$PPYA
Papaya Growth Opportunity Corp I

2024 Q3 Form 10-Q Financial Statement

#000141057824001994 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $560.0K
YoY Change -0.05%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $560.0K
YoY Change -0.05%
Operating Profit
YoY Change
Interest Expense $1.020M
YoY Change -30.48%
% of Operating Profit
Other Income/Expense, Net $89.72K $1.017M
YoY Change -91.18% -30.67%
Pretax Income -$315.6K $460.1K
YoY Change -168.6% -49.27%
Income Tax $16.64K $150.7K
% Of Pretax Income 32.75%
Net Earnings -$332.3K $309.4K
YoY Change -207.39% -65.88%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change -100.0%
Cash & Equivalents $1.593K $2.916K
Short-Term Investments
Other Short-Term Assets $200.0K
YoY Change -39.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $235.6K $290.0K
YoY Change -18.76% -74.29%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $24.70M
YoY Change -91.63%
Other Assets $500.0K
YoY Change
Total Long-Term Assets $7.940M $25.11M
YoY Change -68.37% -91.49%
TOTAL ASSETS
Total Short-Term Assets $235.6K $290.0K
Total Long-Term Assets $7.940M $25.11M
Total Assets $8.176M $25.40M
YoY Change -67.81% -91.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K
YoY Change 279.43%
Accrued Expenses $2.800M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.300M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.81M $20.78M
YoY Change 9.78% 7695.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.81M $20.78M
Total Long-Term Liabilities $0.00
Total Liabilities $22.81M $20.78M
YoY Change 9.78% 35.01%
SHAREHOLDERS EQUITY
Retained Earnings -$22.58M -$20.04M
YoY Change 12.66% 60.82%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$22.58M -$20.04M
YoY Change
Total Liabilities & Shareholders Equity $8.176M $25.40M
YoY Change -67.81% -91.43%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$332.3K $309.4K
YoY Change -207.39% -65.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$740.0K
YoY Change 86.53%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $80.50M
YoY Change
Cash From Investing Activities $80.50M
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 -79.77M
YoY Change
NET CHANGE
Cash From Operating Activities -740.0K
Cash From Investing Activities 80.50M
Cash From Financing Activities -79.77M
Net Change In Cash -10.00K
YoY Change -97.48%
FREE CASH FLOW
Cash From Operating Activities -$740.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2024Q3 us-gaap Other Liability Related Party Type Extensible Enumeration
OtherLiabilityRelatedPartyTypeExtensibleEnumeration
http://fasb.org/srt/2024#AffiliatedEntityMember
CY2023Q4 us-gaap Other Liability Related Party Type Extensible Enumeration
OtherLiabilityRelatedPartyTypeExtensibleEnumeration
http://fasb.org/srt/2024#AffiliatedEntityMember
CY2024Q3 us-gaap Notes Payable Current Related Party Type Extensible Enumeration
NotesPayableCurrentRelatedPartyTypeExtensibleEnumeration
http://fasb.org/us-gaap/2024#RelatedPartyMember
CY2023Q4 us-gaap Notes Payable Current Related Party Type Extensible Enumeration
NotesPayableCurrentRelatedPartyTypeExtensibleEnumeration
http://fasb.org/us-gaap/2024#RelatedPartyMember
CY2024Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2024Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
dei Entity Central Index Key
EntityCentralIndexKey
0001894057
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Amendment Flag
AmendmentFlag
false
CY2023Q4 ppya Maturity Term Of Funds Held In Government Treasury Obligations
MaturityTermOfFundsHeldInGovernmentTreasuryObligations
P90D
us-gaap Operating Cost And Expense Related Party Type Extensible Enumeration
OperatingCostAndExpenseRelatedPartyTypeExtensibleEnumeration
http://fasb.org/us-gaap/2024#RelatedPartyMember
CY2023Q3 us-gaap Operating Cost And Expense Related Party Type Extensible Enumeration
OperatingCostAndExpenseRelatedPartyTypeExtensibleEnumeration
http://fasb.org/us-gaap/2024#RelatedPartyMember
us-gaap Operating Cost And Expense Related Party Type Extensible Enumeration
OperatingCostAndExpenseRelatedPartyTypeExtensibleEnumeration
http://fasb.org/us-gaap/2024#RelatedPartyMember
CY2024Q3 us-gaap Operating Cost And Expense Related Party Type Extensible Enumeration
OperatingCostAndExpenseRelatedPartyTypeExtensibleEnumeration
http://fasb.org/us-gaap/2024#RelatedPartyMember
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-41223
dei Entity Registrant Name
EntityRegistrantName
PAPAYA GROWTH OPPORTUNITY CORP. I
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
87-3071107
dei Entity Address Address Line1
EntityAddressAddressLine1
3500 South Dupont Highway, Suite HX-102
dei Entity Address City Or Town
EntityAddressCityOrTown
Dover
dei Entity Address State Or Province
EntityAddressStateOrProvince
DE
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
19901
dei City Area Code
CityAreaCode
510
dei Local Phone Number
LocalPhoneNumber
214-3750
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Shell Company
EntityShellCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1593
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2013
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
172973
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
43677
CY2024Q3 us-gaap Prepaid Taxes
PrepaidTaxes
32562
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
41000
CY2024Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
28433
CY2023Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
53054
CY2024Q3 us-gaap Assets Current
AssetsCurrent
235561
CY2023Q4 us-gaap Assets Current
AssetsCurrent
139744
CY2024Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
7940003
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
24976375
CY2024Q3 us-gaap Assets
Assets
8175564
CY2023Q4 us-gaap Assets
Assets
25116119
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
625033
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
480958
CY2024Q3 us-gaap Other Liabilities
OtherLiabilities
304500
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
174000
CY2024Q3 us-gaap Notes Payable Current
NotesPayableCurrent
3805128
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2624070
CY2024Q3 ppya State Franchise Tax Payable Current
