$IMAQ
International Media Acquisition Corp.

2021 Q4 Form 10-K Financial Statement

#000141057822000613 Filed on March 30, 2022

View on sec.gov

Income Statement

Concept 2021 Q4
Revenue $0.00
YoY Change
Cost Of Revenue -$10.08K
YoY Change
Gross Profit $10.08K
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $505.9K
YoY Change
Operating Profit -$495.9K
YoY Change
Interest Expense -$34.99K
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$530.8K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$530.8K
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$17.38K
COMMON SHARES
Basic Shares Outstanding 29.55M
Diluted Shares Outstanding 29.55M

Balance Sheet

Concept 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.7K
YoY Change
Cash & Equivalents $224.7K
Short-Term Investments
Other Short-Term Assets $239.0K
YoY Change
Inventory
Prepaid Expenses $239.0K
Receivables
Other Receivables
Total Short-Term Assets $463.7K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $230.0M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $230.0M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $463.7K
Total Long-Term Assets $230.0M
Total Assets $230.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $123.3K
YoY Change
Accrued Expenses $89.51K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $394.1K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $8.313M
YoY Change
Total Long-Term Liabilities $8.313M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $394.1K
Total Long-Term Liabilities $8.313M
Total Liabilities $8.707M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$8.802M
YoY Change
Common Stock $655.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.237M
YoY Change
Total Liabilities & Shareholders Equity $230.5M
YoY Change

