2022 Q2 Form 10-Q Financial Statement
#000121390022047411 Filed on August 12, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | $19.74M | ||
YoY Change | |||
Gross Profit | -$1.270M | ||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.980M | ||
YoY Change | |||
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $259.0K | $248.0K | |
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $577.0K | $347.9K | $449.7K |
YoY Change | 2801.06% | ||
Operating Profit | -$577.0K | -$4.500M | |
YoY Change | 15189.45% | ||
Interest Expense | $468.3K | $27.41K | $5.600K |
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $19.00K | $159.0K | $170.0K |
YoY Change | |||
Pretax Income | -$108.7K | -$320.5K | -$274.1K |
YoY Change | 446.41% | ||
Income Tax | $400.0K | $1.000K | |
% Of Pretax Income | |||
Net Earnings | -$108.7K | -$320.5K | -$274.1K |
YoY Change | 2779.7% | 1888.67% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$2.637K | -$7.775K | -$16.31K |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $2.630K | $163.8K | $359.6K |
YoY Change | |||
Cash & Equivalents | $2.632K | $9.054M | $359.6K |
Short-Term Investments | |||
Other Short-Term Assets | $486.4K | $511.4K | $475.5K |
YoY Change | 1.32% | ||
Inventory | |||
Prepaid Expenses | $486.4K | $475.5K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $489.0K | $675.2K | $835.1K |
YoY Change | 1.87% | ||
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $330.3M | $329.8M | $329.8M |
YoY Change | |||
Other Assets | $103.4K | $215.3K | $326.0K |
YoY Change | |||
Total Long-Term Assets | $330.4M | $330.0M | $330.1M |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $489.0K | $675.2K | $835.1K |
Total Long-Term Assets | $330.4M | $330.0M | $330.1M |
Total Assets | $330.8M | $330.7M | $330.9M |
YoY Change | 68817.21% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | $548.1K | $296.6K | $218.4K |
YoY Change | 80.02% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $27.50K | $0.00 | $1.030K |
YoY Change | -83.87% | ||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $575.6K | $296.6K | $219.5K |
YoY Change | 21.19% | ||
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $11.54M | $11.54M | $11.54M |
YoY Change | |||
Total Long-Term Liabilities | $11.54M | $11.54M | $11.54M |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $575.6K | $296.6K | $219.5K |
Total Long-Term Liabilities | $11.54M | $11.54M | $11.54M |
Total Liabilities | $12.12M | $11.84M | $11.76M |
YoY Change | 2451.23% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$744.6K | -$315.5K | |
YoY Change | |||
Common Stock | $139.00 | $139.00 | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $2.345M | $318.8M | $3.276M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $330.8M | $330.7M | $330.9M |
YoY Change | 68817.21% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$108.7K | -$320.5K | -$274.1K |
YoY Change | 2779.7% | 1888.67% | |
Depreciation, Depletion And Amortization | $259.0K | $248.0K | |
YoY Change | |||
Cash From Operating Activities | -$161.2K | -$195.8K | -$277.2K |
YoY Change | |||
INVESTING ACTIVITIES | |||
Capital Expenditures | $377.0K | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$29.75M | ||
YoY Change | |||
Cash From Investing Activities | -$377.0K | -$29.75M | |
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 | $4.186M | 29.75M | |
YoY Change | |||
NET CHANGE | |||
Cash From Operating Activities | -161.2K | -195.8K | -277.2K |
Cash From Investing Activities | -$377.0K | -29.75M | |
Cash From Financing Activities | $4.186M | 29.75M | |
Net Change In Cash | -161.2K | -195.8K | -277.2K |
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | -$161.2K | -$195.8K | -$277.2K |
Capital Expenditures | $377.0K | ||
Free Cash Flow | -$572.8K | ||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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Commitments And Contingencies
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Increase Decrease In Other Noncurrent Assets
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Document Type
DocumentType
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10-Q | ||
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Document Period End Date
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2022-06-30 | ||
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2022 | ||
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INFLECTION POINT ACQUISITION CORP. | ||
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E9 | ||
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Entity File Number
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001-40823 | ||
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34 East 51st Street | ||
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5th Floor | ||
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New York | ||
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NY | ||
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Entity Address Postal Zip Code
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10022 | ||
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(212) | ||
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Class A ordinary shares, par value $0.0001 per share | ||
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IPAX | ||