StateFranchiseTaxPayableCurrent
7510
CY2023Q4 ppya State Franchise Tax Payable Current
StateFranchiseTaxPayableCurrent
40200
CY2024Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2946433
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2770478
CY2024Q3 ppya Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
15125000
CY2023Q4 ppya Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
15125000
CY2024Q3 us-gaap Liabilities Current
LiabilitiesCurrent
22813603
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
21214706
CY2024Q3 us-gaap Liabilities
Liabilities
22813603
CY2023Q4 us-gaap Liabilities
Liabilities
21214706
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-22578933
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21075852
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
-22578043
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-21074962
CY2024Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8175564
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
25116119
CY2024Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
375112
CY2023Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
507155
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1168811
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1475645
CY2024Q3 ppya Franchise Tax Expense
FranchiseTaxExpense
30240
CY2023Q3 ppya Franchise Tax Expense
FranchiseTaxExpense
50000
ppya Franchise Tax Expense
FranchiseTaxExpense
48891
ppya Franchise Tax Expense
FranchiseTaxExpense
150000
CY2024Q3 us-gaap Costs And Expenses
CostsAndExpenses
405352
CY2023Q3 us-gaap Costs And Expenses
CostsAndExpenses
557155
us-gaap Costs And Expenses
CostsAndExpenses
1217702
us-gaap Costs And Expenses
CostsAndExpenses
1625645
CY2024Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
89718
CY2023Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1017239
us-gaap Investment Income Interest
InvestmentIncomeInterest
375649
us-gaap Investment Income Interest
InvestmentIncomeInterest
5300477
ppya Realized Gain Loss On Investments Held In Trust Account
RealizedGainLossOnInvestmentsHeldInTrustAccount
479857
CY2024Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
89718
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1017239
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
375649
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5780334
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-315634
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
460084
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-842053
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4154689
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16643
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
302000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
91438
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2005980
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-332277
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
158084
us-gaap Net Income Loss
NetIncomeLoss
-933491
us-gaap Net Income Loss
NetIncomeLoss
2148709
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-21074962
CY2024Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
281479
CY2024Q1 ppya Adjustments To Additional Paid In Capital Excise Tax Payable
AdjustmentsToAdditionalPaidInCapitalExciseTaxPayable
174300
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-395973
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
-21926714
CY2024Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
26723
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-205242
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
-22158679
CY2024Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
85432
CY2024Q3 ppya Adjustments To Additional Paid In Capital Excise Tax Payable
AdjustmentsToAdditionalPaidInCapitalExciseTaxPayable
1655
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-332277
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
-22578043
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-11250013
CY2023Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
5910917
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
1006619
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-16154311
CY2023Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
1044125
CY2023Q2 ppya Adjustments To Additional Paid In Capital Excise Tax Payable
AdjustmentsToAdditionalPaidInCapitalExciseTaxPayable
1962245
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
984006
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-18176675
CY2023Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
1663989
CY2023Q3 ppya Adjustments To Additional Paid In Capital Excise Tax Payable
AdjustmentsToAdditionalPaidInCapitalExciseTaxPayable
808233
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
158084
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
-20490813
us-gaap Profit Loss
ProfitLoss
-933491
us-gaap Profit Loss
ProfitLoss
2148709
ppya Interest On Investment Held In Trust Account
InterestOnInvestmentHeldInTrustAccount
375649
ppya Interest On Investment Held In Trust Account
InterestOnInvestmentHeldInTrustAccount
5300477
us-gaap Gain Loss On Investments
GainLossOnInvestments
479857
ppya Deferred Tax Expense Operating Activities
DeferredTaxExpenseOperatingActivities
555020
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
129296
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-76394
us-gaap Increase Decrease In Due To Affiliates Current
IncreaseDecreaseInDueToAffiliatesCurrent
130500
us-gaap Increase Decrease In Due To Affiliates Current
IncreaseDecreaseInDueToAffiliatesCurrent
116000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
144074
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
166024
ppya Increase Decrease Advance Tax Payables
IncreaseDecreaseAdvanceTaxPayables
-8438
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-27000
ppya Increase Decrease Franchise Tax Payables
IncreaseDecreaseFranchiseTaxPayables
-32690
ppya Increase Decrease Franchise Tax Payables
IncreaseDecreaseFranchiseTaxPayables
-170600
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1188114
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4025827
