Cover
Cover - USD ($) | 10 Months Ended | |
Dec. 31, 2021 | Apr. 11, 2022 | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40796 | |
Entity Registrant Name | WINVEST ACQUISITION CORP. | |
Entity Central Index Key | 0001854463 | |
Entity Tax Identification Number | 86-2451181 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 125 Cambridgepark Drive | |
Entity Address, Address Line Two | Suite 301 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02140 | |
City Area Code | (617) | |
Local Phone Number | 658-3094 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Public Float | $ 114,080,000 | |
Entity Common Stock, Shares Outstanding | 14,375,000 | |
Documents Incorporated by Reference | None | |
ICFR Auditor Attestation Flag | false | |
Auditor Firm ID | 688 | |
Auditor Name | Marcum LLP | |
Auditor Location | Houston, TX | |
Units, each consisting of one share of Common Stock, one redeemable Warrant, and one Right [Member] | ||
Title of 12(b) Security | Units, each consisting of one share of Common Stock, one redeemable Warrant, and one Right | |
Trading Symbol | WINVU | |
Security Exchange Name | NASDAQ | |
Common Stock, par value $0.0001 per share [Member] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | WINV | |
Security Exchange Name | NASDAQ | |
Warrants to acquire one-half (1/2) of a share of Common Stock [Member] | ||
Title of 12(b) Security | Warrants to acquire one-half (1/2) of a share of Common Stock | |
Trading Symbol | WINVW | |
Security Exchange Name | NASDAQ | |
Rights to acquire one-fifteenth (1/15) of one share of Common Stock [Member] | ||
Title of 12(b) Security | Rights to acquire one-fifteenth (1/15) of one share of Common Stock | |
Trading Symbol | WINVR | |
Security Exchange Name | NASDAQ |
Balance Sheet
Balance Sheet | Dec. 31, 2021USD ($) |
Current assets | |
Cash | $ 507,906 |
Prepaid expenses | 393,500 |
Total current assets | 901,406 |
Prepaid expenses, long-term portion | 276,797 |
Marketable securities held in Trust Account | 116,152,616 |
Total assets | 117,330,819 |
Current liabilities: | |
Accounts payable and accrued liabilities | 94,760 |
Total current liabilities | 94,760 |
Deferred underwriting commissions | 4,025,000 |
Total liabilities | 4,119,760 |
Commitments and Contingencies (Note 6) | |
Common stock subject to possible redemption, 11,500,000 shares at redemption value of $10.10 per share | 116,150,000 |
Stockholders’ deficit: | |
Common stock, par value $0.0001, 100,000,000 shares authorized; 2,875,000 shares issued and outstanding (excluding 11,500,000 shares subject to possible redemption) | 288 |
Additional paid-in capital | |
Accumulated deficit | (2,939,229) |
Total stockholders’ deficit | (2,938,941) |
Total liabilities and stockholders’ deficit | $ 117,330,819 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) | Dec. 31, 2021$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock subject to possible redemption, shares | 11,500,000 |
Redemption price per share | $ / shares | $ 10.10 |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares, outstanding | 2,875,000 |
Common stock, shares, issued | 2,875,000 |
Statements of Operations
Statements of Operations | 10 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Income Statement [Abstract] | |
Operating expenses | $ 317,588 |
Loss from operations | (317,588) |
Other income: | |
Interest income | 2,616 |
Loss before income taxes | (314,972) |
Benefit from (provision for) income taxes | |
Net loss | $ (314,972) |
Weighted-average common shares outstanding, basic and diluted, redeemable shares subject to redemption | shares | 3,929,508 |
Basic and diluted net loss per common share, redeemable shares subject to redemption | $ / shares | $ 0.05 |
Weighted-average common shares outstanding, basic and diluted, non-redeemable shares | shares | 2,875,000 |
Basic and diluted net loss per common share, non-redeemable shares | $ / shares | $ (0.05) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - 10 months ended Dec. 31, 2021 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Feb. 28, 2021 | ||||
Beginning balance, shares at Feb. 28, 2021 | ||||
Issuance of common stock to founders for cash | $ 288 | 24,712 | 25,000 | |
Issuance of common stock to founders for cash, shares | 2,875,000 | |||
Capital contribution for transfer of founder shares to directors and advisors | $ (34) | 34 | ||
Capital contribution for transfer of founder shares to directors and advisors, shares | (337,576) | |||
Sale of shares to directors and advisors | $ 34 | (34) | ||
Sale of shares to directors and advisors, shares | 337,576 | |||
Sale of 10,900,000 private placement warrants | 5,450,000 | 5,450,000 | ||
Deposit to Trust Account from private placement | (1,150,000) | (1,150,000) | ||
Proceeds from private placement warrants classified as equity | 2,357,500 | 2,357,500 | ||
Offering costs allocated to public warrants classified as equity | (136,008) | (136,008) | ||
Offering costs allocated to private placement warrants classified as equity | (314,420) | (314,420) | ||
Accretion of common stock to redemption value | (6,231,784) | (2,624,257) | (8,856,041) | |
Net loss | (314,972) | (314,972) | ||
Ending balance, value at Dec. 31, 2021 | $ 288 | $ (2,939,229) | $ (2,938,941) | |
Ending balance, shares at Dec. 31, 2021 | 2,875,000 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' Deficit (Parenthetical) - shares | Sep. 17, 2021 | Dec. 31, 2021 |
Private Placement Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale private placement warrants | 10,000,000 | 10,900,000 |
Statement Of Cash Flows
Statement Of Cash Flows | 10 Months Ended |
Dec. 31, 2021USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
Net loss | $ (314,972) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Interest earned on marketable securities held in Trust Account | (2,616) |
Formation costs paid by third-party | 337 |
Changes in operating assets and liabilities: | |
Changes in prepaid expenses | (670,297) |
Changes in accounts payable and accrued liabilities | 94,423 |
Net cash used in operating activities | (893,125) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
Investment of cash in Trust Account | (116,150,000) |
Net cash used in investing activities | (116,150,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
Cash proceeds from sale of Units, net of underwriting discounts paid | 112,600,000 |
Cash proceeds from sale of private warrants | 5,450,000 |
Cash proceeds from issuance of common stock to founders | 25,000 |
Payment of offering costs | (523,969) |
Net cash provided by financing activities | 117,551,031 |
Cash - Beginning of period | |
Cash - End of period | 507,906 |
Non-cash investing and financing activities: | |
