Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

At June 30, 2023 and December 31, 2022, the Class A common stock reflected in the condensed balance sheets are reconciled in the following table

Common stock subject to redemption at IPO	$	172,500,000
Less:
Proceeds allocated to public warrants		(5,323,017	)
Class A common stock issuance cost		(9,435,678	)
Add:
Remeasurement of carrying value to redemption value		20,053,421
Class A common stock subject to possible redemption, December 31, 2022		177,794,726
Add:
Remeasurement of carrying value to redemption value		1,454,948
Class A common stock subject to possible redemption, March 31, 2023		179,249,674
Add:
Remeasurement of carrying value to redemption value		488,729
Less:
Redemptions		(165,137,380	)
Class A common stock subject to possible redemption, June 30, 2023	$	14,601,023

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

	For the Three Months Ended June 30,
	2023						2022
	Class A			Class B			Class A		Class B
Basic and diluted net (loss) income per share of common stock
Numerator:
Allocation of net (loss) income, as adjusted	$	(14,161	)	$	(19,556	)	$	525,329	$	131,332
Denominator:
Basic and diluted weighted average stock outstanding		3,096,262			4,312,500			17,250,000		4,312,500

Basic and diluted net (loss) income per share of common stock	$	(0.00	)	$	(0.00	)	$	0.03	$	0.03

	For the Six Months Ended June 30,
	2023				2022
	Class A		Class B		Class A		Class B
Basic and diluted net income per share of common stock
Numerator:
Allocation of net income, as adjusted	$	759,659	$	325,568	$	2,515,907	$	668,786
Denominator:
Basic and diluted weighted average stock outstanding		10,134,032		4,312,500		16,011,050		4,312,500

Basic and diluted net income per share of common stock	$	0.08	$	0.08	$	0.16	$	0.16

Industrial Tech Acquisitions II, Inc. 10-Q