$VSEE
VSEE HEALTH, INC.

2023 Q2 Form 10-K Financial Statement

#000110465923044299 Filed on April 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $474.3K
YoY Change
Gross Profit $815.9K
YoY Change
Gross Profit Margin
Selling, General & Admin $442.4K $1.200M $3.595M
YoY Change -38.74% 324.62% 1171.79%
% of Gross Profit 54.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $157.00
YoY Change
% of Gross Profit 0.02%
Operating Expenses $442.4K $1.200M $3.595M
YoY Change -38.74% 332.55% 1171.79%
Operating Profit -$442.4K -$3.595M
YoY Change -38.74%
Interest Expense $706.0K $69.54K $539.7K
YoY Change 1025.96% 3429.95% 27295.43%
% of Operating Profit
Other Income/Expense, Net $706.0K $539.7K
YoY Change 1025.91%
Pretax Income $263.6K -$1.131M -$3.055M
YoY Change -139.96% 310.39% 988.45%
Income Tax $0.00 $104.2K $187.2K
% Of Pretax Income 0.0%
Net Earnings $263.6K -$1.235M -$3.243M
YoY Change -139.96% 348.21% 1055.15%
Net Earnings / Revenue
Basic Earnings Per Share $0.06 -$0.25
Diluted Earnings Per Share $0.06 -$0.20 -$0.25
COMMON SHARES
Basic Shares Outstanding 4.176M 4.126M 12.74M
Diluted Shares Outstanding 4.180M 12.74M

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.86K $107.0K $107.0K
YoY Change -83.85% -85.92% -85.92%
Cash & Equivalents $30.86K $107.0K
Short-Term Investments
Other Short-Term Assets $35.00K $0.00 $0.00
YoY Change -83.57% -100.0% -100.0%
Inventory
Prepaid Expenses $35.00K
Receivables
Other Receivables
Total Short-Term Assets $65.86K $107.0K $107.0K
YoY Change -83.71% -91.21% -91.21%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.015M $7.527M $7.527M
YoY Change -93.14% -93.55% -93.55%
Other Assets
YoY Change
Total Long-Term Assets $8.015M $7.527M $7.527M
YoY Change -93.14% -93.55% -93.55%
TOTAL ASSETS
Total Short-Term Assets $65.86K $107.0K $107.0K
Total Long-Term Assets $8.015M $7.527M $7.527M
Total Assets $8.081M $7.634M $7.634M
YoY Change -93.11% -93.53% -93.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.179M $1.886M $1.886M
YoY Change 268.09% 1245.83% 1245.83%
Accrued Expenses $31.65K $42.20K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.736M $686.7K $686.7K
YoY Change 3855.47% 1464.24% 1464.24%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.044M $3.296M $3.296M
YoY Change 693.07% 1690.48% 1690.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.370M $4.370M $4.370M
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $4.370M $4.370M $4.370M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.044M $3.296M $3.296M
Total Long-Term Liabilities $4.370M $4.370M $4.370M
Total Liabilities $9.414M $7.666M $7.666M
YoY Change 88.05% 68.32% 68.32%
SHAREHOLDERS EQUITY
Retained Earnings -$9.755M -$7.720M
YoY Change 115.74% 131.49%
Common Stock $347.00
YoY Change 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.132M -$7.427M -$31.25K
YoY Change
Total Liabilities & Shareholders Equity $8.081M $7.634M $7.634M
YoY Change -93.11% -93.53% -93.53%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $263.6K -$1.235M -$3.243M
YoY Change -139.96% 348.21% 1055.15%
Depreciation, Depletion And Amortization $157.00
YoY Change
Cash From Operating Activities -$250.1K -$676.2K -$1.391M
YoY Change -21.52% 12.71% 131.83%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$290.4K $110.1M $110.1M
YoY Change -194.34% -194.34%
Cash From Investing Activities -$290.4K $110.1M $110.1M
YoY Change -194.34% -194.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $110.5M
YoY Change 441789.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 555.0K -109.4M -109.4M
YoY Change -192.64% -192.63%
NET CHANGE
Cash From Operating Activities -250.1K -676.2K -1.391M
Cash From Investing Activities -290.4K 110.1M 110.1M
Cash From Financing Activities 555.0K -109.4M -109.4M
Net Change In Cash 14.54K 62.03K -653.0K
YoY Change -104.56% -91.78% -185.92%
FREE CASH FLOW
Cash From Operating Activities -$250.1K -$676.2K -$1.391M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Digital Health Acquisition Corp. (the “Company” or “DHAC”) is a blank check company incorporated as a Delaware corporation on March 30, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On June 9, 2022, DHAC Merger Sub I, Inc. (“Merger Sub I”), a Delaware corporation and a wholly owned subsidiary of the Company, was formed. On June 9, 2022, DHAC Merger Sub II, Inc. (“Merger Sub II”), a Texas corporation and a wholly owned subsidiary of the Company, was formed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had not commenced any significant operations. All activity for the period from inception, date which operations commenced, through December 31, 2022 relates to the Company’s formation and the Company’s Initial Public Offering (as defined below), and 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 from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s Initial Public Offering was declared effective on November 3, 2021. On November 8, 2021, the Company consummated the Initial Public Offering of 11,500,000 units (the “Units” and, with respect to the shares of common stock included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriter of its over-allotment option in the amount of 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000, which is described in Note 3. On October 20, 2022, In connection with the stockholders meeting to approve the extension, 10,805,877 shares of DHAC’s common stock were redeemed leaving 694,123 shares subject to redemption.