2023 Q2 Form 10-Q Financial Statement
#000101376223006701 Filed on October 25, 2023
Income Statement
Concept | 2023 Q2 | 2022 Q2 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $491.3K | $339.5K |
YoY Change | 44.69% | 38480.68% |
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $4.448K | $388.8K |
YoY Change | -98.86% | 876.2% |
Operating Profit | -$541.2K | -$388.8K |
YoY Change | 39.2% | 876.14% |
Interest Expense | $209.6K | $3.223M |
YoY Change | -93.5% | |
% of Operating Profit | ||
Other Income/Expense, Net | $327.0K | $3.223M |
YoY Change | -89.85% | |
Pretax Income | -$214.3K | $2.834M |
YoY Change | -107.56% | -7215.94% |
Income Tax | $169.2K | |
% Of Pretax Income | ||
Net Earnings | -$383.5K | $2.834M |
YoY Change | -113.53% | -7215.4% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | ||
Diluted Earnings Per Share | -$0.04 | $94.48K |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q2 | 2022 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $144.6K | $126.5K |
YoY Change | 14.3% | 406.0% |
Cash & Equivalents | $144.6K | $126.5K |
Short-Term Investments | ||
Other Short-Term Assets | $642.5K | $571.4K |
YoY Change | 12.45% | |
Inventory | ||
Prepaid Expenses | $85.00K | $571.4K |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $787.1K | $697.9K |
YoY Change | 12.78% | 2691.56% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $29.84M | $241.3M |
YoY Change | -87.63% | |
Other Assets | $83.33K | |
YoY Change | -77.22% | |
Total Long-Term Assets | $29.84M | $241.4M |
YoY Change | -87.64% | 65874.33% |
TOTAL ASSETS | ||
Total Short-Term Assets | $787.1K | $697.9K |
Total Long-Term Assets | $29.84M | $241.4M |
Total Assets | $30.63M | $242.1M |
YoY Change | -87.35% | 61833.48% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $91.06K | $94.64K |
YoY Change | -3.79% | 55.4% |
Accrued Expenses | $549.3K | $72.44K |
YoY Change | 658.28% | -75.43% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | -100.0% | |
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $3.752M | $218.3K |
YoY Change | 1618.89% | -46.21% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $7.289M | $15.86M |
YoY Change | -54.04% | |
Total Long-Term Liabilities | $7.289M | $15.86M |
YoY Change | -54.04% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $3.752M | $218.3K |
Total Long-Term Liabilities | $7.289M | $15.86M |
Total Liabilities | $11.04M | $16.08M |
YoY Change | -31.33% | 3862.93% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$10.14M | -$15.18M |
YoY Change | -33.2% | |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$10.14M | -$15.18M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $30.63M | $242.1M |
YoY Change | -87.35% | 61833.48% |
Cashflow Statement
Concept | 2023 Q2 | 2022 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$383.5K | $2.834M |
YoY Change | -113.53% | -7215.4% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | -$646.1K | -$442.9K |
YoY Change | 45.88% | |
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$1.960K | |
YoY Change | ||
Cash From Investing Activities | -$1.960K | |
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -1.390K | 0.000 |
YoY Change | -100.0% | |
NET CHANGE | ||
Cash From Operating Activities | -646.1K | -442.9K |
Cash From Investing Activities | -1.960K | |
Cash From Financing Activities | -1.390K | 0.000 |
Net Change In Cash | -649.5K | -442.9K |
YoY Change | 46.64% | -1871.6% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$646.1K | -$442.9K |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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Document Type
DocumentType
|
10-Q | ||
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Document Quarterly Report
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|
true | ||
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Document Period End Date
DocumentPeriodEndDate
|
2023-06-30 | ||
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Document Fiscal Year Focus
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|
2023 | ||
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Document Transition Report
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|
false | ||
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Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
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Entity File Number
EntityFileNumber
|
001-40775 | ||
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Entity Tax Identification Number
EntityTaxIdentificationNumber
|
86-3386030 | ||
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Entity Address Address Line1
EntityAddressAddressLine1
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333 East 91st Street | ||
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Entity Address City Or Town
EntityAddressCityOrTown
|
New York | ||
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NY | ||
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10128 | ||
