2023 Q1 Form 10-K Financial Statement

#000121390023024857 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $18.24M $0.00 $0.00
YoY Change
Cost Of Revenue $23.13M $75.51M
YoY Change 17.17% -24.72%
Gross Profit -$4.890M $10.43M
YoY Change 285.04% -137.57%
Gross Profit Margin -26.82%
Selling, General & Admin $8.780M $14.87M
YoY Change 194.63% 60.06%
% of Gross Profit 142.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $296.0K $820.0K $1.070M
YoY Change 19.35% 27.38%
% of Gross Profit 10.26%
Operating Expenses $9.070M $2.087M $5.024M
YoY Change 2507.3% 364.15% 922.55%
Operating Profit -$13.96M -$5.024M
YoY Change 210.29% -82.22%
Interest Expense -$279.0K $2.847M $4.834M
YoY Change -1117.88% 50738.93% 83241.21%
% of Operating Profit
Other Income/Expense, Net -$6.269M $0.00 $0.00
YoY Change -4042.77% -100.0% -100.0%
Pretax Income -$20.23M $759.6K -$190.4K
YoY Change 6213.42% -377.14% -39.65%
Income Tax $3.200M -$20.00K
% Of Pretax Income
Net Earnings -$9.360M $759.6K -$190.4K
YoY Change 2820.85% -377.14% -39.65%
Net Earnings / Revenue -51.33%
Basic Earnings Per Share -$0.64
Diluted Earnings Per Share -$0.64 $0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 84.17M shares
Diluted Shares Outstanding 15.22M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.80M $14.93K $14.93K
YoY Change 28474.92% -95.85% -95.85%
Cash & Equivalents $46.80M $14.93K $25.76M
Short-Term Investments
Other Short-Term Assets $4.800M $335.9K $335.9K
YoY Change 838.64% -29.37% -29.37%
Inventory
Prepaid Expenses $335.9K
Receivables $2.308M $1.302M $8.280M
Other Receivables $0.00 $0.00
Total Short-Term Assets $65.60M $350.8K $350.8K
YoY Change 9616.52% -57.99% -57.99%
LONG-TERM ASSETS
Property, Plant & Equipment $29.45M $21.18M $26.01M
YoY Change 238.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $334.6M $334.6M
YoY Change 1.47% 1.47%
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Long-Term Assets $34.10M $334.6M $334.6M
YoY Change -89.67% 1.37% 1.37%
TOTAL ASSETS
Total Short-Term Assets $65.60M $350.8K $350.8K
Total Long-Term Assets $34.10M $334.6M $334.6M
Total Assets $99.71M $334.9M $334.9M
YoY Change -69.85% 1.22% 1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.90M $6.520M
YoY Change 126.39%
Accrued Expenses $800.0K $3.696M $3.696M
YoY Change 169.71% 1592.08% 1592.08%
Deferred Revenue $50.07M $56.66M
YoY Change
Short-Term Debt $0.00 $112.5K $112.5K
YoY Change 10817.48% 10817.48%
Long-Term Debt Due $16.10M $16.10M $16.10M
YoY Change 32.95%
Total Short-Term Liabilities $108.1M $4.433M $4.433M
YoY Change 36329.1% 1920.16% 1920.19%
LONG-TERM LIABILITIES
Long-Term Debt $3.868M $3.863M $0.00
YoY Change
Other Long-Term Liabilities $4.000K $0.00 $0.00
YoY Change -99.97% -100.0% -100.0%
Total Long-Term Liabilities $3.872M $3.863M $0.00
YoY Change -66.45% -66.53% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $108.1M $4.433M $4.433M
Total Long-Term Liabilities $3.872M $3.863M $0.00
Total Liabilities $220.9M $4.433M $4.433M
YoY Change 1765.63% -62.3% -62.3%
SHAREHOLDERS EQUITY
Retained Earnings -$870.5M -$505.9K
YoY Change 60.35%
Common Stock $139.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$883.3M $9.787M $330.5M
YoY Change
Total Liabilities & Shareholders Equity $99.71M $334.9M $334.9M
YoY Change -69.85% 1.22% 1.22%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$9.360M $759.6K -$190.4K
YoY Change 2820.85% -377.14% -39.65%
Depreciation, Depletion And Amortization $296.0K $820.0K $1.070M
YoY Change 19.35% 27.38%
Cash From Operating Activities -$18.67M -$504.5K -$969.7K
YoY Change 9431.74% 82.02% -19.5%
INVESTING ACTIVITIES
Capital Expenditures $8.565M $16.03M $16.41M
YoY Change 2171.88% 416.04%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$8.565M $0.00
YoY Change 2171.88% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $48.27M 500.0K $625.0K
YoY Change 1053.08% -98.32% -99.81%
NET CHANGE
Cash From Operating Activities -$18.67M -504.5K -$969.7K
Cash From Investing Activities -$8.565M 0.000
Cash From Financing Activities $48.27M 500.0K $625.0K
Net Change In Cash $21.04M -4.510K -$344.7K
YoY Change -10842.48% -98.37% -195.85%
FREE CASH FLOW
Cash From Operating Activities -$18.67M -$504.5K -$969.7K
Capital Expenditures $8.565M $16.03M $16.41M
Free Cash Flow -$27.23M -$16.53M -$17.38M
YoY Change 4653.77% 296.38%

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CY2022 ipax Consideration And Structure Description
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In particular, the business combination consideration received by the Intuitive Machines Members comprised of an aggregate of (a) (i) 68,125,987 Intuitive Machines OpCo Common Units, (ii) 1,874,013 Intuitive Machines OpCo Options and (iii) 10,000,000 Earn Out Units and (b) (i) 278 shares of New Intuitive Machines Class B Common Stock (excluding 1,874,013 shares of New Intuitive Machines Class B Common Stock reserved for issuance upon exercise of Intuitive Machines OpCo Options) and (ii) 68,125,709 shares of New Intuitive Machines Class C Common Stock (excluding 10,000,000 shares of New Intuitive Machines Class C Common Stock reserved for issuance upon vesting of the Earn Out Units).The 10,000,000 Earn Out Units received by the applicable Intuitive Machines Members are subject to vesting and will be earned, released and delivered upon satisfaction of the following milestones: (i) 2,500,000 Earn Out Units will vest if, during the Earn Out Period (as defined below), Intuitive Machines is awarded the OMES III Contract by NASA (“Triggering Event I”), (ii) 5,000,000 Earn Out Units will vest if, within the Earn Out Period, Triggering Event I occurs and the volume weighted average closing sale price of New Intuitive Machines Class A Common Stock equals or exceeds $15.00 per share (“Triggering Event II-A”), (iii) 7,500,000 Earn Out Units will vest if, within the Earn Out Period, Triggering Event I has not occurred and the volume weighted average closing sale price of New Intuitive Machines Class A Common Stock equals or exceeds $15.00 per share (“Triggering Event II-B”), and (iv) 2,500,000 Earn Out Units will vest if, within the Earn Out Period, Triggering Event III occurs the volume weighted average closing sale price of New Intuitive Machines Class A Common Stock equals or exceeds $17.50 per share (“Triggering Event III”), provided, that Triggering Event II-A and Triggering Event II-B may not both be achieved. “Earn Out Period” means (i) with respect to Triggering Event I, the time period beginning on September 16, 2022 and ending at 11:59 pm ET on December 31, 2023, and (ii) with respect to Triggering Event II-A, Triggering Event II-B and Triggering Event III, the time period beginning on the date that is 150 days following the date of Closing and ending on the date that is the five (5) year anniversary of the date of Closing. If a Change of Control (as defined in the Business Combination Agreement) occurs during the Earn Out Period that results in the holders of New Intuitive Machines Class A Common Stock receiving a per share price greater than or equal to $15.00 or $17.50, respectively, then immediately prior to the consummation of such Change of Control, to the extent not previously triggered, then Triggering Event II-A or Triggering Event II-B will be deemed to have occurred, as applicable, and the applicable Earn Out Units shall vest. 
CY2022 ipax Public Shares Held In Trust Account Description
PublicSharesHeldInTrustAccountDescription
the expiration of the applicable lock-up period, holders of certain Intuitive Machines OpCo Common Units will be permitted to exchange such Intuitive Machines OpCo Common Units (along with the cancellation of the paired share of New Intuitive Machines Class B Common Stock or share of New Intuitive Machines Class C Common Stock) for shares of New Intuitive Machines Class A Common Stock on a one-for-one basis pursuant to the second amended and restated limited liability company agreement of Intuitive Machines OpCo (the “Second A&R Operating Agreement”) (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications) or, at the election of New Intuitive Machines (determined by a majority of the directors of New Intuitive Machines who are disinterested with respect to such determination), cash from a substantially concurrent public offering or private sale in an amount equal to the net amount, on a per share basis, of cash received as a result of such public offering or private sale.
CY2022Q3 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
26000 shares
CY2022Q3 ipax Cumulative Convertible Stock Percentage
CumulativeConvertibleStockPercentage
0.10 pure
CY2022Q3 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
541667 usd
CY2022Q3 us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
15
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.85 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.85 pure
CY2022 ipax Tra Holdings Rate Tax Percentage
TRAHoldingsRateTaxPercentage
0.05 pure
CY2022Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
169200000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
147200000 usd
CY2022 ipax Purchase Price
PurchasePrice
10
CY2022Q4 us-gaap Defined Benefit Plan Amounts Recognized In Balance Sheet
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
99700000 usd
CY2022Q3 ipax New Issue
NewIssue
50000000 usd
CY2022Q3 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
100000 shares
CY2022 us-gaap Net Shares Reclassified To Mandatorily Redeemable Capital Stock Shares
NetSharesReclassifiedToMandatorilyRedeemableCapitalStockShares
2900000 shares
CY2022Q4 ipax Operating Bank Account
OperatingBankAccount
14932 usd
CY2022Q4 ipax Working Capital
WorkingCapital
4082477 usd
CY2021Q3 ipax Aggregate Loans
AggregateLoans
250000 usd
CY2022Q1 ipax Working Capital
WorkingCapital
500000 usd
CY2022 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 Working Capital 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 December 31, 2022, there was $625,000 outstanding under the Working Capital Note.
CY2022 ipax Gross Proceeds
GrossProceeds
34000000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></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">The preparation of the financial statements in conformity with U.S. 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.</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">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. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of credit risk</b></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">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
CY2022 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivative Financial Instruments</b></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">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 statements of operations. Derivative assets and liabilities are classified in the 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.</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">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 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).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q4 ipax Transaction Costs Amounted
TransactionCostsAmounted
26658313 usd
CY2022Q4 ipax Underwriting Commissions
UnderwritingCommissions
4595000 usd
CY2022Q4 ipax Deferred Underwriting Commissions
DeferredUnderwritingCommissions
11541250 usd
CY2022 ipax Excess Fair Value Of Founder Shares
ExcessFairValueOfFounderShares
9680125 usd
CY2022Q4 ipax Other Offering Costs
OtherOfferingCosts
841938 usd
CY2022 ipax Allocation For Overallotment Option
AllocationForOverallotmentOption
23439 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
329750000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
13869890 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
CY2022 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
4839588 usd
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
320719698 usd
CY2021Q3 ipax Initial Business Combination Expire
InitialBusinessCombinationExpire
P5Y
CY2021Q4 ipax Aggregate Gross Proceeds
AggregateGrossProceeds
29750000 usd
CY2022Q4 us-gaap Common Stocks Including Additional Paid In Capital Net Of Discount
CommonStocksIncludingAdditionalPaidInCapitalNetOfDiscount
595000 usd
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.35
CY2022 ipax Aggregate Amount
AggregateAmount
11541250 usd
CY2022Q4 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
11541250 usd
CY2022 ipax Fees Amount
FeesAmount
0 usd
ipax Fees Amount
FeesAmount
11541250 usd
ipax Public Warrants Outstanding Shares
PublicWarrantsOutstandingShares
16487500 shares
CY2022 ipax Public Warrants Outstanding Shares
PublicWarrantsOutstandingShares
16487500 shares
CY2022 ipax Private Warrants Outstanding Shares
PrivateWarrantsOutstandingShares
6845000 shares
ipax Private Warrants Outstanding Shares
PrivateWarrantsOutstandingShares
6845000 shares
CY2022 ipax Initial Business Combination Expire
InitialBusinessCombinationExpire
P5Y
CY2022 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 it sends the notice of redemption to the warrant holders.  
CY2022 ipax Aggregate Purchase Price Amount
AggregatePurchasePriceAmount
6250000 usd
CY2021Q4 ipax Gross Proceeds
GrossProceeds
595000 usd
CY2021Q4 ipax Sponsor Forfeited
SponsorForfeited
381250 shares
CY2022 ipax Fair Value Of Founder Shares
FairValueOfFounderShares
9680000 usd
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
5.96
CY2021Q3 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
188805 usd
CY2021Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
250000 usd
CY2022 ipax Description Of Working Capital Note
DescriptionOfWorkingCapitalNote
Up to an aggregate of $1,500,000 outstanding under the Working Capital Loans may be convertible into warrants to purchase Class A ordinary shares at a conversion price of $1.00 per warrant at the option of the lender, 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. If the Company completes an Initial Business Combination, the Company would repay the Working Capital Loans, unless they are converted into warrants. In the event that an Initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans.
CY2022 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 Working Capital 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.
