$MARX
Mars Acquisition Corp

2024 Q2 Form 10-Q Financial Statement

#000141057824001427 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $322.8K $160.0K
YoY Change 101.73%
Operating Profit -$322.8K -$155.4K
YoY Change 107.68% 38274.32%
Interest Expense $271.9K $880.0K
YoY Change -69.1%
% of Operating Profit
Other Income/Expense, Net $220.9K $876.6K
YoY Change -74.8%
Pretax Income -$101.9K $720.0K
YoY Change -114.15%
Income Tax
% Of Pretax Income
Net Earnings -$101.8K $721.2K
YoY Change -114.12% -178171.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 $0.08
COMMON SHARES
Basic Shares Outstanding 4.473M 9.292M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.04M $71.87M
YoY Change -67.94%
Cash & Equivalents $206.8K $237.9K
Short-Term Investments $22.84M $71.63M
Other Short-Term Assets $57.79K $200.0K
YoY Change -71.11%
Inventory
Prepaid Expenses $57.79K $204.2K
Receivables
Other Receivables
Total Short-Term Assets $23.10M $72.07M
YoY Change -67.95%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$5.00 $4.531K
YoY Change -100.11%
TOTAL ASSETS
Total Short-Term Assets $23.10M $72.07M
Total Long-Term Assets -$5.00 $4.531K
Total Assets $23.10M $72.07M
YoY Change -67.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $146.5K $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $452.1K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $891.6K $0.00
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $891.6K $0.00
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $891.6K $0.00
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$627.3K $441.8K
YoY Change -241.98%
Common Stock $299.00 $299.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$627.0K $442.1K
YoY Change
Total Liabilities & Shareholders Equity $23.10M $72.07M
YoY Change -67.95%

Cashflow Statement

Concept 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$101.8K $721.2K
YoY Change -114.12% -178171.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$229.8K -$170.0K
YoY Change 35.16%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 145.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -229.8K -170.0K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 145.0K 0.000
Net Change In Cash -84.78K -170.0K
YoY Change -50.13%
FREE CASH FLOW
Cash From Operating Activities -$229.8K -$170.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Mars Acquisition Corp. (the “Company”) is a Cayman Islands exempted company incorporated as a blank check company on April 23, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on opportunities in cryptocurrency and blockchain, automobiles, healthcare, financial technology, cyber security, cleantech, software, Internet and artificial intelligence, specialty manufacturing and any other related technology innovations market. On September 5, 2023, a Business Combination Agreement was entered into by the Company and ScanTech Identification Beam Systems, LLC (“ScanTech”), among others (see Note 6).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">At June 30, 2024, the Company had not yet commenced operations. All activity through June 30, 2024 relates to the Company’s formation and initial public offering (the “Initial Public Offering” or “IPO”), which is described below. The Company will not generate any operating revenues until after the completion of an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected September 30 as its fiscal year end date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s Initial Public Offering was declared effective on February 9, 2023. On February 16, 2023, the Company consummated its Initial Public Offering of 6,900,000 units (“Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, including 900,000 Units that were issued pursuant to the underwriters’ full exercise of their over-allotment option, generating gross proceeds of $69,000,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 391,000 Units at a price of $10.00 per Unit to the Company’s sponsor, Mars Capital Holding Corporation, a British Virgin Islands company (“Sponsor”), generating gross proceeds of $3,910,000 (see Note 4).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Offering costs amounted to $4,398,891 consisting of $1,430,000 of cash underwriting fees, non-cash underwriting fees of $2,724,927 represented by the fair value of 276,000 representative shares issued to the underwriter (see Note 6), and $243,964 of other offering costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Upon the closing of the Initial Public Offering and Private Placement, $70,380,000 of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a trust account (the “Trust Account”) and may be invested by the trustee only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, and will not be released from the Trust Account until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding taxes payable on interest earned in the trust account) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company will provide holders of its Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially approximately $10.20 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated memorandum and articles of association:</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">file tender offer documents with the SEC prior to completing the Company’s initial Business Combination which contain substantially the same financial and other information about the initial Business Combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.