2022 Q4 Form 10-K Financial Statement

#000141057823000553 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $1.513M
YoY Change
Gross Profit -$360.7K
YoY Change
Gross Profit Margin
Selling, General & Admin $52.76K $205.6K
YoY Change -67.83% 25.33%
% of Gross Profit
Research & Development $952.7K
YoY Change
% of Gross Profit
Depreciation & Amortization $24.81K
YoY Change
% of Gross Profit
Operating Expenses $3.385M $5.309M
YoY Change 714.9% 806.94%
Operating Profit -$5.309M
YoY Change
Interest Expense $592.0K $1.372M
YoY Change 2999.37% 6441.2%
% of Operating Profit
Other Income/Expense, Net $245.2K $4.489M
YoY Change -459.35% -21.25%
Pretax Income -$2.547M $551.5K
YoY Change 448.44% -89.26%
Income Tax $108.1K $214.9K
% Of Pretax Income 38.96%
Net Earnings -$2.656M $336.7K
YoY Change 471.72% -93.44%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.22 $0.03
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.87K $30.87K
YoY Change -93.19% -93.19%
Cash & Equivalents $30.87K
Short-Term Investments $29.03M
Other Short-Term Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Inventory
Prepaid Expenses
Receivables $18.98K $18.98K
Other Receivables $900.2K $900.2K
Total Short-Term Assets $30.87K $30.87K
YoY Change -94.24% -94.24%
LONG-TERM ASSETS
Property, Plant & Equipment $83.10K $83.10K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $29.03M $29.03M
YoY Change -75.26% -75.26%
Other Assets
YoY Change
Total Long-Term Assets $29.03M $29.03M
YoY Change -75.26% -75.26%
TOTAL ASSETS
Total Short-Term Assets $30.87K $30.87K
Total Long-Term Assets $29.03M $29.03M
Total Assets $29.06M $29.06M
YoY Change -75.34% -75.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.815M
YoY Change
Accrued Expenses $1.750M $1.750M
YoY Change 1289.05% 1289.05%
Deferred Revenue
YoY Change
Short-Term Debt $11.50K $11.50K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.976M $1.976M
YoY Change 581.47% 581.47%
LONG-TERM LIABILITIES
Long-Term Debt $2.753M $2.753M
YoY Change
Other Long-Term Liabilities $4.388M $4.388M
YoY Change -50.57% -50.57%
Total Long-Term Liabilities $7.140M $7.140M
YoY Change -19.56% -19.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.976M $1.976M
Total Long-Term Liabilities $7.140M $7.140M
Total Liabilities $9.117M $9.117M
YoY Change -0.55% -0.55%
SHAREHOLDERS EQUITY
Retained Earnings -$11.63M
YoY Change 35.11%
Common Stock $455.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.806M $19.94M
YoY Change
Total Liabilities & Shareholders Equity $29.06M $29.06M
YoY Change -75.34% -75.34%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.656M $336.7K
YoY Change 471.72% -93.44%
Depreciation, Depletion And Amortization $24.81K
YoY Change
Cash From Operating Activities -$143.9K -$940.5K
YoY Change 78.65% 148.48%
INVESTING ACTIVITIES
Capital Expenditures $58.14K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$213.0K -$2.246M
YoY Change -98.09%
Cash From Investing Activities -$213.0K -$2.246M
YoY Change -98.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 152.9K 2.764M
YoY Change -97.66%
NET CHANGE
Cash From Operating Activities -143.9K -940.5K
Cash From Investing Activities -213.0K -2.246M
Cash From Financing Activities 152.9K 2.764M
Net Change In Cash -204.0K -422.3K
YoY Change 153.29% -193.19%
FREE CASH FLOW
Cash From Operating Activities -$143.9K -$940.5K
Capital Expenditures $58.14K
Free Cash Flow -$998.6K
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Data Knights Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on February 8, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had not yet commenced any operations. All activity for the period February 8, 2021 (inception) through December 31, 2022, relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), and, since the closing of the initial public offering, the Company has entered into a merger agreement (as described below), and continued a search for a Business Combination candidate. The Company has selected December 31 as its fiscal year end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s Initial Public Offering was declared effective on May 6, 2021. On May 11, 2021, the Company consummated the Initial Public Offering of 11,500,000 units (“Units” and, with respect to the shares of Class A Common Stock included in the Units offered, the “Public Shares”), generating gross proceeds of $115,000,000, which is described in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 585,275 private placement units (the “Private Placement Units”) at a price of $10.00 per unit in a private placement to the Sponsor, generating gross proceeds of $5,852,750, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering on May 11, 2021, an amount of $117,300,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units was placed 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Transaction costs of the Initial Public Offering amounted to $6,771,112, of which $2,300,000 was for underwriting fees paid at the time of the IPO, $4,025,000 was for deferred underwriting commissions, and $446,112 was for other offering costs. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering $959,560 of cash was held outside of the Trust Account available for working capital purposes. As of December 31, 2022, the Company has $30,870 of cash and a working capital deficit of $1,945,267.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing 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 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On April 25, 2022, the Company, Data Knights Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Data Knights, LLC, the Company’s sponsor (the “Sponsor”), entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with OneMedNet Corporation, Inc., a Delaware corporation (the “Target”, and together with the Company and Merger Sub, the “Parties”) and Paul Casey, as seller representative (“Casey”). Pursuant to the Merger Agreement, upon the closing (the “Closing”) of the Business Combination, the Parties will effect the merger of Merger Sub with and into the Target, with the Target continuing as the surviving entity (the “Merger”), as a result of which all of the issued and outstanding capital stock of the Target shall be exchanged shares of the Class A Common Stock of the Company upon the terms set forth in the Merger Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On May 5, 2022, the Company extended the date by which the Company has to consummate a business combination from May 11, 2022 to August 11, 2022 (the “First Extension”). The First Extension was the first of two three-month extensions permitted under the Company’s governing documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On August 10, 2022, the Company extended the date by which the Company has to consummate a business combination from August 11, 2022 to November 11, 2022 (the “Second Extension”). The Second Extension was the second of two three-month extensions permitted under the Company’s governing documents. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On October 27, 2022, the Company filed a definitive proxy statement with the SEC in connection with the Company’s solicitation of proxies for the vote by the stockholders of the Company at a special meeting of the Company’s stockholders to be held on November 11, 2022 (the “Special Meeting”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On November 11, 2022, at 10:00 a.m. ET, the Company held a virtual special meeting of its stockholders. At the special meeting, Company stockholders entitle to vote at the special meeting cast their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend the date on which Continental must liquidate the Trust Account established in connection with the IPO if the Company has not completed its initial business combination, from November 11, 2022 to August 11, 2023 (or such earlier date after November 11, 2022, as determined by the Data Knights Board). As a part of Special Meeting, the Company’s stockholders approved amendments to its second amended and restated certificate of incorporation (the “Extension Amendment”) and the investment management trust agreement (the “Trust Agreement”) between Continental Stock Transfer &amp; Trust Company, as trustee (“Continental”), and the Company governing the trust account (the “Trust Account”) established in connection with the Company’s initial public offering dated May 11, 2021 (the “Trust Amendment”), which together allow the Company to extend the deadline by which it must complete its initial business combination by up to nine one-month periods. In connection with each such extension, Data Knights, LLC, the Company’s sponsor, shall cause $0.045 per outstanding share of the Company’s Class A Common Stock, or approximately $122,920, to be deposited in the Trust Account. As of December 31, 2022, the Company has executed two one-month extensions, out of the nine, resulting in deposits of approximately $245,840 into the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the proposed Business Combination with the Target, the Company will provide its public stockholders with the opportunity to redeem all or a portion of their Class A Common Stock 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 with the Target is not consummated, in connection with an alternative proposed initial business combination, 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 proposed 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 $5,000,001 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. In connection with the voting on the Extension Amendment Proposal and the Trust Amendment Proposal at the special meeting, holders of 8,768,456 shares of Class A Common Stock exercised their right to redeem those shares for cash at an approximate price of $10.42 per share, for an aggregate of approximately $91.4 million. Following the payment of the redemptions, the Trust Account had a balance of approximately $28.5 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Based on the above, the Company will have until August 11, 2023 