SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reconciliation of Class A common stock subject to possible redemption

At June 30, 2022 and December 31, 2021, the Class A common stock subject to possible redemption reflected in the condensed balance sheets is reconciled in the following table:


Gross proceeds from Initial Public Offering	$	276,000,000
Less:
Proceeds allocated to Public Warrants		(12,696,000)
Class A common stock issuance costs		(14,885,132)
Plus:
Remeasurement of carrying value to redemption value		27,581,132
Class A common stock subject to possible redemption	$	276,000,000

Reconciliation of basic and diluted net income (loss) per common share

The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except share amounts):


	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,				June 30,
	2022				2021				2022				2021
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Basic and diluted net income (loss) per common stock
Numerator:
Allocation of net income (loss)	$	1,246,318	$	311,579	$	(4,811,702)		(1,202,926)	$	5,759,640	$	1,439,910	$	(529,575)	$	(159,021)
Denominator:
Basic and diluted weighted average shares outstanding		27,600,000		6,900,000		27,600,000		6,900,000		27,600,000		6,900,000		22,415,470		6,730,939

Basic and diluted net income (loss) per common stock	$	0.05	$	0.05	$	(0.17)		(0.17)	$	0.21	$	0.21	$	(0.02)	$	(0.02)

MDH Acquisition Corp. 10-Q