</span></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Such provisions may be amended if a special resolution passed by holders of at least two-thirds of the Company’s issued and outstanding ordinary shares who, being entitled to do so, attend and vote at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given or by way of unanimous written resolution of all of the Company’s shareholders. Whether or not the Company maintains its registration under the Exchange Act or the Company’s listing on Nasdaq, the Company will provide its Public Shareholders with the opportunity to redeem their Public Shares by one of the two methods listed above. Upon the public announcement of the Company’s initial Business Combination, if the Company elects to conduct redemptions pursuant to the tender offer rules, the Company or the Company’s Sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase the Company’s ordinary shares in the open market, in order to comply with Rule 14e-5 under the Exchange Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In the event the Company conducts redemptions pursuant to the tender offer rules, the Company’s offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and the Company will not be permitted to complete its initial Business Combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on Public Shareholders not tendering more than a specified number of Public Shares, which number will be based on the requirement that the Company will only redeem its Public Shares so long as (after such redemption) the Company’s net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of the Company’s initial Business Combination and after payment of underwriters’ fees and commissions (so that the Company is not subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to the Company’s initial Business Combination. If the Public Shareholders tender more shares than the Company has offered to purchase, the Company will withdraw the tender offer and not complete the initial Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">If, however, shareholder approval of the transaction is required by law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other legal reasons, the Company will conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and file proxy materials with the SEC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company initially had until 12 months from the closing of the Initial Public Offering to consummate an initial Business Combination. However, if the Company anticipated that it may not be able to consummate the initial Business Combination within 12 months, it could extend the period of time to consummate a Business Combination by two additional 3-month periods (for a total of up to 18 months) without submitting proposed extensions to its shareholders for approval or offering its public shareholders redemption rights in connection therewith. In connection with the extraordinary general meeting of shareholders held on January 30, 2024, the Company’s memorandum and articles of association were amended to allow for the Company to have 21 months from the closing of this offering (or 27 months from the closing of this offering, if the Company extends the period of time to consummate a Business Combination) to complete its initial Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">If the Company is unable to complete its initial Business Combination within such <span style="-sec-ix-hidden:Hidden_iWGbyLRUJUma-wMzizrMdA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">21</span></span>-month period (or <span style="-sec-ix-hidden:Hidden_2-pZ8j3Q1kaa6nvGrOWMMg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">27</span></span>-month period), the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible, but not more than <span style="-sec-ix-hidden:Hidden_MrzawiQ2c0q9D71ZTJPP9A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay the Company’s income taxes (less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and its board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any Public Shares held by them in connection with the completion of the Company’s initial Business Combination. In addition, the Company’s initial shareholders have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any founder shares held by them if the Company fails to complete its initial Business Combination within the prescribed time frame. However, if the Company’s Sponsor or any of its officers, directors or affiliates acquires Public Shares in or after this offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete its initial Business Combination within the prescribed time frame.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity and management’s plan</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management believes that the funds which the Company has available following the completion of the Initial Public Offering and Private Placement may not be enough to sustain operations for a period of one year from the issuance date of these financial statements. If the Company is unable to complete the Extension or the Business Combination due to a lack of sufficient funds, the Company may be forced to cease operations and liquidate the Trust Account. In addition, following the Business Combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet the Company’s obligations. There is no assurance that the Company’s plans to consummate a business combination will be successful within the Combination Period as described above. As a result, there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statement are issued or are available to be issued. The financial statements do not include any adjustments that might result from the outcome of the uncertainty.</p>
CY2021Q2 marx Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2023Q1 marx Percentage Of Aggregate Fair Market Value Of Asset
PercentageOfAggregateFairMarketValueOfAsset
0.80
CY2023Q1 marx Business Acquisition Percentage Of Voting Interests To Be Acquired On Post Transaction Entity Minimum
