2022 Q4 Form 10-K Financial Statement
#000110465923040187 Filed on March 31, 2023
Income Statement
Concept | 2022 Q4 | 2022 | 2021 Q2 |
---|---|---|---|
Revenue | $0.00 | $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 | $133.2K | $1.303M | $7.380K |
YoY Change | -10.37% | 735.47% | |
Operating Profit | -$1.303M | ||
YoY Change | |||
Interest Expense | $1.674M | $2.530M | |
YoY Change | 162421.36% | 245500.97% | |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | $2.530M | |
YoY Change | -100.0% | -4316.15% | |
Pretax Income | $1.541M | $1.226M | -$7.380K |
YoY Change | -842.18% | -670.42% | |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $1.541M | $1.226M | -$7.377K |
YoY Change | -842.18% | -670.42% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $0.06 | $0.05 | -$295.20 |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q4 | 2022 | 2021 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $34.19K | $34.19K | |
YoY Change | -88.75% | -88.75% | |
Cash & Equivalents | $34.19K | $0.00 | |
Short-Term Investments | |||
Other Short-Term Assets | $347.9K | $347.9K | |
YoY Change | -19.97% | -19.97% | |
Inventory | |||
Prepaid Expenses | $347.9K | ||
Receivables | $257.5K | ||
Other Receivables | |||
Total Short-Term Assets | $639.5K | $639.5K | |
YoY Change | -36.96% | -36.96% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $239.4M | $239.4M | $666.7K |
YoY Change | 0.92% | 0.92% | |
Total Long-Term Assets | $239.4M | $239.4M | |
YoY Change | 0.92% | 0.92% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $639.5K | $639.5K | |
Total Long-Term Assets | $239.4M | $239.4M | |
Total Assets | $240.1M | $240.1M | $666.7K |
YoY Change | 0.76% | 0.76% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | $579.6K | $579.6K | $530.3K |
YoY Change | 392.9% | 392.9% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $118.8K | $118.8K | $118.8K |
YoY Change | 0.0% | 0.0% | |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $830.4K | $830.4K | $649.1K |
YoY Change | 234.28% | 234.28% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $8.050M | $8.050M | |
YoY Change | 0.0% | 0.0% | |
Total Long-Term Liabilities | $8.050M | $8.050M | $0.00 |
YoY Change | 0.0% | 0.0% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $830.4K | $830.4K | $649.1K |
Total Long-Term Liabilities | $8.050M | $8.050M | $0.00 |
Total Liabilities | $8.880M | $8.880M | $649.1K |
YoY Change | 7.01% | 7.01% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$8.241M | ||
YoY Change | 18.8% | ||
Common Stock | |||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$8.241M | $231.2M | $0.00 |
YoY Change | |||
Total Liabilities & Shareholders Equity | $240.1M | $240.1M | $666.7K |
YoY Change | 0.76% | 0.76% |
Cashflow Statement
Concept | 2022 Q4 | 2022 | 2021 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $1.541M | $1.226M | -$7.377K |
YoY Change | -842.18% | -670.42% | |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$33.62K | -$269.7K | $0.00 |
YoY Change | -96.87% | -74.89% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Cash From Investing Activities | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | 0.000 | |
YoY Change | -100.0% | -100.0% | |
NET CHANGE | |||
Cash From Operating Activities | -33.62K | -269.7K | 0.000 |
Cash From Investing Activities | 0.000 | 0.000 | |
Cash From Financing Activities | 0.000 | 0.000 | |
Net Change In Cash | -33.62K | -269.7K | 0.000 |
YoY Change | -111.06% | -188.75% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$33.62K | -$269.7K | $0.00 |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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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, BUSINESS OPERATIONS AND LIQUIDITY</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Mountain & Co. I Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on April 16, 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 or entities (the “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had not commenced any operations. All activity through December 31, 2022 relates to the Company’s formation and the initial public offering (“IPO”) described below. The Company will not generate any operating revenues at the earliest until after the completion of its initial Business Combination. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering (as defined below).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s sponsor is Mountain & Co. I Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s IPO was declared effective on November 4, 2021 (the “Effective Date”). On November 9, 2021, the Company consummated its IPO of 20,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, which is discussed in Note 3 (the “Public Offering”) and the sale of 12,000,000 warrants (the “Private Placement Warrants”) at a price of $1.00<span style="white-space:pre-wrap;"> per Private Placement Warrant in a private placement to the Sponsor that closed simultaneously with the Public Offering. On November 12, 2021, the underwriters exercised their full over-allotment option, resulting in an addition </span>3,000,000 units purchased and $30,000,000 in additional gross proceeds for aggregate units purchased of 23,000,000 and aggregate gross proceeds of $230,000,000 from both the IPO and over-allotment option exercise.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Transaction costs related to the IPO and the exercise of the over-allotment option amounted to $13,406,427 consisting of $4,600,000 of underwriting commissions, $8,050,000 of deferred underwriting fees and $756,427 of other cash offering costs. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company must consummate an initial Business Combination 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 (as defined below) (excluding the amount of any deferred underwriting discount held in trust) at the time of its signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete such Business Combination if the post-Business Combination 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 of 1940, as amended, or the Investment Company Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company does not believe that its anticipated principal activities will subject them to the Investment Company Act. To this end, the proceeds held in the trust account may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), the Company intends to avoid being deemed an “investment company” within the meaning of the Investment Company Act. The IPO was not intended for persons who are seeking a return on investments in government securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of the initial Business Combination; (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles of association (A) to modify the substance or timing of its obligation to provide holders of the Company’s Class A ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem 100% of public shares if the Company does not complete its initial Business Combination by November 9, 2023 or (B) with respect to any other provision relating to the rights of holders of Class A ordinary shares; or (iii) absent its completing an initial Business Combination, the return of the funds held in the trust account to the public shareholders as part of the redemption of the public shares. If the Company does not invest the proceeds as discussed above, the Company may be deemed to be subject to the Investment Company Act. Although the Company expects to enter into an agreement with a target company for a business combination no later than 18 months after, and to consummate a business combination prior to the 24 month anniversary of, its IPO, should the Company be unable to do so, the Company intends to instruct Continental Stock Transfer & Trust Company, the trustee with respect to the trust account, to liquidate the U.S. government securities or money market funds held in the trust account and thereafter to hold all funds in the trust account in cash until the earlier of consummation of the Company's business combination or liquidation, to mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act. If the Company were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which the Company has not allotted funds and may hinder the ability to complete a Business Combination. If the Company has not consummated the initial Business Combination within the required time period, the public shareholders may receive only approximately $10.30 per public share, or less in certain circumstances, on the liquidation of the trust account and the warrants will expire worthless.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the IPO on November 9, 2021, and subsequent close of the over-allotment option exercise on November 12, 2021, a total of $236,900,000, comprised of $225,400,000 of the net proceeds from the IPO, including $8,050,000 of the underwriters’ deferred discount, and $11,500,000 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company will provide its public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under applicable law or stock exchange listing requirement or whether the Company were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval under SEC rules). The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of <span style="-sec-ix-hidden:Hidden_MODknr_zH0KIY1CsabfyQw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">two</span></span> business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the trust account and not previously released to the Company to pay its taxes, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.30 per public share. The per share amount the Company will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least </span>$5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">If the Company has not consummated an initial Business Combination by November 9, 2023, the proceeds then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to pay income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), will be used to fund the redemption of its public shares, as further described herein. Any redemption of public shareholders from the trust account will be effected automatically by function of the amended and restated memorandum and articles of association prior to any voluntary winding up. If the Company were required to wind up, liquidate the trust account and distribute such amount therein, pro rata, to its public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable provisions of the Companies Act. In that case, investors may be forced to wait beyond November 9, 2023 before the redemption proceeds of the trust account become available to them, and they receive the return of their pro rata portion of the proceeds from the trust account. The Company has no obligation to return funds to investors prior to the date of the redemption or liquidation unless, prior thereto, the Company consummated its initial Business Combination or amend certain provisions of the amended and restated memorandum and articles of association, and only then in cases where investors have sought to redeem their Class A ordinary shares. Only upon the redemption or any liquidation will public redemptions be entitled to distributions if the Company does not complete its initial Business Combination and do not amend certain provisions of the amended and restated memorandum and articles of association. The amended and restated memorandum and articles of association will provide that, if the Company winds up for any other reason prior to the consummation of its initial Business Combination, the Company will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than <span style="-sec-ix-hidden:Hidden_rjfEBMUN-06nkJ3zd582UA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, subject to applicable Cayman Islands law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and public shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company has not consummated an initial Business Combination within the Combination Period or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the trust account with respect to their Founder Shares if the Company fails to complete its initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame; and (iv) vote any Founder Shares held by them and any public shares purchased during or after the Public Offering (including in open market and privately-negotiated transactions) in favor of 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;">The Company has until until November 9, 2023 to complete a Business Combination (the “Combination Period”))..</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On January 6, 2023, we held an extraordinary general meeting of shareholders, where our shareholders approved a special resolution (the “Extension Amendment Proposal”) to amend the Company’s amended and restated memorandum and articles of association to (i) extend from February 9, 2023 to November 9, 2023 (the “Extension”), the date by which the Company must consummate an initial business combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the vote to approve the Extension Amendment Proposal, shareholders holding 10,784,962 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the trust account. As a result, approximately $113.0 million (approximately $10.48 per share) was removed from the trust account to pay such redeeming holders, representing 46.9% of the public shares. 53.1% of the public shares issued in our IPO remain outstanding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the Extension, the Sponsor agreed to advance to the Company (i) $420,000 to be deposited in the trust account on or before February 9, 2023 (which was deposited before February 9, 2023), and (ii) commencing on March 9, 2023, $420,000 for each subsequent calendar month, or portion thereof, that the Company requires to complete a business combination, to be deposited in the trust account on or before the <span style="-sec-ix-hidden:Hidden_5hftHTtWo0eRKo9ODtx6fQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">9th</span></span> day of each calendar month. On February 6, 2023, the Company issued to the Sponsor a promissory note (the "Note") in respect of such advances and the Sponsor has waived any and all rights to the monies held in the trust account with respect to those advances. The Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company's initial business combination, or (b) the date of the liquidation of the Company. At the option of the Sponsor, up to $1,500,000 of the loan would be convertible into warrants identical to the Company's private placement warrants, at $1.00 per warrant. Any amendments to the Note and the loan may be made with the written consent of the Sponsor and the Company. For example, if we determine that we no longer expect to complete a business combination within the prescribed time frame, the Sponsor and the Company may agree to discontinue such loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.30 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.30 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the company. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available for the initial Business Combination and redemptions could be reduced to less than $10.30 per public share. In such event, the Company may not be able to complete the initial Business Combination, and you would receive such lesser amount per share in connection with any redemption of your public shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Liquidity, Capital Resources and Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs up to December 31, 2022 have been satisfied through the payment of certain offering costs by Sponsor of $25,000 (see Note 5) for the Founder Shares and the loan under an unsecured promissory note from the Sponsor of $500,000 (see Note 5). At December 31, 2022, the Company had $34,186 in operating cash and a working capital deficit of $190,843.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). As of December 31, 2022 and 2021, there were no amounts outstanding under any Working Capital Loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Account Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, management has determined that the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. In addition, the Company has until November 9, 2023 to consummate a Business Combination. Management considers that liquidity and capital resources available might not be sufficient to operate through November 9, 2023. Also, it is uncertain that the Company will be able to consummate a Business Combination by this date. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Management has determined that the mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution, in addition to potential liquidity and capital shortage raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Management is currently evaluating the impact of the COVID-19 pandemic, rising interest rates, inflation and the Russia-Ukraine war and has concluded that while it is reasonably possible that any of these could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"></span></p> | |
CY2022 | mcaau |
Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
|
1 | |
CY2021Q4 | mcaau |
Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
|
23000000 | |
CY2021Q4 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
230000000 | |
CY2021Q4 | mcaau |
Transaction Costs
TransactionCosts
|
13406427 | |
CY2021Q4 | mcaau |
Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
|
4600000 | |
CY2021Q4 | mcaau |
Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
|
8050000 | |
CY2021Q4 | mcaau |
Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
|
756427 | |
CY2022 | mcaau |
Threshold Minimum Aggregate Fair Market Value As Percentage Of Assets Held In Trust Account
ThresholdMinimumAggregateFairMarketValueAsPercentageOfAssetsHeldInTrustAccount
|
0.80 | |
CY2022 | mcaau |
Threshold Percentage Of Outstanding Voting Securities Of Target To Be Acquired By Post Transaction Company To Complete Business Combination
ThresholdPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination
|
0.50 | |
CY2022 | mcaau |
Maturity Period Of Investments In Money Market Funds
MaturityPeriodOfInvestmentsInMoneyMarketFunds
|
P185D | |
CY2022 | mcaau |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | |
CY2022 | mcaau |
Threshold Period To Enter Into Agreement For Business Combination
ThresholdPeriodToEnterIntoAgreementForBusinessCombination
|
P18M | |
CY2022 | mcaau |
Threshold Period To Consummate Business Combination
ThresholdPeriodToConsummateBusinessCombination
|
P24M | |
CY2022Q4 | mcaau |
Redemption Price Per Share
RedemptionPricePerShare
|
10.30 | |
CY2021Q4 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
236900000 | |
CY2021Q4 | mcaau |
Underwriters Deferred Discount
UnderwritersDeferredDiscount
|
8050000 | |
CY2022Q4 | mcaau |
Redemption Price Per Share
RedemptionPricePerShare
|
10.30 | |
CY2022Q4 | mcaau |
Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
|
5000001 | |
CY2022 | mcaau |
Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
|
100000 | |
CY2022 | mcaau |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | |
CY2022 | mcaau |
Shareholders Exercised Right To Redeem For Number Of Shares
ShareholdersExercisedRightToRedeemForNumberOfShares
|
10784962 | |
CY2022 | mcaau |
Amount Removed From Trust Account For Redemption Of Shares
AmountRemovedFromTrustAccountForRedemptionOfShares
|
113000000.0 | |
CY2022Q4 | mcaau |
Fund Held In Trust Account Per Public Share
FundHeldInTrustAccountPerPublicShare
|
10.48 | |
CY2022 | mcaau |
Percentage Of Public Shares Redeemed
PercentageOfPublicSharesRedeemed
|
0.469 | |
CY2022Q4 | mcaau |
Percentage Of Public Shares Outstanding
PercentageOfPublicSharesOutstanding
|
0.531 | |
CY2022Q4 | mcaau |
Redemption Price Per Share
RedemptionPricePerShare
|
10.30 | |
CY2022Q4 | mcaau |
Redemption Price Per Share
RedemptionPricePerShare
|
10.30 | |
CY2022Q4 | mcaau |
Redemption Price Per Share
RedemptionPricePerShare
|
10.30 | |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
34186 | |
CY2022Q4 | mcaau |
Working Capital Deficit
WorkingCapitalDeficit
|
190843 | |
CY2022 | us-gaap |
Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
|
0 | |
CY2022 | 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;"><span style="font-style:italic;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of 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. Actual results could differ from those estimates.</p> | |
CY2022Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
239430719 | |
CY2021Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
236901030 | |
CY2021Q4 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
13406427 | |
CY2022Q4 | mcaau |
Temporary Equity Proceeds From Initial Public Offering
TemporaryEquityProceedsFromInitialPublicOffering
|
230000000 | |
CY2021Q4 | mcaau |
Temporary Equity Proceeds From Initial Public Offering
TemporaryEquityProceedsFromInitialPublicOffering
|
230000000 | |
CY2022Q4 | mcaau |
Temporary Equity Proceeds Allocated To Public Warrants
TemporaryEquityProceedsAllocatedToPublicWarrants
|
6900000 | |
CY2021Q4 | mcaau |
Temporary Equity Proceeds Allocated To Public Warrants
TemporaryEquityProceedsAllocatedToPublicWarrants
|
6900000 | |
CY2022Q4 | mcaau |
Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
|
12963555 | |
CY2021Q4 | mcaau |
Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
|
12963555 | |
CY2022Q4 | mcaau |
Fair Value Of Over Allotment Liability
FairValueOfOverAllotmentLiability
|
60000 | |
CY2021Q4 | mcaau |
Fair Value Of Over Allotment Liability
FairValueOfOverAllotmentLiability
|
60000 | |
CY2022Q4 | mcaau |
Temporary Equity Accretion To Redemption Value Adjustment Cumulative
TemporaryEquityAccretionToRedemptionValueAdjustmentCumulative
|
29234274 | |
CY2021Q4 | mcaau |
Temporary Equity Accretion To Redemption Value Adjustment Cumulative
TemporaryEquityAccretionToRedemptionValueAdjustmentCumulative
|
26703555 | |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
239430719 | |
CY2021Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
236900000 | |
CY2022Q4 | us-gaap |
Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
|
132000 | |
CY2021Q2 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q2 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q2 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2021Q2 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2021Q4 | mcaau |
Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
|
23000000 | |
CY2021Q4 | us-gaap |
Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
|
P5Y | |
CY2021Q4 | us-gaap |
Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
|
12000 | |
CY2022 | mcaau |
Period To Transfer Shares After Completion Of Business Combination
PeriodToTransferSharesAfterCompletionOfBusinessCombination
|
P1Y | |
CY2022Q4 | mcaau |
Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
|
3 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2021Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2022Q4 | mcaau |
Board Of Directors Number Of Classes
BoardOfDirectorsNumberOfClasses
|
3 | |
CY2022 | mcaau |
Board Of Directors Term
BoardOfDirectorsTerm
|
P3Y | |
CY2022Q4 | mcaau |
Board Of Directors Number Of Classes Appointed Each Year
BoardOfDirectorsNumberOfClassesAppointedEachYear
|
1 | |
CY2022Q4 | mcaau |
Class B Shares Minimum Conversion Ratio To Class
ClassBSharesMinimumConversionRatioToClass
|
1 |