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NASDAQ | ||
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Ordinary Share Subject To Possible Redemption
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Formation Cost Paid By The Sponsor In Exchange For Issuance Of Class B Ordinary Shares
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Founder Shares Price Per Share
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Excess Fair Value Of Founder Shares
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|
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Allocation For Overallotment Option
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Allocated Temporary Equity
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Ordinary Shares Not Subject To Redemption
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Sale Of Units Price Per Share
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|
10 | |
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Redeem Public Share Percentage
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|
1 | pure | |
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Public Shares Held In Trust Account Description
PublicSharesHeldInTrustAccountDescription
|
The Sponsor has agreed that it will 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 entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) 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, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. | ||
CY2022Q2 | ipax |
Operating Bank Account
OperatingBankAccount
|
2632 | usd |
CY2022Q2 | ipax |
Working Capital
WorkingCapital
|
86518 | usd |
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Aggregate Loans
AggregateLoans
|
250000 | usd |
CY2022Q1 | ipax |
Working Capital
WorkingCapital
|
500000 | usd |
CY2022Q2 | ipax |
Cash Held Outside The Trust Account
CashHeldOutsideTheTrustAccount
|
2632 | usd |
ipax |
Warrant Description
WarrantDescription
|
The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert up to $1,000,000 outstanding under the Note into warrants to purchase Class A ordinary shares at a conversion price of $1.00 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. As of August 12, 2022, there were no amounts outstanding under the Note. | ||
us-gaap |
Substantial Doubt About Going Concern Conditions Or Events
SubstantialDoubtAboutGoingConcernConditionsOrEvents
|
These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of these unaudited condensed financial statements. | ||
us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
13869890 | usd | |
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Deferred Underwriting Discount
DeferredUnderwritingDiscount
|
0.035 | pure | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The preparation of the financial statements in conformity with US 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 financial statements and the reported amounts of expenses during the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Making estimates requires management to exercise significant judgement. 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 significantly from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Concentration of credit risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Financial instruments that potentially subject the Company to concentration 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | ||
us-gaap |
Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
|
250000 | usd | |
us-gaap |
Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Derivative Financial Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statements of operations. Derivative assets and liabilities are classified in the condensed balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed statements of operations. The Company has analyzed the Public Warrants and Private Placement Warrants and determined they meet all of the requirements for equity classification under ASC 815 (see Notes 3 and 4).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> | ||
CY2022Q2 | ipax |
Transaction Costs Amounted
TransactionCostsAmounted
|
26658313 | usd |
CY2022Q2 | ipax |
Underwriting Commissions
UnderwritingCommissions
|
4595000 | usd |
CY2022Q2 | ipax |
Deferred Underwriting Commissions
DeferredUnderwritingCommissions
|
11541250 | usd |
ipax |
Excess Fair Value Of Founder Shares
ExcessFairValueOfFounderShares
|
9680125 | usd | |
CY2022Q2 | ipax |
Other Offering Costs
OtherOfferingCosts
|
841938 | usd |
ipax |
Allocation For Overallotment Option
AllocationForOverallotmentOption
|
23439 | usd | |
us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
329750000 | usd | |
ipax |
Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
|
-11995753 | usd | |
ipax |
Overallotment Liability
OverallotmentLiability
|
281301 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
-24538134 | usd | |
us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
36815188 | usd | |
CY2021Q4 | us-gaap |
Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
|
315880110 | usd |
us-gaap |
Temporary Equity Other Changes
TemporaryEquityOtherChanges
|
501556 | usd | |
CY2022Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
316381666 | usd |
CY2021Q3 | ipax |
Initial Business Combination Expire
InitialBusinessCombinationExpire
|
P5Y | |
CY2021Q4 | ipax |
Aggregate Gross Proceeds
AggregateGrossProceeds
|
29750000 | usd |
ipax |
Additional Underwriting Fee
AdditionalUnderwritingFee
|
11541250 | usd | |
ipax |
Public Warrants Outstanding Shares
PublicWarrantsOutstandingShares
|
16487500 | shares | |
ipax |
Public Warrants Outstanding Shares
PublicWarrantsOutstandingShares
|
16487500 | shares | |
ipax |
Private Warrants Outstanding Shares
PrivateWarrantsOutstandingShares
|
6845000 | shares | |
ipax |
Private Warrants Outstanding Shares
PrivateWarrantsOutstandingShares
|
6845000 | shares | |
ipax |
Initial Business Combination Expire
InitialBusinessCombinationExpire
|
P5Y | ||
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
usd | ||
ipax |
Redemption Of Warrants Description
RedemptionOfWarrantsDescription
|
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the warrants become exercisable, the Company may redeem the outstanding 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 (the “30-day redemption period”); and ●if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrant holders. | ||
ipax |
Equity Proceeds Percentage
EquityProceedsPercentage
|
0.60 | pure | |
ipax |
Aggregate Purchase Price Amount
AggregatePurchasePriceAmount
|
6250000 | usd | |
CY2021Q4 | ipax |
Gross Proceeds
GrossProceeds
|
595000 | usd |
ipax |
Fair Value Of Founder Shares
FairValueOfFounderShares
|
9680000 | usd | |
CY2022Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
5.96 | |
CY2021Q3 | us-gaap |
Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
|
188805 | usd |
CY2022Q1 | us-gaap |
Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
|
500000 | usd |
us-gaap |
Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
|
The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert up to $1,000,000 outstanding under the Note into warrants to purchase Class A ordinary shares at a conversion price of $1.00 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. As of August 12, 2022, there were no amounts outstanding under the Note. | ||
CY2022Q2 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
45000 | usd |
us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
90000 | usd | |
CY2022Q2 | ipax |
Compensation Services
CompensationServices
|
37500 | usd |
ipax |
Compensation Services
CompensationServices
|
75000 | usd | |
CY2022Q2 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
12500 | usd |
CY2021Q3 | ipax |
Aggregate Units
AggregateUnits
|
10000000 | shares |
CY2021Q3 | ipax |
Underwriting Discount
UnderwritingDiscount
|
0.02 | pure |
CY2021Q3 | ipax |
Underwriting Discountvalue
UnderwritingDiscountvalue
|
4000000 | usd |
ipax |
Registration Rights Description
RegistrationRightsDescription
|
Pursuant to the registration rights agreement and assuming $1,500,000 of working capital loans are converted into additional Private Placement Warrants, the Company will be obligated to register up to 21,588,750 Class A ordinary shares and 8,345,000 Private Placement Warrants. The number of Class A ordinary shares includes (i) 8,243,750 Class A ordinary shares to be issued upon conversion of the Founder Shares, (ii) 5,000,000 Forward Purchase Shares, (iii) 6,845,000 Class A ordinary shares underlying the Private Placement Warrants and (iv) 1,500,000 Class A ordinary shares underlying the Private Placement Warrants issuable upon conversion of working capital loans. The number of warrants includes 6,845,000 Private Placement Warrants and 1,500,000 additional Private Placement Warrants issuable upon the conversion of working capital loans. | ||
CY2022Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2022Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q2 | ipax |
Ordinary Share Subject To Possible Redemption
OrdinaryShareSubjectToPossibleRedemption
|
31588011 | shares |
CY2022Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2022Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2022Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2022Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2021Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
usd | |
us-gaap |
Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
|
usd | ||
CY2021Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
usd | |
ipax |
Formation Cost Paid By The Sponsor In Exchange For Issuance Of Class B Ordinary Shares
FormationCostPaidByTheSponsorInExchangeForIssuanceOfClassBOrdinaryShares
|
usd | ||
ipax |
Operating Costs Paid By Related Party
OperatingCostsPaidByRelatedParty
|
usd | ||
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
usd | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
usd | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
usd | ||
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
usd | |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
usd | |
us-gaap |
Stock Issued1
StockIssued1
|
usd | ||
ipax |
Deferred Offering Cost Paid By Related Party
DeferredOfferingCostPaidByRelatedParty
|
usd | ||
ipax |
Accrued Offering Costs
AccruedOfferingCosts
|
usd | ||
ipax |
Accretion Of Class A Ordinary Shares Subject To Possible Redemptionin Shares
AccretionOfClassAOrdinarySharesSubjectToPossibleRedemptioninShares
|
usd | ||
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
|
0001844452 |