2023 Q1 Form 10-K Financial Statement
#000121390023024857 Filed on March 31, 2023
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% |
Facts In Submission
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-344678 | usd |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
359610 | usd | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
359610 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
14932 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
359610 | usd |
us-gaap |
Stock Issued1
StockIssued1
|
13612 | usd | |
ipax |
Deferred Offering Cost Paid By Related Party
DeferredOfferingCostPaidByRelatedParty
|
180305 | usd | |
ipax |
Capital Contribution For Excess Fair Value Of Class B Shares Sold By The Sponsor To Anchor Investor
CapitalContributionForExcessFairValueOfClassBSharesSoldByTheSponsorToAnchorInvestor
|
9680125 | usd | |
ipax |
Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
|
11541250 | usd | |
CY2022 | ipax |
Accretion Of Class A Ordinary Shares Subject To Possible Redemptionin Shares
AccretionOfClassAOrdinarySharesSubjectToPossibleRedemptioninShares
|
4839588 | usd |
ipax |
Accretion Of Class A Ordinary Shares Subject To Possible Redemptionin Shares
AccretionOfClassAOrdinarySharesSubjectToPossibleRedemptioninShares
|
36815188 | usd | |
CY2022 | us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
11541250 | usd |
ipax |
Accrued Offering Costs
AccruedOfferingCosts
|
151000 | usd | |
CY2021Q3 | ipax |
Number Of Shares
NumberOfShares
|
1 | shares |
CY2021Q3 | ipax |
Temporary Equity Per Share
TemporaryEquityPerShare
|
11.5 | |
CY2022Q4 | ipax |
Number Of Shares
NumberOfShares
|
1 | shares |
CY2022 | ipax |
Purchased Units Percentage
PurchasedUnitsPercentage
|
1 | pure |
CY2022 | ipax |
Aggregate Founder Shares
AggregateFounderShares
|
1625000 | shares |
CY2022 | ipax |
Founder Shares Price
FounderSharesPrice
|
9680000 | usd |
CY2022 | ipax |
Founder Shares Price Per Share
FounderSharesPricePerShare
|
5.96 | |
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 |
CY2022Q4 | ipax |
Allocated Temporary Equity
AllocatedTemporaryEquity
|
24538134 | usd |
CY2022Q4 | ipax |
Ordinary Shares Not Subject To Redemption
OrdinarySharesNotSubjectToRedemption
|
2096740 | usd |
CY2021Q4 | ipax |
Sale Of Units Price
SaleOfUnitsPrice
|
29750000 | usd |
CY2021Q4 | ipax |
Sale Of Units Price Per Share
SaleOfUnitsPricePerShare
|
10 | |
CY2022 | us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
three | |
CY2022 | us-gaap |
Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
|
0.10 | pure |
CY2022Q4 | us-gaap |
Indefinite Lived Contractual Rights
IndefiniteLivedContractualRights
|
700000000 | usd |
CY2022 | ipax |
Consideration And Structure Description
ConsiderationAndStructureDescription
|
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 |