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CityAreaCode
|
(917) | ||
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Local Phone Number
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374-2922 | ||
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Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
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Entity Interactive Data Current
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Entity Filer Category
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Cash And Cash Equivalents At Carrying Value
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Preferred Stock Par Or Stated Value Per Share
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|
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|
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Cash
Cash
|
144592 | usd |
CY2022Q2 | us-gaap |
Cash
Cash
|
126504 | usd |
CY2023Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
557519 | usd |
inaq |
Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
|
-5126890 | usd | |
inaq |
Value Of Excise Tax Liability
ValueOfExciseTaxLiability
|
2156214 | usd | |
inaq |
Initial Value Of Forward Purchase Agreement Liability
InitialValueOfForwardPurchaseAgreementLiability
|
83369 | usd | |
dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2021-04-20 | ||
inaq |
Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
|
P185D | ||
CY2023Q2 | inaq |
Percentage Of Aggregate Fair Market Value Of Asset
PercentageOfAggregateFairMarketValueOfAsset
|
0.80 | pure |
inaq |
Business Acquisition Percentage Of Voting Interests To Be Acquired On Post Transaction Entity Minimum
BusinessAcquisitionPercentageOfVotingInterestsToBeAcquiredOnPostTransactionEntityMinimum
|
0.50 | pure | |
CY2023Q2 | inaq |
Percentage Of Shares Voted
PercentageOfSharesVoted
|
0.65 | pure |
CY2023Q2 | inaq |
Minimum Net Tangible Assets Upon Consummation Of Business Combination
MinimumNetTangibleAssetsUponConsummationOfBusinessCombination
|
5000001 | usd |
CY2023Q1 | inaq |
Business Combination Date Of Consummation
BusinessCombinationDateOfConsummation
|
2023-05-07 | |
CY2023Q2 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
80000 | usd |
CY2023Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
1 | |
CY2023Q2 | us-gaap |
Deposits
Deposits
|
20000 | usd |
inaq |
Redemption Exchange
RedemptionExchange
|
1847662 | shares | |
CY2023Q2 | us-gaap |
Share Price
SharePrice
|
10.05 | |
CY2022Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.01 | pure |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.01 | pure | |
CY2023Q1 | inaq |
Total Redemption Payment
TotalRedemptionPayment
|
215621387 | usd |
CY2023Q1 | us-gaap |
Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
|
2156214 | usd |
CY2023Q1 | inaq |
Percentage Of Excise Tax
PercentageOfExciseTax
|
0.01 | pure |
us-gaap |
Operating Expenses
OperatingExpenses
|
144600 | usd | |
CY2023Q2 | inaq |
Working Capital Deficit
WorkingCapitalDeficit
|
2964500 | usd |
us-gaap |
Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
|
163000 | usd | |
CY2021Q3 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
157000 | usd |
CY2021Q3 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
6000 | usd |
CY2023Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2022Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2023Q2 | us-gaap |
Restricted Cash
RestrictedCash
|
557500 | usd |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> | ||
CY2023Q2 | us-gaap |
Fair Value Concentration Of Risk Guarantees
FairValueConcentrationOfRiskGuarantees
|
250000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The preparation of condensed financial statements in conformity with 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 condensed financial statements and the reported amounts of income and expenses during the reporting period. Making estimates requires management to exercise significant judgment. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liabilities. 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 condensed 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.</p> | ||
inaq |
Maturity Days
MaturityDays
|
P185Y | ||
CY2023Q2 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
0 | usd |
CY2022Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
156593 | usd |
CY2023Q2 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
169000000 | usd |
CY2022Q2 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
0 | usd |
us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
585000 | usd | |
us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
0 | usd | |
CY2023Q2 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2023Q2 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
|
0 | usd |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
|
0 | usd |
us-gaap |
Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
|