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 557,000 units (each, a “Private Placement Unit” and, collectively, the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to Digital Health Sponsor LLC (the “Sponsor”), generating gross proceeds of $5,570,000, which is described in Note 4. As of November 8, 2021, the Company received $3,680,000 from the proceeds of the Private Placement and recorded $1,890,000 in subscription receivable. The Sponsor paid the subscription in full on November 12, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Transaction costs amounted to $6,877,164, consisting of $1,955,000 of underwriting fees, $4,370,000 of deferred underwriting fees and $552,164 of other offering costs. In addition, cash of $9,478 was held outside of the Trust Account (as defined below) and is available for the payment of offering costs and for working capital purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Following the closing of the Initial Public Offering on November 8, 2021, an amount of $116,725,000 ($10.15 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”), invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Trust Account is intended as a holding place for funds pending the earliest to occur of either (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company does not complete the initial Business Combination within 18 months from the closing of the Initial Public Offering (as currently extended and as may be further extended in accordance with the Amended and Restated Certificate of Incorporation) or (B) with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity; or (iii) absent an initial Business Combination within 18 months from the closing of the Initial Public Offering (as currently extended and as may be further extended in accordance with the Amended and Restated Certificate of Incorporation), the Company’s return of the funds held in the Trust Account to the Company’s public stockholders as part of the Company’s redemption of the public shares. On October 20, 2022, stockholders of DHAC approved a proposal to amend DHAC’s amended and restated certificate of incorporation to (a) extend the date by which DHAC has to consummate a business combination (the “Extension”) for an additional </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="-sec-ix-hidden:Hidden_kISXpKc3xEu8bypWvxrxHQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">three</span></span> (3) months, from November 8, 2022 to February 8, 2023, (b) provide DHAC’s board of directors the ability to further extend the date by which DHAC has to consummate a business combination up to three (3) additional times for three (3) months each time, for a maximum of <span style="-sec-ix-hidden:Hidden_UmlRclMqpkCMnaDFKm0zkA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">nine</span></span> (9) additional months if the Sponsor pays an amount equal to $350,000 for each three-month extension (the “Extension Fee”), which amount shall be deposited in the trust account of DHAC; provided, that if as of the time of an extension DHAC has filed a Form S-4 registration statement in connection with its initial business combination, then no Extension Fee would be required in connection with such extension, and (c) allow for DHAC to provide redemption rights to DHAC’s public stockholders in accordance with the requirements of the amended and restated certificate of incorporation without complying with the tender offer rules.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company will provide the Company’s public stockholders with the opportunity to redeem all or a portion of their common shares in connection with the initial Business Combination either (i) in connection with a general 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, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek stockholder approval under applicable law or stock exchange listing requirement. The public stockholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of <span style="-sec-ix-hidden:Hidden_pSxMUnls7UKJsWUAMnppJQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">two</span></span> business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding public shares, subject to the limitations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The amount in the Trust Account was Initially anticipated to be $10.15 per public share. On October 26, 2022, in connection with the approval of the extension, the Sponsor deposited $350,000 into the Trust Account for the first three-month extension, as such the amount in the Trust Account is anticipated to be $10.65 per public share. On February 2, 2023 the Company announced a second extension of the date by which the Company has to consummate a business combination from February 8, 2023 to May 8, 2023 (as extended, the “Combination Period”). The February extension is the first of three additional three-month extensions permitted under the Company’s governing documents and provides the Company with additional time to complete its initial business combination. In connection with such stockholder vote, an aggregate of 10,805,877 shares of DHAC’s common stock were redeemed leaving 4,156,123 shares issued and outstanding and entitled to vote as of October 20, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">However, if the Company is unable to complete its initial 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_jJjuwvcoQkK4nrbQjbrnRA;"><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 (less taxes payable and 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 liquidation distributions, if any) 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, liquidate and dissolve, subject, in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The shares of common stock subject to redemption are recorded at a redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.” In such case, and in accordance with the closing conditions set forth in the Company’s business Combination Agreement (as defined below), 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 issued and outstanding shares voted are voted in favor of the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Sponsor, along