Cashflow Statement

Concept 2021 Q4
OPERATING ACTIVITIES
Net Income -$530.8K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$167.6K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
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 -45.75K
YoY Change
NET CHANGE
Cash From Operating Activities -167.6K
Cash From Investing Activities 0.000
Cash From Financing Activities -45.75K
Net Change In Cash -213.3K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$167.6K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15189291
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6546900
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
dei Entity Central Index Key
EntityCentralIndexKey
0001846235
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
dei Amendment Flag
AmendmentFlag
false
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
imaq Common Shares Including Shares Subject To Possible Redemption Outstanding
CommonSharesIncludingSharesSubjectToPossibleRedemptionOutstanding
29546900
imaq Threshold Business Days For Redemption Of Public Shares
ThresholdBusinessDaysForRedemptionOfPublicShares
P10D
dei Document Type
DocumentType
10-K
dei Document Annual Report
DocumentAnnualReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-12-31
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-40687
dei Local Phone Number
LocalPhoneNumber
960-3677
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Registrant Name
EntityRegistrantName
INTERNATIONAL MEDIA ACQUISITION CORP.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-1627460
dei Entity Address Address Line1
EntityAddressAddressLine1
1604 US Highway 130
dei Entity Address City Or Town
EntityAddressCityOrTown
North Brunswick
dei Entity Address State Or Province
EntityAddressStateOrProvince
NJ
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
08902
dei City Area Code
CityAreaCode
212
dei Auditor Location
AuditorLocation
Tampa, FL
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
224707
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
238953
CY2021Q4 us-gaap Assets Current
AssetsCurrent
463660
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
230006777
CY2021Q4 us-gaap Assets
Assets
230470437
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
123279
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
89507
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
50000
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
dei Entity Shell Company
EntityShellCompany
true
CY2021Q2 dei Entity Public Float
EntityPublicFloat
0
CY2022Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
29546900
dei Auditor Firm
AuditorFirmId
688
dei Auditor Name
AuditorName
Marcum LLP
CY2021Q4 imaq Franchise Tax Payable
FranchiseTaxPayable
131293
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
394079
CY2021Q4 imaq Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8050000
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
262977
CY2021Q4 us-gaap Liabilities
Liabilities
8707056
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
23000000
CY2021Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
230000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6546900
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
23000000
CY2021Q4 us-gaap Common Stock Value
CommonStockValue
655
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
564600
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8801874
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-8236619
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
230470437
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
600741
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1351448
imaq Franchise Tax Expense
FranchiseTaxExpense
131293
us-gaap Operating Income Loss
OperatingIncomeLoss
-2083482
imaq Offering Costs Incurred
OfferingCostsIncurred
4926
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-199225
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
6777
us-gaap Net Income Loss
NetIncomeLoss
-1882406
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15189291
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
0
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
11644529
imaq Stock Issued During Period Value Public Rights
StockIssuedDuringPeriodValuePublicRights
6853620
imaq Stock Issued During Period Value Private Units To Sponsor
StockIssuedDuringPeriodValuePrivateUnitsToSponsor
7174000
imaq Stock Issued During Period Value Private Units To Sponsor Allocated To Private Rights
StockIssuedDuringPeriodValuePrivateUnitsToSponsorAllocatedToPrivateRights
250879
imaq Remeasurement Of Public Shares To Redemption Value
RemeasurementOfPublicSharesToRedemptionValue
-33653689
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1351448
us-gaap Net Income Loss
NetIncomeLoss
-1882406
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-8236619
us-gaap Profit Loss
ProfitLoss
-1882406
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1351448
imaq Offering Costs Incurred
OfferingCostsIncurred
4926
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
6777
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-199225
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
238953
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
89507
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
50000
imaq Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
131293
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
123279
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-576908
imaq Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
230000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-230000000
imaq Net Proceeds From Initial Public Offering
NetProceedsFromInitialPublicOffering
225400000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
7240463
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
365000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
50000
imaq Advance From Sponsor
AdvanceFromSponsor
94537
imaq Repayment Of Advance From Sponsor
RepaymentOfAdvanceFromSponsor
94537
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2153848
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
230801615
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
224707
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224707
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
33653689
imaq Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
8050000
imaq Repayment Of Promissory Note Through Issuance Of Private Units
RepaymentOfPromissoryNoteThroughIssuanceOfPrivateUnits
503537
imaq Offering Costs Paid In Exchange For Private Units
OfferingCostsPaidInExchangeForPrivateUnits
225000
imaq Deferred Offering Costs Included In Promissory Notes Related Party
DeferredOfferingCostsIncludedInPromissoryNotesRelatedParty
213537
imaq Deferred Offering Costs Paid By Sponsor In Exchange For Issuance Of Common Stock
DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfCommonStock
25000
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">International Media Acquisition Corp. (the “Company”) is a blank check company incorporated in the Delaware on January 15, 2021. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is not limited to a particular industry or geographic region (excluding China) for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the Company had not commenced any operations. All activity for the period from January 15, 2021 (inception) through December 31, 2021, related to the Company’s formation and initial public offering (“Initial Public Offering”), which is described below, and identifying a target Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest and dividend income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The registration statement filed in connection with the Company’s Initial Public Offering was declared effective on July 28, 2021. On August 2, 2021, the Company consummated the Initial Public Offering of 20,000,000 units (the “Units”), at $10.00 per Unit, generating gross proceeds of $200,000,000, which is discussed in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 714,400 units (the “Private Units”), at a price of $10.00 per Private Unit in a private placement to the Company’s sponsor, Content Creation Media LLC (the “Sponsor”), generating gross proceeds of $7,144,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On August 6, 2021, in connection with the underwriters’ exercise in full of their option to purchase up to 3,000,000 additional Units to cover over-allotments, if any, the Company consummated the sale of an additional 3,000,000 Units, generating gross proceeds of $30,000,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the exercise of the over-allotment option, the Company consummated the sale of an additional 82,500 Private Units, at a price of $10.00 per Private Unit, in a private placement to the Sponsor, generating gross proceeds of $825,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering and the sale of the Private Units, a total of $230,000,000 was placed in a trust account (the “Trust Account”) and was invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company will provide the holders (the “public stockholders”) of the shares of common stock included in the Units sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s rights or warrants. The Public Shares subject to redemption are recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 Distinguishing Liabilities from Equity (“ASC 480”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval and assuming a quorum is present at the meeting, the affirmative vote of a majority of the shares of common stock present in person or represented by proxy and entitled to vote at the meeting are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor and the other holders of the Founder Shares (as defined in Note 5) have agreed to vote their Founder Shares , their Private Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or don’t vote at all.