Deferred underwriting commissions | 4,025,000 |
Accretion of common stock subject to redemption | $ 8,856,041 |
NATURE OF THE BUSINESS
NATURE OF THE BUSINESS | 10 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF THE BUSINESS | NOTE 1 – NATURE OF THE BUSINESS WinVest Acquisition Corp. (“WinVest,” or the “Company”) was incorporated in the State of Delaware on March 1, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination (“initial business combination”) with one or more businesses or entities. The Company has selected December 31 as its fiscal year end. Throughout this report, the terms “our,” “we,” “us,” and the “Company” refer to WinVest Acquisition Corp. As of December 31, 2021, the Company had not commenced core operations. All activity for the period from March 1, 2021 (inception) through December 31, 2021 relates to the Company’s formation and raising funds through the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of an initial business combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement pursuant to which the Company registered its securities offered in the Initial Public Offering was declared effective on September 14, 2021. On September 17, 2021, the Company consummated its Initial Public Offering of 10,000,000 0.0001 11.50 10.00 100,000,000 Simultaneously with the consummation of the Initial Public Offering and the issuance and sale of the Units, the Company completed the private sale of 10,000,000 0.50 5,000,000 Each Private Placement Warrant entitles the holders to purchase one-half of one share of Common Stock at a price of $ 11.50 On September 23, 2021, the underwriters fully exercised the over-allotment option and purchased an additional 1,500,000 Units (the “Over-Allotment Units”), generating gross proceeds of $ 15,000,000 on September 27, 2021. Accordingly, no founders’ shares were subject to forfeiture upon exercise of the full over-allotment. Simultaneously with the sale of Over-Allotment Units, the Company consummated a private sale of an additional 900,000 Private Placement Warrants (the “Additional Private Placement Warrants”) to the Sponsor at a purchase price of $ 0.50 per Private Placement Warrant, generating gross proceeds of $ 450,000 . As of September 27, 2021, a total of $ 116,150,000 of the net proceeds from the Initial Public Offering and the sale of the Private Placement Warrants and the Additional Private Placement Warrants were deposited in a Trust Account (as defined below) established for the benefit of the Company’s public stockholders. Following the closing of the Initial Public Offering on September 17, 2021, and the underwriters’ exercise of their over-allotment option in full on September 23, 2021, an aggregate amount of $ 116,150,000 No compensation of any kind (including finders’, consulting or other similar fees) will be paid to any of our existing officers, directors, stockholders, or any of their affiliates, prior to, or for any services they render in order to effectuate, the consummation of the initial business combination (regardless of the type of transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations. Since the role of present management after our initial business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to those persons after our initial business combination. Management intends to use the excess working capital available for miscellaneous expenses such as paying fees to consultants to assist us with our search for a target business and for director and officer liability insurance premiums, with the balance being held in reserve in the event due diligence, legal, accounting and other expenses of structuring and negotiating business combinations exceed our estimates, as well as for reimbursement of any out-of-pocket expenses incurred by our insiders, officers and directors in connection with activities on our behalf as described below. The allocation of the net proceeds available to us outside of the Trust Account, along with the interest earned on the funds held in the Trust Account available to us to pay our income and other tax liabilities, represents our best estimate of the intended uses of these funds. In the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds within the above-described categories. If our estimate of the costs of undertaking due diligence and negotiating our initial business combination is less than the actual amount necessary to do so, or the amount of interest available to us from the Trust Account is insufficient as a result of the current low interest rate environment, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. In this event, we could seek such additional capital through loans or additional investments from our Sponsor or third parties, Our Sponsor and/or founding stockholders may, but are not obligated to, loan us funds as may be required. Such loans would be evidenced by promissory notes that would either be paid upon consummation of our initial business combination, or, at such lender’s discretion. However, our Sponsor and/or founding stockholders are under no obligation to loan us any funds or invest in us. If we are unable to obtain the necessary funds, we may be forced to cease searching for a target business and liquidate without completing our initial business combination. We will likely use substantially all of the net proceeds of the Initial Public Offering, the Private Placement and the sale of the Additional Private Placement Warrants, including the funds held in the Trust Account, in connection with our initial business combination and to pay our expenses relating thereto, including the deferred underwriting discounts and commissions payable to the underwriters in an amount equal to 3.5 We will have until 15 months (December 17, 2022) from the closing of the Initial Public Offering to consummate our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board of directors if requested by WinVest SPAC LLC, extend the period of time to consummate an initial business combination up to two times, each by an additional three months (for a total of up to 21 months to complete an initial business combination), subject to the deposit of additional funds into the Trust Account by our Sponsor or its affiliates or designees as set out below. Our stockholders will not be entitled to vote or redeem their shares in connection with any such extension. Pursuant to the terms of our amended and restated certificate of incorporation, in order for the time available for us to consummate our initial business combination to be extended, our Sponsor or its affiliates or designees, upon five days’ advance notice prior to the applicable deadline, must deposit into the Trust