Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40055

BITE ACQUISITION CORP.

(Exact name of registrant as specified in its charter)


Delaware		85-3307316
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

720 N. State Street
Chicago, IL		60654
(Address of principal executive offices)		(Zip Code)

(212) 608-2923

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of common stock, par value $0.0001 per share and one-half of one warrant	BITE.U	NYSE American LLC
Common stock, par value $0.0001 per share	BITE	NYSE American LLC
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50	BITE WS	NYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of November 20, 2023, there were 8,518,178 shares of common stock, par value $0.0001 per share, issued and outstanding.

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BITE ACQUISITION CORP.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023

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		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022	3

	Unaudited Condensed Statements of Operations for the three and nine months ended September 30, 2023 and 2022	4

	Unaudited Condensed Statements of Changes in Stockholders’ Deficit for the three and nine months ended September 30, 2023 and 2022	5

	Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2023 and 2022	6

	Notes to Unaudited Condensed Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	28

Item 3.	Defaults Upon Senior Securities	29

Item 4.	Mine Safety Disclosures	29

Item 5.	Other Information	29

Item 6.	Exhibits	30

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

BITE ACQUISITION CORP.

CONDENSED BALANCE SHEETS


	(Unaudited)
	September 30, 2023		December 31, 2022
Assets
Current assets:
Cash	$	720	$	86,517
Prepaid expenses		21,250		38,905
Prepaid income taxes		50,106		—
Total current assets		72,076		125,422
Investment held in Trust Account		30,304,791		30,293,789
Total assets	$	30,376,867	$	30,419,211

Liabilities, redeemable shares and stockholders’ deficit:
Current liabilities:
Accounts payable and accrued expenses	$	2,190,052	$	258,394
Excises taxes payable		12,598		—
Franchise tax payable		108,600		—
Income taxes payable		—		426,867
Due to related party		317,857		227,857
Convertible promissory note at fair value - related party		844,783		332,553
Total current liabilities		3,473,890		1,245,671
Deferred tax liability		269,686		50,914
Private warrant liability		16,500		16,500
Total liabilities		3,760,076		1,313,085

Commitments

Common stock subject to possible redemption, 2,878,178 and 2,998,815 shares outstanding at September 30, 2023 and December 31, 2022, respectively, at redemption value		30,246,297		29,866,922

Stockholders’ deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		—		—
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,640,000 shares issued and outstanding at both September 30, 2023 and December 31, 2022 (excluding shares subject to possible redemption of 2,878,178 and 2,998,815, respectively)		564		564
Additional paid-in capital		2,005,948		3,657,675
Accumulated deficit		(5,636,018)		(4,419,035)
Total stockholders’ deficit		(3,629,506)		(760,796)
Total liabilities, redeemable shares and stockholders’ deficit	$	30,376,867	$	30,419,211

The accompanying notes are an integral part of these unaudited condensed financial statements.

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BITE ACQUISITION CORP.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Operating expenses:
Formation and operating costs	$	458,193	$	199,261	$	2,496,215	$	738,046
Franchise tax		35,800		50,000		108,600		150,000
Loss from operations		(493,993)		(249,261)		(2,604,815)		(888,046)

Other income
Investment income from Trust		361,609		885,025		686,112		1,159,936
Change in fair value of private warrants		5,500		8,250		—		129,250
Change in fair value of convertible promissory notes		363,121		142,690		1,041,770		197,325
Total other income		730,230		1,035,965		1,727,882		1,486,511

Net income (loss) income before provision for income taxes		236,237		786,704		(876,933)		598,465
Provision for income taxes		144,676		164,977		340,050		172,323
Net income (loss)	$	91,561	$	621,727	$	(1,216,983)	$	426,142

Basic and diluted weighted average Common Stock subject to redemption		2,930,629		20,000,000		2,975,837		20,000,000
Basic and diluted net income (loss) income per Common Stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Basic and diluted weighted average Common Stock		5,640,000		5,640,000		5,640,000		5,640,000
Basic and diluted net income (loss) income per Common Stock	$	0.01	$	0.02	$	(0.14)	$	0.02

The accompanying notes are an integral part of these unaudited condensed financial statements.

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BITE ACQUISITION CORP.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(UNAUDITED)


	For the Three and Nine Months Ended September 30, 2023
				Additional				Total
	Common Stock			Paid-in		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Deficit
Balance as of January 1, 2023	5,640,000	$	564	$	3,657,675	$	(4,419,035)	$	(760,796)

Remeasurement of shares subject to possible redemption	—		—		(267,064)		—		(267,064)
Net loss	—		—		—		(748,117)		(748,117)
Balance as of March 31, 2023	5,640,000	$	564	$	3,390,611	$	(5,167,152)	$	(1,775,977)

Remeasurement of shares subject to possible redemption	—		—		(814,736)		—		(814,736)
Net loss	—		—		—		(560,427)		(560,427)
Balance as of June 30, 2023	5,640,000	$	564	$	2,575,875	$	(5,727,579)	$	(3,151,140)

Excise tax on redemptions of shares	—		—		(12,598)		—		(12,598)
Remeasurement of shares subject to possible redemption	—		—		(557,329)		—		(557,329)
Net income	—		—		—		91,561		91,561
Balance as of September 30, 2023	5,640,000	$	564	$	2,005,948	$	(5,636,018)	$	(3,629,506)


	For the Three and Nine Months Ended September 30, 2022
				Additional				Total
	Common Stock			Paid-in		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Deficit
Balance as of January 1, 2022	5,640,000	$	564	$	5,269,208	$	(5,410,873)	$	(141,101)

Net loss	—		—		—		(232,763)		(232,763)
Balance as of March 31, 2022	5,640,000	$	564	$	5,269,208	$	(5,643,636)	$	(373,864)

Net income	—		—		—		37,178		37,178
Balance as of June 30, 2022	5,640,000	$	564	$	5,269,208	$	(5,606,458)	$	(336,686)

Remeasurement of shares subject to possible redemption	—		—		(648,270)		—		(648,270)
Net income	—		—		—		621,727		621,727
Balance as of September 30, 2022	5,640,000	$	564	$	4,620,938	$	(4,984,731)	$	(363,229)

The accompanying notes are an integral part of these unaudited condensed financial statements.

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BITE ACQUISITION CORP.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended
	September 30,
	2023		2022
Cash flows from Operating Activities:
Net (loss) income	$	(1,216,983)	$	426,142
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash and investment held in Trust Account		(686,112)		(1,159,936)
Change in fair value of warrants		—		(129,250)
Change in fair value of convertible promissory note		(1,041,770)		(197,325)
Changes in current assets and current liabilities:
Prepaid expenses		17,655		281,938
Accounts payable and accrued expenses		1,931,658		(114,416)
Franchise tax payable		108,600		(103,485)
Deferred tax liability – non-current		218,772		—
Income tax payable, net		(476,973)		172,323
Due to related party		90,000		90,000
Net cash used in operating activities:		(1,055,153)		(734,009)

Cash flows from Investing Activities:
Deposits into from Trust Account pursuant to Extension Amendment		(1,049,645)		—
Withdrawals from Trust Account		1,724,755		326,104
Net cash provided by investing activities		675,110		326,104

Cash flows from Financing Activities:
Payments for redemptions of Class A Common Stock		(1,259,754)		—
Proceeds from issuance of related party promissory note		1,554,000		575,000
Net cash provided by financing activities		294,246		575,000

Net Change in Cash		(85,797)		167,095
Cash - Beginning of period		86,517		89,393
Cash - End of period	$	720	$	256,488

Supplemental disclosure of cash flow information
Cash paid for income taxes	$	598,251	$	—

Non-Cash investing and financing activities:
Redemption costs of Class A Common Stock included in excise tax payable	$	12,598	$	—
Remeasurement in value of common stock subject to redemption		1,639,129		648,270
Non-Cash investing and financing activities:	$	1,651,727	$	648,270

The accompanying notes are an integral part of these unaudited condensed financial statements.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

Note 1 - Organization, Business Operations and Going Concern

Bite Acquisition Corp. (the “Company”) is a blank check company incorporated as a Delaware corporation on September 29, 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 (a “business combination”).

The Company has selected December 31 as its fiscal year end.

As of September 30, 2023, the Company had not commenced any operations. All activity for the period from September 29, 2020 (inception) through September 30, 2023 relates to the Company’s formation and the initial public offering (“IPO”) and, subsequent to the IPO, identifying a target company for a business combination, which is described below. The Company will not generate any operating revenues until after the completion of its initial business combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO.

On April 29, 2023, the Company entered into a business combination agreement (the “Business Combination Agreement”) with Above Food Corp., a corporation organized under the laws of Saskatchewan, Canada (“Above Food”), 2510169 Alberta Inc., an Alberta Corporation (“TopCo”) and a direct, wholly owned Subsidiary of Above Food, and Above Merger Sub, Inc., a Delaware corporation and a direct, wholly owned Subsidiary of TopCo (“Merger Sub”). Pursuant to the Business Combination Agreement, the Company and Above Food agreed to combine in a business combination that will result in each of the Company and Above Food becoming a wholly-owned subsidiary of TopCo. Upon the closing of the transactions contemplated by the Business Combination Agreement (the “Proposed Transactions”), TopCo’s common shares and warrants are expected to be listed on the New York Stock Exchange.

On the date of the closing of the Proposed Transactions and pursuant to a court-approved plan of arrangement, Above Food’s shareholders will effect a share exchange (the “Share Exchange”), pursuant to which, among other things, Above Food’s shareholders will contribute to TopCo all of the issued and outstanding equity of Above Food in exchange for newly issued TopCo common shares, TopCo Class A earnout shares and TopCo Class B earnout shares, and after giving effect to the Share Exchange, Above Food will become a direct, wholly owned subsidiary of TopCo.

Charter Amendments

On December 15, 2022, the Company’s stockholders approved, among other proposals, an amendment to the amended and restated certificate of incorporation (the “First Extension Amendment”). The First Extension Amendment extended the date by which the Company must consummate its initial business combination from February 17, 2023 to August 17, 2023 by one-month extensions or such earlier date as determined by its board of directors (the “Board”), provided that Smart Dine, LLC (the “Sponsor”) (or its affiliates or permitted designees) will deposit into the Trust Account an amount determined by multiplying $0.05 by the number of public shares then outstanding, up to a maximum of $150,000 for each such one-month extension until August 17, 2023, unless the closing of the Company’s initial business combination shall have occurred, and permit holders of public shares to redeem their shares for their pro rata portion of the Trust Account. In connection with the stockholder vote to approve the First Extension Amendment, the holders of 17,001,185 shares of Common Stock properly exercised their right to redeem their shares for cash for an aggregate redemption amount of approximately $171.7 million, leaving approximately $30.3 million in the Trust Account.