with certain advisors, officers and directors, has entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares (as defined in Note 5) and public shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company have not consummated an initial Business Combination within the Combination Period or (B) with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fail to complete the initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fail to complete the initial Business Combination within the prescribed time frame; and (iv) vote any founder shares held by them and any public shares purchased during or after the Initial Public Offering (including in open market and privately negotiated transactions) in favor of the initial Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company have 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) $10.15 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 $10.15 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to 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 Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor have the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believe that the Company’s 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-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On June 15, 2022, DHAC, entered into a business combination agreement, by and among DHAC Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of DHAC (“Merger Sub I”), DHAC Merger Sub II, Inc., a Texas corporation and a wholly owned subsidiary of DHAC (“Merger Sub II” and together with Merger Sub I, the “Merger Subs”), VSee Lab, Inc., a Delaware corporation (“VSee”) and iDoc Virtual Telehealth Solutions, Inc., a Texas corporation (“iDoc”) (as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement. The Business Combination Agreement and the transactions contemplated thereby (collectively, the “Business Combination”) were unanimously approved by the boards of directors of each of DHAC, VSee and iDoc on June 15, 2022. On August 9, 2022, DHAC, Merger Sub I, Merger Sub II, VSee and iDoc entered into the First Amended and Restated Business Combination Agreement to provide for the concurrent execution of financing documents for a PIPE consisting of convertible notes and warrants and delivery of the Cassel Salpeter’s opinion to the Board. On October 6, 2022, DHAC, Merger Sub I, Merger Sub II, VSee and iDoc entered into the Business Combination Agreement to make the consideration payable to VSee and iDoc stockholders 100% DHAC common stock and to provide for the concurrent execution of amended PIPE Financing documents providing for the issuance of the PIPE Shares and the PIPE Warrants further described on Note 6.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the Business Combination Agreement and subject to the terms and conditions set forth therein, Merger Sub I will merge with and into VSee (the “VSee Merger”), with VSee surviving the VSee Merger as a wholly owned subsidiary of DHAC, and Merger Sub II will merge with and into iDoc (the “iDoc Merger” and, together with the VSee Merger, the “Mergers”), with iDoc surviving the iDoc Merger as a wholly owned subsidiary of DHAC. At the effective time of the Mergers (the “Effective Time”), DHAC will change its name to VSee Health, Inc.</p>
CY2022 dhacu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2021Q4 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
10805877
CY2022Q4 dhacu Transaction Costs
TransactionCosts
6877164
CY2022Q4 dhacu Extension Fee Payable By Sponsor
ExtensionFeePayableBySponsor
350000
CY2022 dhacu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022 dhacu Threshold Minimum Aggregate Fair Market Value As Percentage Of Asset Held In Trust Account
ThresholdMinimumAggregateFairMarketValueAsPercentageOfAssetHeldInTrustAccount
80
CY2022 dhacu Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.15
CY2022Q4 dhacu Anticipated Price Per Public Share Based On Amount Held In Trust Account
AnticipatedPricePerPublicShareBasedOnAmountHeldInTrustAccount
10.65
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10805877
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4156123
CY2022 dhacu Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2022Q4 dhacu Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
106998
CY2022 dhacu Working Capital
WorkingCapital
3056596
CY2022 dhacu Withdrawal Allowance On Interest From Trust
WithdrawalAllowanceOnInterestFromTrust
132020
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. The most significant accounting estimates were the assumptions used to fair value the PIPE Forward Contract and the Bridge Note Bifurcated Derivative. 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
CY2021Q4 dhacu Temporary Equity Portion Of Balance Attributable To Proceeds From Issuance Initial Public Offering
TemporaryEquityPortionOfBalanceAttributableToProceedsFromIssuanceInitialPublicOffering
115000000
CY2021Q4 dhacu Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
12483555
CY2021Q4 dhacu Temporary Equity Offering Costs Allocated To Ordinary Shares Subject To Possible Redemption
TemporaryEquityOfferingCostsAllocatedToOrdinarySharesSubjectToPossibleRedemption
6923767
CY2021Q4 dhacu Temporary Equity Accretion To Redemption Value Aggregate
TemporaryEquityAccretionToRedemptionValueAggregate
21132322
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
116725000
CY2022Q4 dhacu Temporary Equity Accretion To Redemption Value Aggregate
TemporaryEquityAccretionToRedemptionValueAggregate
1142603
CY2022Q4 dhacu Temporary Equity Redemption On Common Stock
TemporaryEquityRedemptionOnCommonStock
-110472254
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
7395349
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12057000
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12057000