to consummate a Business Combination. If the Company is unable to complete a Business Combination on August 11, 2023 at the election of the Company subject to satisfaction of certain conditions, including the deposit of up $2,300,000 since the underwriters’ over-allotment option is exercised in full ($0.10 per unit), into the Trust Account, or as extended by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation) (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 ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $100,000 of interest to pay dissolution expenses), </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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 under Delaware law 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 Initial Public Offering price per Unit ($10.00). There will be no redemption rights or liquidating distributions with respect to the Founder Shares (as defined below) or the shares of Class A Common Stock and the warrants that are included as components of the Private Placement Units. Such warrants will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriter of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</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;">Going Concern, Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022 and 2021, the Company had cash held outside of the Trust Account of $30,780 and $453,151, respectively. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete our initial business combination. As of December 31, 2022 and 2021, the Company had working capital surplus (deficit) of $(1,945,267) and $246,232, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $25,000 from the sale of the Founder Shares and proceed from the promissory note from sponsor of $78,925, which was repaid upon closure of the IPO. Subsequent to the IPO, the Company’s liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust Account. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022 and 2021, we had investments of $29,029,416 and $117,320,973 held in the Trust Account, respectively. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less taxes paid and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest to pay taxes. During the period ended December 31, 2022, we withdraw $299,601 of interest earned on the Trust Account to pay Delaware Franchise Tax. During the period ended December 31, 2021, we did not withdraw any interest earned on the Trust Account. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The accompanying consolidated 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">address this uncertainty during the period leading up to the business combination, however this cannot be guaranteed. The Company will have until August 23, 2023 to consummate a Business Combination. If our initial business combination is not consummated by August 23, 2023, less than one year after the date the financial statements are issued, then our existence will terminate, and we will distribute all amounts in the trust account. The Company intends to complete a business combination before the liquidation date and no adjustments have been made to the carrying amounts of assets or liabilities should the company be required to liquidate after such date. There can be no assurance that the Company will be able to consummate an initial business combination by August 23, 2023 and/or have sufficient working capital and borrowing capacity to meet its needs. Based upon the above analysis, management determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In order to fund working capital deficiencies or finance transaction costs in connection with our initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial Business Combination, we would repay such loaned amounts. In the event that our initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Accounts to repay such loaned amounts but no proceeds from our Trust Accounts would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units identical to the Placement Units, at a price of $10.00 per unit at the option of the lender.</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;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into law. The IR Act provides for, among other measures, a new 1% U.S. federal excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from whom the shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased. For purposes of calculating the excise tax, however, 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 Department”) has been given authority to provide regulations and other guidance to carry out, and prevent the abuse or avoidance of, the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Any redemption or other repurchase effected by us that occurs after December 31, 2022, in connection with a Business Combination or otherwise, may be subject to this excise tax. Whether and to what extent we would be subject to the excise tax in connection with a Business Combination will depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, (ii) the