On August 10, 2023, the Company’s stockholders approved, among other proposals, an amendment to the Company’s amended and restated certificate of incorporation (the “Second Extension Amendment”) to allow the Company to extend the date by which the Company must consummate its initial business combination (the “Termination Date”) by monthly election to extend such date in one-month increments up to a total of six months from August 17, 2023 (each, an “Extension”), until February 17, 2024 (such date, as may be further extended by vote of the Company’s stockholders, the “Second Extended Date”). In connection with the stockholder vote to

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

approve the Second Extension Amendment, the holders of 120,637 shares of Common Stock properly exercised their right to redeem their shares for cash for an aggregate redemption amount of approximately $1.2 million, leaving approximately $30.0 million in the Trust Account.

Financing

The registration statement for the Company’s IPO was declared effective on February 11, 2021 (the “Effective Date”). On February 17, 2021, the Company consummated the IPO of 17,500,000 units (the “Units” and, with respect to the shares of common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $175,000,000, which is discussed in Note 3.

Simultaneously with the closing of the IPO the Company consummated the private placement (the “Private Placement”) of an aggregate of 500,000 units (the “Private Units”) at a price of $10.00 per Private Unit, to the Sponsor and EarlyBirdCapital, Inc., (“EarlyBirdCapital”) generating total gross proceeds of $5,000,000.

On February 25, 2021, the underwriters exercised the over-allotment option in part and purchased an additional 2,500,000 Units, generating an aggregate of gross proceeds of $25,000,000 and incurred $500,000 in cash underwriting fees.

Trust Account

Following the closing of the IPO, on February 17, 2021, $175,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Units was held in a Trust Account (“Trust Account”), and may only be invested in U.S. “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 of Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. On February 25, 2021, the underwriters exercised the over-allotment option in part and purchased an additional 2,500,000 Units, generating an aggregate of gross proceeds of $25,000,000. Upon closing of the IPO, the Private Placement, and the sale of the Units, in connection with the underwriters’ partial exercise of their over-allotment, a total of $200,000,000 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO and the sale of the Private Units will not be released from the Trust Account until the earliest to occur of the completion of the Company’s initial business combination or the redemption of the Company’s public shares if the Company is unable to complete the initial business combination on or before the Second Extended Date (as defined in above).

During the year ended December 31, 2022 and the nine months ended September 30, 2023, the Company withdrew $401,104 $465,000, respectively, from the Trust Account for the payment of tax obligations. Pursuant to the First Extension Amendment and Second Extension Amendment, the Sponsor deposited $1,049,645 into the Trust Account during the nine months ended September 30, 2023.

On December 15, 2022 and August 25, 2023, the Company had partial liquidations of the funds in the Trust Account of $171,744,610 and $1,259,754, respectively. The remaining proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors which would have higher priority than the claims of the Company’s public stockholders.

Initial Business Combination

The Company will provide its public stockholders with the opportunity to redeem all or a portion of their shares of common stock upon the completion of the initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata share of the aggregate amount then on deposit in the Trust Account (initially approximately $10.00 per 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).

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

The shares of common stock subject to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

The Company will have until the Second Extended Date to consummate a business combination (the “Combination Period”). However, if the Company is unable to complete a business combination within the Combination Period, the Company will cease all operations except for the purpose of winding up, redeem 100% of 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 taxes, divided by the number of then outstanding public shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate.

The Sponsor, initial stockholders, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares, any private shares and any public shares held by them in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their founder shares, any private shares and public shares 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 their founder shares and private shares if the Company fails to complete the initial business combination within the Combination Period.

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 for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 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 $10.00 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 IPO against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company believes it is unlikely that its Sponsor would be able to satisfy those obligations.

Liquidity, Capital Resources and Going Concern

As of September 30, 2023, the Company had $720 in its operating bank account and a working capital deficit, excluding prepayments and accruals for taxes, of $3,343,320.

Subsequent to the consummation of the IPO and Private Placement, the Company’s liquidity needs have been satisfied through the proceeds from the consummation of the Private Placement not held in the Trust Account. As such, the Company fully paid certain outstanding offering costs and the then outstanding amounts under a promissory note to the Sponsor. The Sponsor will provide all necessary financial support through Working Capital Loans (as defined in Note 5), equity financing, or a combination thereof, to enable the Company to meet its financial obligations as they become due through twelve months from the date the financial statements are issued. Up to $1,500,000 of such Working Capital Loans may be convertible into Units at a price of $10.00 per Unit at the option of the lender. The agreement with the Sponsor will be available to the Company until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation. If the Company does not complete a business combination, the Working Capital Loans will be forgiven. As of September 30, 2023, the Company received advances of $2,129,000 under the Working Capital Loan which was memorialized through a convertible promissory note (see Note 5).

Additionally, the Company has engaged EarlyBirdCapital as an advisor in connection with its business combination to assist it in holding meetings with its stockholders to discuss the potential business combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing securities in connection with the initial business combination, assist it in obtaining stockholder approval for the business combination and assist with press releases and public filings in connection with the business combination (see Note 6).

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

Based on the foregoing, management believes that the Company will have sufficient borrowing capacity from the Sponsor to meet its needs through the earlier of the consummation of a business combination or liquidation date. Over this time period, the Company will be using these funds 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.

However, the Company is within 12 months of its mandatory liquidation as of the time of filing this quarterly report on Form 10-Q. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the mandatory liquidation raises substantial doubt about the Company’s ability to continue as a going concern until the earlier of the consummation of the Business Combination or February 17, 2024, the extended date the Company is required to liquidate.

Risks and Uncertainties

The Company’s ability to consummate an initial business combination may be adversely impacted by various factors that cause economic uncertainty and volatility in the financial markets, such as downturns in the financial markets or in economic conditions, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic, and geopolitical instability, such as the military conflicts in the Ukraine and the Middle East. Management continues to evaluate the impacts of the COVID-19 pandemic and the ongoing conflicts in Ukraine and the Middle East and has concluded that while it is reasonably possible that these events could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Emerging Growth Company Status

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 it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

Note 2 - Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s annual report on Form 10-K, as filed with the SEC on March 31, 2023. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future periods.

Use of Estimates

The preparation of the condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash Held in Trust Account

At September 30, 2023, the assets held in the Trust Account were held in cash. As disclosed in Note 1, on December 15, 2022 and August 10, 2023, the Company had Public Share redemptions in which approximately $171.7 million and $1.2 million, respectively, was withdrawn from the Trust Account and paid to investors. During the nine months ended September 30, 2023, the Sponsor deposited $1,049,645 into the Trust Account pursuant to the First Extension Amendment and Second Extension Amendment.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets.

In connection with the stockholder vote to approve the First Extension Amendment on December 15, 2022, 17,001,185 shares of the Company’s common stock subject to redemption were redeemed by stockholders for approximately $171.7 million of the funds held in the Company’s Trust Account. After satisfaction of the redemptions exercised on December 21, 2022, approximately $30.3 million in cash remained in the trust account and 2,998,815 shares of the Company’s common stock subject to redemption were outstanding. Warrants previously issued as Units in the initial IPO were segregated and retained by stockholders that redeemed their public shares.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

In connection with the stockholder vote to approve the Second Extension Amendment on August 10, 2023, 120,637 shares of the Company’s common stock subject to redemption were redeemed by stockholders for approximately $1.2 million of the funds held in the Company’s Trust Account. After satisfaction of the redemptions exercised on August 10, 2023, approximately $30 million in cash remained in the trust account and 2,878,178 shares of Class A common stock subject to redemption were outstanding. Warrants previously issued as Units in the initial IPO were segregated and retained by stockholders that redeemed their public shares.

The Company is subject is subject to a non-deductible 1% excise tax on the fair market value of any redemptions of the Company’s common stock made on or after January 1, 2023 under the Inflation Reduction Act of 2022. In connection with the redemptions exercised on August 10, 2023, the Company recognized an excise tax liability of $12,598 which was recorded against additional paid-in capital as an incremental cost to repurchase the redeemed shares.

The common stock subject to possible redemption reflected on the accompanying condensed balance sheets is reconciled as follows:


Common stock subject to possible redemption at December 31, 2021	$	200,000,000
Less: Redemption of shares		(171,744,610)
Plus: Remeasurement of shares subject to possible redemption		1,611,532
Common stock subject to possible redemption at December 31, 2022		29,866,922
Less: Redemption of shares		(1,259,754)
Plus: Remeasurement to shares subject to possible redemption		1,639,129
Common stock subject to possible redemption at September 30, 2023	$	30,246,297

Offering Costs associated with the Initial Public Offering

The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the condensed balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO.

Accordingly, as of September 30, 2023, cash offering costs in the aggregate of $4,611,738 have been charged to stockholders’ equity (consisting of $4,000,000 of underwriting discount and $611,738 of other cash offering costs). The Company also issued 90,000 representative shares in connection with the offering (see Note 5).

Fair Value Measurements

The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Convertible promissory note

The Company has elected the fair value option to account for its non-interest bearing promissory note to the Sponsor with a maximum principal value not to exceed $2,750,000 (“Convertible Note”) which is fully described in Note 5. As a result of applying the fair value option, the Convertible Note is recorded at its initial fair value at issuance, and at each balance sheet date thereafter. Subsequent changes in fair value are recorded as change in the fair value of convertible promissory note on the statement of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumption about the assumptions a market participant would use in pricing the asset or liability.

Derivative warrant liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company accounts for its 275,000 common stock warrants issued in connection with its Private Placement as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued by the Company in connection with the Private Placement has been estimated using Monte-Carlo simulations at each measurement date.

Net loss per common share

Net loss per common stock is computed by dividing net loss by the weighted average number of common stock outstanding for each of the periods. The calculation of diluted loss per common stock does not consider the effect of the warrants issued in connection with the (i) IPO, (ii) exercise of over-allotment and (iii) Private Placement since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable to purchase 10,275,000 shares of common stock in the aggregate.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

The Company’s statements of operations include a presentation of loss per share for Common Stock subject to possible redemption in a manner similar to the two-class method of loss per common stock. Net loss per common stock, basic and diluted, for redeemable Common Stock is calculated by dividing its proportional amount of net loss, by the weighted average number of redeemable Common Stock outstanding since original issuance. Net loss per common stock, basic and diluted, for non-redeemable and Common Stock is calculated by dividing the net loss, adjusted for income attributable to redeemable Common Stock, by the weighted average number of non-redeemable and Common Stock outstanding for the periods. Non-redeemable Common Stock include the Founder Shares as these common stocks do not have any redemption features and do not participate in the income earned on the Trust Account.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Common stock subject to possible redemption
Numerator: Net income (loss) allocable to common stock subject to possible redemption	$	31,308	$	484,966	$	(420,336)	$	332,404

Denominator: Weighted average redeemable common stock
Redeemable common stock, basic and diluted		2,930,629		20,000,000		2,975,837		20,000,000
Basic and diluted net loss per share, redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Non-Redeemable Common Stock
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	91,561	$	621,727	$	(1,216,983)	$	426,142
Less: redeemable net income (loss)		(31,308)		(484,966)		420,336		(332,404)
Non-redeemable net income (loss)	$	60,253	$	136,761	$	(796,647)	$	93,738
Denominator: Weighted average non-redeemable common stock
Basic and diluted weighted average shares outstanding, common stock		5,640,000		5,640,000		5,640,000		5,640,000
Basic and diluted net loss per share, non-redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Income Taxes

The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2023 and 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company’s general and administrative costs are generally considered start-up costs and are not currently deductible. Our effective tax rate was 61.24% and 20.97% for the three months ended September 30, 2023 and 2022, respectively. Our effective tax rate was (38.78)% and 28.79% for the nine months ended September 30, 2023 and 2022, respectively.

