Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

At June 30, 2022, the Redeemable Class A ordinary shares reflected in the balance sheet is reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Fair value of Public Warrants at issuance		(7,245,000)
Class A shares issuance costs		(13,028,986)
Plus:
Accretion of carrying value to redemption value		21,402,625
Class A ordinary shares subject to possible redemption as of December 31, 2021	$	231,128,639
Less: Remeasurement of Class A ordinary shares to redemption value		(64,336)
Class A ordinary shares subject to possible redemption as of March 31, 2022	$	231,064,303
Add: Remeasurement of Class A ordinary shares to redemption value		198,472
Class A ordinary shares subject to possible redemption as of June 30, 2022	$	231,262,775

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

For the three months ended June 30, 2022:


Net loss	$	(283,320)
Accretion of temporary equity to redemption value		(198,472)
Net loss including accretion of temporary equity to redemption	$	(481,792)


	Class A Ordinary			Class B Ordinary
	share			share			Total
Total number of shares		23,000,000			5,750,000
Ownership percentage		80	%		20	%
Total loss allocated	$	(226,656)		$	(56,664)		$	(283,320)
Less: Accretion allocated based on ownership percentage		(158,778)			(39,694)			(198,472)
Plus: Accretion applicable to Class A redeemable shares		198,472			—			198,472
Total income (loss) by class	$	(186,962)		$	(96,358)

Weighted Average Shares outstanding		23,000,000			5,750,000
Income (loss) per share	$	(0.01)		$	(0.02)

For the six months ended June 30, 2022:


Net loss	$	(689,819)
Accretion of temporary equity to redemption value		(134,136)
Net loss including accretion of temporary equity to redemption	$	(823,955)


	Class A Ordinary			Class B Ordinary
	share			share			Total
Total number of shares		23,000,000			5,750,000
Ownership percentage		80	%		20	%
Total loss allocated	$	(551,855)		$	(137,964)		$	(689,819)
Less: Accretion allocated based on ownership percentage		(107,309)			(26,827)			(134,136)
Plus: Accretion applicable to Class A redeemable shares		134,136			—			134,136
Total income (loss) by class	$	(525,028)		$	(164,791)

Weighted Average Shares outstanding		23,000,000			5,750,000
Income (loss) per share	$	(0.02)		$	(0.03)

For the period May 24, 2021 (inception) through June 30, 2021:


Net loss	$	(25,617)
Accretion of temporary equity to redemption value		—
Net loss including accretion of temporary equity to redemption	$	(25,617)


		Class B Ordinary
		share			Total
Total number of shares			5,750,000
Ownership percentage	%		100	%
Total loss allocated		$	(25,617)		$	(25,617)
Less: Accretion allocated based on ownership percentage			—			—
Plus: Accretion applicable to Class A redeemable shares			—			—
Total income (loss) by class		$	(25,617)

Weighted Average Shares outstanding			5,750,000
Income (loss) per share		$	(0.00)

Crypto 1 Acquisition Corp 10-Q