital Loans (as defined in Note 5) from the initial shareholders, certain of the Company’s officers and directors (see Note 5), for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company can raise additional capital through Working Capital Loans from the initial shareholders, certain of the Company’s officers, and directors (see Note 5), or through loans from third parties. None of the sponsor, officers or directors are under any obligation to advance funds to, or to invest in, the Company. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of these financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has until April 20, 2023 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by that date, which is less than 12 months from the issuance of these financial statements. If a Business Combination is not consummated by the required date, there will be a mandatory liquidation and subsequent dissolution. In connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” management has determined that mandatory liquidation, and subsequent dissolution, should the Company be unable to complete a business combination, raises substantial doubt about the Company’s ability to continue as a going concern for the next 12 months from the issuance of these financial statements. No adjustments have been made to the carrying amounts of assets and liabilities should the Company be required to liquidate after April 20, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Risks and Uncertainties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">Management is currently evaluating the impact of the COVID-19 pandemic and Russia-Ukraine war and has concluded that while it is reasonably possible that the virus and war 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 unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;background:#ffffff;">Inflation Reduction Act of 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="background:#ffffff;">Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p>
CY2021Q4 smapu Transaction Costs
TransactionCosts
2822937
CY2021Q4 smapu Sale Of Stock Underwriting Discounts And Commissions
SaleOfStockUnderwritingDiscountsAndCommissions
2300000
CY2021Q4 smapu Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
522937
CY2021Q4 smapu Transaction Costs Allocate To Temporary Equity
TransactionCostsAllocateToTemporaryEquity
2686076
CY2021Q4 smapu Transaction Costs Allocate To Additional Paid In Capital
TransactionCostsAllocateToAdditionalPaidInCapital
136861
smapu Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
80
smapu Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
smapu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2022Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
347671
CY2022Q3 smapu Working Capital Deficit
WorkingCapitalDeficit
527665
CY2022Q3 smapu Working Capital Loans
WorkingCapitalLoans
0
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
347671
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ from those estimates.</p>
CY2022Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
118088738
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
117310928
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.36
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
6.51
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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 $250,000. At September 30, 2022 and December 31, 2021, the Company had not experienced losses on this account.</p>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
smapu Proceeds From Issuance Of Temporary Equity
ProceedsFromIssuanceOfTemporaryEquity
115000000
smapu Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
5518451
smapu Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
2686076
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
10504527
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
444707
CY2021Q4 smapu Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Threshold Trading Days
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdTradingDays
30
CY2021Q4 smapu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 smapu Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2022Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
117950894
CY2021Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
117299993
CY2022Q3 smapu Held To Maturity Securities Carrying Amount
HeldToMaturitySecuritiesCarryingAmount
118088173
CY2021Q4 smapu Held To Maturity Securities Carrying Amount
HeldToMaturitySecuritiesCarryingAmount
117310921
CY2022Q3 smapu Interest Earned On Investments
InterestEarnedOnInvestments
541215
smapu Interest Earned On Investments
InterestEarnedOnInvestments
777810
smapu Interest Earned On Investments
InterestEarnedOnInvestments
10928
CY2022Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
117950894
CY2021Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
117299993
us-gaap Interest And Dividend Income Securities Held To Maturity
InterestAndDividendIncomeSecuritiesHeldToMaturity
137279
us-gaap Interest And Dividend Income Securities Held To Maturity
InterestAndDividendIncomeSecuritiesHeldToMaturity
10928
CY2022Q3 smapu Held To Maturity Securities Carrying Amount
HeldToMaturitySecuritiesCarryingAmount
118088173
CY2021Q4 smapu Held To Maturity Securities Carrying Amount
HeldToMaturitySecuritiesCarryingAmount
117310921
CY2022Q3 smapu Debt Securities Held To Maturity Accumulated Unrecognized Gain Loss
DebtSecuritiesHeldToMaturityAccumulatedUnrecognizedGainLoss
-23830
CY2021Q4 smapu Debt Securities Held To Maturity Accumulated Unrecognized Gain Loss
DebtSecuritiesHeldToMaturityAccumulatedUnrecognizedGainLoss
-1912
CY2022Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
118112003
CY2021Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
117312833

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