The Company has identified the United States as its only “major” tax jurisdiction.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

The Company may be subject to potential examination by federal and state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Inflation Reduction Act of 2022

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 shareholders 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 redemption or other 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 would 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.

In connection with the redemptions exercised on August 10, 2023 (see Note 1), the Company recognized an excise tax liability of $12,598 which was recorded against additional paid-in capital as an incremental cost to repurchase the redeemed shares. As of September 30, 2023 and December 31, 2022, the Company’s excise tax liability related to the share redemptions was $12,598 and $0, respectively.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments in ASU 2016-13 replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information. ASU 2016-13 was effective for SEC filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. As an emerging growth company, the Company was permitted to adopt the new standard for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted ASU 2016-13 using a modified retrospective transition method. There were no effects on the Company’s financial position, results of operations, or cash flows upon adoption of ASU 2016-13.

Recently Issued Accounting Standards

In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging —Contracts in Entity’ Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’ Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

certain areas. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2023, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of ASU 2020- 06 on its consolidated financial statements.

The Company’s management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Risks and Uncertainties

Management continues to evaluate the impacts of the COVID-19 pandemic and the ongoing conflicts in Ukraine and the Middle East and has concluded that while it is reasonably possible that these events could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Note 3 — Initial Public Offering

On February 17, 2021, the Company sold 17,500,000 Units pursuant the IPO, at a purchase price of $10.00 per Unit. Each Unit consists of one share of common stock and one-half of one warrant to purchase one share of common stock (“Public Warrant”).

Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Each warrant will become exercisable 30 days after the completion of the initial business combination and will expire five years after the completion of the initial business combination, or earlier upon redemption or liquidation.

Public Warrants

The Company has outstanding warrants to purchase an aggregate of 10,000,000 shares of the Company’s common stock issued in connection with the Initial Public Offering and the Private Placement (including warrants issued in connection with the underwriters’ partial exercise of their over-allotment option).

Each whole warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s sponsor or its affiliates, without taking into account any founder shares held by the Company’s sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the volume weighted average trading price of our common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of Warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The warrants will become exercisable 30 days after the completion of its initial business combination and will expire five years after the completion of the Company’s initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the warrants is then effective and a prospectus relating thereto is current. No warrant will be exercisable and the Company will not be obligated to issue shares of common stock upon exercise of a warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of common stock underlying such unit.

Once the warrants become exercisable, the Company may call the warrants for redemption:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable (the “30-day redemption period”) to each warrant holder; and

●

if, and only if, the reported last sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before we send the notice of redemption to the warrant-holders.

If the Company calls the warrants for redemption as described above, the management will have the option to require any holders that wishes to exercise its warrant to do so on a “cashless basis.” If the management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

Note 4 - Private Placement

Simultaneously with the closing of the IPO, the Sponsor and EarlyBirdCapital, the underwriters of the IPO, purchased an aggregate of 500,000 Private Units at a price of $10.00 per Private Unit, for an aggregate purchase price of $5,000,000. Each private unit consists of one share of common stock and one-half of one warrant (for a total outstanding 275,000 private warrants). Among the Private Units, 470,000 Units were purchased by the Sponsor and 30,000 Units were purchased by EarlyBirdCapital.

On February 25, 2021, simultaneously with the closing of the over-allotment the Company consummated the private placement (the “Private Placement”) of an aggregate of 50,000 units (the “Private Units”) at a price of $10.00 per Private Unit, to the Sponsor and EarlyBirdCapital, generating total gross proceeds of $500,000.

Each Private Unit will be identical to the Units sold in the IPO, except as described below. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the private shares or private warrants, which will expire worthless if the Company does not consummate a business combination within the Combination Period. The Sponsor has agreed to waive redemption rights with respect to the private shares (i) in connection with the consummation of a business combination, (ii) in connection with a stockholder vote to amend its amended and restated certificate of incorporation to modify the Company’s obligations with respect to conversion rights as described in this prospectus or with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity and (iii) if the Company fails to consummate a business combination within Combination Period or if the Company liquidates prior to the expiration of the Combination Period. However, the initial stockholders will be entitled to redemption rights with respect to any public shares held by them if the Company fails to consummate a business combination or liquidate within the Combination Period.

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

Note 5 - Related Party Transactions

Founder Shares

On October 30, 2020, the Sponsor purchased 4,312,500 shares of common stock for an aggregate purchase price of $25,000, or approximately $0.0058 per share. On February 11, 2021, as part of an upsizing of the IPO, the Company effected a stock dividend of 718,750 shares with respect to the common stock, resulting in the initial stockholders holding 5,031,250 shares of common stock. All shares and associated amounts have been retroactively restated to reflect the stock dividend. Up to 656,250 Founder Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option was exercised. On February 25, 2021, the underwriters exercised the over-allotment option in part, of the 656,250 Founder Shares subject to forfeiture, 31,250 Founder Shares were forfeited and 625,000 Founder Shares are no longer subject to forfeiture.

The Sponsor has agreed not to transfer, assign or sell its founder shares until the earlier of (i) one year after the date of the consummation of the initial business combination or (ii) the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the initial business combination, or earlier, in either case, if, subsequent to the initial business combination, the Company consummates a subsequent liquidation, merger, capital stock exchange or other similar transaction which results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Due to Related Party

As of September 30, 2023 and December 31, 2022, the administrative service fee payable to an affiliate of the Sponsor was $317,857 and $227,857, respectively, which is included due to related party on the accompanying condensed balance sheets.

Related Party Loans

In order to finance transaction costs in connection with an intended initial 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 non-interest-bearing loans to the Company as may be required (“Working Capital Loans”). If the Company completes a business combination, the Company would repay the Working Capital Loans out of the proceeds of the trust account. In the event that a business combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into Units at a price of $10.00 per Unit at the option of the lender. The Units would be identical to the Private Units.

Convertible Promissory Note – On February 20, 2022, the Company issued the Convertible Note, through which the Sponsor may make advances to the Company under the Convertible Note up to an aggregate of $350,000. On June 21, 2022, the Convertible Note was amended to increase the maximum principal value to $700,000. On March 23, 2023 and effective as of October 4, 2023, the Convertible Note was amended to increase the maximum principal value to $2,000,000 and $2,750,000, respectively.

The principal balance may be prepaid at any time but matures on the date at which the Company consummates its initial business combination. Upon the consummation of its initial business combination, the Sponsor may elect to convert up to $1,500,000 of the outstanding principal to a number of units equal to the outstanding balance at conversion divided by $10.00, rounded up to the nearest whole number (“Working Capital Units”). The Working Capital Units have the same terms as the Private Placement. As of September 30, 2023, the Company had a principal balance of $2,129,000 outstanding under the Convertible Note.

The Company has elected the fair value option to account for the Convertible Note. The Convertible Note was initially recognized at fair value. Subsequent changes in fair value are recognized as “Changes in the fair value of convertible note” in the statements of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (see Note 7).

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

Administrative Service Fee

Commencing on February 16, 2021, the Company has agreed to pay an affiliate of the Sponsor, a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the Company’s business combination or its liquidation, the Company will cease paying these monthly fees. For each of the nine months ended September 30, 2023 and 2022, the Company incurred $90,000 in fees for these services. As of September 30, 2023 and December 31, 2022, the Company’s administrative service fee payable was $317,857 and $227,857, respectively, which is included in Due to Related Party on the accompanying condensed balance sheets.

Note 6 - Commitments and Contingencies

Registration Rights

The holders of the founder shares, Private Units, and Units that may be issued upon conversion of Working Capital Loans will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement. These holders are entitled to make up to two demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company.

Underwriters Agreement

The underwriters had a 45-day option from the date of the prospectus to purchase up to an additional 2,625,000 Units to cover over-allotments, if any. The underwriters were entitled to a cash underwriting discount of two percent (2.0%) of the gross proceeds of the IPO, or $3,500,000.

Business Combination Marketing Agreement

Additionally, the Company has engaged EarlyBirdCapital as an advisor in connection with its business combination to assist it in holding meetings with our stockholders to discuss the potential business combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing its securities in connection with its initial business combination, assist the Company in obtaining stockholder approval for the business combination and assist the Company with our press releases and public filings in connection with the business combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of the initial business combination in an amount up to 3.5% of the gross proceeds of this offering (exclusive of any applicable finders’ fees which might become payable).

Representative Shares

On February 17, 2021, the Company issued to designees of EarlyBirdCapital 90,000 shares of common stock (the “representative shares”). The Company estimated the fair value of the stock to be $859,500 and was treated as underwriters’ compensation and charged directly to stockholders’ equity.

The holders of the representative shares have agreed not to transfer, assign or sell any such shares without the Company’s prior consent until the completion of the initial business combination. In addition, the holders of the representative shares have agreed (i) to waive their redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial business combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial business combination within the Combination Period. Furthermore, the Company may, in its sole discretion, force the forfeiture of 20,000 of the representative shares upon the consummation of the initial business combination.

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Notes to Unaudited Condensed Financial Statements

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

Note 7 — Fair Value Measurements

The following tables present information about the Company’s assets that are measured on a recurring basis as of September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.


	September 30, 2023
	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Liabilities
Warrant liabilities	$	—	$	—	$	16,500
Convertible promissory note		—		—		844,783
Total	$	—	$	—	$	861,283


	December 31, 2022
	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Liabilities
Warrant liabilities	$	—	$	—	$	16,500
Convertible promissory note		—		—		332,553
Total	$	—	$	—	$	349,053

Investment Held in Trust Account

At September 30, 2023 and December 31, 2022, all of the funds in the Trust Account were held in cash in an interest-bearing demand deposit account. At September 30, 2023 and December 31, 2022, the Company $58,494 and $426,867, respectively, in franchise taxes payable and income taxes payable, net of prepayments, eligible for payment out of proceeds from the Trust Account.

Warrant Liability

The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of IPO. Accordingly, the Company has classified each Private Warrant as a liability at its fair value determined by the Monte Carlo simulation model. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification.