BusinessAcquisitionPercentageOfVotingInterestsToBeAcquiredOnPostTransactionEntityMinimum
0.50
CY2024Q2 us-gaap Share Price
SharePrice
10.20
marx Minimum Net Tangible Assets Upon Consummation Of Business Combination
MinimumNetTangibleAssetsUponConsummationOfBusinessCombination
5000001
CY2024Q2 marx Redemption Of Percentage Of Common Stock Included In Units Sold In Offering
RedemptionOfPercentageOfCommonStockIncludedInUnitsSoldInOffering
0.15
marx Duration Of Combination Period
DurationOfCombinationPeriod
P12M
marx Duration Of Combination Period
DurationOfCombinationPeriod
P12M
marx Number Of Additional Times Period To Complete Initial Business Combination Can Be Extended
NumberOfAdditionalTimesPeriodToCompleteInitialBusinessCombinationCanBeExtended
2
marx Extension Period To Complete Business Combination Each Additional Time
ExtensionPeriodToCompleteBusinessCombinationEachAdditionalTime
P3M
marx Extension Period To Complete Business Combination
ExtensionPeriodToCompleteBusinessCombination
P18M
marx Duration Of Combination Period
DurationOfCombinationPeriod
P21M
marx Extension Period To Complete Business Combination Each Additional Time
ExtensionPeriodToCompleteBusinessCombinationEachAdditionalTime
P27M
marx Interest To Pay Dissolution Expenses
InterestToPayDissolutionExpenses
50000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
206762
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
178793
CY2024Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
22836871
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
72587820
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p>
CY2024Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
marx Duration Of Combination Period
DurationOfCombinationPeriod
P21M
marx Extension Period To Complete Business Combination Each Additional Time
ExtensionPeriodToCompleteBusinessCombinationEachAdditionalTime
P27M
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
0
CY2023Q3 us-gaap Forward Contract Indexed To Issuers Equity Shares
ForwardContractIndexedToIssuersEquityShares
1500000
CY2023Q3 marx Forward Contract Indexed To Issuer S Equity Shares Issuable As Percentage Of Outstanding Shares Maximum
ForwardContractIndexedToIssuerSEquitySharesIssuableAsPercentageOfOutstandingSharesMaximum
0.099
CY2023Q3 us-gaap Forward Contract Indexed To Issuers Equity Shares
ForwardContractIndexedToIssuersEquityShares
1500000
CY2024Q1 marx Forward Contract Indexed To Issuer S Equity Initial Measurement
ForwardContractIndexedToIssuerSEquityInitialMeasurement
263000
CY2024Q2 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value
ForwardContractIndexedToEquitySettlementShareFairValue
293000
CY2023Q3 marx Forward Contract Indexed To Issuer S Equity Maximum Amount Receivable Upon Termination
ForwardContractIndexedToIssuerSEquityMaximumAmountReceivableUponTermination
15000000
CY2023Q3 marx Forward Contract Indexed To Issuer S Equity Maximum Amount Receivable Upon Termination Per Share
ForwardContractIndexedToIssuerSEquityMaximumAmountReceivableUponTerminationPerShare
10.00
CY2023Q3 marx Forward Contract Indexed To Issuer S Equity Automatic Expiration Stock Price Trigger
ForwardContractIndexedToIssuerSEquityAutomaticExpirationStockPriceTrigger
10.00
CY2023Q3 marx Forward Contract Indexed To Issuer S Equity Automatic Expiration Threshold Trading Days
ForwardContractIndexedToIssuerSEquityAutomaticExpirationThresholdTradingDays
10
CY2023Q3 marx Forward Contract Indexed To Issuer S Equity Automatic Expiration Threshold Consecutive Trading Days
ForwardContractIndexedToIssuerSEquityAutomaticExpirationThresholdConsecutiveTradingDays
30
CY2024Q2 marx Maximum Funding Amount Requested For Working Capital Purposes
MaximumFundingAmountRequestedForWorkingCapitalPurposes
1000000
CY2024Q2 marx Additional Funding Amount Requested For Working Capital Purposes
AdditionalFundingAmountRequestedForWorkingCapitalPurposes
250000
CY2024Q2 marx Maximum Initial Drawdown Amount Requested For Working Capital Purposes
MaximumInitialDrawdownAmountRequestedForWorkingCapitalPurposes
500000
CY2024Q2 marx Maximum Funding Amount Requested For Working Capital Purposes
MaximumFundingAmountRequestedForWorkingCapitalPurposes
1250000
CY2024Q2 marx Number Of Calendar Days Within Which Funding Will Be Provided
NumberOfCalendarDaysWithinWhichFundingWillBeProvided
5
CY2024Q2 marx Amount Of Capital Investment Required For Each Share Of Common Stock To Be Issued
AmountOfCapitalInvestmentRequiredForEachShareOfCommonStockToBeIssued
10
CY2024Q2 marx Number Of Common Stock To Be Issued For Each Dollar Of Capital Investment Until Default Resolved.
NumberOfCommonStockToBeIssuedForEachDollarOfCapitalInvestmentUntilDefaultResolved.
0.1
CY2024Q2 marx Additional Number Of Shares To Be Issued Per Dollar Of Capital Investment Monthly
AdditionalNumberOfSharesToBeIssuedPerDollarOfCapitalInvestmentMonthly
0.1
CY2023Q4 marx Advisory Fee Payable Upon Consummation Of Business Combination And Financing
AdvisoryFeePayableUponConsummationOfBusinessCombinationAndFinancing
500000
CY2023Q4 marx Advisory Service Minimum Amount Of Financing
AdvisoryServiceMinimumAmountOfFinancing
5000000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.000125
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.000125
marx Common Stock Number Of Vote Per Share
CommonStockNumberOfVotePerShare
1
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2392000
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2392000
CY2024Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
22836871
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
72587820
CY2024Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
745088
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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