Account $ 1,150,000 ($ 0.10 per unit, up to an aggregate of $ 2,300,000 ), on or prior to the date of the applicable deadline, for each three month extension. Any such payments would be made in the form of a non-interest bearing loan and would be repaid, if at all, from funds released to us upon completion of our initial business combination. In the event that we receive notice from our Sponsor five days prior to the applicable deadline of its wish for us to effect an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited. Our Sponsor is not obligated to fund the Trust Account to extend the time for us to complete our initial business combination. If we are unable to consummate an initial business combination within such time period, we will, as promptly as possible but not more than ten business days thereafter, redeem 100 % of our outstanding public shares for a pro rata portion of the funds held in the Trust Account, including a pro rata portion of any interest earned on the funds held in the Trust Account (less taxes payable and up to $ 100,000 of interest to pay our dissolution expenses), and then seek to dissolve and liquidate. However, we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders. In the event of our dissolution and liquidation, the Rights and Public Warrants will expire and will be worthless. To the extent we are unable to consummate an initial business combination, we will pay the costs of liquidation from our remaining assets outside of the Trust Account. If such funds are insufficient, our Sponsor has agreed to pay the funds necessary to complete such liquidation and has agreed not to seek repayment of such expenses. Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of 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 of 2002, 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 Exchange Act) 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. COVID-19 Pandemic In March 2020, the World Health Organization characterized the outbreak of the novel strain of coronavirus, specifically identified as COVID-19, as a global pandemic. This has resulted in governments enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to business, resulting in a global economic slowdown. Equity markets have experienced significant volatility and weakness and the governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The current challenging economic climate may lead to adverse changes in cash flows, working capital levels and/or debt balances, which may also have a direct impact on the Company’s operating results and financial position in the future. The ultimate duration and magnitude of the impact and the efficacy of government interventions on the economy and the financial effect on the Company is not known at this time. The extent of such impact will depend on future developments, which are highly uncertain and not in the Company’s control, including new information which may emerge concerning the spread and severity of COVID-19 and actions taken to address its impact, among others. The repercussions of this health crisis could have a material adverse effect on the Company’s business, financial condition, liquidity and operating results. In response to COVID-19, the Company has implemented working practices to address potential impacts to its operations, employees and customers, and will take further measures in the future if and as required. At present, we do not believe there has been any appreciable impact on the Company specifically associated with COVID-19. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 10 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2021. Marketable Securities Held in Trust Account Following the closing of the Initial Public Offering on September 17, 2021, and the underwriters’ exercise of their over-allotment option in full on September 23, 2021, an aggregate amount of $ 116,150,000 Offering Costs Offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. On September 17, 2021, offering costs in the aggregate of $ 523,969 The underwriters received a cash underwriting discount of $ 0.20 2,300,000 100,000 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 is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is 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 features certain redemption rights that are considered to be outside of the Company’s control and subject to 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 balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares are effected by charges against additional paid-in capital and accumulated deficit. Accounting Treatment of Public and Private Warrants The Company accounts for its Public Warrants and Private Placement Warrants as equity-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. In that respect, the Private Placement Warrants, as well as any warrants underlying additional units the Company issues to the Sponsor, officers, directors, initial stockholders or their affiliates in payment of Working Capital Loans made to the Company, were identical to the warrants underlying the Units offered in the Initial Public Offering. Accounting Treatment for Rights The Company accounts for its Rights as equity-classified instruments based on an assessment of the Rights’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the Rights are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the Rights meet all the requirements for equity classification under ASC 815, including whether the Rights are indexed to the Company’s own common stock, among other conditions for the equity classification. This assessment, which requires the use of professional judgement, is conducted at the time of Rights issuance. Each Right may be traded separately. If the Company is unable to complete an initial business combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of Rights will not receive any such funds for their Rights, and the Rights will expire worthless. The Company has not considered the effect of Rights sold in the Initial Public Offering and the private placement to purchase shares of common stock, since the exercise of the Rights are contingent upon the occurrence of future events. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. 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 December 31, 2021. 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 is subject to income tax examinations by major taxing authorities since inception. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Fair Value Measurements 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. U.S. 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. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC Fair value measurements at reporting date using: Description Fair Value Quoted Significant Significant Assets: Marketable securities held in Trust Account at December 31, 2021 $ 116,152,616 $ 116,152,616 $ - $ - Founder shares transferred to directors and advisors $ 34 $ 34 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. Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, if dilutive. The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. The Statements of Operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the Net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 68% for the redeemable public shares and 32% for the non-redeemable shares, reflective of the respective participation rights, for the period from March 1, 2021 (inception) through December 31, 2021. The earnings per share presented in the statement of operations is based on the following: SCHEDULE OF EARNINGS PER SHARE For the period from March 1, 2021 (inception) through December 31, 2021 Common Shares Non- redeemable Basic and diluted net loss per share: Numerator: Allocation of net loss $ (181,892 ) $ (133,080 ) Denominator: Weighted-average shares outstanding 3,929,508 2,875,000 Basic and diluted net income (loss) per share $ (0.05 ) $ (0.05 ) The Company has not considered the effect of warrants and Rights sold in the Initial Public Offering and the private placement to purchase 11,966,667 Recent Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40 Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
GOING CONCERN AND MANAGEMENT_S
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS | 10 Months Ended |
Dec. 31, 2021 | |
Going Concern And Managements Liquidity Plans | |
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS | NOTE 3 - GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS Liquidity and Capital Resources As of December 31, 2021, the Company had $ 507,906 in its operating bank account and working capital of $ 806,646 . The Company’s liquidity needs prior to the consummation of the Initial Public Offering had been satisfied through proceeds from advances from a related party and from the issuance of common stock. Although the Company believes that its current cash balance will provide the needed liquidity over the next few quarters to satisfy current obligations, due to the reasons below, the Company’s may not have sufficient liquidity through the date of a business combination. The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2021, the Company had not commenced any operations. All activity for the period from March 1, 2021 (inception) through December 31, 2021 relates to the Company’s formation and the Initial Public Offering. 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 its Proposed Public Offering. The Company’s ability to commence operations is contingent upon consummating a business combination. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially all of the net proceeds are intended to be applied generally toward consummating a business combination. Although management has been successful to date in raising necessary funding, there can be no assurance that any required future financing can be successfully completed. Furthermore, the Company’s ability to consummate its initial business combination within the contractual time period is uncertain. The Company has eight months from April 2022 to consummate its business combination with the available extensions, which is 15 months from the closing of its Initial Public Offering, or until December 17, 2022. If the Company anticipates that it may not be able to consummate its initial business combination within eight months, it may, by resolution of the Company’s board of directors and if requested by its sponsor, WinVest SPAC LLC (the “Sponsor”), extend the period of time to consummate a business combination up to two times, each by an additional three months (for a total of up to 21 months to complete a business combination), subject to the deposit of additional funds into the Trust Account by the Company’s Sponsor or its affiliates or designees. There is no assurance the Company will obtain the two three month extensions beyond December 17, 2022, if needed. There is no assurance that the Company will successfully consummate a business combination by December 17, 2022, or within the two three month extension periods, if granted. Based on these circumstances, management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. Accordingly, the accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 10 Months Ended |
Dec. 31, 2021 | |
Initial Public Offering | |
INITIAL PUBLIC OFFERING | NOTE 4 – INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, on September 17, 2021, the Company sold 10,000,000 Units at a price of $ 10.00 per Unit for a total of $ 100,000,000 , which increased to 11,500,000 Units for a total of $ 115,000,000 Each Unit consists of one share of common stock, one Right and one Public Warrant. Each Right entitles the holder thereof to receive one-fifteenth (1/15) of one share of common stock upon the consummation of an initial business combination. Each redeemable Public Warrant entitles the holder to purchase one half (1/2) of one share of common stock at a price of $ 11.50 (see Note 7). Accordingly, no founder shares were subject to forfeiture upon exercise of the full over-allotment. As of December 31, 2021, the Company incurred offering costs of $ 2,923,969 2,400,000 523,969 4,025,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 10 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Sponsor Shares On March 16, 2021, our Sponsor purchased 2,875,000 25,000 Prior to the effective date of our registration statement, the Company entered into agreements with its directors in connection with their board service and certain members of its advisory board in connection with their advisory board service for its sponsor to transfer an aggregate of 277,576 60,000 337,576 34 Private Placement Warrants Our Sponsor purchased from us an aggregate of 10,900,000 0.50 5,450,000 3,450,000 10.10 Related Party Advances In order to finance transaction costs in connection with an initial business combination, the Sponsor advanced funds to the Company totalling $ 220,317 0 Promissory Note – Related Party On March 16, 2021, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $ 300,000 , of which $ 0 was outstanding under the Promissory Note as of December 31, 2021. The Promissory Note is non-interest bearing and payable on the date on which the Company consummates its initial business combination. The Sponsor may elect to convert any portion or all of the amount outstanding under this Promissory Note into Private Placement Warrants to purchase shares of common stock of the Company at a conversion price of $ 0.50 per warrant, and each warrant will entitle the holder to acquire one-half share of the Company’s common stock at an exercise price of $ 11.50 per share, commencing on the date of the initial business combination of the Company, and otherwise on the terms of the Private Placement Warrants. No such conversions have yet occurred. Administrative Support Agreement The Company entered into an agreement to pay WinVest SPAC LLC a monthly fee of $ 10,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 10 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares are entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering. The holders of the majority of these securities are entitled to make up to three demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which the Founder Shares are to be released from escrow. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our consummation of our initial business combination. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of its prospectus to purchase up to 1,500,000 1,500,000 15,000,000 The underwriters received a cash underwriting discount of $ 0.20 2,300,000 100,000 As of December 31, 2021, the Company recorded deferred underwriting commissions of $ 4,025,000 |
COMMON STOCK SUBJECT TO POSSIBL
COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION | 10 Months Ended |
Dec. 31, 2021 | |
Common Stock Subject To Possible Redemption | |
COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION | NOTE 7 – COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to 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 balance sheet. The following is a reconciliation of the Company’s common stock subject to possible redemption as of December 31, 2021. SCHEDULE OF COMMON STOCK REDEMPTION Common Shares Gross proceeds from initial public offering $ 115,000,000 Less: Offering costs allocated to common stock subject to possible redemption (6,498,541 ) Proceeds allocated to public warrants (2,357,500 ) Plus: Deposit to Trust Account from private placement 1,150,000 Accretion on common stock subject to possible redemption 8,856,041 Balance, December 31, 2021 $ 116,150,000 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 10 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 8 – STOCKHOLDERS’ DEFICIT Common Stock The Company’s amended and restated certificate of incorporation authorizes the issuance of 100,000,000 shares of common stock, par value $ 0.0001 1,000,000 0.0001 . In March 2021, the Company issued 2,875,000 founder shares of common stock at a price of approximately $ 0.01 per share for total cash of $ 25,000 . There are no Rights The registration statement pursuant to which the Company registered its securities offered in the Initial Public Offering was declared effective on September 14, 2021. On September 17, 2021, the Company consummated its Initial Public Offering of 10,000,000 0.0001 11.50 Each Right may be traded separately. If the Company is unable to complete an initial business combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of Rights will not receive any such funds for their Rights, and the Rights will expire worthless. Public Warrants Each redeemable warrant entitles the registered holder to purchase one half of one share of common stock at a price of $ 11.50 The Company may call the outstanding warrants for redemption (excluding the Private Placement Warrants and warrants underlying the units that may be issued upon conversion of working capital loans), in whole and not in part, at a price of $0.01 per warrant: ● at any time while the warrants are exercisable; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; ● if, and only if, the reported last sale price of the shares of common stock equals or exceeds $ 16.50 ● if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. The right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant. The redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants. If the Company calls the warrants for redemption as described above, management of the Company will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” 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 the initial Business Combination at an issue price or effective issue price of less than $ 9.50 9.50 The Private Placement Warrants, as well as any warrants underlying additional units the Company issues to the Sponsor, officers, directors, initial stockholders or their affiliates in payment of Working Capital Loans made to the Company, will be identical to the warrants underlying the Units being offered in the Initial Public Offering. |
INCOME TAXES
INCOME TAXES | 10 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES The provision for income taxes consisted of the following at December 31, 2021: SCHEDULE OF INCOME TAX Federal: Current $ - Deferred (66,144 ) State Current - Deferred (19,906 ) Deferred and current income tax gross (86,050 ) Change in valuation allowance 86,050 Income tax provision $ - A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2021 is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 6.3 % Change in valuation allowance (27.3 )% Income tax provision — % Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 is as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets: Net operating losses $ 16,507 Organizational costs/Startup expenses 69,543 Total deferred tax asset 86,050 Valuation allowance (86,050 ) Deferred tax asset, net of allowance $ - The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company assessed the need for a valuation allowance of $ 86,050 As of December 31, 2021, the Company has $ 60,424 60,424 The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense. The Company files income tax returns in the U.S. and Massachusetts jurisdictions and is subject to examination by the various taxing authorities since inception. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 10 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS Management evaluated subsequent events and transactions that occurred after the balance sheet date, up to the date that the financial statements were issued. Based upon this review, other than as set forth below, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Amendment to Promissory Note On March 27, 2022, the Company and the Sponsor amended the Promissory Note (see Note 5) in order to extend the maturity date to the date on which the Company consummates its initial business combination. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 10 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2021. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account Following the closing of the Initial Public Offering on September 17, 2021, and the underwriters’ exercise of their over-allotment option in full on September 23, 2021, an aggregate amount of $ 116,150,000 |