The change in fair value of the private warrant liabilities is summarized as follows:


Private warrant liabilities at December 31 2021	$	145,750
Change in fair value of private warrant liabilities		(129,250)
Private warrant liabilities at December 31, 2022		16,500

Change in fair value of private warrant liabilities		—
Private warrant liabilities at September 30, 2023	$	16,500

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BITE ACQUISITION CORP

Notes to Unaudited Condensed Financial Statements

The estimated fair value of the private warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies’ common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero.

There were no transfers between Levels 1, 2 or 3 during the nine months ended September 30, 2023 and 2022.

The following table provides quantitative information regarding Level 3 fair value measurements for the private warrant liability as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Exercise price	$	11.50		$	11.50
Share price	$	10.41		$	10.07
Volatility		1.1	%		1.2	%
Expected life of the options to convert (in years)		2.0			3.1
Risk-free rate		5.03	%		4.21	%
Dividend yield		—	%		—	%

Convertible Note

The following table provides quantitative information regarding Level 3 fair value measurements for the Convertible Note as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Conversion price	$	10.00		$	10.00
Share price	$	10.41		$	10.07
Volatility		1.0	%		1.2	%
Expected life of the debt to convert (in years)		0.38			0.58
Risk-free rate		4.55	%		4.70	%

Note 8 – Stockholders’ Deficit

Preferred Stock - The Company is authorized to issue a total of 1,000,000 preferred shares at par value of $0.0001 each. As of both September 30, 2023 and December 31, 2022, there were no shares of preferred shares issued or outstanding.

Common Stock - The Company is authorized to issue a total of 100,000,000 shares of common stock at par value of $0.0001 each. As of both September 30, 2023 and December 31, 2022, there were 5,640,000 shares of common stock issued and outstanding, excluding shares of common stock subject to redemption of 2,878,178 and 2,998,815, respectively.

Note 9 - Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the date of the condensed balance sheet through the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or additional disclosure in the condensed financial statements other than described below.

Effective as of October 4, 2023, the Convertible Note was amended to increase the maximum principal value to $2,750,000.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References in this Quarterly Report on Form 10-Q (this “Quarterly Report”) to “we,” “us” or the “Company” refer to Bite Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Smart Dine, LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position and business strategy, the plans and objectives of management for future operations, and the Company’s proposed business combination with Above Food (as defined below) are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s annual report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”), and the other reports and documents filed by the Company from time to time with the SEC. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated as a Delaware corporation on September 29, 2020 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. We intend to effectuate our business combination using cash from the proceeds of the initial public offering and the sale of the private placement warrants, our capital stock, debt or a combination of cash, stock and debt.

On December 15, 2022, our stockholders approved, among other proposals, an amendment to our amended and restated certificate of incorporation (the “First Extension Amendment”). The First Extension Amendment extends the date by which we must consummate our initial business combination (the “Extension”) from February 17, 2023 to up to August 17, 2023 or such earlier date as determined by our board of directors (the “Board”), provided that Smart Dine, LLC (the “Sponsor”) (or its affiliates or permitted designees) will deposit into the trust account established in connection with our initial public offering (the “Trust Account”) an amount determined by multiplying $0.05 by the number of public shares then outstanding, up to a maximum of $150,000 for each such one-month extension until August 17, 2023, unless the closing of our initial business combination shall have occurred (the “Extension Payment”), and permit holders of public shares to redeem their shares for their pro rata portion of the Trust Account. The Extension Payments may be funded through the March Note (as defined below). During the nine months ended September 30, 2023, the Sponsor deposited $1,049,645 into the Trust Account pursuant to the First Extension Amendment.

All activity through September 30, 2023 relates to our formation, initial public offering, and search for a prospective initial business combination target.

In connection with the stockholder vote to approve the First Extension Amendment, the holders of 17,001,185 shares of Common Stock properly exercised their right to redeem their shares for cash for an aggregate redemption amount of approximately $171.7 million, leaving approximately $30.3 million in the Trust Account.

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On February 13, 2023, the Company transferred the listing of its common stock, units and warrants from the New York Stock Exchange (the “NYSE”) to NYSE American LLC (“NYSE American”).

In connection with the stockholder vote to approve the Second Extension Amendment, the holders of 120,637 shares of Common Stock properly exercised their right to redeem their shares for cash for an aggregate redemption amount of approximately $1.2 million, leaving approximately $30.0 million in the Trust Account.

On April 29, 2023, we entered into a business combination agreement (the “Business Combination Agreement”) with Above Food Corp., a corporation organized under the laws of Saskatchewan, Canada (“Above Food”), 2510169 Alberta Inc., an Alberta Corporation (“TopCo”) and a direct, wholly owned Subsidiary of Above Food, and Above Merger Sub, Inc., a Delaware corporation and a direct, wholly owned Subsidiary of TopCo (“Merger Sub”). Pursuant to the Business Combination Agreement, the Company and Above Food agreed to combine in a business combination that will result in each of the Company and Above Food becoming a wholly-owned subsidiary of TopCo. Upon the closing of the transactions contemplated by the Business Combination Agreement (the “Proposed Transactions”), TopCo’s common shares and warrants are expected to be listed on the New York Stock Exchange.

Pursuant to the Share Exchange, a number of TopCo common shares equal to $206,000,000 divided by $10.00 shall be issued to holders of Above Food’s shares or allocated to holders of certain of Above Food’s options, restricted share units and warrants for issuance upon exercise thereof. All of Above Food’s options, restricted share units and warrants that are outstanding immediately prior to the Share Exchange shall convert, respectively, into options, restricted share units and warrants exercisable for TopCo Common Shares. For a more detailed discussion of the Business Combination Agreement, the transactions contemplated therein and related ancillary agreements, see the Current Reports on Form 8-K filed by the Company with the SEC on May 1, 2023 and May 4, 2023.

On August 10, 2023, our stockholders approved, among other proposals, an amendment to our amended and restated certificate of incorporation (the “Second Extension Amendment”). The Second Extension Amendment extends the date by which we must consummate our initial business combination (the “Second Extension”) from August 17, 2023 to up to February 17, 2024 or such earlier date as determined by the Board (such date, as may be further extended by vote of the Company’s stockholders, the “Second Extended Date”), provided that the Sponsor (or its affiliates or designees) will deposit into the Trust Account $75,000 for each such one-month extension until February 17, 2024, unless the closing of our initial business combination shall have occurred in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination (the “Second Extension Payment”).

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception through September 30, 2023 were organizational activities and those necessary to prepare for the initial public offering, described below and after our initial public offering, identify a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business combination. We expect to generate non-operating income in the form of interest income on marketable securities held after the initial public offering. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

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The nine months ended September 30, 2023 compared to the nine months ended September 30, 2022

For the nine months ended September 30, 2023 and 2022, we had a net loss of $1,216,983 and net income of $426,142, respectively, a change of $1,643,125. The period-to-period change was primarily driven by changes related to formation and business combination costs. Activity for the nine months ended September 30, 2023 related to formation and business combination costs was $2,496,215 compared to $738,046 for the nine months ended September 30, 2022, a change of $1,758,169. We incurred franchise tax expense of $108,600 and $150,000 for the nine months ended September 30, 2023 and 2022, respectively, a change of $41,400. For nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, we had an increase in the gain on the change in fair value of the convertible promissory note of $844,445, a decrease in the gain on the change in fair value of warrants of $129,250, and a decrease in income from trust investments of $473,824. The provision for income taxes was $340,050 for the nine months ended September 30, 2023 compared to $172,323 for the nine months ended September 30, 2022.

The three months ended September 30, 2023 compared to the three months ended September 30, 2022

For the three months ended September 30, 2023 and 2022, we had a net income of $91,561 and $621,727, respectively, a change of $530,166. The period-to-period change was primarily driven by changes related to formation and business combination costs. Activity for the three months ended September 30, 2023 related to formation and business combination costs was $458,193 compared to $199,261 for the three months ended September 30, 2022, an increase of $258,932. We incurred franchise tax expense of $35,800 and $50,000 for the three months ended September 30, 2023 and 2022, respectively. This period-to-period change in net income was also driven by an increase in the gain on the change in fair value of the convertible promissory note of $220,431, a decrease in the gain on the change in fair value of warrants of $2,750, and a decrease in income from trust investments of $523,416. The provision for income taxes was $144,676 for the three months ended September 30, 2023 compared to $164,977 for the three months ended September 30, 2022.

Liquidity and Capital Resources

As indicated in the accompanying condensed financial statements, at September 30, 2023, we had $720 in cash and a working capital deficit, excluding prepayments and accrual for taxes, of $3,343,320. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. We cannot assure you that our plans to raise capital or to consummate an initial business combination will be successful.

We intend to use substantially all of the funds held in our trust account, including any amounts representing interest earned on the trust account (which interest shall be net of taxes payable) to complete our initial business combination. We may withdraw interest to pay our taxes. Delaware franchise tax is based on our authorized shares or on our assumed par and non-par capital, whichever yields a lower result. Under the authorized shares method, each share is taxed at a graduated rate based on the number of authorized shares with a maximum aggregate tax of $200,000 per year. Under the assumed par value capital method, Delaware taxes each $1,000,000 of assumed par value capital at the rate of $400; where assumed par value would be (1) our total gross assets following the IPO, divided by (2) our total issued shares of common stock following the IPO, multiplied by (3) the number of our authorized shares following the IPO. Based on the number of shares of our common stock authorized and outstanding and our estimated total gross proceeds after the completion of the IPO, our annual franchise tax obligation is expected to be capped at the maximum amount of annual franchise taxes payable by us as a Delaware corporation of $200,000. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the only taxes payable by us out of the funds in the trust account will be income and franchise taxes. We expect the interest earned on the amount in the trust account will be sufficient to pay our taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We have used these funds primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete a business combination, and to pay taxes to the extent the interest earned on the trust account is not sufficient to pay our taxes.

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To fund working capital deficiencies or finance transaction costs in connection with a business combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a business combination, we may repay such loaned amounts out of the proceeds of the trust account released to us. In the event that a business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit, at the option of the lender.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of September 30, 2023.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

Critical Accounting Policies

Common Stock Subject to Possible Redemption

Derivative warrant liabilities

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Convertible promissory note

The Company has elected the fair value option to account for its non-interest-bearing promissory note to the Sponsor with an initial principal value not to exceed $350,000 (as amended the “Convertible Note”). On June 21, 2022, March 23, 2023 and effective as of October 4, 2023, the Convertible Note was amended to increase the maximum principal value to $700,000, $2,000,000, and $2,750,000, respectively. As a result of applying the fair value option, the Convertible Note is recorded at its initial fair value at issuance, and at each balance sheet date thereafter. Subsequent changes in fair value are recorded as change in the fair value of convertible promissory note on the statement of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumption about the assumptions a market participant would use in pricing the asset or liability.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2023. Based on the evaluation, our Chief Executive Officer and Chief Financial Officer concluded that for the period ending September 30, 2023, our disclosure controls and procedures were effective. The material weakness that was previously disclosed on the Annual Report related to the classification of redeemable common stock as components of either permanent or temporary equity has been alleviated by implementing new procedures to ensure that we identify and apply applicable accounting guidance to all complex transactions. Management believes that the financial statements included in this Quarterly Report on Form 10-Q present fairly in all material respects our financial position, results of operations and cash flows for the period presented in conformity with GAAP.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023 (the “Annual Report”). Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. Risk factors relating to Above Food and the Proposed Transactions will be contained in a registration statement on Form F-4 to be filed by TopCo. Other than as referred to in the preceding sentence, as of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities.

On October 30, 2020, we issued 4,312,500 Founder Shares to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.0058 per share, pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. On February 11, 2021, the Company effected a stock dividend of 718,750 shares, resulting in the initial stockholders holding 5,031,250 shares of common stock. No underwriting discounts or commissions were paid with respect to such issuances. On March 29, 2021, in connection with the underwriters’ partial exercise of their over-allotment option and waiver of the remaining portion of such option, the Sponsor forfeited an aggregate of 31,250 Founder Shares to us at no cost, and 5,000,000 Founder Shares remain outstanding.

On February 17, 2021, we consummated the Initial Public Offering of 17,500,000 Units. Each Unit consists of one share of common stock, par value $0.0001 per share (the “Common Stock”) and one-half of one redeemable warrant (each, a “Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Common Stock at an exercise price of $11.50 per share, subject to adjustment, pursuant to the Company’s registration statements on Form S-1 (File Nos. 333-252406 and 333-253017). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $175,000,000.

On February 24, 2021, the underwriters notified the Company of their exercise of the over-allotment option in part and, on February 25, 2021, the underwriters purchased 2,500,000 additional Units (the “Additional Units”) at $10.00 per Additional Unit upon the closing of the over-allotment option, generating additional gross proceeds of $25,000,000.

As previously reported on a Form 8-K, on February 17, 2021, simultaneously with the consummation of the Initial Public Offering, the Company consummated the private placement (the “Private Placement”) of an aggregate of 500,000 units (“Private Units”) at a price of $10.00 per Private Unit, generating gross proceeds of $5,000,000. On February 25, 2021, simultaneously with the sale of the Additional Units, the Company consummated the sale of an additional 50,000 Private Units at $10.00 per additional Private Unit (the “Additional Private Units”), generating additional gross proceeds of $500,000.

A total of $25,000,000 of the net proceeds from the sale of the Additional Units and the Additional Private Units was deposited in a trust account established for the benefit of the Company’s public stockholders, with Continental Stock Transfer & Trust Company acting as trustee, bringing the aggregate proceeds held in the Trust Account to $200,000,000.

On December 15, 2022, our stockholders approved, among other proposals, the First Extension Amendment. The First Extension Amendment extends the date by which we must consummate our initial business combination from February 17, 2023 to up to August 17, 2023 or such earlier date as determined by the Board, provided that the sponsor (or its affiliates or permitted designees) will deposit into the Trust Account an amount determined by multiplying $0.05 by the number of public shares then outstanding, up to a maximum of $150,000 for each such one-month extension until August 17, 2023, unless the closing of our initial business combination shall have occurred, and permit holders of public shares to redeem their shares for their pro rata portion of the Trust Account.

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On August 10, 2023, our stockholders approved, among other proposals, the Second Extension Amendment. The Second Extension Amendment extends the date by which we must consummate our initial business combination from August 17, 2023 to up to the Extended Date, provided that the Sponsor (or its affiliates or designees) will deposit into the Trust Account $75,000 for each such one-month extension until February 17, 2024, unless the closing of our initial business combination shall have occurred in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.

For a description of the use of the proceeds generated in the Initial Public Offering, see Part I, Item 2 of this Quarterly Report.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

Effective as of October 4, 2023, the Convertible Note was amended to increase the maximum principal value to $2,750,000.

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Item 6. Exhibits.

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.


Exhibit No.		Description
2.1***⁽³⁾		Business Combination Agreement, dated April 29, 2023, by and among Bite Acquisition Corp., 2510169 Alberta Inc., Above Merger Sub, Inc. and Above Food Corp.

3.1⁽¹⁾		Amended and Restated Certificate of Incorporation of the Company

3.2⁽²⁾		Bylaws

3.3⁽⁴⁾		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bite Acquisition Corp., dated December 19, 2022

3.4⁽⁵⁾		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bite Acquisition Corp., dated August 10, 2023.

10.2⁽³⁾		Shareholder Support Agreement, dated April 29, 2023

10.3⁽³⁾		Sponsor Support Agreement, dated April 29, 2023

31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*	Filed herewith.

**	Furnished herewith.

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*** Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request.

(1)	Previously filed as an exhibit to our Current Report on Form 8-K filed on February 18, 2021 and incorporated by reference herein

(2)	Previously filed as an exhibit to our Registration Statement on Form S-1 filed on February 2, 2021 and incorporated by reference herein.

(3)	Previously filed as an exhibit to our Current Report on Form 8-K filed on May 4, 2023 and incorporated by reference herein.

(4)	Previously filed as an exhibit to our Current Report on Form 8-K filed on December 20, 2022 and incorporated by reference herein.

(5)	Previously filed as an exhibit to our Current Report on Form 8-K filed on August 11, 2023 and incorporated by reference herein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	BITE ACQUISITION CORP.

Date: November 20, 2023	By:	/s/ Alberto Ardura González
	Name:	Alberto Ardura González
	Title:	Chief Executive Officer
		(Principal Executive Officer)

Date: November 20, 2023	By:	/s/ Jose Luis Guerrero Cortes
	Name:	Jose Luis Guerrero Cortes
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULES 13a-14(a) AND 15(d)-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alberto Ardura González, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Bite Acquisition Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 20, 2023

	/s/ Alberto Ardura González
	Alberto Ardura González
	Chief Executive Officer
	(Principal Executive Officer)

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULES 13a-14(a) AND 15(d)-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jose Luis Guerrero Cortes, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Bite Acquisition Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 20, 2023

	/s/ Jose Luis Guerrero Cortes
	Jose Luis Guerrero Cortes
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Bite Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Alberto Ardura González, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Dated: November 20, 2023

	/s/ Alberto Ardura González
	Alberto Ardura González
	Chief Executive Officer
	(Principal Executive Officer)

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Bite Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Jose Luis Guerrero Cortes, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

Dated: November 20, 2023

	/s/ Jose Luis Guerrero Cortes
	Jose Luis Guerrero Cortes
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 20, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-40055
Entity Registrant Name	BITE ACQUISITION CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3307316
Entity Address, Address Line One	720 N. State Street
Entity Address, City or Town	Chicago
Entity Address State Or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	212
Local Phone Number	608-2923
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		8,518,178
Entity Central Index Key	0001831270
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Units, each consisting of one share of common stock and one-half of one warrant
Document and Entity Information
Title of 12(b) Security	Units, each consisting of one share of common stock, par value $0.0001 per share and one-half of one warrant
Trading Symbol	BITE.U
Security Exchange Name	NYSEAMER
Common stock
Document and Entity Information
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	BITE
Security Exchange Name	NYSEAMER
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50
Document and Entity Information
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50
Trading Symbol	BITE WS
Security Exchange Name	NYSEAMER

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 720	$ 86,517
Prepaid expenses	21,250	38,905
Prepaid income taxes	50,106
Total current assets	72,076	125,422
Investment held in Trust Account	30,304,791	30,293,789
Total assets	30,376,867	30,419,211
Current liabilities:
Accounts payable and accrued expenses	2,190,052	258,394
Excises taxes payable	12,598	0
Franchise tax payable	108,600
Income taxes payable		426,867
Due to related party	$ 317,857	$ 227,857
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Convertible promissory note at fair value - related party	$ 844,783	$ 332,553
Notes Payable, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current liabilities	$ 3,473,890	$ 1,245,671
Deferred tax liability	269,686	50,914
Private warrant liability	16,500	16,500
Total liabilities	3,760,076	1,313,085
Commitments
Stockholders' deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-in capital	2,005,948	3,657,675
Accumulated deficit	(5,636,018)	(4,419,035)
Total stockholders' deficit	(3,629,506)	(760,796)
Total liabilities, redeemable shares and stockholders' deficit	30,376,867	30,419,211
Common stock subject to possible redemption
Current liabilities:
Common stock subject to possible redemption, 2,878,178 and 2,998,815 shares outstanding at September 30, 2023 and December 31, 2022, respectively, at redemption value	30,246,297	29,866,922
Common stock not subject to possible redemption
Stockholders' deficit:
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,640,000 shares issued and outstanding at both September 30, 2023 and December 31, 2022 (excluding shares subject to possible redemption of 2,878,178 and 2,998,815, respectively)	$ 564	$ 564

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Aug. 10, 2023	Dec. 31, 2022	Dec. 15, 2022
Preferred stock, par value	$ 0.0001		$ 0.0001
Preferred stock, shares authorized	1,000,000		1,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common shares, par value	$ 0.0001		$ 0.0001
Common shares, shares authorized	100,000,000		100,000,000
Common stock subject to possible redemption
Temporary equity, shares outstanding	2,878,178	2,878,178	2,998,815	2,998,815
Common stock not subject to possible redemption
Common shares, shares issued	5,640,000		5,640,000
Common shares, shares outstanding	5,640,000		5,640,000

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Formation and operating costs	$ 458,193	$ 199,261	$ 2,496,215	$ 738,046
Franchise tax	35,800	50,000	108,600	150,000
Loss from operations	(493,993)	(249,261)	(2,604,815)	(888,046)
Other income
Investment income from Trust	361,609	885,025	686,112	1,159,936
Change in fair value of private warrants	5,500	8,250		129,250
Change in fair value of convertible promissory notes	363,121	142,690	1,041,770	197,325
Total other income	730,230	1,035,965	1,727,882	1,486,511
Net income (loss) income before provision for income taxes	236,237	786,704	(876,933)	598,465
Provision for income taxes	144,676	164,977	340,050	172,323
Net income (loss)	$ 91,561	$ 621,727	$ (1,216,983)	$ 426,142
Basic weighted average shares outstanding	5,640,000	5,640,000	5,640,000	5,640,000
Diluted weighted average shares outstanding	5,640,000	5,640,000	5,640,000	5,640,000
Basic net income (loss) income per common stock	$ 0.01	$ 0.02	$ (0.14)	$ 0.02
Diluted net income (loss) income per common stock	$ 0.01	$ 0.02	$ (0.14)	$ 0.02
Common stock subject to possible redemption
Other income
Basic weighted average shares outstanding	2,930,629	20,000,000	2,975,837	20,000,000
Diluted weighted average shares outstanding	2,930,629	20,000,000	2,975,837	20,000,000
Basic net income (loss) income per common stock	$ 0.01	$ 0.02	$ (0.14)	$ 0.02
Diluted net income (loss) income per common stock	$ 0.01	$ 0.02	$ (0.14)	$ 0.02

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Common stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2021	$ 564	$ 5,269,208	$ (5,410,873)	$ (141,101)
Balance at the beginning (in shares) at Dec. 31, 2021	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			(232,763)	(232,763)
Balance at the ending at Mar. 31, 2022	$ 564	5,269,208	(5,643,636)	(373,864)
Balance at the ending (in shares) at Mar. 31, 2022	5,640,000
Balance at the beginning at Dec. 31, 2021	$ 564	5,269,208	(5,410,873)	(141,101)
Balance at the beginning (in shares) at Dec. 31, 2021	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				426,142
Balance at the ending at Sep. 30, 2022	$ 564	4,620,938	(4,984,731)	(363,229)
Balance at the ending (in shares) at Sep. 30, 2022	5,640,000
Balance at the beginning at Mar. 31, 2022	$ 564	5,269,208	(5,643,636)	(373,864)
Balance at the beginning (in shares) at Mar. 31, 2022	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			37,178	37,178
Balance at the ending at Jun. 30, 2022	$ 564	5,269,208	(5,606,458)	(336,686)
Balance at the ending (in shares) at Jun. 30, 2022	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Remeasurement of shares subject to possible redemption		(648,270)	0	(648,270)
Net income			621,727	621,727
Balance at the ending at Sep. 30, 2022	$ 564	4,620,938	(4,984,731)	(363,229)
Balance at the ending (in shares) at Sep. 30, 2022	5,640,000
Balance at the beginning at Dec. 31, 2022	$ 564	3,657,675	(4,419,035)	(760,796)
Balance at the beginning (in shares) at Dec. 31, 2022	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Remeasurement of shares subject to possible redemption		(267,064)		(267,064)
Net income			(748,117)	(748,117)
Balance at the ending at Mar. 31, 2023	$ 564	3,390,611	(5,167,152)	(1,775,977)
Balance at the ending (in shares) at Mar. 31, 2023	5,640,000
Balance at the beginning at Dec. 31, 2022	$ 564	3,657,675	(4,419,035)	(760,796)
Balance at the beginning (in shares) at Dec. 31, 2022	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				(1,216,983)
Balance at the ending at Sep. 30, 2023	$ 564	2,005,948	(5,636,018)	(3,629,506)
Balance at the ending (in shares) at Sep. 30, 2023	5,640,000
Balance at the beginning at Mar. 31, 2023	$ 564	3,390,611	(5,167,152)	(1,775,977)
Balance at the beginning (in shares) at Mar. 31, 2023	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Remeasurement of shares subject to possible redemption		(814,736)		(814,736)
Net income			(560,427)	(560,427)
Balance at the ending at Jun. 30, 2023	$ 564	2,575,875	(5,727,579)	(3,151,140)
Balance at the ending (in shares) at Jun. 30, 2023	5,640,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Excise tax on redemptions of shares		(12,598)		(12,598)
Remeasurement of shares subject to possible redemption		(557,329)		(557,329)
Net income			91,561	91,561
Balance at the ending at Sep. 30, 2023	$ 564	$ 2,005,948	$ (5,636,018)	$ (3,629,506)
Balance at the ending (in shares) at Sep. 30, 2023	5,640,000

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash flows from Operating Activities:
Net (loss) income			$ (1,216,983)	$ 426,142
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash and investment held in Trust Account	$ (361,609)	$ (885,025)	(686,112)	(1,159,936)
Change in fair value of warrants	(5,500)	(8,250)		(129,250)
Change in fair value of convertible promissory note	(363,121)	(142,690)	(1,041,770)	(197,325)
Changes in current assets and current liabilities:
Prepaid expenses			17,655	281,938
Accounts payable and accrued expenses			1,931,658	(114,416)
Franchise tax payable			108,600	(103,485)
Deferred tax liability - non-current			218,772
Income tax payable, net			(476,973)	172,323
Due to related party			90,000	90,000
Net cash used in operating activities:			(1,055,153)	(734,009)
Cash flows from Investing Activities:
Deposits into Trust Account pursuant to Extension Amendment			(1,049,645)
Withdrawal from Trust Account			1,724,755	326,104
Net cash provided by investing activities			675,110	326,104
Cash flows from Financing Activities:
Payments for redemptions of Class A Common Stock			(1,259,754)
Proceeds from issuance of related party promissory note			1,554,000	575,000
Net cash provided by financing activities			294,246	575,000
Net Change in Cash			(85,797)	167,095
Cash - Beginning of period			86,517	89,393	$ 89,393
Cash - End of period	$ 720	$ 256,488	720	256,488	$ 86,517
Supplemental disclosure of cash flow information
Cash paid for income taxes			598,251
Non-Cash investing and financing activities:
Redemption costs of Class A Common Stock included in excise tax payable			12,598
Remeasurement in value of common stock subject to redemption			1,639,129	648,270
Non-Cash investing and financing activities:			$ 1,651,727	$ 648,270

Organization, Business Operations and Going Concern

9 Months Ended

Sep. 30, 2023

Organization, Business Operations and Going Concern

Organization, Business Operations and Going Concern

Note 1 - Organization, Business Operations and Going Concern

The Company has selected December 31 as its fiscal year end.

Charter Amendments

Financing

Trust Account

Initial Business Combination

Liquidity, Capital Resources and Going Concern

As of September 30, 2023, the Company had $720 in its operating bank account and a working capital deficit, excluding prepayments and accruals for taxes, of $3,343,320.

Risks and Uncertainties

Emerging Growth Company Status

Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Significant Accounting Policies

Note 2 - Significant Accounting Policies

Basis of Presentation

Use of Estimates

Cash Held in Trust Account

Common Stock Subject to Possible Redemption

The common stock subject to possible redemption reflected on the accompanying condensed balance sheets is reconciled as follows:


Common stock subject to possible redemption at December 31, 2021	$	200,000,000
Less: Redemption of shares		(171,744,610)
Plus: Remeasurement of shares subject to possible redemption		1,611,532
Common stock subject to possible redemption at December 31, 2022		29,866,922
Less: Redemption of shares		(1,259,754)
Plus: Remeasurement to shares subject to possible redemption		1,639,129
Common stock subject to possible redemption at September 30, 2023	$	30,246,297

Offering Costs associated with the Initial Public Offering

Fair Value Measurements

The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature.

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Convertible promissory note

Derivative warrant liabilities

Net loss per common share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Common stock subject to possible redemption
Numerator: Net income (loss) allocable to common stock subject to possible redemption	$	31,308	$	484,966	$	(420,336)	$	332,404

Denominator: Weighted average redeemable common stock
Redeemable common stock, basic and diluted		2,930,629		20,000,000		2,975,837		20,000,000
Basic and diluted net loss per share, redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Non-Redeemable Common Stock
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	91,561	$	621,727	$	(1,216,983)	$	426,142
Less: redeemable net income (loss)		(31,308)		(484,966)		420,336		(332,404)
Non-redeemable net income (loss)	$	60,253	$	136,761	$	(796,647)	$	93,738
Denominator: Weighted average non-redeemable common stock
Basic and diluted weighted average shares outstanding, common stock		5,640,000		5,640,000		5,640,000		5,640,000
Basic and diluted net loss per share, non-redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Income Taxes

The Company has identified the United States as its only “major” tax jurisdiction.

Inflation Reduction Act of 2022

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Risks and Uncertainties

Initial Public Offering

9 Months Ended

Sep. 30, 2023

Initial Public Offering

Initial Public Offering

Note 3 — Initial Public Offering

Public Warrants

Once the warrants become exercisable, the Company may call the warrants for redemption:

●

in whole and not in part;

●

at a price of $0.01 per warrant;

●

upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable (the “30-day redemption period”) to each warrant holder; and

●

Private Placement

9 Months Ended

Sep. 30, 2023

Private Placement

Private Placement

Note 4 - Private Placement

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

Related Party Transactions

Note 5 - Related Party Transactions

Founder Shares

Due to Related Party

Related Party Loans

Administrative Service Fee

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 6 - Commitments and Contingencies

Registration Rights

Underwriters Agreement

Business Combination Marketing Agreement

Representative Shares

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Fair Value Measurements

Note 7 — Fair Value Measurements


	September 30, 2023
	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Liabilities
Warrant liabilities	$	—	$	—	$	16,500
Convertible promissory note		—		—		844,783
Total	$	—	$	—	$	861,283


	December 31, 2022
	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Liabilities
Warrant liabilities	$	—	$	—	$	16,500
Convertible promissory note		—		—		332,553
Total	$	—	$	—	$	349,053

Investment Held in Trust Account

Warrant Liability

The change in fair value of the private warrant liabilities is summarized as follows:


Private warrant liabilities at December 31 2021	$	145,750
Change in fair value of private warrant liabilities		(129,250)
Private warrant liabilities at December 31, 2022		16,500

Change in fair value of private warrant liabilities		—
Private warrant liabilities at September 30, 2023	$	16,500

There were no transfers between Levels 1, 2 or 3 during the nine months ended September 30, 2023 and 2022.

The following table provides quantitative information regarding Level 3 fair value measurements for the private warrant liability as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Exercise price	$	11.50		$	11.50
Share price	$	10.41		$	10.07
Volatility		1.1	%		1.2	%
Expected life of the options to convert (in years)		2.0			3.1
Risk-free rate		5.03	%		4.21	%
Dividend yield		—	%		—	%

Convertible Note

The following table provides quantitative information regarding Level 3 fair value measurements for the Convertible Note as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Conversion price	$	10.00		$	10.00
Share price	$	10.41		$	10.07
Volatility		1.0	%		1.2	%
Expected life of the debt to convert (in years)		0.38			0.58
Risk-free rate		4.55	%		4.70	%

Stockholders' Deficit

9 Months Ended

Sep. 30, 2023

Stockholders' Deficit

Stockholders' Deficit

Note 8 – Stockholders’ Deficit

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events

Subsequent Events

Note 9 - Subsequent Events

Effective as of October 4, 2023, the Convertible Note was amended to increase the maximum principal value to $2,750,000.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Basis of Presentation

Use of Estimates

Cash Held in Trust Account

Common Stock Subject to Possible Redemption

The common stock subject to possible redemption reflected on the accompanying condensed balance sheets is reconciled as follows:


Common stock subject to possible redemption at December 31, 2021	$	200,000,000
Less: Redemption of shares		(171,744,610)
Plus: Remeasurement of shares subject to possible redemption		1,611,532
Common stock subject to possible redemption at December 31, 2022		29,866,922
Less: Redemption of shares		(1,259,754)
Plus: Remeasurement to shares subject to possible redemption		1,639,129
Common stock subject to possible redemption at September 30, 2023	$	30,246,297

Offering Costs associated with the Initial Public Offering

Fair Value Measurements

The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature.

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Convertible promissory note

Convertible promissory note

Derivative warrant liabilities

Derivative warrant liabilities

Net loss per common share

Net loss per common share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Common stock subject to possible redemption
Numerator: Net income (loss) allocable to common stock subject to possible redemption	$	31,308	$	484,966	$	(420,336)	$	332,404

Denominator: Weighted average redeemable common stock
Redeemable common stock, basic and diluted		2,930,629		20,000,000		2,975,837		20,000,000
Basic and diluted net loss per share, redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Non-Redeemable Common Stock
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	91,561	$	621,727	$	(1,216,983)	$	426,142
Less: redeemable net income (loss)		(31,308)		(484,966)		420,336		(332,404)
Non-redeemable net income (loss)	$	60,253	$	136,761	$	(796,647)	$	93,738
Denominator: Weighted average non-redeemable common stock
Basic and diluted weighted average shares outstanding, common stock		5,640,000		5,640,000		5,640,000		5,640,000
Basic and diluted net loss per share, non-redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Income Taxes

The Company has identified the United States as its only “major” tax jurisdiction.

Inflation Reduction Act of 2022

Inflation Reduction Act of 2022

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Risks and Uncertainties

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Schedule of common stock subject to possible redemption


Common stock subject to possible redemption at December 31, 2021	$	200,000,000
Less: Redemption of shares		(171,744,610)
Plus: Remeasurement of shares subject to possible redemption		1,611,532
Common stock subject to possible redemption at December 31, 2022		29,866,922
Less: Redemption of shares		(1,259,754)
Plus: Remeasurement to shares subject to possible redemption		1,639,129
Common stock subject to possible redemption at September 30, 2023	$	30,246,297

Schedule of net loss per common share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Common stock subject to possible redemption
Numerator: Net income (loss) allocable to common stock subject to possible redemption	$	31,308	$	484,966	$	(420,336)	$	332,404

Denominator: Weighted average redeemable common stock
Redeemable common stock, basic and diluted		2,930,629		20,000,000		2,975,837		20,000,000
Basic and diluted net loss per share, redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Non-Redeemable Common Stock
Numerator: Net loss minus redeemable net earnings
Net income (loss)	$	91,561	$	621,727	$	(1,216,983)	$	426,142
Less: redeemable net income (loss)		(31,308)		(484,966)		420,336		(332,404)
Non-redeemable net income (loss)	$	60,253	$	136,761	$	(796,647)	$	93,738
Denominator: Weighted average non-redeemable common stock
Basic and diluted weighted average shares outstanding, common stock		5,640,000		5,640,000		5,640,000		5,640,000
Basic and diluted net loss per share, non-redeemable common stock	$	0.01	$	0.02	$	(0.14)	$	0.02

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Schedule of company's assets that are measured on a recurring basis


	September 30, 2023
	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Liabilities
Warrant liabilities	$	—	$	—	$	16,500
Convertible promissory note		—		—		844,783
Total	$	—	$	—	$	861,283


	December 31, 2022
	Quoted Prices in		Significant Other		Significant Other
	Active Markets		Observable Inputs		Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)
Liabilities
Warrant liabilities	$	—	$	—	$	16,500
Convertible promissory note		—		—		332,553
Total	$	—	$	—	$	349,053

Schedule of change in the fair value of the private warrant liabilities


Private warrant liabilities at December 31 2021	$	145,750
Change in fair value of private warrant liabilities		(129,250)
Private warrant liabilities at December 31, 2022		16,500

Change in fair value of private warrant liabilities		—
Private warrant liabilities at September 30, 2023	$	16,500

Schedule of quantitative information regarding level 3 fair value measurements for the private warrant liability


	September 30, 2023			December 31, 2022
Exercise price	$	11.50		$	11.50
Share price	$	10.41		$	10.07
Volatility		1.1	%		1.2	%
Expected life of the options to convert (in years)		2.0			3.1
Risk-free rate		5.03	%		4.21	%
Dividend yield		—	%		—	%

Promissory Note - Related Party

Fair Value Measurements

Schedule of quantitative information regarding level 3 fair value measurements for the private warrant liability


	September 30, 2023			December 31, 2022
Conversion price	$	10.00		$	10.00
Share price	$	10.41		$	10.07
Volatility		1.0	%		1.2	%
Expected life of the debt to convert (in years)		0.38			0.58
Risk-free rate		4.55	%		4.70	%

Organization, Business Operations and Going Concern (Details)									9 Months Ended		12 Months Ended
	Aug. 25, 2023 USD ($)	Aug. 10, 2023 USD ($) shares	Apr. 29, 2023 USD ($) $ / shares	Dec. 15, 2022 USD ($) $ / shares shares	Feb. 25, 2021 USD ($) $ / shares shares	Feb. 17, 2021 USD ($) $ / shares shares	Oct. 30, 2020 USD ($) $ / shares	Sep. 29, 2020 item	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization, Business Operations and Going Concern
Condition for future business combination number of businesses minimum \| item								1
Extension period each time for the company to consummate initial business combination				1 month
Price per public share considered to deposit into the trust account \| $ / shares				$ 0.05
Maximum amount to be deposited into the trust account for each one-month extension				$ 150,000
Number of shares common stock, holders exercised their right to redeem shares \| shares				17,001,185
Aggregate redemption amount				$ 171,700,000
Investments held in trust account		$ 30,000,000.0		30,300,000					$ 30,304,791		$ 30,293,789
Shares issued , price per share \| $ / shares					$ 10.00				$ 10.00
Underwriting fees									$ 4,000,000
Withdrawal of cash from trust account for tax payments									$ 1,724,755	$ 326,104
Partition liquidation of Trust Account	$ 1,259,754	$ 1,200,000		$ 171,744,610
Condition for future business combination use of proceeds percentage									100
Operating bank account									$ 720
Working capital deficit, excluding tax accruals									3,343,320
Due to related party									317,857		227,857
Sponsor
Organization, Business Operations and Going Concern
Shares issued price							$ 25,000
Share price \| $ / shares							$ 0.0058
Withdrawal of cash from trust account for tax payments									$ 465,000		$ 401,104
Working capital loans warrant
Organization, Business Operations and Going Concern
Shares issued , price per share \| $ / shares									$ 10.00
Loan from working capital									$ 1,500,000
Working capital loans warrant \| Related party
Organization, Business Operations and Going Concern
Due to related party									$ 2,129,000
Private Placement Warrants
Organization, Business Operations and Going Concern
Number of warrants to purchase shares issued \| shares									500,000
Public Warrants
Organization, Business Operations and Going Concern
Number of warrants to purchase shares issued \| shares									10,000,000
Common stock
Organization, Business Operations and Going Concern
Shares issued price			$ 206,000,000
Exercise price \| $ / shares			$ 10.00
Common stock subject to redemption
Organization, Business Operations and Going Concern
Number of shares redeemed \| shares		120,637		17,001,185,000
Value of shares redeemed		$ 1,200,000		$ 171,700,000
IPO
Organization, Business Operations and Going Concern
Number of units sold \| shares						17,500,000
Shares issued , price per share \| $ / shares						$ 10.00
Gross proceeds from sale of units						$ 175,000,000
Share price \| $ / shares						$ 10.00
IPO \| Private Placement Warrants
Organization, Business Operations and Going Concern
Gross proceeds from sale of units						$ 5,000,000
IPO \| Public Warrants
Organization, Business Operations and Going Concern
Exercise price \| $ / shares									$ 11.50
Private Placement \| Sponsor
Organization, Business Operations and Going Concern
Number of warrants to purchase shares issued \| shares									470,000
Private Placement \| Private Placement Warrants
Organization, Business Operations and Going Concern
Number of units sold \| shares						500,000
Share price \| $ / shares						$ 10.00
Over-allotment option
Organization, Business Operations and Going Concern
Number of units sold \| shares					2,500,000				2,625,000
Gross proceeds from sale of units					$ 25,000,000
Underwriting fees					500,000
Proceeds received from initial public offering, gross					25,000,000
Sale of unit price at exercised					$ 200,000,000

Significant Accounting Policies (Details) - USD ($)				3 Months Ended		9 Months Ended
Significant Accounting Policies (Details) - USD ($)	Aug. 25, 2023	Aug. 10, 2023	Dec. 15, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Significant Accounting Policies
Withdrawals due to the partial liquidation	$ 1,259,754	$ 1,200,000	$ 171,744,610
Investments held in trust account		30,000,000.0	$ 30,300,000	$ 30,304,791		$ 30,304,791		$ 30,293,789
Deposits into trust account pursuant to extension amendment						1,049,645
Excise tax liability		12,598		12,598		12,598		0
Transaction costs				4,611,738		4,611,738
Underwriting fees				4,000,000		4,000,000
Other offering costs				$ 611,738		$ 611,738
Representative shares				90,000		90,000
Maximum borrowing capacity of related party promissory note				$ 2,750,000		$ 2,750,000
Number of warrants issued						275,000
Anti-dilutive securities attributable to warrants (in shares)						10,275,000
Unrecognized tax benefits				0		$ 0		0
Unrecognized tax benefits accrued for interest and penalties				$ 0		$ 0		$ 0
Effective tax rate				61.24%	20.97%	(38.78%)	28.79%
Excise tax liability recorded against additional paid in capital		$ 12,598		$ 12,598
Sponsor
Significant Accounting Policies
Deposits into trust account pursuant to extension amendment						$ 1,049,645
Common stock subject to possible redemption
Significant Accounting Policies
Number of shares redeemed		120,637	17,001,185,000
Value of shares redeemed		$ 1,200,000	$ 171,700,000
Temporary Equity, Shares Outstanding		2,878,178	2,998,815	2,878,178		2,878,178		2,998,815

Significant Accounting Policies - Common stock subject to possible redemption (Details) - Common stock subject to possible redemption - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Significant Accounting Policies
Common stock subject to possible redemption, at beginning balance	$ 29,866,922	$ 200,000,000
Less: Redemption of shares	(1,259,754)	171,744,610
Plus: Remeasurement to shares subject to possible redemption	1,639,129	1,611,532
Common stock subject to possible redemption, at end balance	$ 30,246,297	$ 29,866,922