ppya Proceeds From Withdrawal Of Cash From Trust Account For Tax Payments
ProceedsFromWithdrawalOfCashFromTrustAccountForTaxPayments
164531
ppya Proceeds From Withdrawal Of Cash From Trust Account For Tax Payments
ProceedsFromWithdrawalOfCashFromTrustAccountForTaxPayments
3006650
ppya Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
157895
ppya Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
1632916
ppya Proceeds From Redemption Of Cash From Trust Account
ProceedsFromRedemptionOfCashFromTrustAccount
17430006
ppya Proceeds From Redemption Of Cash From Trust Account
ProceedsFromRedemptionOfCashFromTrustAccount
277213371
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
17436642
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
278587105
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17430006
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
277213370
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1181058
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
2334941
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-16248948
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-274878429
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-420
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-317151
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2013
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
320067
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1593
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2916
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
83000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2602000
ppya Adjustments To Additional Paid In Capital Excise Tax Payable
AdjustmentsToAdditionalPaidInCapitalExciseTaxPayable
175955
ppya Adjustments To Additional Paid In Capital Excise Tax Payable
AdjustmentsToAdditionalPaidInCapitalExciseTaxPayable
2770478
ppya Accretion For Class Common Stock To Redemption Value
AccretionForClassCommonStockToRedemptionValue
393634
ppya Accretion For Class Common Stock To Redemption Value
AccretionForClassCommonStockToRedemptionValue
8619031
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Description of Organization, Business Operations and Liquidity</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Papaya Growth Opportunity Corp. I (the “Company”) was incorporated in Delaware on October 8, 2021. The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “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;">The Company is not limited to a particular industry or geographic region for purposes of consummating a 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 September 30, 2024, the Company had not commenced any operations. All activity from October 8, 2021 (inception) through September 30, 2024, relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below and, since the IPO, the search for a prospective Business Combination. 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 earned on investments from the proceeds derived from the IPO held in the Trust Account (defined below). The registration statement for the Company’s IPO was declared effective on January 13, 2022. On January 19, 2022, the Company consummated the IPO of 25,000,000 units (“Units”), including shares of Class A common stock in the Units offered (the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $250,000,000, which is discussed in Note 3. 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;">Simultaneously with the closing of the IPO, the Company consummated the sale of 1,290,500 private placement units (“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to the Company’s sponsor, Papaya Growth Opportunity I Sponsor, LLC (the “Sponsor”), Cantor Fitzgerald &amp; Co. (“Cantor”), and J.V.B. Financial Group, LLC on behalf of its Cohen &amp; Company Capital Markets division (“CCM”), generating gross proceeds of $12,905,000 which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the IPO and the sale of the Private Placement Units, the Company consummated the sale of 3,750,000 additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $37,500,000. Simultaneously with the exercise of the overallotment, the Company consummated the private placement of an additional 75,000 Private Placement Units to the Sponsor, generating gross proceeds of $750,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Offering costs for the IPO and sale of the Private Placement Units and Overallotment Units amounted to $20,697,498, consisting of $5,000,000 of upfront underwriting fees, $15,125,000 of deferred underwriting fees payable (which are held in the Trust Account), and $572,498 of other offering costs. As described in Note 6, the $15,125,000 of deferred underwriting fees payable is contingent upon the consummation of a Business Combination by January 19, 2025, 36 months from the closing of the IPO, subject to the terms of the underwriting 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;">Following the closing of the IPO and the sale of the Private Placement Units and Overallotment Units, $293,250,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO, Overallotment Units, and the Private Placement Units was placed in a trust account (“Trust Account”). The amounts placed in the Trust Account are invested in (i) interest - bearing bank demand deposit accounts, (ii) uninvested, (iii) 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 (iv) money market funds selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3), (d)(4) and (d)(5) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, 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;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units and Overallotment Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction 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 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;">The Company will provide the 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. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.20 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) Subtopic 10-S99, redemption provisions not solely within the control of a company require Class A common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with other freestanding instruments (i.e., Public Warrants as defined in Note 3), the initial carrying value of the Public Shares classified as temporary equity was the allocated proceeds determined in accordance with ASC 470-20 “Debt with Conversion and other Options”. The Public Shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Placement Shares (as defined in Note 4), Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the foregoing, the Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares sold in the IPO, without the prior consent of the Company.</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 Sponsor, officers and directors (the “Initial Stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of Class A common stock in conjunction with any such amendment.</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 12, 2023, the Company’s stockholders approved an amendment (the “Extension Amendment”) to the Certificate of Incorporation to extend the date by which the Company must consummate an initial business combination up to six (6) times for an additional one (1) month each time, from April 19, 2023 to October 19, 2023 (21 months from the closing of the IPO). </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 30, 2023, the Company’s stockholders approved an amendment to the Certificate of Incorporation to extend the date by which the Company must consummate an initial business combination up to four (4) times for an additional (1) month each time from October 19, 2023 to February 19, 2024 by depositing into the Company’s trust account for each one-month extension the lesser of (a) $30,000 and (b) $0.03 for each then outstanding share after giving effect to any redemptions. </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 December 7, 2023, the Company, received a letter (the “Letter”) from the staff at The Nasdaq Global Market (“Nasdaq”) notifying the Company that, for the 30 consecutive trading days prior to the date of the Letter, the Company’s common stock had traded at a value below the minimum $50,000,000 “Market Value of Listed Securities” (“MVLS”) requirement set forth in Nasdaq Listing Rule 5450(b)(2)(A), which is required for continued listing of the Company’s common stock on Nasdaq. The staff at Nasdaq subsequently determined that the Company has regained compliance, accordingly, the staff at Nasdaq have indicated that the matter is closed. On June 5, 2024, the Company was notified that the Company’s securities were transferred to the Nasdaq Capital Market at the opening of business on May 24, 2024.</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 February 16, 2024, the Company’s stockholders approved an amendment to the Certificate of Incorporation to extend the date by which the Company must consummate an initial business combination up to eleven (11) times for an additional (1) month each time from February 19, 2024 to January 19, 2025 by depositing into the Company’s trust account for each one-month extension the lesser of (a) $30,000 and (b) $0.0225 for each then outstanding share after giving effect to any redemptions. If a Business Combination is not consummated by January 19, 2025, which is 36 months from the closing of the IPO, in compliance with the requirements set forth in the Certificate of Incorporation for such an extension (the “Combination 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 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 (a) its income and franchise taxes and (b) up to $100,000 of dissolution expenses, if any, divided by the number of then outstanding Public Shares, whose redemption will completely extinguish the Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares (as defined in Note 5) and the Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only the $10.20 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to 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 amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, 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, </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On February 16, 2024, the Sponsor determined to convert all the outstanding shares of Class B common stock into shares of Class A common stock on a one-for-one basis (the “Class B Conversion”). Notwithstanding the Class B Conversion, the Sponsor, as well as the officers and directors, will not be entitled to receive any funds held in the Trust Account with respect to any shares of Class A common stock issued to such holders as a result of the Class B Conversion, and no additional amounts will be deposited into the Trust Account in respect of shares of Class A common stock held by the Sponsor.</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 June 5, 2024, the Company received a notice (the “Notice”) from the Staff stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because it has not timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Form 10-Q”) with the SEC. The Rule requires listed companies to timely file all required periodic financial reports with the SEC. On July 3, 2024, the Company filed the Form 10-Q with the SEC and was notified by Nasdaq on July 30, 2024 that the matter is now closed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Liquidity, Going Concern, and Management’s Plan</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;">Prior to the completion of the IPO, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. The Company has since completed its IPO at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since re-evaluated the Company’s liquidity and financial condition and determined that the Company will need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs and there is no guarantee that the Company will receive such funds. As of September 30, 2024, the Company does not have sufficient working capital and will need to borrow additional funds from its Sponsor in order to fund its operations through one year from the date of this filing. As of September 30, 2024, the Company had cash of $1,593 and a working capital deficit. As of September 30, 2024, $2.8 million has been drawn from the $2.8 million promissory note provided from the Sponsor on April 17, 2023 and $1,005,128 has been drawn from the $1.2 million promissory note provided from the Sponsor on February 16, 2024. See Note 5 for references to “Promissory Note” and “2024 Promissory Note”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">In connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in FASB Accounting Standards Update 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the mandatory liquidation and subsequent dissolution described in Note 1, should the Company be unable to complete a Business Combination, raises substantial doubt about the Company’s ability to continue as a going concern. The Company has until January 19, 2025, 36 months from the closing of the IPO, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination during the specified period. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination by January 19, 2025, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination prior to January 19, 2025.</p>
ppya Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022Q1 ppya Sale Of Stock Offering Costs
SaleOfStockOfferingCosts
20697498
CY2022Q1 ppya Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
5000000
CY2022Q1 ppya Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
15125000
CY2022Q1 ppya Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
572498
CY2022Q1 ppya Aggregate Deferred Underwriting Fee Payable
AggregateDeferredUnderwritingFeePayable
15125000
ppya Months To Complete Business Combination
MonthsToCompleteBusinessCombination
P36M
CY2022Q1 ppya Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
293250000
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
ppya Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
ppya Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
80
ppya Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2024Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
ppya Threshold Percentage Of Public Shares Subject To Redemption Without Company Prior Written Consent
ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutCompanyPriorWrittenConsent
0.15
ppya Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2023Q2 ppya Months To Complete Business Combination
MonthsToCompleteBusinessCombination
P21M
CY2023Q3 ppya Business Combination Conditions Deposits In Trust Account Maximum
BusinessCombinationConditionsDepositsInTrustAccountMaximum
30000
CY2023Q3 ppya Business Combination Conditions Maximum Deposits In Trust Account Per Share Of Outstanding Share Net Of Redemptions
BusinessCombinationConditionsMaximumDepositsInTrustAccountPerShareOfOutstandingShareNetOfRedemptions
0.03
CY2024Q1 ppya Business Combination Conditions Deposits In Trust Account Maximum
BusinessCombinationConditionsDepositsInTrustAccountMaximum
30000
CY2024Q1 ppya Business Combination Conditions Maximum Deposits In Trust Account Per Share Of Outstanding Share Net Of Redemptions
BusinessCombinationConditionsMaximumDepositsInTrustAccountPerShareOfOutstandingShareNetOfRedemptions
0.0225
CY2023Q3 ppya Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2024Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1593
ppya Months To Complete Business Combination
MonthsToCompleteBusinessCombination
P36M
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</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;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s 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. Actual results could differ from those estimates.</p>
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2024Q3 us-gaap Assets Held In Trust
AssetsHeldInTrust
7940003
CY2023Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
24976375
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;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 cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of September 30, 2024 and December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0527
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.6564
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1086
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.4828
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
0
us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2021Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.0102482
ppya Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.50
ppya Aggregate Underwriter Cash Discount
AggregateUnderwriterCashDiscount
12500000
CY2024Q3 ppya Deferred Fee Per Unit
DeferredFeePerUnit
0.70
ppya Aggregate Deferred Underwriting Fee Payable
AggregateDeferredUnderwritingFeePayable
15125000
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q3 ppya Deferred Tax Asset Non Current
DeferredTaxAssetNonCurrent
961788
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
961788
CY2023Q3 us-gaap Assets
Assets
24945631
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-20491702
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
-20490813
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2005980
us-gaap Net Income Loss
NetIncomeLoss
2148709
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
302000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
158084
us-gaap Net Income Loss
NetIncomeLoss
2148709
ppya Deferred Tax Expense Operating Activities
DeferredTaxExpenseOperatingActivities
555020
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001410578-24-001994-index-headers.html Edgar Link pending
0001410578-24-001994-index.html Edgar Link pending
0001410578-24-001994.txt Edgar Link pending
0001410578-24-001994-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
ppya-20240930.xsd Edgar Link pending
ppya-20240930x10q.htm Edgar Link pending
ppya-20240930xex31d1.htm Edgar Link pending
ppya-20240930xex31d2.htm Edgar Link pending
ppya-20240930xex32d1.htm Edgar Link pending
ppya-20240930xex32d2.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
ppya-20240930_def.xml Edgar Link unprocessable
ppya-20240930x10q_htm.xml Edgar Link completed
ppya-20240930_lab.xml Edgar Link unprocessable
ppya-20240930_pre.xml Edgar Link unprocessable
R34.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
ppya-20240930_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable