2024 Q2 Form 10-Q Financial Statement
#000121390024073354 Filed on August 28, 2024
Income Statement
Concept | 2024 Q2 |
---|---|
Revenue | |
YoY Change | |
Cost Of Revenue | |
YoY Change | |
Gross Profit | |
YoY Change | |
Gross Profit Margin | |
Selling, General & Admin | |
YoY Change | |
% of Gross Profit | |
Research & Development | |
YoY Change | |
% of Gross Profit | |
Depreciation & Amortization | |
YoY Change | |
% of Gross Profit | |
Operating Expenses | |
YoY Change | |
Operating Profit | -$332.2K |
YoY Change | 3.2% |
Interest Expense | |
YoY Change | |
% of Operating Profit | |
Other Income/Expense, Net | $158.0K |
YoY Change | -89.57% |
Pretax Income | -$174.2K |
YoY Change | -114.98% |
Income Tax | $48.59K |
% Of Pretax Income | |
Net Earnings | -$222.8K |
YoY Change | -126.05% |
Net Earnings / Revenue | |
Basic Earnings Per Share | |
Diluted Earnings Per Share | |
COMMON SHARES | |
Basic Shares Outstanding | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q2 |
---|---|
SHORT-TERM ASSETS | |
Cash & Short-Term Investments | |
YoY Change | |
Cash & Equivalents | $290.5K |
Short-Term Investments | |
Other Short-Term Assets | |
YoY Change | |
Inventory | |
Prepaid Expenses | |
Receivables | |
Other Receivables | |
Total Short-Term Assets | $290.5K |
YoY Change | -70.71% |
LONG-TERM ASSETS | |
Property, Plant & Equipment | |
YoY Change | |
Goodwill | |
YoY Change | |
Intangibles | |
YoY Change | |
Long-Term Investments | |
YoY Change | |
Other Assets | |
YoY Change | |
Total Long-Term Assets | $9.298M |
YoY Change | -78.61% |
TOTAL ASSETS | |
Total Short-Term Assets | $290.5K |
Total Long-Term Assets | $9.298M |
Total Assets | $9.588M |
YoY Change | -78.43% |
SHORT-TERM LIABILITIES | |
YoY Change | |
Accounts Payable | $1.187M |
YoY Change | 72.82% |
Accrued Expenses | |
YoY Change | |
Deferred Revenue | |
YoY Change | |
Short-Term Debt | |
YoY Change | |
Long-Term Debt Due | |
YoY Change | |
Total Short-Term Liabilities | $4.868M |
YoY Change | 46.59% |
LONG-TERM LIABILITIES | |
Long-Term Debt | |
YoY Change | |
Other Long-Term Liabilities | |
YoY Change | |
Total Long-Term Liabilities | |
YoY Change | |
TOTAL LIABILITIES | |
Total Short-Term Liabilities | $4.868M |
Total Long-Term Liabilities | |
Total Liabilities | $26.97M |
YoY Change | 85.73% |
SHAREHOLDERS EQUITY | |
Retained Earnings | -$26.01M |
YoY Change | 104.69% |
Common Stock | |
YoY Change | |
Preferred Stock | |
YoY Change | |
Treasury Stock (at cost) | |
YoY Change | |
Treasury Stock Shares | |
Shareholders Equity | -$26.61M |
YoY Change | |
Total Liabilities & Shareholders Equity | $9.588M |
YoY Change | -78.43% |
Cashflow Statement
Concept | 2024 Q2 |
---|---|
OPERATING ACTIVITIES | |
Net Income | -$222.8K |
YoY Change | -126.05% |
Depreciation, Depletion And Amortization | |
YoY Change | |
Cash From Operating Activities | |
YoY Change | |
INVESTING ACTIVITIES | |
Capital Expenditures | |
YoY Change | |
Acquisitions | |
YoY Change | |
Other Investing Activities | |
YoY Change | |
Cash From Investing Activities | |
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 | |
YoY Change | |
NET CHANGE | |
Cash From Operating Activities | |
Cash From Investing Activities | |
Cash From Financing Activities | |
Net Change In Cash | |
YoY Change | |
FREE CASH FLOW | |
Cash From Operating Activities | |
Capital Expenditures | |
Free Cash Flow | |
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
usd | |
dei |
Entity File Number
EntityFileNumber
|
001-41076 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
SHOULDERUP TECHNOLOGY ACQUISITION CORP. | ||
CY2024Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2024Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
usd | |
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2024-06-30 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | ||
dei |
Document Transition Report
DocumentTransitionReport
|
false | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
87-1730135 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
125 Townpark Drive | ||
dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
Suite 300 | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Kennesaw | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
GA | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
30144 | ||
dei |
City Area Code
CityAreaCode
|
(970) | ||
dei |
Local Phone Number
LocalPhoneNumber
|
924-0446 | ||
dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | ||
dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | ||
dei |
Entity Small Business
EntitySmallBusiness
|
true | ||
dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
true | ||
dei |
Entity Ex Transition Period
EntityExTransitionPeriod
|
false | ||
dei |
Entity Shell Company
EntityShellCompany
|
true | ||
CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
290466 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
403456 | usd |
CY2024Q2 | us-gaap |
Assets Current
AssetsCurrent
|
290466 | usd |
CY2023Q4 | us-gaap |
Assets Current
AssetsCurrent
|
403456 | usd |
CY2024Q2 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
9297875 | usd |
CY2023Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
21099267 | usd |
CY2024Q2 | us-gaap |
Assets
Assets
|
9588341 | usd |
CY2023Q4 | us-gaap |
Assets
Assets
|
21502723 | usd |
CY2024Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1187020 | usd |
CY2023Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
798071 | usd |
CY2024Q2 | suac |
Franchise Tax Payable
FranchiseTaxPayable
|
48800 | usd |
CY2023Q4 | suac |
Franchise Tax Payable
FranchiseTaxPayable
|
38800 | usd |
CY2024Q2 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
132576 | usd |
CY2023Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
301072 | usd |
CY2024Q2 | suac |
Excise Tax Payable Current
ExciseTaxPayableCurrent
|
3046381 | usd |
CY2023Q4 | suac |
Excise Tax Payable Current
ExciseTaxPayableCurrent
|
2925014 | usd |
CY2024Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
4868049 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-26607456 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-21632811 | usd |
CY2024Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
9588341 | usd |
CY2023Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
21502723 | usd |
CY2024Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
333599 | usd |
CY2023Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
271900 | usd |
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
691362 | usd | |
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
477786 | usd | |
CY2024Q2 | suac |
Franchise Tax Expense
FranchiseTaxExpense
|
-1411 | usd |
CY2023Q2 | suac |
Franchise Tax Expense
FranchiseTaxExpense
|
50000 | usd |
suac |
Franchise Tax Expense
FranchiseTaxExpense
|
51295 | usd | |
suac |
Franchise Tax Expense
FranchiseTaxExpense
|
100400 | usd | |
CY2024Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-332188 | usd |
CY2023Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-321900 | usd |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-742657 | usd | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-578186 | usd | |
CY2024Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
2156 | usd |
us-gaap |
Interest Income Operating
InterestIncomeOperating
|
6791 | usd | |
CY2024Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
227832 | usd |
CY2023Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1514844 | usd |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
485344 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4801013 | usd | |
CY2024Q2 | suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
72000 | usd |
CY2023Q2 | suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
30000 | usd |
suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
319680 | usd | |
suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
30000 | usd | |
CY2023Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
4181229 | usd |
CY2024Q2 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
10901760 | usd |
CY2023Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
6646080 | usd |
CY2024Q2 | suac |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
11200000 | usd |
CY2023Q4 | suac |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
11200000 | usd |
CY2024Q2 | us-gaap |
Liabilities
Liabilities
|
26969809 | usd |
CY2023Q4 | us-gaap |
Liabilities
Liabilities
|
22027309 | usd |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
9225988 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21108225 | usd |
CY2024Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q2 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-26008636 | usd |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-21033991 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-26607456 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-21632811 | usd |
CY2024Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
9588341 | usd |
CY2023Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
21502723 | usd |
CY2024Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
333599 | usd |
CY2023Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
271900 | usd |
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
691362 | usd | |
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
477786 | usd | |
CY2024Q2 | suac |
Franchise Tax Expense
FranchiseTaxExpense
|
-1411 | usd |
CY2023Q2 | suac |
Franchise Tax Expense
FranchiseTaxExpense
|
50000 | usd |
suac |
Franchise Tax Expense
FranchiseTaxExpense
|
51295 | usd | |
CY2024Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-332188 | usd |
CY2023Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-321900 | usd |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-742657 | usd | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-578186 | usd | |
CY2024Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
2156 | usd |
CY2023Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
63 | usd |
us-gaap |
Interest Income Operating
InterestIncomeOperating
|
6791 | usd | |
us-gaap |
Interest Income Operating
InterestIncomeOperating
|
70 | usd | |
CY2024Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
227832 | usd |
CY2023Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1514844 | usd |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
485344 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4801013 | usd | |
CY2024Q2 | suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
72000 | usd |
CY2023Q2 | suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
30000 | usd |
CY2024Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
157988 | usd |
CY2023Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
1484907 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
172455 | usd | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
4771083 | usd | |
CY2024Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-174200 | usd |
CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1163007 | usd |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-570202 | usd | |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
4192897 | usd | |
CY2024Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
48593 | usd |
CY2023Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
307630 | usd |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
92576 | usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
987143 | usd | |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-222793 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
855377 | usd |
CY2024Q2 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
10901760 | usd |
CY2023Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
6646080 | usd |
CY2024Q2 | suac |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
11200000 | usd |
CY2023Q4 | suac |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
11200000 | usd |
CY2024Q2 | us-gaap |
Liabilities
Liabilities
|
26969809 | usd |
CY2023Q4 | us-gaap |
Liabilities
Liabilities
|
22027309 | usd |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
9225988 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21108225 | usd |
CY2024Q2 | 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 | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q2 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-26008636 | usd |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-21033991 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-26607456 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-21632811 | usd |
CY2024Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
9588341 | usd |
CY2023Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
21502723 | usd |
CY2024Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
333599 | usd |
CY2023Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
271900 | usd |
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
691362 | usd | |
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
477786 | usd | |
CY2024Q2 | suac |
Franchise Tax Expense
FranchiseTaxExpense
|
-1411 | usd |
CY2023Q2 | suac |
Franchise Tax Expense
FranchiseTaxExpense
|
50000 | usd |
suac |
Franchise Tax Expense
FranchiseTaxExpense
|
51295 | usd | |
suac |
Franchise Tax Expense
FranchiseTaxExpense
|
100400 | usd | |
CY2023Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-321900 | usd |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-742657 | usd | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-578186 | usd | |
CY2024Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
2156 | usd |
CY2023Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
63 | usd |
us-gaap |
Interest Income Operating
InterestIncomeOperating
|
70 | usd | |
CY2024Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
227832 | usd |
CY2023Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1514844 | usd |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
485344 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4801013 | usd | |
CY2024Q2 | suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
72000 | usd |
CY2023Q2 | suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
30000 | usd |
suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
319680 | usd | |
suac |
Change In Fair Valueof Derivative Liability
ChangeInFairValueofDerivativeLiability
|
30000 | usd | |
CY2024Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
157988 | usd |
CY2023Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
1484907 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
172455 | usd | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
4771083 | usd | |
CY2024Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-174200 | usd |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-570202 | usd | |
CY2023Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
307630 | usd |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
92576 | usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
987143 | usd | |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-222793 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-662778 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
3205754 | usd | |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-21632811 | usd |
CY2024Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
157988 | usd |
CY2023Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
1484907 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
172455 | usd | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
4771083 | usd | |
CY2024Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-174200 | usd |
CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1163007 | usd |
CY2024Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
48593 | usd |
CY2023Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
307630 | usd |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
92576 | usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
987143 | usd | |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-222793 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
855377 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-662778 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
3205754 | usd | |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-21632811 | usd |
CY2024Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
123849 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-439985 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-22196645 | usd |
CY2024Q2 | suac |
Adjustmentto Accumulated Defeicit Fair Value Of Nonredemption Agreements Liability At Issuance
AdjustmenttoAccumulatedDefeicitFairValueOfNonredemptionAgreementsLiabilityAtIssuance
|
-3936000 | usd |
CY2024Q2 | suac |
Adjustmentto Accumulated Deficit Excise Tax Liability On Share Redemptions
AdjustmenttoAccumulatedDeficitExciseTaxLiabilityOnShareRedemptions
|
-121367 | usd |
CY2024Q2 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
130651 | usd |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-222793 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-26607456 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-11027547 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
2350377 | usd |
CY2023Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
2556256 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-11233426 | usd |
CY2023Q2 | suac |
Adjustmentto Accumulated Defeicit Fair Value Of Nonredemption Agreements Liability At Issuance
AdjustmenttoAccumulatedDefeicitFairValueOfNonredemptionAgreementsLiabilityAtIssuance
|
-1770000 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
855377 | usd |
CY2023Q2 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
1157213 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-13305262 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-662778 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
3205754 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
485344 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4801013 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
319680 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
30000 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-101616 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
388948 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
134785 | usd | |
suac |
Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
|
-10000 | usd | |
suac |
Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
|
82082 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-168496 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
342143 | usd | |
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
60000 | usd | |
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
30229 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-537990 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1038568 | usd | |
suac |
Investment Income Released From Trust Account To Pay For Taxes
InvestmentIncomeReleasedFromTrustAccountToPayForTaxes
|
150000 | usd | |
suac |
Investment Income Released From Trust Account To Pay For Taxes
InvestmentIncomeReleasedFromTrustAccountToPayForTaxes
|
1477482 | usd | |
suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
12136736 | usd | |
suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
269597445 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
12286736 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
12136736 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
269597445 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-11861736 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-662778 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
3205754 | usd | |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-21632811 | usd |
CY2024Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
123849 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-439985 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-22196645 | usd |
CY2024Q2 | suac |
Adjustmentto Accumulated Defeicit Fair Value Of Nonredemption Agreements Liability At Issuance
AdjustmenttoAccumulatedDefeicitFairValueOfNonredemptionAgreementsLiabilityAtIssuance
|
-3936000 | usd |
CY2024Q2 | suac |
Adjustmentto Accumulated Deficit Excise Tax Liability On Share Redemptions
AdjustmenttoAccumulatedDeficitExciseTaxLiabilityOnShareRedemptions
|
-121367 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-26607456 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-11027547 | usd |
CY2023Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
2556256 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-11233426 | usd |
CY2023Q2 | suac |
Adjustmentto Accumulated Defeicit Fair Value Of Nonredemption Agreements Liability At Issuance
AdjustmenttoAccumulatedDefeicitFairValueOfNonredemptionAgreementsLiabilityAtIssuance
|
-1770000 | usd |
CY2023Q2 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
1157213 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-13305262 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-662778 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
3205754 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
485344 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4801013 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
319680 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
30000 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-101616 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
388948 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
134785 | usd | |
suac |
Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
|
-10000 | usd | |
suac |
Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
|
82082 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-168496 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
342143 | usd | |
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
60000 | usd | |
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
30229 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-537990 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1038568 | usd | |
suac |
Investment Income Released From Trust Account To Pay For Taxes
InvestmentIncomeReleasedFromTrustAccountToPayForTaxes
|
150000 | usd | |
suac |
Investment Income Released From Trust Account To Pay For Taxes
InvestmentIncomeReleasedFromTrustAccountToPayForTaxes
|
1477482 | usd | |
suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
12136736 | usd | |
suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
269597445 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
12286736 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
271074927 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
275000 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
12136736 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
269597445 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-11861736 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-269597445 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-112990 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
438914 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
403456 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
409725 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
290466 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
848639 | usd |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
645000 | usd | |
suac |
Initial Classification Of Shareholder Nonredemption Agreements Derivative Liability
InitialClassificationOfShareholderNonredemptionAgreementsDerivativeLiability
|
3936000 | usd | |
suac |
Initial Classification Of Shareholder Nonredemption Agreements Derivative Liability
InitialClassificationOfShareholderNonredemptionAgreementsDerivativeLiability
|
1770000 | usd | |
suac |
Excise Tax Liability For Redemptions Of Class A Common Stock
ExciseTaxLiabilityForRedemptionsOfClassACommonStock
|
261072 | usd | |
suac |
Cash Paid For Income Taxes
CashPaidForIncomeTaxes
|
254501 | usd | |
suac |
Cash Paid For Income Taxes
CashPaidForIncomeTaxes
|
645000 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Organization and Business Operation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ShoulderUp Technology Acquisition Corp. (the “Company”) is a blank check company formed as a Delaware corporation on May 20, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company has neither engaged in any operations nor generated any revenues. All activity for the period from May 20, 2021 (inception) through June 30, 2024 relates to the Company’s formation and its initial public offering (the “Initial Public Offering” or “IPO”) described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s Sponsor is ShoulderUp Technology Sponsor LLC, a Delaware limited liability company (the “Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statements for the Company’s IPO were declared effective on November 17, 2021. On November 19, 2021, the Company consummated the IPO of 30,000,000 units, including 3,500,000 units pursuant to the exercise of the underwriters’ over-allotment option in full, at $10.00 per unit (the “Units”), which is discussed in Note 3, generating gross proceeds to the Company of $300,000,000. Each Unit consists of one share (the “Public Shares”) of Class A common stock, par value $0.0001 per share (“Class A common stock”), and one-half of one warrant (the “Public Warrants”). Each whole Public Warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Simultaneously with the consummation of the IPO, the Company consummated the private placement of 1,350,000 private units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement, generating gross proceeds to the Company of $13,500,000, of which $600,000 has not been funded and was recorded as subscription receivable, which is described in Note 4. Each Private Unit consists of one share of Class A common stock (the “Private Placement Shares”) and one-half of one warrant (the “Private Placement Warrants”). Each whole Private Placement Warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transaction costs amounted to $17,820,368 consisting of $5,300,000 of underwriting commissions, $11,200,000 of deferred underwriting commissions, and $1,320,368 of other offering costs (including $795,000 of offering costs reimbursed by the underwriters) and was allocated between Class A common stock subject to possible redemption, Public Warrants, Private Placement Shares, and Private Placement Warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete such 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 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the IPO on November 19, 2021, $306,000,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Units was deposited into a trust account (the “Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, which may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, on December 28, 2023 we instructed the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest bearing demand deposit account until the earlier of the consummation of a Business Combination or our liquidation. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay tax obligations and up to $100,000 to pay dissolution expenses, the proceeds from the IPO and the sale of the Private Shares will not be released from the Trust Account until the earlier of the completion of a Business Combination or the Company’s redemption of 100% of the outstanding public shares if it has not completed a Business Combination in the required time period. The proceeds held in the Trust Account may be used as consideration to pay the sellers of a target business with which the Company completes a Business Combination. Any amounts not paid as consideration to the sellers of the target business may be used to finance operations of the target business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders are entitled to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. The amount in the Trust Account initially deposited into the Trust following the closing of the IPO was $10.20 per Public Share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 initial Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with SEC and its guidance on redeemable equity instruments, which has been codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480-10-S99, redemption provisions not solely within the control of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with Public Warrants, the initial carrying value of common stock classified as temporary equity was then allocated proceeds determined in accordance with FASB ASC 470-20. The Public Shares are subject to FASB 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 as they occur, measured at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial stockholders, sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to any shares of Class B common stock, par value $0.0001 (the “Founder Shares”), Private Placement Shares and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period or during any Extension Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 other 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 date of the liquidation of the Trust Account, if less than $10.20 per Public 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 the 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 underwriters of the IPO against certain liabilities, including liabilities under 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 the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a business combination transaction from May 19, 2023, to November 19, 2023 (the date which is 24 months from the closing date of the Company’s initial public offering of units). The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of April 21, 2023. In connection with Special Meeting, holders of 25,845,428 shares of the Company’s Class A common stock exercised their right to redeem their shares for a cash redemption price of approximately $10.43 per share, or an aggregate redemption amount of $269,597,445. Following such redemptions, approximately 4,154,572 shares of Class A common stock remain issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 16, 2023, the Company announced that it has entered into a non-binding letter of intent for a potential business combination with Airspace Experience Technologies, Inc., a pioneer in the urban mobility market. The non-binding letter of intent was terminated on December 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 17, 2023, the Company, held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date (the “Termination Date”) by which the Company must consummate a business combination (the “Charter Extension”) from November 19, 2023 (the “Original Termination Date”) to May 19, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion (the “Charter Extension Date”). The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of November 15, 2023. In connection with the Extension Amendment Proposal, holders of 2,170,004 shares of the Company’s common stock properly exercised their right to redeem their shares. $22,904,010 or $10.55 per share was withdrawn from the Trust Account, leaving $20,946,765 in the Trust Account after the redemptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2023, the Company held an annual meeting of its stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to allow for the right of a holder of Class B common stock of the Company to convert its shares of Class B common stock into shares of Class A common stock on a one-to-one basis at any time and from time to time at the election of the holder. The newly issued Class A common stock would not have any redemption rights and would continue to be subject to a lock-up period upon consummation of the business combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 19, 2023, the NYSE filed a Form 25 to delist the Company securities. The delisting was effective on December 29, 2023. On March 6, 2024, pursuant to Rule 15c-211 of the U.S. Securities Exchange Act, as amended (the “Exchange Act”), as amended, a market maker filed a Form 211 with the Financial Industry Regulatory Authority, Inc. (“FINRA”) to initiate proprietary trading of the Class A common stock, the units, and the warrants of the Company. Pursuant to Rule 15c2-11 (the “Exchange Act”), the submission of Form 211 to the FINRA OTC Compliance Unit enables broker-dealers to initiate or resume trading quotes on the “pink sheets” by OTC Markets Group Inc. for securities not listed on the New York Stock Exchange or The Nasdaq Stock Market LLC. The securities are expected to be quoted on the Pink Sheets, but there can be no assurance if or when this will occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 17, 2024, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a business combination from May 19, 2024 to November 19, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion. The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of May 17, 2024. In connection with the Extension Amendment Proposal, holders of 1,125,154 shares of the Company’s common stock properly exercised their right to redeem their shares. $12,136,736 or $10.78 per share was withdrawn from the Trust Account, leaving $9,270,270 in the Trust Account after the redemptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 27, 2024, the Company issued a press release announcing that on June 26, 2024, the Company was assigned the trading symbols SUAC, SUACU and SUACW for its common stock, units and warrants, respectively, by FINRA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As a result, the Company’s common stock, units and warrants begin to be quoted and traded in the over-the-counter market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Franchise and Income Tax Withdrawals from Trust Account</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since completion of its IPO on November 19, 2021, and through June 30, 2024, the Company withdrew $2,636,344 from the Trust Account to pay its liabilities related to the income and Delaware franchise taxes. Through June 30, 2024, the Company remitted $2,527,064 to the respective tax authorities, which resulted in remaining excess of funds withdrawn from the Trust Account, but not remitted to the government authorities of $109,279. Additionally, as of June 30, 2024, the Company had accrued but unpaid income tax liability of $132,576 and unpaid liability for the Delaware franchise tax of $48,800, As of June 30, 2024, the Company had $290,466 in its operating account, which included $109,279 reserved for payment of Company’s tax liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 2, 2024, the Company issued a convertible promissory note to the sponsor for the working capital needs in the amount of $275,000, of which $175,000 was funded on April 2, 2024, and $100,000 was funded on April 10, 2024. On April 10, 2024, the Company remitted $261,072 to Internal Revenue Service for its income tax liability and $38,800 (net of accrued interest) to Delaware Department of State for its franchise tax liability. The Sponsor’s working capital loan also replenished the Company’s operating account to maintain the remaining difference of $259,679 between amounts withdrawn from the Trust Account and remitted to the tax authorities, which will be used solely for payment of its income and Delaware franchise tax obligations. The Company continues to incur further tax liabilities and intends to cover such liabilities from the funds in its operating account and, if necessary, from additional financing from the Sponsor, without additional withdrawals from the Trust Account, until the excess of the funds withdrawn from the Trust Account over the amounts remitted to the government authorities is cured.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidity and Capital Resources</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company had $290,466 in its operating bank account and working capital deficit of approximately $4.6 million. $259,679 of the amount of cash on hand as of June 30, 2024 relate to the amounts that were withdrawn from the Trust for payment of income and Delaware Franchise Taxes and can not be used for any other purpose.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company has $600,000 in a subscription receivable, which will be used to satisfy the Company’s liquidity needs. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the cash contribution of $25,000 from the Sponsor to purchase Founder Shares (as defined in Note 5), and an advance from the Sponsor of approximately $29,000 (see Note 5). The Company repaid $24,000 on November 19, 2021 and the remaining $5,000 remains outstanding and is due on demand. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering, over-allotment and the Private Placement held outside of the Trust Account. Over this time period, the Company will be using the funds outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). As of June 30, 2024 and December 31, 2023, there were no amounts outstanding under any Working Capital Loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and the mandatory liquidation date raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 19, 2024 upon the approval of the extension of the liquidation date at the special shareholder meeting on May 17, 2024. The unaudited Condensed Consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company intends to complete a Business Combination before the mandatory liquidation date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks and Uncertainties</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Inflation Reduction Act of 2022</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any share redemption or other share repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise will depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company’s stockholders redeemed 25,845,428 shares of the Company’s Class A common stock for a total of $269,597,445. On November 17, 2023, the Company’s stockholders redeemed 2,170,004 shares of the Company’s Class A common stock for a total of $22,904,010. The Company evaluated the classification and accounting of the share/ stock redemption under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. Management has evaluated the requirements of the IR Act and the Company’s operations at the end of the reporting period and has determined that a liability of $3,046,381 should be recorded for the excise tax in connection with the above-mentioned redemptions as of June 30, 2024. This liability will be reviewed and remeasured at each reporting period.</p> | ||
CY2024Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
123849 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-22196645 | usd |
CY2024Q2 | suac |
Adjustmentto Accumulated Defeicit Fair Value Of Nonredemption Agreements Liability At Issuance
AdjustmenttoAccumulatedDefeicitFairValueOfNonredemptionAgreementsLiabilityAtIssuance
|
-3936000 | usd |
CY2024Q2 | suac |
Adjustmentto Accumulated Deficit Excise Tax Liability On Share Redemptions
AdjustmenttoAccumulatedDeficitExciseTaxLiabilityOnShareRedemptions
|
-121367 | usd |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-222793 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-26607456 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-11027547 | usd |
CY2023Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
2556256 | usd |
CY2023Q2 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
1157213 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-13305262 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-662778 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
3205754 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
485344 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
30000 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-101616 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
388948 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
134785 | usd | |
suac |
Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
|
-10000 | usd | |
suac |
Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
|
82082 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-168496 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
342143 | usd | |
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
60000 | usd | |
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
30229 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-537990 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1038568 | usd | |
suac |
Investment Income Released From Trust Account To Pay For Taxes
InvestmentIncomeReleasedFromTrustAccountToPayForTaxes
|
1477482 | usd | |
suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
12136736 | usd | |
suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
269597445 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
275000 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
12136736 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
269597445 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-11861736 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-269597445 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-112990 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
438914 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
403456 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
409725 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
290466 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
848639 | usd |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
261072 | usd | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
645000 | usd | |
suac |
Initial Classification Of Shareholder Nonredemption Agreements Derivative Liability
InitialClassificationOfShareholderNonredemptionAgreementsDerivativeLiability
|
3936000 | usd | |
suac |
Excise Tax Liability For Redemptions Of Class A Common Stock
ExciseTaxLiabilityForRedemptionsOfClassACommonStock
|
261072 | usd | |
suac |
Cash Paid For Income Taxes
CashPaidForIncomeTaxes
|
254501 | usd | |
suac |
Cash Paid For Income Taxes
CashPaidForIncomeTaxes
|
645000 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Organization and Business Operation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ShoulderUp Technology Acquisition Corp. (the “Company”) is a blank check company formed as a Delaware corporation on May 20, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company has neither engaged in any operations nor generated any revenues. All activity for the period from May 20, 2021 (inception) through June 30, 2024 relates to the Company’s formation and its initial public offering (the “Initial Public Offering” or “IPO”) described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s Sponsor is ShoulderUp Technology Sponsor LLC, a Delaware limited liability company (the “Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statements for the Company’s IPO were declared effective on November 17, 2021. On November 19, 2021, the Company consummated the IPO of 30,000,000 units, including 3,500,000 units pursuant to the exercise of the underwriters’ over-allotment option in full, at $10.00 per unit (the “Units”), which is discussed in Note 3, generating gross proceeds to the Company of $300,000,000. Each Unit consists of one share (the “Public Shares”) of Class A common stock, par value $0.0001 per share (“Class A common stock”), and one-half of one warrant (the “Public Warrants”). Each whole Public Warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Simultaneously with the consummation of the IPO, the Company consummated the private placement of 1,350,000 private units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement, generating gross proceeds to the Company of $13,500,000, of which $600,000 has not been funded and was recorded as subscription receivable, which is described in Note 4. Each Private Unit consists of one share of Class A common stock (the “Private Placement Shares”) and one-half of one warrant (the “Private Placement Warrants”). Each whole Private Placement Warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transaction costs amounted to $17,820,368 consisting of $5,300,000 of underwriting commissions, $11,200,000 of deferred underwriting commissions, and $1,320,368 of other offering costs (including $795,000 of offering costs reimbursed by the underwriters) and was allocated between Class A common stock subject to possible redemption, Public Warrants, Private Placement Shares, and Private Placement Warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete such 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 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the IPO on November 19, 2021, $306,000,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Units was deposited into a trust account (the “Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, which may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, on December 28, 2023 we instructed the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest bearing demand deposit account until the earlier of the consummation of a Business Combination or our liquidation. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay tax obligations and up to $100,000 to pay dissolution expenses, the proceeds from the IPO and the sale of the Private Shares will not be released from the Trust Account until the earlier of the completion of a Business Combination or the Company’s redemption of 100% of the outstanding public shares if it has not completed a Business Combination in the required time period. The proceeds held in the Trust Account may be used as consideration to pay the sellers of a target business with which the Company completes a Business Combination. Any amounts not paid as consideration to the sellers of the target business may be used to finance operations of the target business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders are entitled to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. The amount in the Trust Account initially deposited into the Trust following the closing of the IPO was $10.20 per Public Share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 initial Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with SEC and its guidance on redeemable equity instruments, which has been codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480-10-S99, redemption provisions not solely within the control of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with Public Warrants, the initial carrying value of common stock classified as temporary equity was then allocated proceeds determined in accordance with FASB ASC 470-20. The Public Shares are subject to FASB 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 as they occur, measured at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial stockholders, sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to any shares of Class B common stock, par value $0.0001 (the “Founder Shares”), Private Placement Shares and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period or during any Extension Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 other 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 date of the liquidation of the Trust Account, if less than $10.20 per Public 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 the 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 underwriters of the IPO against certain liabilities, including liabilities under 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 the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a business combination transaction from May 19, 2023, to November 19, 2023 (the date which is 24 months from the closing date of the Company’s initial public offering of units). The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of April 21, 2023. In connection with Special Meeting, holders of 25,845,428 shares of the Company’s Class A common stock exercised their right to redeem their shares for a cash redemption price of approximately $10.43 per share, or an aggregate redemption amount of $269,597,445. Following such redemptions, approximately 4,154,572 shares of Class A common stock remain issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 16, 2023, the Company announced that it has entered into a non-binding letter of intent for a potential business combination with Airspace Experience Technologies, Inc., a pioneer in the urban mobility market. The non-binding letter of intent was terminated on December 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 17, 2023, the Company, held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date (the “Termination Date”) by which the Company must consummate a business combination (the “Charter Extension”) from November 19, 2023 (the “Original Termination Date”) to May 19, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion (the “Charter Extension Date”). The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of November 15, 2023. In connection with the Extension Amendment Proposal, holders of 2,170,004 shares of the Company’s common stock properly exercised their right to redeem their shares. $22,904,010 or $10.55 per share was withdrawn from the Trust Account, leaving $20,946,765 in the Trust Account after the redemptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2023, the Company held an annual meeting of its stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to allow for the right of a holder of Class B common stock of the Company to convert its shares of Class B common stock into shares of Class A common stock on a one-to-one basis at any time and from time to time at the election of the holder. The newly issued Class A common stock would not have any redemption rights and would continue to be subject to a lock-up period upon consummation of the business combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 19, 2023, the NYSE filed a Form 25 to delist the Company securities. The delisting was effective on December 29, 2023. On March 6, 2024, pursuant to Rule 15c-211 of the U.S. Securities Exchange Act, as amended (the “Exchange Act”), as amended, a market maker filed a Form 211 with the Financial Industry Regulatory Authority, Inc. (“FINRA”) to initiate proprietary trading of the Class A common stock, the units, and the warrants of the Company. Pursuant to Rule 15c2-11 (the “Exchange Act”), the submission of Form 211 to the FINRA OTC Compliance Unit enables broker-dealers to initiate or resume trading quotes on the “pink sheets” by OTC Markets Group Inc. for securities not listed on the New York Stock Exchange or The Nasdaq Stock Market LLC. The securities are expected to be quoted on the Pink Sheets, but there can be no assurance if or when this will occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 17, 2024, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a business combination from May 19, 2024 to November 19, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion. The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of May 17, 2024. In connection with the Extension Amendment Proposal, holders of 1,125,154 shares of the Company’s common stock properly exercised their right to redeem their shares. $12,136,736 or $10.78 per share was withdrawn from the Trust Account, leaving $9,270,270 in the Trust Account after the redemptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 27, 2024, the Company issued a press release announcing that on June 26, 2024, the Company was assigned the trading symbols SUAC, SUACU and SUACW for its common stock, units and warrants, respectively, by FINRA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As a result, the Company’s common stock, units and warrants begin to be quoted and traded in the over-the-counter market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Franchise and Income Tax Withdrawals from Trust Account</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since completion of its IPO on November 19, 2021, and through June 30, 2024, the Company withdrew $2,636,344 from the Trust Account to pay its liabilities related to the income and Delaware franchise taxes. Through June 30, 2024, the Company remitted $2,527,064 to the respective tax authorities, which resulted in remaining excess of funds withdrawn from the Trust Account, but not remitted to the government authorities of $109,279. Additionally, as of June 30, 2024, the Company had accrued but unpaid income tax liability of $132,576 and unpaid liability for the Delaware franchise tax of $48,800, As of June 30, 2024, the Company had $290,466 in its operating account, which included $109,279 reserved for payment of Company’s tax liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 2, 2024, the Company issued a convertible promissory note to the sponsor for the working capital needs in the amount of $275,000, of which $175,000 was funded on April 2, 2024, and $100,000 was funded on April 10, 2024. On April 10, 2024, the Company remitted $261,072 to Internal Revenue Service for its income tax liability and $38,800 (net of accrued interest) to Delaware Department of State for its franchise tax liability. The Sponsor’s working capital loan also replenished the Company’s operating account to maintain the remaining difference of $259,679 between amounts withdrawn from the Trust Account and remitted to the tax authorities, which will be used solely for payment of its income and Delaware franchise tax obligations. The Company continues to incur further tax liabilities and intends to cover such liabilities from the funds in its operating account and, if necessary, from additional financing from the Sponsor, without additional withdrawals from the Trust Account, until the excess of the funds withdrawn from the Trust Account over the amounts remitted to the government authorities is cured.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidity and Capital Resources</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company had $290,466 in its operating bank account and working capital deficit of approximately $4.6 million. $259,679 of the amount of cash on hand as of June 30, 2024 relate to the amounts that were withdrawn from the Trust for payment of income and Delaware Franchise Taxes and can not be used for any other purpose.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company has $600,000 in a subscription receivable, which will be used to satisfy the Company’s liquidity needs. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the cash contribution of $25,000 from the Sponsor to purchase Founder Shares (as defined in Note 5), and an advance from the Sponsor of approximately $29,000 (see Note 5). The Company repaid $24,000 on November 19, 2021 and the remaining $5,000 remains outstanding and is due on demand. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering, over-allotment and the Private Placement held outside of the Trust Account. Over this time period, the Company will be using the funds outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). As of June 30, 2024 and December 31, 2023, there were no amounts outstanding under any Working Capital Loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and the mandatory liquidation date raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 19, 2024 upon the approval of the extension of the liquidation date at the special shareholder meeting on May 17, 2024. The unaudited Condensed Consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company intends to complete a Business Combination before the mandatory liquidation date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks and Uncertainties</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Inflation Reduction Act of 2022</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any share redemption or other share repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise will depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company’s stockholders redeemed 25,845,428 shares of the Company’s Class A common stock for a total of $269,597,445. On November 17, 2023, the Company’s stockholders redeemed 2,170,004 shares of the Company’s Class A common stock for a total of $22,904,010. The Company evaluated the classification and accounting of the share/ stock redemption under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. Management has evaluated the requirements of the IR Act and the Company’s operations at the end of the reporting period and has determined that a liability of $3,046,381 should be recorded for the excise tax in connection with the above-mentioned redemptions as of June 30, 2024. This liability will be reviewed and remeasured at each reporting period.</p> | ||
CY2021Q4 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
300000000 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
suac |
Transaction Costs
TransactionCosts
|
17820368 | usd | |
suac |
Underwriting Commissions
UnderwritingCommissions
|
5300000 | usd | |
CY2024Q2 | suac |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
11200000 | usd |
CY2024Q2 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
1320368 | usd |
suac |
Offering Costs Reimbursed By Underwriters
OfferingCostsReimbursedByUnderwriters
|
795000 | usd | |
CY2024Q2 | suac |
Minimum Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance
MinimumPercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance
|
0.80 | pure |
CY2024Q2 | suac |
Minimum Percentage Of Voting Interests To Be Acquired In Business Combination
MinimumPercentageOfVotingInterestsToBeAcquiredInBusinessCombination
|
0.50 | pure |
CY2021Q4 | suac |
Investment Securities Maturity Period
InvestmentSecuritiesMaturityPeriod
|
P185D | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-269597445 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-112990 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
438914 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
403456 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
409725 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
290466 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
848639 | usd |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
261072 | usd | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
645000 | usd | |
suac |
Initial Classification Of Shareholder Nonredemption Agreements Derivative Liability
InitialClassificationOfShareholderNonredemptionAgreementsDerivativeLiability
|
3936000 | usd | |
suac |
Initial Classification Of Shareholder Nonredemption Agreements Derivative Liability
InitialClassificationOfShareholderNonredemptionAgreementsDerivativeLiability
|
1770000 | usd | |
suac |
Excise Tax Liability For Redemptions Of Class A Common Stock
ExciseTaxLiabilityForRedemptionsOfClassACommonStock
|
261072 | usd | |
suac |
Cash Paid For Income Taxes
CashPaidForIncomeTaxes
|
254501 | usd | |
suac |
Cash Paid For Income Taxes
CashPaidForIncomeTaxes
|
645000 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Organization and Business Operation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ShoulderUp Technology Acquisition Corp. (the “Company”) is a blank check company formed as a Delaware corporation on May 20, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company has neither engaged in any operations nor generated any revenues. All activity for the period from May 20, 2021 (inception) through June 30, 2024 relates to the Company’s formation and its initial public offering (the “Initial Public Offering” or “IPO”) described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on the proceeds derived from the Initial Public Offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s Sponsor is ShoulderUp Technology Sponsor LLC, a Delaware limited liability company (the “Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statements for the Company’s IPO were declared effective on November 17, 2021. On November 19, 2021, the Company consummated the IPO of 30,000,000 units, including 3,500,000 units pursuant to the exercise of the underwriters’ over-allotment option in full, at $10.00 per unit (the “Units”), which is discussed in Note 3, generating gross proceeds to the Company of $300,000,000. Each Unit consists of one share (the “Public Shares”) of Class A common stock, par value $0.0001 per share (“Class A common stock”), and one-half of one warrant (the “Public Warrants”). Each whole Public Warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Simultaneously with the consummation of the IPO, the Company consummated the private placement of 1,350,000 private units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement, generating gross proceeds to the Company of $13,500,000, of which $600,000 has not been funded and was recorded as subscription receivable, which is described in Note 4. Each Private Unit consists of one share of Class A common stock (the “Private Placement Shares”) and one-half of one warrant (the “Private Placement Warrants”). Each whole Private Placement Warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transaction costs amounted to $17,820,368 consisting of $5,300,000 of underwriting commissions, $11,200,000 of deferred underwriting commissions, and $1,320,368 of other offering costs (including $795,000 of offering costs reimbursed by the underwriters) and was allocated between Class A common stock subject to possible redemption, Public Warrants, Private Placement Shares, and Private Placement Warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete such 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 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the IPO on November 19, 2021, $306,000,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Units was deposited into a trust account (the “Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, which may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, on December 28, 2023 we instructed the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest bearing demand deposit account until the earlier of the consummation of a Business Combination or our liquidation. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay tax obligations and up to $100,000 to pay dissolution expenses, the proceeds from the IPO and the sale of the Private Shares will not be released from the Trust Account until the earlier of the completion of a Business Combination or the Company’s redemption of 100% of the outstanding public shares if it has not completed a Business Combination in the required time period. The proceeds held in the Trust Account may be used as consideration to pay the sellers of a target business with which the Company completes a Business Combination. Any amounts not paid as consideration to the sellers of the target business may be used to finance operations of the target business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders are entitled to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. The amount in the Trust Account initially deposited into the Trust following the closing of the IPO was $10.20 per Public Share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 initial Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with SEC and its guidance on redeemable equity instruments, which has been codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480-10-S99, redemption provisions not solely within the control of a company require common stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with Public Warrants, the initial carrying value of common stock classified as temporary equity was then allocated proceeds determined in accordance with FASB ASC 470-20. The Public Shares are subject to FASB 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 as they occur, measured at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial stockholders, sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to any shares of Class B common stock, par value $0.0001 (the “Founder Shares”), Private Placement Shares and Public Shares they hold in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to any Founder Shares and Public Shares they hold in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold if the Company fails to complete the initial Business Combination within the Combination Period or during any Extension Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 other 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 date of the liquidation of the Trust Account, if less than $10.20 per Public 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 the 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 underwriters of the IPO against certain liabilities, including liabilities under 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 the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a business combination transaction from May 19, 2023, to November 19, 2023 (the date which is 24 months from the closing date of the Company’s initial public offering of units). The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of April 21, 2023. In connection with Special Meeting, holders of 25,845,428 shares of the Company’s Class A common stock exercised their right to redeem their shares for a cash redemption price of approximately $10.43 per share, or an aggregate redemption amount of $269,597,445. Following such redemptions, approximately 4,154,572 shares of Class A common stock remain issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 16, 2023, the Company announced that it has entered into a non-binding letter of intent for a potential business combination with Airspace Experience Technologies, Inc., a pioneer in the urban mobility market. The non-binding letter of intent was terminated on December 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 17, 2023, the Company, held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date (the “Termination Date”) by which the Company must consummate a business combination (the “Charter Extension”) from November 19, 2023 (the “Original Termination Date”) to May 19, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion (the “Charter Extension Date”). The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of November 15, 2023. In connection with the Extension Amendment Proposal, holders of 2,170,004 shares of the Company’s common stock properly exercised their right to redeem their shares. $22,904,010 or $10.55 per share was withdrawn from the Trust Account, leaving $20,946,765 in the Trust Account after the redemptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2023, the Company held an annual meeting of its stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to allow for the right of a holder of Class B common stock of the Company to convert its shares of Class B common stock into shares of Class A common stock on a one-to-one basis at any time and from time to time at the election of the holder. The newly issued Class A common stock would not have any redemption rights and would continue to be subject to a lock-up period upon consummation of the business combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 19, 2023, the NYSE filed a Form 25 to delist the Company securities. The delisting was effective on December 29, 2023. On March 6, 2024, pursuant to Rule 15c-211 of the U.S. Securities Exchange Act, as amended (the “Exchange Act”), as amended, a market maker filed a Form 211 with the Financial Industry Regulatory Authority, Inc. (“FINRA”) to initiate proprietary trading of the Class A common stock, the units, and the warrants of the Company. Pursuant to Rule 15c2-11 (the “Exchange Act”), the submission of Form 211 to the FINRA OTC Compliance Unit enables broker-dealers to initiate or resume trading quotes on the “pink sheets” by OTC Markets Group Inc. for securities not listed on the New York Stock Exchange or The Nasdaq Stock Market LLC. The securities are expected to be quoted on the Pink Sheets, but there can be no assurance if or when this will occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 17, 2024, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a business combination from May 19, 2024 to November 19, 2024 or such earlier date as may be determined by the Company’s board of directors in its sole discretion. The certificate of amendment was filed with the Delaware Secretary of State and has an effective date of May 17, 2024. In connection with the Extension Amendment Proposal, holders of 1,125,154 shares of the Company’s common stock properly exercised their right to redeem their shares. $12,136,736 or $10.78 per share was withdrawn from the Trust Account, leaving $9,270,270 in the Trust Account after the redemptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 27, 2024, the Company issued a press release announcing that on June 26, 2024, the Company was assigned the trading symbols SUAC, SUACU and SUACW for its common stock, units and warrants, respectively, by FINRA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As a result, the Company’s common stock, units and warrants begin to be quoted and traded in the over-the-counter market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Franchise and Income Tax Withdrawals from Trust Account</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since completion of its IPO on November 19, 2021, and through June 30, 2024, the Company withdrew $2,636,344 from the Trust Account to pay its liabilities related to the income and Delaware franchise taxes. Through June 30, 2024, the Company remitted $2,527,064 to the respective tax authorities, which resulted in remaining excess of funds withdrawn from the Trust Account, but not remitted to the government authorities of $109,279. Additionally, as of June 30, 2024, the Company had accrued but unpaid income tax liability of $132,576 and unpaid liability for the Delaware franchise tax of $48,800, As of June 30, 2024, the Company had $290,466 in its operating account, which included $109,279 reserved for payment of Company’s tax liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 2, 2024, the Company issued a convertible promissory note to the sponsor for the working capital needs in the amount of $275,000, of which $175,000 was funded on April 2, 2024, and $100,000 was funded on April 10, 2024. On April 10, 2024, the Company remitted $261,072 to Internal Revenue Service for its income tax liability and $38,800 (net of accrued interest) to Delaware Department of State for its franchise tax liability. The Sponsor’s working capital loan also replenished the Company’s operating account to maintain the remaining difference of $259,679 between amounts withdrawn from the Trust Account and remitted to the tax authorities, which will be used solely for payment of its income and Delaware franchise tax obligations. The Company continues to incur further tax liabilities and intends to cover such liabilities from the funds in its operating account and, if necessary, from additional financing from the Sponsor, without additional withdrawals from the Trust Account, until the excess of the funds withdrawn from the Trust Account over the amounts remitted to the government authorities is cured.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidity and Capital Resources</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company had $290,466 in its operating bank account and working capital deficit of approximately $4.6 million. $259,679 of the amount of cash on hand as of June 30, 2024 relate to the amounts that were withdrawn from the Trust for payment of income and Delaware Franchise Taxes and can not be used for any other purpose.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company has $600,000 in a subscription receivable, which will be used to satisfy the Company’s liquidity needs. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the cash contribution of $25,000 from the Sponsor to purchase Founder Shares (as defined in Note 5), and an advance from the Sponsor of approximately $29,000 (see Note 5). The Company repaid $24,000 on November 19, 2021 and the remaining $5,000 remains outstanding and is due on demand. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering, over-allotment and the Private Placement held outside of the Trust Account. Over this time period, the Company will be using the funds outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). As of June 30, 2024 and December 31, 2023, there were no amounts outstanding under any Working Capital Loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and the mandatory liquidation date raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after November 19, 2024 upon the approval of the extension of the liquidation date at the special shareholder meeting on May 17, 2024. The unaudited Condensed Consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company intends to complete a Business Combination before the mandatory liquidation date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks and Uncertainties</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Inflation Reduction Act of 2022</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any share redemption or other share repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise will depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company’s stockholders redeemed 25,845,428 shares of the Company’s Class A common stock for a total of $269,597,445. On November 17, 2023, the Company’s stockholders redeemed 2,170,004 shares of the Company’s Class A common stock for a total of $22,904,010. The Company evaluated the classification and accounting of the share/ stock redemption under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. Management has evaluated the requirements of the IR Act and the Company’s operations at the end of the reporting period and has determined that a liability of $3,046,381 should be recorded for the excise tax in connection with the above-mentioned redemptions as of June 30, 2024. This liability will be reviewed and remeasured at each reporting period.</p> | ||
CY2024Q2 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
suac |
Transaction Costs
TransactionCosts
|
17820368 | usd | |
suac |
Underwriting Commissions
UnderwritingCommissions
|
5300000 | usd | |
suac |
Offering Costs Reimbursed By Underwriters
OfferingCostsReimbursedByUnderwriters
|
795000 | usd | |
CY2024Q2 | suac |
Minimum Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance
MinimumPercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance
|
0.80 | pure |
suac |
Pay Dissolution Expenses
PayDissolutionExpenses
|
100000 | usd | |
suac |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | pure | |
us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
25845428 | shares | |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
2170004 | shares |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
|
22904010 | usd |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.55 | |
CY2023Q4 | suac |
Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
|
20946765 | usd |
us-gaap |
Proceeds From Sale Of Trust Assets To Pay Expenses
ProceedsFromSaleOfTrustAssetsToPayExpenses
|
2636344 | usd | |
suac |
Tax Authorities
TaxAuthorities
|
2527064 | usd | |
CY2024Q2 | us-gaap |
Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
|
132576 | usd |
CY2024Q2 | suac |
Franchise Tax Payable
FranchiseTaxPayable
|
48800 | usd |
CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
290466 | usd |
us-gaap |
Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
|
109279 | usd | |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
275000 | usd |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
100000 | usd |
CY2024Q2 | suac |
Internal Revenue Service
InternalRevenueService
|
261072 | usd |
CY2024Q2 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
38800 | usd |
CY2024Q2 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
259679 | usd |
suac |
Working Capital Deficit
WorkingCapitalDeficit
|
4600000 | usd | |
CY2024Q2 | us-gaap |
Cash
Cash
|
259679 | usd |
CY2024Q2 | suac |
Subscription Receivable
SubscriptionReceivable
|
600000 | usd |
CY2021Q4 | suac |
Repayment Of Advance From Sponsor Outstanding
RepaymentOfAdvanceFromSponsorOutstanding
|
5000 | usd |
us-gaap |
Excise Taxes Collected
ExciseTaxesCollected
|
3046381 | usd | |
CY2021Q4 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
300000000 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
|
600000 | usd |
suac |
Transaction Costs
TransactionCosts
|
17820368 | usd | |
CY2024Q2 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
1320368 | usd |
suac |
Offering Costs Reimbursed By Underwriters
OfferingCostsReimbursedByUnderwriters
|
795000 | usd | |
CY2024Q2 | suac |
Minimum Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance
MinimumPercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance
|
0.80 | pure |
CY2024Q2 | suac |
Minimum Percentage Of Voting Interests To Be Acquired In Business Combination
MinimumPercentageOfVotingInterestsToBeAcquiredInBusinessCombination
|
0.50 | pure |
CY2021Q4 | suac |
Investment Securities Maturity Period
InvestmentSecuritiesMaturityPeriod
|
P185D | |
suac |
Pay Dissolution Expenses
PayDissolutionExpenses
|
100000 | usd | |
suac |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | pure | |
us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
25845428 | shares | |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
2170004 | shares |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
|
22904010 | usd |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.55 | |
CY2023Q4 | suac |
Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
|
20946765 | usd |
CY2024Q2 | suac |
Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
|
12136736 | usd |
CY2024Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.78 | |
suac |
Tax Authorities
TaxAuthorities
|
2527064 | usd | |
suac |
Funds Withdrawn From The Trust Account
FundsWithdrawnFromTheTrustAccount
|
109279 | usd | |
CY2024Q2 | us-gaap |
Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
|
132576 | usd |
CY2024Q2 | suac |
Franchise Tax Payable
FranchiseTaxPayable
|
48800 | usd |
CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
290466 | usd |
us-gaap |
Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
|
109279 | usd | |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
275000 | usd |
CY2024Q2 | suac |
Internal Revenue Service
InternalRevenueService
|
261072 | usd |
CY2024Q2 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
38800 | usd |
CY2024Q2 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
259679 | usd |
suac |
Working Capital Deficit
WorkingCapitalDeficit
|
4600000 | usd | |
CY2024Q2 | us-gaap |
Cash
Cash
|
259679 | usd |
CY2024Q2 | suac |
Subscription Receivable
SubscriptionReceivable
|
600000 | usd |
CY2021Q4 | suac |
Repayment Of Advance From Sponsor Outstanding
RepaymentOfAdvanceFromSponsorOutstanding
|
5000 | usd |
us-gaap |
Excise Taxes Collected
ExciseTaxesCollected
|
3046381 | usd | |
suac |
Pay Dissolution Expenses
PayDissolutionExpenses
|
100000 | usd | |
suac |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | pure | |
us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
25845428 | shares | |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
2170004 | shares |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
|
22904010 | usd |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.55 | |
CY2023Q4 | suac |
Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
|
20946765 | usd |
CY2024Q2 | suac |
Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
|
12136736 | usd |
CY2024Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.78 | |
CY2024Q2 | suac |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
9270270 | usd |
us-gaap |
Proceeds From Sale Of Trust Assets To Pay Expenses
ProceedsFromSaleOfTrustAssetsToPayExpenses
|
2636344 | usd | |
suac |
Tax Authorities
TaxAuthorities
|
2527064 | usd | |
suac |
Funds Withdrawn From The Trust Account
FundsWithdrawnFromTheTrustAccount
|
109279 | usd | |
CY2024Q2 | us-gaap |
Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
|
132576 | usd |
CY2024Q2 | suac |
Franchise Tax Payable
FranchiseTaxPayable
|
48800 | usd |
CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
290466 | usd |
us-gaap |
Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
|
109279 | usd | |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
275000 | usd |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
100000 | usd |
CY2024Q2 | suac |
Internal Revenue Service
InternalRevenueService
|
261072 | usd |
CY2024Q2 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
38800 | usd |
CY2024Q2 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
259679 | usd |
suac |
Working Capital Deficit
WorkingCapitalDeficit
|
4600000 | usd | |
CY2024Q2 | us-gaap |
Cash
Cash
|
259679 | usd |
CY2024Q2 | suac |
Subscription Receivable
SubscriptionReceivable
|
600000 | usd |
CY2021Q4 | suac |
Repayment Of Advance From Sponsor Outstanding
RepaymentOfAdvanceFromSponsorOutstanding
|
5000 | usd |
us-gaap |
Excise Taxes Collected
ExciseTaxesCollected
|
3046381 | usd | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the unaudited Condensed Consolidated 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 unaudited Condensed Consolidated financial statements. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited Condensed Consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Management has identified assumptions involved in the valuation of Class B shares transferred under the terms of non-redemption agreements as a critical accounting estimate.</p> | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> | ||
CY2024Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the unaudited Condensed Consolidated 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 unaudited Condensed Consolidated financial statements. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited Condensed Consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Management has identified assumptions involved in the valuation of Class B shares transferred under the terms of non-redemption agreements as a critical accounting estimate.</p> | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> | ||
CY2024Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the unaudited Condensed Consolidated 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 unaudited Condensed Consolidated financial statements. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited Condensed Consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Management has identified assumptions involved in the valuation of Class B shares transferred under the terms of non-redemption agreements as a critical accounting estimate.</p> | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> | ||
CY2024Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2024Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.2789 | pure |
CY2023Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.2645 | pure |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.1111 | pure | |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.2354 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure | |
CY2021Q4 | suac |
Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
|
30000000 | shares |
CY2021Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
CY2021Q4 | suac |
Number Of Shares Issued Per Unit
NumberOfSharesIssuedPerUnit
|
1 | shares |
CY2021Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
1 | shares |
CY2024Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.2789 | pure |
CY2023Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.2645 | pure |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.1111 | pure | |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.2354 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure | |
CY2021Q4 | suac |
Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
|
30000000 | shares |
CY2021Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
CY2021Q4 | suac |
Number Of Shares Issued Per Unit
NumberOfSharesIssuedPerUnit
|
1 | shares |
CY2021Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
1 | shares |
CY2021Q4 | suac |
Investment Securities Maturity Period
InvestmentSecuritiesMaturityPeriod
|
P185D | |
CY2023 | suac |
Private Placement Not Funded
PrivatePlacementNotFunded
|
600000 | usd |
CY2024Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.2789 | pure |
CY2023Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.2645 | pure |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.1111 | pure | |
CY2021Q4 | suac |
Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
|
30000000 | shares |
CY2021Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
CY2021Q4 | suac |
Number Of Shares Issued Per Unit
NumberOfSharesIssuedPerUnit
|
1 | shares |
CY2021Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
1 | shares |
CY2021Q4 | suac |
Investment Securities Maturity Period
InvestmentSecuritiesMaturityPeriod
|
P185D | |
CY2023 | suac |
Private Placement Not Funded
PrivatePlacementNotFunded
|
600000 | usd |
CY2021Q3 | us-gaap |
Sponsor Fees
SponsorFees
|
25000 | usd |
CY2021Q4 | suac |
Investment Securities Maturity Period
InvestmentSecuritiesMaturityPeriod
|
P185D | |
CY2023 | suac |
Private Placement Not Funded
PrivatePlacementNotFunded
|
600000 | usd |
CY2021Q3 | us-gaap |
Sponsor Fees
SponsorFees
|
25000 | usd |
CY2021Q3 | suac |
Number Of Founder Shares
NumberOfFounderShares
|
9833333 | shares |
CY2021Q3 | us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
1250000 | shares |
CY2021Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
1.0627119 | pure |
suac |
Restrictions On Transfer Period Of Time After Business Combination Completion
RestrictionsOnTransferPeriodOfTimeAfterBusinessCombinationCompletion
|
P1Y | ||
suac |
Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Threshold Trading Days
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdTradingDays
|
P20D | ||
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
275000 | usd |
CY2024Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
us-gaap |
Investment Company Excess Expense Reimbursable
InvestmentCompanyExcessExpenseReimbursable
|
4300 | usd | |
CY2023 | us-gaap |
Investment Company Excess Expense Reimbursable
InvestmentCompanyExcessExpenseReimbursable
|
4300 | usd |
suac |
Working Capital Loans Convertible Into Post Business Combination
WorkingCapitalLoansConvertibleIntoPostBusinessCombination
|
1500000 | usd | |
suac |
Working Capital Loan Price Per Share
WorkingCapitalLoanPricePerShare
|
10 | ||
CY2024Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
60000 | usd | |
CY2023Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
60000 | usd | |
CY2023 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
113945 | usd |
CY2021Q4 | suac |
Underwriters Option Period From Date Of Initial Public Offering
UnderwritersOptionPeriodFromDateOfInitialPublicOffering
|
P45D | |
CY2021Q4 | suac |
Underwriting Commissions
UnderwritingCommissions
|
5300000 | usd |
CY2024Q2 | suac |
Aggregate Of Non Redeemed Shares
AggregateOfNonRedeemedShares
|
800000 | shares |