CY2022Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
625000 usd
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
0 usd
CY2021Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
15000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
180000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
48000 usd
CY2022 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
150000 usd
us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
40000 usd
CY2022 ipax Fee Amount
FeeAmount
41667 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
CY2022Q4 us-gaap Due To Other Related Parties Noncurrent
DueToOtherRelatedPartiesNoncurrent
189980 usd
CY2021Q4 us-gaap Due To Other Related Parties Noncurrent
DueToOtherRelatedPartiesNoncurrent
63678 usd
CY2022 ipax Registration Rights Description
RegistrationRightsDescription
Pursuant to the registration rights agreement and assuming $1,500,000 of Working Capital Loans are converted into additional warrants, the Company will be obligated to register up to 21,588,750 Class A ordinary shares and 8,345,000 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 warrants issuable upon conversion of Working Capital Loans. The number of warrants includes 6,845,000 Private Placement Warrants and 1,500,000 additional warrants issuable upon the conversion of Working Capital Loans.
CY2021Q3 ipax Underwriting Discount
UnderwritingDiscount
0.02 pure
CY2021Q3 ipax Underwriting Discountvalue
UnderwritingDiscountvalue
4000000 usd
CY2021Q3 ipax Aggregate Units
AggregateUnits
10000000 shares
CY2022 ipax Deferred Underwriting Discount
DeferredUnderwritingDiscount
0.035 pure
CY2022Q4 ipax Deferred Underwriting Commission
DeferredUnderwritingCommission
11541250 usd
CY2022Q4 us-gaap Other Additional Capital
OtherAdditionalCapital
11541250 usd
CY2022 ipax Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
0 usd
ipax Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
11541250 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 ipax Ordinary Share Subject To Possible Redemption
OrdinaryShareSubjectToPossibleRedemption
31588011 shares
CY2021Q4 ipax Purchase An Additional Units
PurchaseAnAdditionalUnits
2975000 shares
CY2021Q4 ipax Share Per Value
SharePerValue
10 shares
CY2021Q4 us-gaap Share Price
SharePrice
10
CY2021Q3 us-gaap Share Price
SharePrice
10
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
10
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
10
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.045 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.044 pure
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y10D
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y1M13D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
ipax Proceeds From Working Capital Loan
ProceedsFromWorkingCapitalLoan
usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0008 pure
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0006 pure
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
281301 usd
ipax Change In Fair Value Of Derivative Warrant Liabilities
ChangeInFairValueOfDerivativeWarrantLiabilities
-148449 usd
ipax Fair Value Of Expired Overallotment Option
FairValueOfExpiredOverallotmentOption
-45022 usd
ipax Elimination Of Overallotment Liability
EliminationOfOverallotmentLiability
-87830 usd
CY2022 us-gaap Subsequent Event Description
SubsequentEventDescription
the Company’s extraordinary general meeting held on February 8, 2023, 27,481,818 holders of IPAX Class A Ordinary Shares exercised their right to redeem those shares for cash at a price of approximately $10.1843 per share, for an aggregate of $279,884,314 (the “Redemptions”). As previously announced, on February 9, 2023, IPAX and Intuitive Machines OpCo entered into separate agreements (each, a “Forward Purchase Agreement”, and together, the “Forward Purchase Agreements”) with each of Polar Multi-Strategy Master Fund (“Polar”) and The HGC Fund LP (“HGC” and, each of Polar and HGC, individually, a “Seller” and, together, the “Sellers”) for over-the-counter Equity Prepaid Forward Transactions, pursuant to which each Seller agreed to hold, and waive any redemption rights with respect to, a maximum of 1,250,000 Cayman Class A Shares in connection with the closing of the Business Combination. Each Seller, acting separately and solely for its own account, was entitled to (i) reverse its previous election to redeem its Cayman Class A Shares in connection with the Business Combination or (ii) purchase Cayman Class A Shares through a broker in the open market from holders of Cayman Class A Shares (other than IPAX), including from holders who had previously elected to redeem their Cayman Class A Shares in connection with the Business Combination, such that, in the aggregate, such Seller owned up to 1,250,000 Cayman Class A Shares as of the Closing Date.
CY2022Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
usd
CY2022Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
usd
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
usd
CY2022 ipax Formation Cost Paid By The Sponsor In Exchange For Issuance Of Class B Ordinary Shares
FormationCostPaidByTheSponsorInExchangeForIssuanceOfClassBOrdinaryShares
usd
CY2022 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
usd
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2022 us-gaap Gain Loss On Sale Of Project
GainLossOnSaleOfProject
usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
usd
CY2022 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
CY2022 us-gaap Stock Issued1
StockIssued1
usd
CY2022 ipax Deferred Offering Cost Paid By Related Party
DeferredOfferingCostPaidByRelatedParty
usd
CY2022 ipax Capital Contribution For Excess Fair Value Of Class B Shares Sold By The Sponsor To Anchor Investor
CapitalContributionForExcessFairValueOfClassBSharesSoldByTheSponsorToAnchorInvestor
usd
CY2022 ipax Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
usd
us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
usd
CY2022 ipax Accrued Offering Costs
AccruedOfferingCosts
usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001844452

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