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022 dhacu Warrant Exercise Period Condition One
WarrantExercisePeriodConditionOne
P30D
CY2022 dhacu Warrant Exercise Period Condition Two
WarrantExercisePeriodConditionTwo
P12M
CY2022 dhacu Number Of Warrants Exercisable For Cash
NumberOfWarrantsExercisableForCash
0
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:normal;font-weight:normal;">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. 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.</span></p>
CY2021Q4 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
402936
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
43900
CY2022Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
43900
CY2021Q4 dhacu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
2
CY2022 dhacu Deferred Underwriting Commission Percent
DeferredUnderwritingCommissionPercent
3.8
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 dhacu Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2022Q4 dhacu Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
CY2022 dhacu Months To Complete Acquisition Period
MonthsToCompleteAcquisitionPeriod
P18M
CY2022 dhacu Warrants Trading Days On Which Fair Market Value Of Shares Is Reported
WarrantsTradingDaysOnWhichFairMarketValueOfSharesIsReported
5
CY2022 dhacu Warrants Trading Days On Which Fair Market Value Of Shares Is Reported
WarrantsTradingDaysOnWhichFairMarketValueOfSharesIsReported
5
CY2022Q4 dhacu Share Price Trigger Used To Measure Dilution Of Warrants
SharePriceTriggerUsedToMeasureDilutionOfWarrants
9.20
CY2022 dhacu Percentage Of Gross New Proceeds To Total Equity Proceeds Used To Measure Dilution Of Warrant
PercentageOfGrossNewProceedsToTotalEquityProceedsUsedToMeasureDilutionOfWarrant
60
CY2022Q4 dhacu Share Price Trigger Used To Measure Dilution Of Warrants
SharePriceTriggerUsedToMeasureDilutionOfWarrants
9.20
CY2022 dhacu Warrant Exercise Price Adjustment Multiple
WarrantExercisePriceAdjustmentMultiple
115
CY2022 dhacu Warrant Redemption Condition Minimum Share Price
WarrantRedemptionConditionMinimumSharePrice
18.00
CY2022 dhacu Warrant Redemption Price Adjustment Multiple
WarrantRedemptionPriceAdjustmentMultiple
180
CY2022Q4 dhacu Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2022 dhacu Warrant Exercise Restriction Threshold Percent Of Common Stock Owned
WarrantExerciseRestrictionThresholdPercentOfCommonStockOwned
9.8
CY2022Q4 dhacu Exercise Of Warrants Fractional Shares Issued
ExerciseOfWarrantsFractionalSharesIssued
0
CY2022Q4 dhacu Deferred Tax Assets Net Operating Loss Carryforwards
DeferredTaxAssetsNetOperatingLossCarryforwards
-379
CY2021Q4 dhacu Deferred Tax Assets Net Operating Loss Carryforwards
DeferredTaxAssetsNetOperatingLossCarryforwards
5846
CY2022Q4 dhacu Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
962297
CY2021Q4 dhacu Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
60961
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
961918
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
66807
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
961918
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
66807
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
187225
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-741805
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-58947
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-153306
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-7860
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
895111
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
66807
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
187225
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
24565
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
895111
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
66807
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
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
0.043
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.028
CY2022 dhacu Effective Income Tax Rate Reconciliation Of Bridge Note Bifurcated Derivative
EffectiveIncomeTaxRateReconciliationOfBridgeNoteBifurcatedDerivative
-0.007
dhacu Effective Income Tax Rate Reconciliation Of Bridge Note Bifurcated Derivative
EffectiveIncomeTaxRateReconciliationOfBridgeNoteBifurcatedDerivative
0.000
CY2022 dhacu Effective Income Tax Rate Reconciliation Of Pipe Forward Contract Derivative
EffectiveIncomeTaxRateReconciliationOfPipeForwardContractDerivative
-0.014
dhacu Effective Income Tax Rate Reconciliation Of Pipe Forward Contract Derivative
EffectiveIncomeTaxRateReconciliationOfPipeForwardContractDerivative
0.000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.293
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.238
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.061
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
110472254
CY2022 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
10805877
CY2022 dhacu Change In Fair Value Of Pipe Forward Contract Derivative
ChangeInFairValueOfPipeForwardContractDerivative
170666
CY2022 dhacu Fair Value Of Bifurcated Derivative
FairValueOfBifurcatedDerivative
364711
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0400
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0476
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y7M9D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y4M13D
CY2022Q4 dhacu Share Based Compensation Arrangements By Probability Of Completing Business Combination
ShareBasedCompensationArrangementsByProbabilityOfCompletingBusinessCombination
0.90
CY2022Q4 dhacu Share Based Compensation Arrangements By Probability Of Completing Business Combination
ShareBasedCompensationArrangementsByProbabilityOfCompletingBusinessCombination
0.95

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