nature and amount of any PIPE financing or other equity issuances in connection with the Business Combination (or any other equity issuances within the same taxable year of the Business Combination) and (iii) the content of any regulations and other guidance issued by the Treasury Department and/or the Internal Revenue Service. In addition, because the excise tax would be payable by us and not by the redeeming holder, it could cause a reduction in the value of our stock. The foregoing could cause a reduction in the cash available on hand to complete a business Combination in the required time and redeem 100% of our public shares in accordance with our amended and restated certificate of incorporation) could be subject to the excise tax, in which case the amount that would otherwise be received by our stockholders in connection with our liquidation may be reduced.</p>
CY2021Q1 dkdcu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2021Q2 dkdcu Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
117300000
CY2021Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2022Q4 dkdcu Working Capital Deficit
WorkingCapitalDeficit
-1945267
CY2022 dkdcu Threshold Minimum Aggregate Fair Market Value As Percentage Of Assets Held In Trust Account
ThresholdMinimumAggregateFairMarketValueAsPercentageOfAssetsHeldInTrustAccount
0.80
CY2022 dkdcu Threshold Percentage Of Outstanding Voting Securities Of Target To Be Acquired By Post Transaction Company To Complete Business Combination
ThresholdPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination
0.50
CY2022Q2 dkdcu Number Of Three Month Extensions Permitted For Consummating Initial Business Combination
NumberOfThreeMonthExtensionsPermittedForConsummatingInitialBusinessCombination
2
CY2022Q2 dkdcu Extension Period For Consummating Initial Business Combination
ExtensionPeriodForConsummatingInitialBusinessCombination
P3M
CY2022Q3 dkdcu Number Of Three Month Extensions Permitted For Consummating Initial Business Combination
NumberOfThreeMonthExtensionsPermittedForConsummatingInitialBusinessCombination
2
CY2022Q3 dkdcu Extension Period For Consummating Initial Business Combination
ExtensionPeriodForConsummatingInitialBusinessCombination
P3M
CY2022Q4 dkdcu Number Of One Month Extensions Permitted For Consummating Initial Business Combination
NumberOfOneMonthExtensionsPermittedForConsummatingInitialBusinessCombination
9
CY2022Q4 dkdcu Extension Period For Consummating Initial Business Combination
ExtensionPeriodForConsummatingInitialBusinessCombination
P1M
CY2022Q4 dkdcu Additional Amount Per Unit Required To Be Deposited In Trust Account
AdditionalAmountPerUnitRequiredToBeDepositedInTrustAccount
0.045
CY2022Q4 dkdcu Amount To Be Deposited In Trust Account In Connection With Exercise Of First Monthly Extension
AmountToBeDepositedInTrustAccountInConnectionWithExerciseOfFirstMonthlyExtension
122920
CY2022Q4 dkdcu Number Of One Month Extensions Executed
NumberOfOneMonthExtensionsExecuted
2
CY2022 dkdcu Extension Period Each Time For Company To Consummate Initial Business Combination
ExtensionPeriodEachTimeForCompanyToConsummateInitialBusinessCombination
P1M
CY2022 dkdcu Number Of One Month Extensions Permitted For Consummating Initial Business Combination
NumberOfOneMonthExtensionsPermittedForConsummatingInitialBusinessCombination
9
CY2022Q4 dkdcu Minimum Net Tangible Asset Upon Consummation Of Business Combination
MinimumNetTangibleAssetUponConsummationOfBusinessCombination
5000001
CY2022Q4 dkdcu Common Stock Holders Exercised Their Right To Redeem Shares For Cash Number Of Shares
CommonStockHoldersExercisedTheirRightToRedeemSharesForCashNumberOfShares
8768456
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.42
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
91400000
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
28500000
CY2022 dkdcu Maximum Net Interest To Pay Dissolution Expenses
MaximumNetInterestToPayDissolutionExpenses
100000
CY2022Q4 dkdcu Class Of Warrant Or Right Price Of Warrants Or Rights
ClassOfWarrantOrRightPriceOfWarrantsOrRights
10.20
CY2022Q4 dkdcu Class Of Warrant Or Right Price Of Warrants Or Rights
ClassOfWarrantOrRightPriceOfWarrantsOrRights
10.20
CY2022Q4 dkdcu Cash Held Outside In Trust Account
CashHeldOutsideInTrustAccount
30780
CY2021Q4 dkdcu Cash Held Outside In Trust Account
CashHeldOutsideInTrustAccount
453151
CY2022Q4 dkdcu Working Capital Deficit
WorkingCapitalDeficit
-1945267
CY2021Q4 dkdcu Working Capital Deficit
WorkingCapitalDeficit
246232
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
78925
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
29029416
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
117320973
CY2022 dkdcu Proceeds From Interest Withdrawn From Trust Account
ProceedsFromInterestWithdrawnFromTrustAccount
299601
CY2022 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
1500000
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2022Q4 dkdcu Percentage Of Public Shares To Be Redeemed.
PercentageOfPublicSharesToBeRedeemed.
1
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;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:18pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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.</p>
CY2022Q4 us-gaap Cash
Cash
30870
CY2021Q4 us-gaap Cash
Cash
453151
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 dkdcu Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
117300000
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2022 dkdcu Warrant Exercisable
WarrantExercisable
12085275
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentration of credit risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;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 December 31, 2022 and 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2022 dkdcu Extension Period For Consummating Initial Business Combination
ExtensionPeriodForConsummatingInitialBusinessCombination
P3M
CY2022 dkdcu Aggregate Period To Consummate Initial Business Combination
AggregatePeriodToConsummateInitialBusinessCombination
P18M
CY2022 dkdcu Number Of Business Days For Advance Notice Of Extension To Be Given
NumberOfBusinessDaysForAdvanceNoticeOfExtensionToBeGiven
5
CY2022 dkdcu Extension Period For Consummating Initial Business Combination
ExtensionPeriodForConsummatingInitialBusinessCombination
P3M
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 dkdcu Period From Closing Of Company Initial Public Offering To Consummate Business Combination
PeriodFromClosingOfCompanyInitialPublicOfferingToConsummateBusinessCombination
P12M
CY2022 dkdcu Number Of Three Month Extensions Permitted For Consummating Initial Business Combination
NumberOfThreeMonthExtensionsPermittedForConsummatingInitialBusinessCombination
2
CY2022 dkdcu Aggregate Period To Consummate Initial Business Combination
AggregatePeriodToConsummateInitialBusinessCombination
P18M
CY2022 dkdcu Period From Closing Of Company Initial Public Offering To Consummate Business Combination
PeriodFromClosingOfCompanyInitialPublicOfferingToConsummateBusinessCombination
P12M
CY2022 dkdcu Aggregate Period To Consummate Initial Business Combination
AggregatePeriodToConsummateInitialBusinessCombination
P18M
CY2022Q4 dkdcu Extension Period For Consummating Initial Business Combination
ExtensionPeriodForConsummatingInitialBusinessCombination
P1M
CY2022Q4 dkdcu Additional Amount Per Unit Required To Be Deposited In Trust Account
AdditionalAmountPerUnitRequiredToBeDepositedInTrustAccount
0.045
CY2022Q4 dkdcu Amount To Be Deposited In Trust Account In Connection With Exercise Of First Monthly Extension
AmountToBeDepositedInTrustAccountInConnectionWithExerciseOfFirstMonthlyExtension
122920
CY2022Q4 dkdcu Extension Loans Non Current
ExtensionLoansNonCurrent
2545838
CY2021Q4 dkdcu Extension Loans Non Current
ExtensionLoansNonCurrent
0
CY2022Q4 dkdcu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2022 dkdcu Underwriting Discount Percentage
UnderwritingDiscountPercentage
0.0200
CY2022 dkdcu Underwriting Discount Paid
UnderwritingDiscountPaid
2300000
CY2022 dkdcu Deferred Underwriting Fees Percentage
DeferredUnderwritingFeesPercentage
0.0350
CY2022Q4 dkdcu Carrying Value As Of Balance Sheet Date Of Deferred Underwriting Commissions Incurred Through That Date And Due After One Year Or Beyond Operating Cycle If Longer.
CarryingValueAsOfBalanceSheetDateOfDeferredUnderwritingCommissionsIncurredThroughThatDateAndDueAfterOneYearOrBeyondOperatingCycleIfLonger.
4025000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 dkdcu Fair Value Assets And Liabilities Transfers Between Level1 To Level2 Amount
FairValueAssetsAndLiabilitiesTransfersBetweenLevel1ToLevel2Amount
0
CY2021Q1 dkdcu Fair Value Assets And Liabilities Transfers Between Level1 To Level2 Amount
FairValueAssetsAndLiabilitiesTransfersBetweenLevel1ToLevel2Amount
0
dkdcu Fair Value Assets And Liabilities Transfers Between Level1 To Level2 Amount
FairValueAssetsAndLiabilitiesTransfersBetweenLevel1ToLevel2Amount
0
CY2022 dkdcu Fair Value Assets And Liabilities Transfers Between Level1 To Level2 Amount
FairValueAssetsAndLiabilitiesTransfersBetweenLevel1ToLevel2Amount
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
214850
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-715345
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-118531
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
715345
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
118531
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
214850
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
31893
CY2022Q4 dkdcu Start Up Costs
StartUpCosts
833875
CY2021Q4 dkdcu Start Up Costs
StartUpCosts
88493
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
833875
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
120386
CY2021Q4 dkdcu Unrealized Gain On Investment In Trust Account
UnrealizedGainOnInvestmentInTrustAccount
1855
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
833875
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
1855
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
833875
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
118531
CY2022Q4 dkdcu U.S.Federal And State Net Operating Loss
U.s.FederalAndStateNetOperatingLoss
0
CY2021Q4 dkdcu U.S.Federal And State Net Operating Loss
U.s.FederalAndStateNetOperatingLoss
162132
CY2022Q4 dkdcu Limitation On Annual Taxable Income
LimitationOnAnnualTaxableIncome
0.80
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
833875
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
118531
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2022 dkdcu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Liabilities
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeLiabilities
-1.7093
dkdcu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Liabilities
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeLiabilities
-0.2589
CY2022 dkdcu Effective Income Tax Rate Reconciliation Transaction Costs Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsPercent
0.5918
dkdcu Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Warrant Issuance
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToWarrantIssuance
0.0257
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1.2971
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.0232
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.3896
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0

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