Significant Accounting Policies - Net loss per common share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator: Net income (loss) allocable to common stock
Net income (loss)	$ 91,561	$ (560,427)	$ (748,117)	$ 621,727	$ 37,178	$ (232,763)	$ (1,216,983)	$ 426,142
Denominator: Weighted average redeemable common stock
Basic weighted average shares outstanding	5,640,000			5,640,000			5,640,000	5,640,000
Diluted weighted average shares outstanding	5,640,000			5,640,000			5,640,000	5,640,000
Basic net income (loss) income per common stock	$ 0.01			$ 0.02			$ (0.14)	$ 0.02
Diluted net income (loss) income per common stock	$ 0.01			$ 0.02			$ (0.14)	$ 0.02
Common stock subject to possible redemption
Numerator: Net income (loss) allocable to common stock
Numerator: Net loss allocable to common stock subject to possible redemption	$ 31,308			$ 484,966			$ (420,336)	$ 332,404
Denominator: Weighted average redeemable common stock
Basic weighted average shares outstanding	2,930,629			20,000,000			2,975,837	20,000,000
Diluted weighted average shares outstanding	2,930,629			20,000,000			2,975,837	20,000,000
Basic net income (loss) income per common stock	$ 0.01			$ 0.02			$ (0.14)	$ 0.02
Diluted net income (loss) income per common stock	$ 0.01			$ 0.02			$ (0.14)	$ 0.02
Common stock not subject to possible redemption
Numerator: Net income (loss) allocable to common stock
Net income (loss)	$ 91,561			$ 621,727			$ (1,216,983)	$ 426,142
Less: redeemable net income (loss)	(31,308)			(484,966)			420,336	(332,404)
Non-redeemable net income (loss)	$ 60,253			$ 136,761			$ (796,647)	$ 93,738
Denominator: Weighted average redeemable common stock
Basic weighted average shares outstanding	5,640,000			5,640,000			5,640,000	5,640,000
Basic net income (loss) income per common stock	$ 0.01			$ 0.02			$ (0.14)	$ 0.02

Initial Public Offering (Details) - USD ($)			9 Months Ended
Initial Public Offering (Details) - USD ($)	Feb. 25, 2021	Feb. 17, 2021	Sep. 30, 2023
Initial Public Offering
Shares issued , price per share	$ 10.00		$ 10.00
Underwriting fees			$ 4,000,000
Public Warrants
Initial Public Offering
Number of shares issuable per warrant			1
Redemption period			30 days
Public warrants expiration term			5 years
Initial Public Offering
Initial Public Offering
Number of units sold		17,500,000
Shares issued , price per share		$ 10.00
Initial Public Offering \| Public Warrants
Initial Public Offering
Number of shares in a unit		1
Number of warrants in a unit		0.5
Number of shares issuable per warrant		1
Exercise price of warrants			$ 11.50
Redemption period			30 days
Public warrants expiration term			5 years
Over-allotment option
Initial Public Offering
Number of units sold	2,500,000		2,625,000
Proceeds received from initial public offering, gross	$ 25,000,000
Underwriting fees	$ 500,000

Initial Public Offering - Warrants (Details)	9 Months Ended
Initial Public Offering - Warrants (Details)	Sep. 30, 2023 D $ / shares shares
Initial Public Offering
Issue price per share	$ 9.20
Private Placement Warrants
Initial Public Offering
Number of warrants to purchase shares issued \| shares	500,000
Public Warrants
Initial Public Offering
Number of warrants to purchase shares issued \| shares	10,000,000
Number of shares issuable per warrant \| shares	1
Price of warrants	$ 11.50
Issue price per share	$ 9.20
Percentage of total equity related to new issuances which would trigger an adjustment in the exercise price of the warrant	60.00%
Trading days determining volume weighted average price	20 days
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	180.00%
Redemption period	30 days
Public warrants expiration term	5 years
Redemption price per public warrant (in dollars per share)	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days
Number of trading days on which fair market value of shares is reported \| D	10
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Initial Public Offering
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	115.00%
Stock price trigger for redemption of public warrants	$ 18.00
Trading days for redemption of public warrants \| D	20
Consecutive trading days for redemption of public warrants \| D	30
Threshold number of business days before sending notice of redemption to warrant holders \| D	3

Private Placement (Details) - USD ($)		9 Months Ended
Private Placement (Details) - USD ($)	Feb. 25, 2021	Sep. 30, 2023
Private Placement Warrants
Private Placement
Number of warrants to purchase shares issued		500,000
Number of warrants outstanding		275,000
Sponsor \| Early Birds Capital \| Private Placement Warrants
Private Placement
Number of warrants to purchase shares issued	50,000
Price of warrants	$ 10.00
Private Placement \| Private Placement Warrants
Private Placement
Price of warrants		$ 10.00
Proceeds from private placement		$ 5,000,000
Number of shares in a unit		1
Number of warrants in a unit		0.5
Private Placement \| Early Birds Capital
Private Placement
Number of warrants to purchase shares issued		30,000
Private Placement \| Sponsor
Private Placement
Number of warrants to purchase shares issued		470,000
Private Placement \| Sponsor \| Early Birds Capital \| Private Placement Warrants
Private Placement
Proceeds from private placement	$ 500,000

Related Party Transactions - Founder shares (Details)				9 Months Ended
Related Party Transactions - Founder shares (Details)	Feb. 25, 2021 shares	Feb. 11, 2021 shares	Oct. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2023 D $ / shares
Related Party Transactions
Share dividend		718,750
Aggregate number of shares owned		5,031,250
Sponsor
Related Party Transactions
Shares issued			4,312,500
Shares issued price \| $			$ 25,000
Share price \| $ / shares			$ 0.0058
Founder Shares \| Sponsor
Related Party Transactions
Shares subject to forfeiture	656,250	656,250
Number of shares forfeited	31,250
Shares no longer subject to forfeiture	625,000
Restrictions on transfer period of time after business combination completion				1 year
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares				$ 12.50
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D				20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| D				30

Related Party Transactions - Additional information (Details) - USD ($)		9 Months Ended	12 Months Ended
	Feb. 16, 2021	Sep. 30, 2023	Dec. 31, 2022	Oct. 04, 2023	Mar. 23, 2023	Jun. 21, 2022	Feb. 20, 2022
Related Party Transactions
Amount due to related party		$ 317,857	$ 227,857
Outstanding balance of related party note		2,129,000
Maximum borrowing capacity of related party promissory note		2,750,000
Outstanding balance of related party note		$ 2,129,000
Promissory Note - Related Party
Related Party Transactions
Price of warrant		$ 10.00
Borrowing capacity of related party promissory note							$ 350,000
Maximum borrowing capacity of related party promissory note				$ 2,750,000	$ 2,000,000	$ 700,000
Amount of principal elected to convert		$ 1,500,000
Related Party Loans
Related Party Transactions
Loan conversion agreement warrant		$ 1,500,000
Related Party Loans \| Working capital loans warrant
Related Party Transactions
Price of warrant		$ 10.00
Administrative Service Fee
Related Party Transactions
Expenses per month	$ 10,000
Expenses incurred		$ 90,000	90,000
Administrative Service Fee \| Related party
Related Party Transactions
Amount due to related party		$ 317,857	$ 227,857

Commitments and Contingencies (Details)			9 Months Ended
Commitments and Contingencies (Details)	Feb. 25, 2021 USD ($) shares	Feb. 17, 2021 USD ($) shares	Sep. 30, 2023 USD ($) item shares
Commitments and Contingencies
Maximum number of demands for registration of securities \| item			2
Underwriting option period			45 days
Early Bird Capital \| Representative Shares
Commitments and Contingencies
Shares issued \| shares		90,000
Fair value of stock \| $		$ 859,500
Number of forfeiture of shares upon consummation of business combination \| shares			20,000
Business Combination Marketing Agreement \| Early Bird Capital
Commitments and Contingencies
Service fee (in percent)			3.50%
Over-allotment option
Commitments and Contingencies
Number of units sold \| shares	2,500,000		2,625,000
Underwriting cash discount (in percent)			2.00%
Underwriter cash discount \| $	$ 500,000		$ 3,500,000
Proceeds from initial shareholder \| $	$ 25,000,000

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2023	Aug. 10, 2023	Dec. 31, 2022	Dec. 15, 2022
Assets:
Investments held in trust account	$ 30,304,791	$ 30,000,000.0	$ 30,293,789	$ 30,300,000
Liabilities:
Warrant liabilities	16,500		16,500
Franchise and income taxes payable	58,494		426,867
Level 3
Liabilities:
Total	861,283		349,053
Level 3 \| Recurring
Liabilities:
Warrant liabilities	16,500		16,500
Convertible promissory note	$ 844,783		$ 332,553

Fair Value Measurements - Change in fair value of the private warrant liabilities (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair value, liabilities measured on recurring basis, unobservable input reconciliation, calculation
Fair value assets level 1 to level 2 transfers	$ 0	$ 0
Fair value assets level 2 to level 1 transfers	0	0
Fair value assets transferred into (out of) level 3	0	0
Level 3
Fair value, liabilities measured on recurring basis, unobservable input reconciliation, calculation
Private warrant liabilities, at the beginning	16,500	$ 145,750	$ 145,750
Change in fair value of private warrant liabilities			(129,250)
Private warrant liabilities at the end	$ 16,500		$ 16,500

Fair Value Measurements - Level 3 fair value measurements inputs (Details)	Sep. 30, 2023 Y $ / shares	Dec. 31, 2022 $ / shares Y
Fair Value Measurements
Convertible promissory note, measurement input	10.00	10.00
Exercise price \| Level 3
Fair Value Measurements
Derivative liability, measurement input	11.50	11.50
Share price
Fair Value Measurements
Convertible promissory note, measurement input	10.41	10.07
Share price \| Level 3
Fair Value Measurements
Derivative liability, measurement input	10.41	10.07
Volatility
Fair Value Measurements
Convertible promissory note, measurement input	0.010	0.012
Volatility \| Level 3
Fair Value Measurements
Derivative liability, measurement input	0.011	0.012
Expected life of the options to convert (in years)
Fair Value Measurements
Convertible promissory note, measurement input \| Y	0.38	0.58
Expected life of the options to convert (in years) \| Level 3
Fair Value Measurements
Derivative liability, measurement input \| Y	2.0	3.1
Risk-free rate
Fair Value Measurements
Convertible promissory note, measurement input	0.0455	0.0470
Risk-free rate \| Level 3
Fair Value Measurements
Derivative liability, measurement input	0.0503	0.0421

Stockholders' Deficit- Preferred stock (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Stockholders' Deficit
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0

Stockholders' Deficit - Common stock (Details) - $ / shares	Sep. 30, 2023	Aug. 10, 2023	Dec. 31, 2022	Dec. 15, 2022
Common Stock
Common shares, shares authorized (in shares)	100,000,000		100,000,000
Common shares, par value (in dollars per share)	$ 0.0001		$ 0.0001
Common stock subject to possible redemption
Common Stock
Common stock subject to possible redemption, outstanding (in shares)	2,878,178	2,878,178	2,998,815	2,998,815
Common stock not subject to possible redemption
Common Stock
Common shares, shares issued (in shares)	5,640,000		5,640,000
Common shares, shares outstanding (in shares)	5,640,000		5,640,000

Subsequent Events (Details) - USD ($)	Oct. 04, 2023	Sep. 30, 2023
Subsequent Events
Increase the maximum principal value		$ 2,750,000
Subsequent Event
Subsequent Events
Increase the maximum principal value	$ 2,750,000