Offering Costs | Offering Costs Offering costs consist of professional fees, filing, regulatory and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. On September 17, 2021, offering costs in the aggregate of $ 523,969 The underwriters received a cash underwriting discount of $ 0.20 2,300,000 100,000 |
Common Stock Subject to Possible Redemption | 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 is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is 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 features certain redemption rights that are considered to be outside of the Company’s control and subject to 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 balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares are effected by charges against additional paid-in capital and accumulated deficit. |
Accounting Treatment of Public and Private Warrants | Accounting Treatment of Public and Private Warrants The Company accounts for its Public Warrants and Private Placement Warrants as equity-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. In that respect, the Private Placement Warrants, as well as any warrants underlying additional units the Company issues to the Sponsor, officers, directors, initial stockholders or their affiliates in payment of Working Capital Loans made to the Company, were identical to the warrants underlying the Units offered in the Initial Public Offering. |
Accounting Treatment for Rights | Accounting Treatment for Rights The Company accounts for its Rights as equity-classified instruments based on an assessment of the Rights’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the Rights are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the Rights meet all the requirements for equity classification under ASC 815, including whether the Rights are indexed to the Company’s own common stock, among other conditions for the equity classification. This assessment, which requires the use of professional judgement, is conducted at the time of Rights issuance. Each Right may be traded separately. If the Company is unable to complete an initial business combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of Rights will not receive any such funds for their Rights, and the Rights will expire worthless. The Company has not considered the effect of Rights sold in the Initial Public Offering and the private placement to purchase shares of common stock, since the exercise of the Rights are contingent upon the occurrence of future events. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. 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 December 31, 2021. 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 is subject to income tax examinations by major taxing authorities since inception. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $ 250,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Fair Value Measurements | Fair Value Measurements 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. U.S. 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. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC Fair value measurements at reporting date using: Description Fair Value Quoted Significant Significant Assets: Marketable securities held in Trust Account at December 31, 2021 $ 116,152,616 $ 116,152,616 $ - $ - Founder shares transferred to directors and advisors $ 34 $ 34 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. |
Net Loss Per Share | Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, if dilutive. The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. The Statements of Operations include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. In order to determine the Net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 68% for the redeemable public shares and 32% for the non-redeemable shares, reflective of the respective participation rights, for the period from March 1, 2021 (inception) through December 31, 2021. The earnings per share presented in the statement of operations is based on the following: SCHEDULE OF EARNINGS PER SHARE For the period from March 1, 2021 (inception) through December 31, 2021 Common Shares Non- redeemable Basic and diluted net loss per share: Numerator: Allocation of net loss $ (181,892 ) $ (133,080 ) Denominator: Weighted-average shares outstanding 3,929,508 2,875,000 Basic and diluted net income (loss) per share $ (0.05 ) $ (0.05 ) The Company has not considered the effect of warrants and Rights sold in the Initial Public Offering and the private placement to purchase 11,966,667 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40 Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 10 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC Fair value measurements at reporting date using: Description Fair Value Quoted Significant Significant Assets: Marketable securities held in Trust Account at December 31, 2021 $ 116,152,616 $ 116,152,616 $ - $ - Founder shares transferred to directors and advisors $ 34 $ 34 |
SCHEDULE OF EARNINGS PER SHARE | The earnings per share presented in the statement of operations is based on the following: SCHEDULE OF EARNINGS PER SHARE For the period from March 1, 2021 (inception) through December 31, 2021 Common Shares Non- redeemable Basic and diluted net loss per share: Numerator: Allocation of net loss $ (181,892 ) $ (133,080 ) Denominator: Weighted-average shares outstanding 3,929,508 2,875,000 Basic and diluted net income (loss) per share $ (0.05 ) $ (0.05 ) |
COMMON STOCK SUBJECT TO POSSI_2
COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION (Tables) | 10 Months Ended |
Dec. 31, 2021 | |
Common Stock Subject To Possible Redemption | |
SCHEDULE OF COMMON STOCK REDEMPTION | The following is a reconciliation of the Company’s common stock subject to possible redemption as of December 31, 2021. SCHEDULE OF COMMON STOCK REDEMPTION Common Shares Gross proceeds from initial public offering $ 115,000,000 Less: Offering costs allocated to common stock subject to possible redemption (6,498,541 ) Proceeds allocated to public warrants (2,357,500 ) Plus: Deposit to Trust Account from private placement 1,150,000 Accretion on common stock subject to possible redemption 8,856,041 Balance, December 31, 2021 $ 116,150,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 10 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX | The provision for income taxes consisted of the following at December 31, 2021: SCHEDULE OF INCOME TAX Federal: Current $ - Deferred (66,144 ) State Current - Deferred (19,906 ) Deferred and current income tax gross (86,050 ) Change in valuation allowance 86,050 Income tax provision $ - |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2021 is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Statutory federal income tax rate 21.0 % State taxes, net of federal tax benefit 6.3 % Change in valuation allowance (27.3 )% Income tax provision — % |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 is as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets: Net operating losses $ 16,507 Organizational costs/Startup expenses 69,543 Total deferred tax asset 86,050 Valuation allowance (86,050 ) Deferred tax asset, net of allowance $ - |
NATURE OF THE BUSINESS (Details
NATURE OF THE BUSINESS (Details Narrative) - USD ($) | Sep. 27, 2021 | Sep. 23, 2021 | Sep. 17, 2021 | Mar. 16, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 17, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of consummated shares of initial public offering | 10,000,000 | 2,875,000 | |||||
Common stock shares, per value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Exercise price | 11.50 | $ 11.50 | |||||
Sale of stock price per share | $ 10 | ||||||
Gross proceeds | $ 100,000,000 | $ 25,000 | |||||
Proceeds from issuance of warrants | 5,450,000 | ||||||
Proceeds from issuance initial public offering | $ 112,600,000 | ||||||
Percentage of deferred underwriting discounts and commissions payable to underwriters | 3.50% | ||||||
Investment of cash in Trust Account | $ 3,450,000 | ||||||
Shares Issued, Price Per Share | $ 11.50 | ||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 100,000 | ||||||
Win Vest SPAC LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Win Vest SPAC LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of consummated shares of initial public offering | 2,875,000 | ||||||
Investment of cash in Trust Account | $ 1,150,000 | ||||||
Shares Issued, Price Per Share | $ 0.10 | ||||||
Payments for Deposits | $ 2,300,000 | ||||||
Private Placement Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Exercise price | $ 0.50 | ||||||
Sale of stock price per share | $ 10.10 | ||||||
Number of sale of stock shares | 10,000,000 | 10,900,000 | |||||
Proceeds from issuance of warrants | $ 5,450,000 | ||||||
Private Placement [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of warrants | $ 5,000,000 | ||||||
Over-Allotment Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of stock price per share | $ 0.20 | ||||||
Number of sale of stock shares | 11,500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,500,000 | ||||||
Proceeds from Stock Options Exercised | $ 15,000,000 | ||||||
Additional Private Placement Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of stock price per share | $ 0.50 | ||||||
Number of sale of stock shares | 900,000 | ||||||
Proceeds from issuance of warrants | $ 450,000 | ||||||
Proceeds from issuance initial public offering | $ 116,150,000 | ||||||
Initial Public Offering [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance initial public offering | $ 116,150,000 |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENT ON RECURRING BASIC (Details) | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Cash at fair value | $ 116,152,616 |
Founder shares transferred to directors and advisors | 34 |
Fair Value, Inputs, Level 1 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash at fair value | 116,152,616 |
Fair Value, Inputs, Level 2 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash at fair value | |
Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash at fair value | |
Founder shares transferred to directors and advisors | $ 34 |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) | 10 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Basic and diluted net loss per share: | |
Weighted-average shares outstanding | shares | 3,929,508 |
Basic and diluted net income (loss) per share | $ / shares | $ 0.05 |
Common Shares Subject Redemption [Member] | |
Basic and diluted net loss per share: | |
Allocation of net loss | $ | $ (181,892) |
Weighted-average shares outstanding | shares | 3,929,508 |
Basic and diluted net income (loss) per share | $ / shares | $ (0.05) |
Non Redeemable Shares [Member] | |
Basic and diluted net loss per share: | |
Allocation of net loss | $ | $ (133,080) |
Weighted-average shares outstanding | shares | 2,875,000 |
Basic and diluted net income (loss) per share | $ / shares | $ (0.05) |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 23, 2021 | Sep. 17, 2021 | Dec. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance initial public offering | $ 112,600,000 | ||
Offering costs | $ 523,969 | 523,969 | |
Sale of stock price per share | $ 10 | ||
Cash, FDIC insured amount | $ 250,000 | ||
Shares purchased | 11,966,667 | ||
Additional Private Placement Warrants [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance initial public offering | $ 116,150,000 | ||
Sale of stock price per share | $ 0.50 | ||
Over-Allotment Option [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of stock price per share | $ 0.20 | ||
Sale of stock amount | $ 2,300,000 | ||
Payment of offering expenses | $ 100,000 |
GOING CONCERN AND MANAGEMENT__2
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) | 10 Months Ended |
Dec. 31, 2021USD ($) | |
Going Concern And Managements Liquidity Plans | |
Cash | $ 507,906 |
Working Capital | $ 806,646 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($) | Sep. 23, 2021 | Sep. 17, 2021 | Dec. 31, 2021 | Mar. 16, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Stock, Price Per Share | $ 10 | |||
Sale of Stock, Description of Transaction | Company issues additional shares of Common Stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.50 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), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for funding the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the 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 $9.50 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the last sales price of the Common Stock that triggers the Company’s right to redeem the Warrants pursuant to Section 6.1 below shall be adjusted (to the nearest cent) to be equal to 165% of the Market Value. | |||
Warrant price per shares | $ 11.50 | $ 11.50 | ||
Deferred offering costs | $ 2,923,969 | |||
Underwriting expense | 2,400,000 | |||
Deferred underwriting commissions | 4,025,000 | |||
IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 10,000,000 | |||
Sale of Stock, Price Per Share | $ 10 | |||
Sale of Stock, Consideration Received on Transaction | $ 100,000,000 | |||