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Public Shares, without the prior consent of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Sponsor and the other initial stockholders (as defined in Note 5) have agreed (a) to waive their redemption rights with respect to their Founder Shares, Private Shares and Public Shares held by them in connection with the completion of a Business Combination, (b) to waive their liquidation rights with respect to their Founder Shares and Private Shares if the Company fails to complete a Business Combination within 12 months (or up to 18 months if the Company extends the period of time) from the closing of the Initial Public Offering and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 12 months (or up to 18 months if the Company extends the period of time) from the closing of the Initial Public Offering, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. However, if the Sponsor and the other initial stockholders acquire Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period (as defined below).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company will have until 12 months (or up to 18 months if the Company extends the period of time) from the closing of the Initial Public Offering to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than <span style="-sec-ix-hidden:Hidden_nB0kwSwf8UmRB6wpazS-Hg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, redeem 100% of the outstanding Public Shares for a pro rata portion of the funds held in the Trust Account, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining holders of common stock and the board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s rights and warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The underwriters have agreed to waive their rights to their deferred underwriting commissions (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets, in each case less taxes payable, provided that such liability will not apply to any claims by a third-party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the Company had $224,707 in cash and a working capital surplus of $49,343. Prior to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statement. The Company has since completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since reevaluated the Company’s liquidity and financial condition and determined that sufficient capital exists to sustain operations one year from the date this financial statement is issued and therefore substantial doubt has been alleviated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a prospective target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
CY2021Q1 imaq Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2021Q4 imaq Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
imaq Redemption Limit Percentage Without Prior Consent
RedemptionLimitPercentageWithoutPriorConsent
20
imaq Months To Complete Acquisition
MonthsToCompleteAcquisition
12
imaq Maximum Extended Months To Complete Acquisition
MaximumExtendedMonthsToCompleteAcquisition
P18M
imaq Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
imaq Months To Complete Acquisition
MonthsToCompleteAcquisition
12
imaq Maximum Extended Months To Complete Acquisition
MaximumExtendedMonthsToCompleteAcquisition
P18M
imaq Months To Complete Acquisition
MonthsToCompleteAcquisition
12
imaq Maximum Extended Months To Complete Acquisition
MaximumExtendedMonthsToCompleteAcquisition
P18M
imaq Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
100
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
224707
CY2021Q4 imaq Working Capital Surplus
WorkingCapitalSurplus
49343
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 from those estimates.</p>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
imaq Assets Held In Trust Account Maturity Period
AssetsHeldInTrustAccountMaturityPeriod
P180D
imaq Proceeds From Issuance Of Temporary Equity
ProceedsFromIssuanceOfTemporaryEquity
230000000
imaq Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
-12466000
imaq Temporary Equity Proceeds Allocated To Rights
TemporaryEquityProceedsAllocatedToRights
-7337000
imaq Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
-13850689
imaq Remeasurement Of Carrying Value To Redemption Value
RemeasurementOfCarryingValueToRedemptionValue
33653689
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
230000000
imaq Payments For Certain Management Consulting And Corporate Advisory Services
PaymentsForCertainManagementConsultingAndCorporateAdvisoryServices
2875000
imaq Percentage Of Fee Based On Target Introduced In Business Combination
PercentageOfFeeBasedOnTargetIntroducedInBusinessCombination
0.005
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17847675
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2021Q4 imaq Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
2
imaq Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.20
imaq Underwriter Cash Discount
UnderwriterCashDiscount
4600000
CY2021Q4 imaq Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2021Q4 imaq Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8050000
imaq Period For Right Of First Refusal To Act As Book Running Manager After Date Of Consummation Of Business Combination
PeriodForRightOfFirstRefusalToActAsBookRunningManagerAfterDateOfConsummationOfBusinessCombination
P18M
imaq Percentage Of Economics For Future Public And Private Equity And Debt Offerings
PercentageOfEconomicsForFuturePublicAndPrivateEquityAndDebtOfferings
0.30
imaq Agreed To Pay Maximum Amount Subject To Successfully Completing Business Combination
AgreedToPayMaximumAmountSubjectToSuccessfullyCompletingBusinessCombination
400000
imaq Agreed To Pay Uncomplete Business Combination Within Combination Period
AgreedToPayUncompleteBusinessCombinationWithinCombinationPeriod
40000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
20000
imaq Payments Upon Signing Engagement Agreement
PaymentsUponSigningEngagementAgreement
40000
imaq Payments Upon Initial Confidential Filing Of Registration Statement
PaymentsUponInitialConfidentialFilingOfRegistrationStatement
35000
imaq Payments Upon Consummation Of Initial Business Combination
PaymentsUponConsummationOfInitialBusinessCombination
1650000
imaq Reimbursement Of Out Of Pocket Expenses
ReimbursementOfOutOfPocketExpenses
25000
imaq Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2021Q4 imaq Number Of Warrants Issued
NumberOfWarrantsIssued
23796900
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 imaq Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
imaq Common Shares Including Shares Subject To Possible Redemption Issued
CommonSharesIncludingSharesSubjectToPossibleRedemptionIssued
29546900
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
23000000
imaq Class Of Warrant Or Right Number Of Rights In Multiples Required To Receive Shares
ClassOfWarrantOrRightNumberOfRightsInMultiplesRequiredToReceiveShares
20
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
230006777
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
414352
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
462202
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-199225
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
262977
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2021Q4 imaq Deferred Tax Asset Start Up Costs
DeferredTaxAssetStartUpCosts
165204
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
34242
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
199446
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
199446
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-152304
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-47412
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
199446
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
199446
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q4 imaq Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrant Liability
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantLiability
2.91
CY2021Q4 imaq Effective Income Tax Rate Reconciliation Expensed Offering Costs
EffectiveIncomeTaxRateReconciliationExpensedOfferingCosts
-0.07
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.1060
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.1974
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0000

Files In Submission

Name View Source Status
0001410578-22-000613-index-headers.html Edgar Link pending
0001410578-22-000613-index.html Edgar Link pending
0001410578-22-000613.txt Edgar Link pending
0001410578-22-000613-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
imaq-20211231.xsd Edgar Link pending
imaq-20211231x10k.htm Edgar Link pending
imaq-20211231x10k_htm.xml Edgar Link completed
imaq-20211231xex10d13.htm Edgar Link pending
imaq-20211231xex10d13001.jpg Edgar Link pending
imaq-20211231xex10d14.htm Edgar Link pending
imaq-20211231xex21d1.htm Edgar Link pending
imaq-20211231xex31d1.htm Edgar Link pending
imaq-20211231xex31d2.htm Edgar Link pending
imaq-20211231xex32d1.htm Edgar Link pending
imaq-20211231xex32d2.htm Edgar Link pending
imaq-20211231xex4d7.htm Edgar Link pending
imaq-20211231_cal.xml Edgar Link unprocessable
imaq-20211231_def.xml Edgar Link unprocessable
imaq-20211231_lab.xml Edgar Link unprocessable
imaq-20211231_pre.xml Edgar Link unprocessable
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending