$UHG
United Homes Group, Inc.

2022 Q4 Form 10-K Financial Statement

#000110465923037682 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $115.1M $477.0M
YoY Change
Cost Of Revenue $93.50M $358.2M
YoY Change -28.08% 7.79%
Gross Profit $21.60M $118.8M
YoY Change -39.5% 18.09%
Gross Profit Margin 18.77% 24.91%
Selling, General & Admin $10.70M $49.30M
YoY Change 4864.51% 3905.17%
% of Gross Profit 49.54% 41.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K $360.0K
YoY Change 11.11% 0.0%
% of Gross Profit 0.46% 0.3%
Operating Expenses $10.80M $49.70M
YoY Change 4910.9% 3937.66%
Operating Profit $10.80M -$4.524M
YoY Change -69.56% 267.54%
Interest Expense $300.0K $500.0K
YoY Change 4487.16% -216.73%
% of Operating Profit 2.78%
Other Income/Expense, Net -$200.0K -$200.0K
YoY Change -145.79% -104.58%
Pretax Income $10.90M $8.057M
YoY Change 4685.74% 197.49%
Income Tax $983.4K
% Of Pretax Income 12.21%
Net Earnings $10.90M $7.073M
YoY Change 4685.74% 161.18%
Net Earnings / Revenue 9.47% 1.48%
Basic Earnings Per Share $1.86
Diluted Earnings Per Share $0.23 $1.46
COMMON SHARES
Basic Shares Outstanding 37.35M shares
Diluted Shares Outstanding 38.45M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.20M $12.20M
YoY Change 4729.77% 4729.77%
Cash & Equivalents $37.00K $12.20M
Short-Term Investments
Other Short-Term Assets $3.600M $3.000M
YoY Change 1399.5% 1149.58%
Inventory $180.2M $180.2M
Prepaid Expenses $20.02K
Receivables $2.000M $2.600M
Other Receivables $1.400M $1.400M
Total Short-Term Assets $56.70K $199.4M
YoY Change -88.49% 40372.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.386M $2.400M
YoY Change 50.0%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $200.0K $200.0K
YoY Change -99.94% -99.94%
Other Assets
YoY Change
Total Long-Term Assets $349.2M $8.900M
YoY Change 1.2% -97.42%
TOTAL ASSETS
Total Short-Term Assets $56.70K $199.4M
Total Long-Term Assets $349.2M $8.900M
Total Assets $349.2M $208.3M
YoY Change 1.07% -39.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.3K $22.10M
YoY Change 84.41% 40532.47%
Accrued Expenses $3.660M $6.200M
YoY Change 2950.24% 2542.23%
Deferred Revenue $305.7K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.446M $28.30M
YoY Change 1438.26% 9691.03%
LONG-TERM LIABILITIES
Long-Term Debt $120.8M $120.8M
YoY Change
Other Long-Term Liabilities $300.0K
YoY Change -98.56%
Total Long-Term Liabilities $120.8M $121.1M
YoY Change 478.84% 480.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.446M $28.30M
Total Long-Term Liabilities $120.8M $121.1M
Total Liabilities $5.977M $149.3M
YoY Change -71.75% 605.63%
SHAREHOLDERS EQUITY
Retained Earnings -$5.355M
YoY Change -74.06%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.354M $59.00M
YoY Change
Total Liabilities & Shareholders Equity $349.2M $208.3M
YoY Change 1.07% -39.71%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $10.90M $7.073M
YoY Change 4685.74% 161.18%
Depreciation, Depletion And Amortization $100.0K $360.0K
YoY Change 11.11% 0.0%
Cash From Operating Activities $14.96M -$1.264M
YoY Change -16742.56% -9.04%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $170.0K
YoY Change -50.0% -57.5%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 -$40.00K
YoY Change -99.99%
Cash From Investing Activities -$60.00K $918.5K
YoY Change -100.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.04M 130.0K
YoY Change -99.96%
NET CHANGE
Cash From Operating Activities 14.96M -1.264M
Cash From Investing Activities -60.00K 918.5K
Cash From Financing Activities -22.04M 130.0K
Net Change In Cash -7.140M -215.9K
YoY Change 7843.04% -191.3%
FREE CASH FLOW
Cash From Operating Activities $14.96M -$1.264M
Capital Expenditures $50.00K $170.0K
Free Cash Flow $14.91M -$1.434M
YoY Change -7951.91% -19.87%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Note 1 - Description of Organization and Business Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">DiamondHead Holdings Corp. (the “Company” or “DHHC”) is a blank check company incorporated in Delaware on October 7, 2020. The Company was formed 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 is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had not commenced any operations. All activity from the Company’s inception to December 31, 2022 relates to the Company’s formation and the Initial Public Offering (the “Initial Public Offering”) and since the closing of the Initial Public Offering (as described below), the search for a prospective initial 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 investments held in trust from the proceeds of its Initial Public Offering and Private Placement described below, and from changes in the fair value of its derivative warrant liability.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On September 10, 2022, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) with Hestia Merger Sub, Inc., a South Carolina corporation and wholly-owned subsidiary of DHHC (“Merger Sub”), and Great Southern Homes, Inc., a South Carolina corporation (“GSH”), pursuant to which the Company expects to effect a business combination with GSH through the merger of Merger Sub with and into GSH (the “Merger”), with GSH surviving the Merger as a wholly-owned subsidiary of the Company. Upon the consummation of the transactions contemplated by the Business Combination Agreement (the “Transactions”), the Company expects to be renamed United Homes Group, Inc.  The obligations of the Company, Merger Sub and GSH to consummate the Merger are subject to the satisfaction or waiver of certain closing conditions, which are further described in the Business Combination Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s sponsor is DHP SPAC-II Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 25, 2021. On January 28, 2021, the Company consummated its Initial Public Offering of 34,500,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including 4,500,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.6 million, of which approximately $12.1 million in deferred underwriting commissions (Note 6).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 10, 2022, the underwriter from the Initial Public Offering resigned from its role in any Business Combination and waived its entitlement to the deferred underwriting commissions in the amount of $12.1 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 5,933,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to our Sponsor and to certain qualified institutional buyers or institutional accredited investors, including certain funds and accounts managed by subsidiaries of BlackRock, Inc. and Millennium Management LLC (each, an “Anchor Investor”), generating proceeds of $8.9 million (Note 4).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Upon the closing of the Initial Public Offering and the Private Placement, $345.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination with one or more target businesses that together have </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Public Shares subject to redemption have been recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”). The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transactions is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor, officers and directors agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Sponsor agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will have 30 months from the closing of the Initial Public Offering, or July 28, 2023, to complete a Business Combination (the “Combination Period”). the Company filed If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than <span style="-sec-ix-hidden:Hidden_aPIMc3W8BUmFgnJPqzvXMw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Sponsor agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its affiliates acquire Public Shares after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriter agreed to waive its right to its deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In order to protect the amounts held in the Trust Account, the Sponsor agreed to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.00 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets. This liability will not apply with respect to any claims (i) by a third party who executed a waiver of any and all rights to seek access to the trust account or (ii) under our indemnity of the underwriter of this offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Marcum LLP, the Company’s independent registered public accounting firm, will not execute agreements with the Company waiving claims to the monies held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Proposed Business Combination</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On September 10, 2022, the Company entered into the GSH Business Combination Agreement with Merger Sub and GSH, pursuant to which the Company expects to effect a business combination with GSH through the merger of Merger Sub with and into GSH (the “Merger”), with GSH surviving the Merger as a wholly-owned subsidiary of the Company. Upon the consummation of the GSH Business Combination, the Company expects to be renamed United Homes Group, Inc. The obligations of the Company, Merger Sub and GSH to consummate the Merger are subject to the satisfaction or waiver of certain closing conditions, which are further described in the GSH Business Combination Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company cannot assure that the plans to complete the GSH Business Combination will be successful. Further, the Company may need to pursue third party financing, among other things, to satisfy the closing condition that at Closing, the amount of Closing DHHC Cash be equal to or exceed $125,000,000 (the “Minimum Cash Condition”). However, there can be no assurance that any third-party financing will be entered into in connection with the GSH Business Combination, and there can be no assurance that the Minimum Cash Condition will be satisfied. If the Minimum Cash Condition is not satisfied, amended or waived by GSH pursuant to the terms of the GSH Business Combination Agreement, then the GSH Business Combination would not be consummated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Trust Account Redemptions and Extension of Combination Period</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On January 25, 2023, the Company held a special meeting of stockholders at which such stockholders voted to extend the time the Company has to consummate an initial Business Combination from January 28, 2023 to July 28, 2023. In connection with such vote, the holders of an aggregate of 30,058,968 Public Shares exercised their right to redeem their shares for an aggregate of approximately $304 million in cash held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2020Q4 dhhcu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022Q3 dhhcu Deferred Underwriting Commissions Waived
DeferredUnderwritingCommissionsWaived
12100000
CY2022 dhhcu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
CY2022 dhhcu Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
80
CY2022 dhhcu Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2022Q4 dhhcu Redemption Price Per Share
RedemptionPricePerShare
10.00
CY2022Q4 dhhcu Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
CY2022 dhhcu Threshold Percentage Of Public Shares Subject To Redemption Without Companys Before Written Consent
ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutCompanysBeforeWrittenConsent
0.15
CY2022 dhhcu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2022 dhhcu Months To Complete Acquisition
MonthsToCompleteAcquisition
30
CY2022 dhhcu Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2023Q1 dhhcu Aggregate Number Of Public Shares Holders Exercised Their Right To Redeem Shares
AggregateNumberOfPublicSharesHoldersExercisedTheirRightToRedeemShares
30058968
CY2023Q1 dhhcu Aggregate Redemption Amount
AggregateRedemptionAmount
304000000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37000
CY2022Q4 dhhcu Working Capital
WorkingCapital
3900000
CY2022Q4 dhhcu Tax Obligations May Be Paid Using Investment Income
TaxObligationsMayBePaidUsingInvestmentIncome
481000
CY2022 dhhcu Maximum Loans Convertible Into Warrants
MaximumLoansConvertibleIntoWarrants
1500000
CY2021Q4 dhhcu Working Capital Loans Outstanding
WorkingCapitalLoansOutstanding
0
CY2022Q4 dhhcu Working Capital Loans Outstanding
WorkingCapitalLoansOutstanding
0
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022 dhhcu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000 and investments held in the Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
CY2022Q3 dhhcu Deferred Underwriting Commissions Waived
DeferredUnderwritingCommissionsWaived
12100000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14558333
CY2022Q3 dhhcu Deferred Underwriting Commissions Waived
DeferredUnderwritingCommissionsWaived
12100000
CY2022Q4 dhhcu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2021Q1 dhhcu Granted Term
GrantedTerm
P45D
CY2021Q1 dhhcu Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
4500000
CY2021Q1 dhhcu Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.20
CY2021Q1 dhhcu Underwriter Cash Discount
UnderwriterCashDiscount
6900000
CY2021Q1 dhhcu Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2021Q1 dhhcu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
12100000
CY2022 dhhcu Adjustments To Additional Paid In Capital Extinguishment Of Deferred Underwriting Commissions On Public Shares
AdjustmentsToAdditionalPaidInCapitalExtinguishmentOfDeferredUnderwritingCommissionsOnPublicShares
11800000
CY2022 dhhcu Gain Loss From Settlement Of Deferred Underwriting Commissions On Public Warrants
GainLossFromSettlementOfDeferredUnderwritingCommissionsOnPublicWarrants
272000
CY2022 dhhcu Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
7300000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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4400000
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
983430
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-74706
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-254139
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
74706
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
254139
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
983430
CY2022Q4 dhhcu Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
328845
CY2021Q4 dhhcu Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
216490
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
37649
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
328845
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
254139
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
328845
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
254139
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022 dhhcu Increase Decrease In Valuation Allowance
IncreaseDecreaseInValuationAllowance
74706
CY2021 dhhcu Increase Decrease In Valuation Allowance
IncreaseDecreaseInValuationAllowance
254139
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2021 dhhcu Effective Income Tax Rate Reconciliation Nondeductible Expense Financing Costs Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseFinancingCostsPercent
0.035
CY2022 dhhcu Effective Income Tax Rate Reconciliation Fair Value Adjustment In Warrants Percent
EffectiveIncomeTaxRateReconciliationFairValueAdjustmentInWarrantsPercent
-0.189
CY2021 dhhcu Effective Income Tax Rate Reconciliation Fair Value Adjustment In Warrants Percent
EffectiveIncomeTaxRateReconciliationFairValueAdjustmentInWarrantsPercent
-0.339
CY2022 dhhcu Effective Income Tax Rate Reconciliation Merger Costs Percent
EffectiveIncomeTaxRateReconciliationMergerCostsPercent
-0.099
CY2021 dhhcu Effective Income Tax Rate Reconciliation Merger Costs Percent
EffectiveIncomeTaxRateReconciliationMergerCostsPercent
0.000
CY2022 dhhcu Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Derivative Warrant Liabilities Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToDerivativeWarrantLiabilitiesPercent
0.000
CY2021 dhhcu Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Derivative Warrant Liabilities Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToDerivativeWarrantLiabilitiesPercent
0.000
CY2022 dhhcu Effective Income Tax Rate Reconciliation Loss Upon Issuance Of Private Placement Warrants Percent
EffectiveIncomeTaxRateReconciliationLossUponIssuanceOfPrivatePlacementWarrantsPercent
0.007
CY2021 dhhcu Effective Income Tax Rate Reconciliation Loss Upon Issuance Of Private Placement Warrants Percent
EffectiveIncomeTaxRateReconciliationLossUponIssuanceOfPrivatePlacementWarrantsPercent
0.000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.009
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.094
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.122
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000

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