the Company effected a 1:1.1162791 stock split of Class B common stock | ||
CY2023Q2 | us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
30000 | usd |
us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
60000 | usd | |
CY2023Q1 | inaq |
Waiver Of Underwriting Commissions
WaiverOfUnderwritingCommissions
|
5400000 | usd |
CY2023Q1 | inaq |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
8400000 | usd |
CY2023Q1 | inaq |
Gain Loss On Forgiveness Of Deferred Underwriting Fees Payable
GainLossOnForgivenessOfDeferredUnderwritingFeesPayable
|
273110 | usd |
CY2023Q1 | inaq |
Reminder Of Deferred Underwriting Commissions
ReminderOfDeferredUnderwritingCommissions
|
3000000 | usd |
CY2023Q2 | inaq |
Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
|
6600000 | usd |
CY2022Q4 | inaq |
Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
|
12000000 | usd |
CY2023Q2 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
2848607 | shares |
CY2023Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2023Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
inaq |
Redemption Payment
RedemptionPayment
|
19208848 | usd | |
CY2023Q2 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
usd | |
CY2022Q4 | inaq |
Forward Purchase Agreement Liability Non Current
ForwardPurchaseAgreementLiabilityNonCurrent
|
usd | |
us-gaap |
Business Acquisition Planned Restructuring Activities Description
BusinessAcquisitionPlannedRestructuringActivitiesDescription
|
if (x) the Company issues additional shares of Class A 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 $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Initial Stockholders or their affiliates, without taking into account any Founder Shares held by the Initial Stockholders or such 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 Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its 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. | ||
us-gaap |
Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
|
Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants): ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption; and ●if, and only if, the closing price of Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. | ||
CY2023Q2 | us-gaap |
Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
|
420000 | usd |
us-gaap |
Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
|
596000 | usd | |
CY2022Q2 | us-gaap |
Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
|
3000000 | usd |
us-gaap |
Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
|
6900000 | usd | |
us-gaap |
Other Expenses
OtherExpenses
|
300000 | usd | |
inaq |
Redemption Exchange
RedemptionExchange
|
1847662 | shares | |
CY2023Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2023Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
usd | |
CY2022Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
usd | |
CY2022Q2 | inaq |
Change In Fair Value Of Forward Purchases Agreement Liability
ChangeInFairValueOfForwardPurchasesAgreementLiability
|
usd | |
inaq |
Change In Fair Value Of Forward Purchases Agreement Liability
ChangeInFairValueOfForwardPurchasesAgreementLiability
|
usd | ||
CY2022Q2 | inaq |
Gain On Forgiveness Of Deferred Underwriting Fee Payable
GainOnForgivenessOfDeferredUnderwritingFeePayable
|
usd | |
inaq |
Gain On Forgiveness Of Deferred Underwriting Fee Payable
GainOnForgivenessOfDeferredUnderwritingFeePayable
|
usd | ||
CY2022Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | ||
CY2023Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
usd | |
inaq |
Gain On Forgiveness Of Deferred Underwriting Fee Payable
GainOnForgivenessOfDeferredUnderwritingFeePayable
|
usd | ||
inaq |
Gain Loss Change In Fair Value Of Forward Purchase Agreement Liability
GainLossChangeInFairValueOfForwardPurchaseAgreementLiability
|
usd | ||
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
usd | ||
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
usd | ||
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
usd | ||
inaq |
Cash Withdrawn From Trust Account To Pay Franchise And Income Taxes
CashWithdrawnFromTrustAccountToPayFranchiseAndIncomeTaxes
|
usd | ||
inaq |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
usd | ||
us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
usd | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
usd | ||
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
usd | ||
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
usd | ||
CY2022Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
usd | |
inaq |
Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
|
usd | ||
inaq |
Value Of Excise Tax Liability
ValueOfExciseTaxLiability
|
usd | ||
inaq |
Initial Value Of Forward Purchase Agreement Liability
InitialValueOfForwardPurchaseAgreementLiability
|
usd | ||
us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
|||
CY2023Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001862463 |