Sale of Stock, Description of Transaction | Each Unit consists of one share of common stock, one Right and one Public Warrant. Each Right entitles the holder thereof to receive one-fifteenth (1/15) of one share of common stock upon the consummation of an initial business combination. Each redeemable Public Warrant entitles the holder to purchase one half (1/2) of one share of common stock at a price of $11.50 per full share, subject to adjustment | |||
Deferred offering costs | $ 523,969 | |||
Over-Allotment Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 11,500,000 | |||
Sale of Stock, Price Per Share | $ 0.20 | |||
Sale of Stock, Consideration Received on Transaction | $ 2,300,000 | |||
[custom:IncreaseOfSaleOfStockConsiderationReceivedOnTransaction] | $ 115,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Sep. 17, 2021 | Mar. 16, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 |
Stock issued during period, shares | 10,000,000 | 2,875,000 | |||
Stock issued during period, value | $ 25,000 | $ 25,000 | |||
Capital contribution for transfer of founder shares to directors and advisors, shares | 337,576 | ||||
Warrants purchase price | $ 11.50 | $ 11.50 | |||
Issuance of warrants, value | 5,450,000 | ||||
Amount deposit in trust account | $ 3,450,000 | ||||
Sale of stock price per share | $ 10 | ||||
Advances from related party | 220,317 | $ 220,317 | |||
Debt Instrument, Face Amount | $ 300,000 | ||||
Common Stock, Convertible, Conversion Price, Increase | $ 0.50 | ||||
Payment of fee | 10,000 | ||||
Promissory Note [Member] | |||||
Advances from related party | 0 | 0 | |||
Debt Instrument, Face Amount | $ 0 | $ 0 | |||
Private Placement Warrants [Member] | |||||
Warrants purchase of common stock, shares | 10,900,000 | ||||
Warrants purchase price | $ 0.50 | ||||
Issuance of warrants, value | $ 5,450,000 | ||||
Sale of stock price per share | $ 10.10 | $ 10.10 | |||
Agreement [Member] | Director [Member] | |||||
Stock Issued During Period, Shares, Issued for Services | 277,576 | ||||
Shares issued | 60,000 | ||||
Fair value of shares issued | $ 34 | ||||
Win Vest SPAC LLC [Member] | |||||
Stock issued during period, shares | 2,875,000 | ||||
Stock issued during period, value | $ 25,000 | ||||
Amount deposit in trust account | $ 1,150,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Sep. 27, 2021 | Sep. 23, 2021 | Dec. 31, 2021 | Sep. 17, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Sale of stock, price per share | $ 10 | |||
Deferred underwriting commissions | $ 4,025,000 | |||
Over-Allotment Option [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Sale private placement warrants | 11,500,000 | |||
Sale of stock, price per share | $ 0.20 | |||
Stock consideration amount | $ 2,300,000 | |||
Payment of offering expenses | $ 100,000 | |||
Underwriters [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Shares for future issuance | 1,500,000 | |||
Underwriters [Member] | Over-Allotment Option [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Sale private placement warrants | 1,500,000 | |||
Proceeds from sale of stock | $ 15,000,000 |
SCHEDULE OF COMMON STOCK REDEMP
SCHEDULE OF COMMON STOCK REDEMPTION (Details) | 10 Months Ended |
Dec. 31, 2021USD ($) | |
Common Stock Subject To Possible Redemption | |
Gross proceeds from initial public offering | $ 115,000,000 |
Offering costs allocated to common stock subject to possible redemption | (6,498,541) |
Proceeds allocated to public warrants | (2,357,500) |
Deposit to Trust Account from private placement | 1,150,000 |
Accretion on common stock subject to possible redemption | 8,856,041 |
Balance, December 31, 2021 | $ 116,150,000 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | Sep. 17, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 17, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 100,000,000 | |||
Common Stock, No Par Value | $ 0.01 | $ 0.0001 | ||
Preferred Stock, Shares Authorized | 1,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |||
Issuance of common stock to founders for cash, shares | 10,000,000 | 2,875,000 | ||
Stock Issued During Period, Value, New Issues | $ 25,000 | $ 25,000 | ||
Preferred Stock, Shares Outstanding | 0 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Shares Issued, Price Per Share | $ 11.50 | |||
Shares price | $ 16.50 | |||
Description on sale of stock | Company issues additional shares of Common Stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.50 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), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for funding the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the 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 $9.50 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the last sales price of the Common Stock that triggers the Company’s right to redeem the Warrants pursuant to Section 6.1 below shall be adjusted (to the nearest cent) to be equal to 165% of the Market Value. | |||
Maximum [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares price | $ 9.50 | |||
Public Warrants [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares price | $ 11.50 | |||
IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Issuance of common stock to founders for cash, shares | 10,000,000 | |||
Description on sale of stock | Each Unit consists of one share of common stock, one Right and one Public Warrant. Each Right entitles the holder thereof to receive one-fifteenth (1/15) of one share of common stock upon the consummation of an initial business combination. Each redeemable Public Warrant entitles the holder to purchase one half (1/2) of one share of common stock at a price of $11.50 per full share, subject to adjustment |
SCHEDULE OF INCOME TAX (Details
SCHEDULE OF INCOME TAX (Details) | 10 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Current | |
Deferred | (66,144) |
Current | |
Deferred | (19,906) |
Deferred and current income tax gross | (86,050) |
Change in valuation allowance | 86,050 |
Income tax provision |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) | 10 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate | 21.00% |
State taxes, net of federal tax benefit | 6.30% |
Change in valuation allowance | (27.30%) |
Income tax provision |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) | Dec. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating losses | $ 16,507 |
Organizational costs/Startup expenses | 69,543 |
Total deferred tax asset | 86,050 |
Valuation allowance | (86,050) |
Deferred tax asset, net of allowance |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Valuation Allowance | $ 86,050 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 60,424 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 60,424 |