CY2024Q2 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
10901760 | usd |
CY2023Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
6646080 | usd |
us-gaap |
Legal Fees
LegalFees
|
573168 | usd | |
CY2024Q2 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
1125154 | shares |
CY2021Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
306000000 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3130532 | usd |
CY2021Q3 | us-gaap |
Sponsor Fees
SponsorFees
|
25000 | usd |
CY2021Q3 | suac |
Number Of Founder Shares
NumberOfFounderShares
|
9833333 | shares |
CY2021Q3 | us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
1250000 | shares |
CY2021Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
1.0627119 | pure |
suac |
Restrictions On Transfer Period Of Time After Business Combination Completion
RestrictionsOnTransferPeriodOfTimeAfterBusinessCombinationCompletion
|
P1Y | ||
suac |
Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Threshold Trading Days
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdTradingDays
|
P20D | ||
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
275000 | usd |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
100000 | usd |
us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
270000 | shares | |
CY2024Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
us-gaap |
Investment Company Excess Expense Reimbursable
InvestmentCompanyExcessExpenseReimbursable
|
4300 | usd | |
CY2023 | us-gaap |
Investment Company Excess Expense Reimbursable
InvestmentCompanyExcessExpenseReimbursable
|
4300 | usd |
suac |
Working Capital Loans Convertible Into Post Business Combination
WorkingCapitalLoansConvertibleIntoPostBusinessCombination
|
1500000 | usd | |
suac |
Working Capital Loan Price Per Share
WorkingCapitalLoanPricePerShare
|
10 | ||
CY2024Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
60000 | usd | |
CY2023Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
60000 | usd | |
CY2023 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
113945 | usd |
CY2021Q4 | suac |
Underwriters Option Period From Date Of Initial Public Offering
UnderwritersOptionPeriodFromDateOfInitialPublicOffering
|
P45D | |
CY2021Q4 | suac |
Underwriting Commissions
UnderwritingCommissions
|
5300000 | usd |
CY2024Q2 | suac |
Aggregate Of Non Redeemed Shares
AggregateOfNonRedeemedShares
|
800000 | shares |
CY2024Q2 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
10901760 | usd |
us-gaap |
Legal Fees
LegalFees
|
573168 | usd | |
CY2024Q2 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
1125154 | shares |
CY2021Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
306000000 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3130532 | usd |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
309130532 | usd |
CY2023 | us-gaap |
Redemption Premium
RedemptionPremium
|
292501454 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
4479147 | usd |
us-gaap |
Redemption Premium
RedemptionPremium
|
12136736 | usd | |
us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
254501 | usd | |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
9225988 | usd |
CY2021Q3 | suac |
Number Of Founder Shares
NumberOfFounderShares
|
9833333 | shares |
CY2021Q3 | us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
1250000 | shares |
CY2021Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
1.0627119 | pure |
suac |
Restrictions On Transfer Period Of Time After Business Combination Completion
RestrictionsOnTransferPeriodOfTimeAfterBusinessCombinationCompletion
|
P1Y | ||
suac |
Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Threshold Trading Days
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdTradingDays
|
P20D | ||
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
275000 | usd |
CY2024Q2 | suac |
Working Capital Loan
WorkingCapitalLoan
|
100000 | usd |
CY2024Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10 | |
us-gaap |
Investment Company Excess Expense Reimbursable
InvestmentCompanyExcessExpenseReimbursable
|
4300 | usd | |
suac |
Working Capital Loans Convertible Into Post Business Combination
WorkingCapitalLoansConvertibleIntoPostBusinessCombination
|
1500000 | usd | |
suac |
Working Capital Loan Price Per Share
WorkingCapitalLoanPricePerShare
|
10 | ||
CY2024Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
60000 | usd | |
CY2023Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
60000 | usd | |
CY2023 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
113945 | usd |
CY2021Q4 | suac |
Underwriters Option Period From Date Of Initial Public Offering
UnderwritersOptionPeriodFromDateOfInitialPublicOffering
|
P45D | |
CY2021Q4 | suac |
Underwriting Commissions
UnderwritingCommissions
|
5300000 | usd |
CY2024Q2 | suac |
Aggregate Of Non Redeemed Shares
AggregateOfNonRedeemedShares
|
800000 | shares |
CY2023Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
6646080 | usd |
us-gaap |
Legal Fees
LegalFees
|
573168 | usd | |
CY2024Q2 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
1125154 | shares |
CY2021Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
306000000 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3130532 | usd |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
309130532 | usd |
CY2023 | us-gaap |
Redemption Premium
RedemptionPremium
|
292501454 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
4479147 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21108225 | usd |
us-gaap |
Redemption Premium
RedemptionPremium
|
12136736 | usd | |
us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
254501 | usd | |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
9225988 | usd |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
1.0627119 | pure |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
309130532 | usd |
CY2023 | us-gaap |
Redemption Premium
RedemptionPremium
|
292501454 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
4479147 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21108225 | usd |
us-gaap |
Redemption Premium
RedemptionPremium
|
12136736 | usd | |
us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
254501 | usd | |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
9225988 | usd |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
1.0627119 | pure |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
15675000 | shares |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
15675000 | shares |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
15675000 | shares |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
15675000 | shares |
suac |
Number Of Shares
NumberOfShares
|
1 | shares | |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
11.5 | |
CY2024Q2 | suac |
Percentage Of Newly Issued Price Of Warrants
PercentageOfNewlyIssuedPriceOFWarrants
|
1.15 | pure |
suac |
Warrants And Rights Outstanding Exercisable Term After Business Combination
WarrantsAndRightsOutstandingExercisableTermAfterBusinessCombination
|
P30D | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Stock Price Trigger
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger
|
18 | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays
|
P20D | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays
|
P30D | ||
CY2023Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
6646080 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
|
3936000 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
319680 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
10901760 | usd |
CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
15675000 | shares |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
15675000 | shares |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
15675000 | shares |
suac |
Number Of Shares
NumberOfShares
|
1 | shares | |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
11.5 | |
CY2024Q2 | suac |
Percentage Of Newly Issued Price Of Warrants
PercentageOfNewlyIssuedPriceOFWarrants
|
1.15 | pure |
suac |
Warrants And Rights Outstanding Exercisable Term After Business Combination
WarrantsAndRightsOutstandingExercisableTermAfterBusinessCombination
|
P30D | ||
suac |
Warrants And Rights Outstanding Exercisable Term From Closing Of Initial Public Offering
WarrantsAndRightsOutstandingExercisableTermFromClosingOfInitialPublicOffering
|
P12M | ||
suac |
Threshold Period For Filling Registration Statement After Business Combination
ThresholdPeriodForFillingRegistrationStatementAfterBusinessCombination
|
P15D | ||
suac |
Threshold Period For Effective Within Statement After Business Combination
ThresholdPeriodForEffectiveWithinStatementAfterBusinessCombination
|
P60D | ||
suac |
Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
|
0.01 | ||
suac |
Class Of Warrant Or Right Minimum Threshold Written Notice Period For Redemption Of Warrants
ClassOfWarrantOrRightMinimumThresholdWrittenNoticePeriodForRedemptionOfWarrants
|
P30D | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Stock Price Trigger
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger
|
18 | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays
|
P20D | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays
|
P30D | ||
CY2023Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
6646080 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
247680 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
6893760 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
|
3936000 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
319680 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
10901760 | usd |
CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
15675000 | shares |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
15675000 | shares |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
15675000 | shares |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
15675000 | shares |
suac |
Number Of Shares
NumberOfShares
|
1 | shares | |
CY2024Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
11.5 | |
CY2024Q2 | suac |
Percentage Of Newly Issued Price Of Warrants
PercentageOfNewlyIssuedPriceOFWarrants
|
1.15 | pure |
suac |
Warrants And Rights Outstanding Exercisable Term After Business Combination
WarrantsAndRightsOutstandingExercisableTermAfterBusinessCombination
|
P30D | ||
suac |
Warrants And Rights Outstanding Exercisable Term From Closing Of Initial Public Offering
WarrantsAndRightsOutstandingExercisableTermFromClosingOfInitialPublicOffering
|
P12M | ||
suac |
Threshold Period For Filling Registration Statement After Business Combination
ThresholdPeriodForFillingRegistrationStatementAfterBusinessCombination
|
P15D | ||
suac |
Threshold Period For Effective Within Statement After Business Combination
ThresholdPeriodForEffectiveWithinStatementAfterBusinessCombination
|
P60D | ||
suac |
Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
|
0.01 | ||
suac |
Class Of Warrant Or Right Minimum Threshold Written Notice Period For Redemption Of Warrants
ClassOfWarrantOrRightMinimumThresholdWrittenNoticePeriodForRedemptionOfWarrants
|
P30D | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays
|
P20D | ||
suac |
Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays
|
P30D | ||
CY2023Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
6646080 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
247680 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
6893760 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
|
3936000 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
319680 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
10901760 | usd |
CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2024Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | ||
suac |
Excise Tax Liability For Redemptions Of Class A Common Stock
ExciseTaxLiabilityForRedemptionsOfClassACommonStock
|
usd | ||
CY2024Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001885461 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
usd | ||
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | ||
suac |
Excise Tax Liability For Redemptions Of Class A Common Stock
ExciseTaxLiabilityForRedemptionsOfClassACommonStock
|
usd | ||
CY2024Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
usd | ||
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | ||
suac |
Excise Tax Liability For Redemptions Of Class A Common Stock
ExciseTaxLiabilityForRedemptionsOfClassACommonStock
|
usd | ||
CY2024Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001885461 |