$MOND
Mondee Holdings, Inc.

2022 Q3 Form 10-Q Financial Statement

#000141057822002485 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $39.47M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $89.96M $71.27M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.549M $5.586M $2.817M
YoY Change
% of Gross Profit
Operating Expenses $96.23M $5.557M $2.305M
YoY Change 38525.22% 3486.94% 2158.89%
Operating Profit -$56.76M -$5.557M -$2.305M
YoY Change 22683.5% 3487.03% 2159.0%
Interest Expense $7.157M $328.9K $7.540K
YoY Change 46800.39% 3143.59% -81.12%
% of Operating Profit
Other Income/Expense, Net -$7.526M $701.3K $2.738M
YoY Change -2041.52% -66.93% 1072.97%
Pretax Income -$64.29M -$4.855M $432.9K
YoY Change -46516.61% -347.04% 229.45%
Income Tax $321.0K $290.0K $54.00K
% Of Pretax Income 12.47%
Net Earnings -$64.61M -$4.855M $432.9K
YoY Change -46747.37% -347.04% 229.44%
Net Earnings / Revenue -163.71%
Basic Earnings Per Share -$0.89 -$0.03 -$0.11
Diluted Earnings Per Share -$0.89 -$157.3K $14.03K
COMMON SHARES
Basic Shares Outstanding 81.25M 60.80M shares 60.80M shares
Diluted Shares Outstanding 72.46M shares 60.80M shares 60.80M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.1M $242.1M $230.5K
YoY Change 17603.75% 33116.77% -71.66%
Cash & Equivalents $105.2M $156.7K $230.5K
Short-Term Investments $8.878M $241.9M
Other Short-Term Assets $4.803M $34.71K $49.58K
YoY Change 4249.36% -83.39% -83.46%
Inventory
Prepaid Expenses $34.71K $49.58K
Receivables $25.75M
Other Receivables $0.00
Total Short-Term Assets $151.2M $242.1M $280.1K
YoY Change 19931.52% 25719.08% -74.84%
LONG-TERM ASSETS
Property, Plant & Equipment $10.64M
YoY Change
Goodwill $66.42M
YoY Change
Intangibles $58.96M
YoY Change
Long-Term Investments $0.00 $241.6M
YoY Change -100.0% 0.03%
Other Assets $2.022M
YoY Change
Total Long-Term Assets $140.6M $0.00 $241.6M
YoY Change -41.82% -100.0% -21804.95%
TOTAL ASSETS
Total Short-Term Assets $151.2M $242.1M $280.1K
Total Long-Term Assets $140.6M $0.00 $241.6M
Total Assets $291.8M $242.1M $241.9M
YoY Change 20.41% -0.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.89M $95.75K
YoY Change 764.95%
Accrued Expenses $23.38M $683.0K
YoY Change 25909.57% 3700.62%
Deferred Revenue $6.696M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.439M
YoY Change
Total Short-Term Liabilities $78.01M $16.80M $95.75K
YoY Change 86683.7% 71122.14% 117.41%
LONG-TERM LIABILITIES
Long-Term Debt $125.3M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.513M $3.600M $15.21M
YoY Change -85.35% -79.46% -22.56%
Total Long-Term Liabilities $2.513M $3.600M $15.21M
YoY Change -85.35% -79.46% -22.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.01M $16.80M $95.75K
Total Long-Term Liabilities $2.513M $3.600M $15.21M
Total Liabilities $221.4M $20.40M $15.30M
YoY Change 1183.89% 16.23%
SHAREHOLDERS EQUITY
Retained Earnings -$263.7M -$20.21M -$15.03M
YoY Change 1498.78% 21.63% -19.09%
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.218M -$20.21M -$15.02M
YoY Change
Total Liabilities & Shareholders Equity $291.8M $242.1M $241.9M
YoY Change 20.41% -0.15% -0.32%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$64.61M -$4.855M $432.9K
YoY Change -46747.37% -347.04% 229.44%
Depreciation, Depletion And Amortization $8.549M $5.586M $2.817M
YoY Change
Cash From Operating Activities -$321.5K -$73.82K -$294.7K
YoY Change 281.38% -12.74% -24.58%
INVESTING ACTIVITIES
Capital Expenditures -$5.415M
YoY Change
Acquisitions $0.00
YoY Change
Other Investing Activities -$394.0K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.809M $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $129.0K
YoY Change
Cash From Financing Activities 96.56M 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -321.5K -73.82K -294.7K
Cash From Investing Activities -5.809M 0.000 0.000
Cash From Financing Activities 96.56M 0.000 0.000
Net Change In Cash 90.43M -73.82K -294.7K
YoY Change -107373.43% -12.74% -136.27%
FREE CASH FLOW
Cash From Operating Activities -$321.5K -$73.82K -$294.7K
Capital Expenditures -$5.415M
Free Cash Flow $5.094M
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Mondee Holdings, Inc., formerly known as ITHAX Acquisition Corp. (the “Company”), was a blank check company incorporated as a Cayman Islands exempted company on October 2, 2020, and was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Domestication and Mergers</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As previously announced, ITHAX Acquisition Corp. (“ITHAX” and, after the Domestication as described below, “New Mondee” or the Company), a Cayman Islands exempted company, previously entered into that certain Business Combination Agreement, dated as of December 20, 2021 (as may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”), by and among ITHAX, Ithax Merger Sub I, LLC, a Delaware limited liability company and wholly owned subsidiary of ITHAX (“First Merger Sub”), Ithax Merger Sub II, LLC a Delaware limited liability company and wholly owned subsidiary of ITHAX (“Second Merger Sub”) and Mondee Holdings II, Inc., a Delaware corporation (“Mondee”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On July 18, 2022, the parties to the Business Combination Agreement entered into a waiver, pursuant to which they agreed to waive the following closing conditions under the Business Combination Agreement: (i) that the ITHAX Class A ordinary shares (as defined below) shall continue to be listed on the Nasdaq Capital Market as of the Closing Date (as defined below), given that the shares listed on the Nasdaq Global Market as of the Closing Date; and (ii) ITHAX is required to maintain a minimum cash balance of $150.0 million at the Closing Date (the “Minimum Cash Condition”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On July 18, 2022, as contemplated by the Business Combination Agreement and described in the section titled “Domestication Proposal” beginning on page 183 of the final prospectus and definitive proxy statement, dated June 27, 2022 (the “Proxy Statement/Prospectus”) filed with the Securities and Exchange Commission (the “SEC”) and following approval by ITHAX’s shareholders at an extraordinary general meeting of shareholders held on July 15, 2022, ITHAX filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed the Interim Charter (as defined below), the New Mondee Certificate of Incorporation (as defined below), and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which ITHAX was domesticated and continues as a Delaware corporation, changing its name to “Mondee Holdings, Inc.” (the “Domestication”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As a result of and upon the effective time of the Domestication, among other things: (i) immediately prior to the PIPE Financing (as defined below), each issued and outstanding Class A ordinary share, par value $0.001 per share, of ITHAX (the “Class A ordinary shares”), converted into one share of Class A common stock, par value $0.0001 per share, of New Mondee (the “New Mondee Common Stock”); (ii) upon the First Effective Time (as defined below), each issued and outstanding Class B ordinary share, par value $0.001 per share, of ITHAX (the “Class B ordinary shares”) converted into one share of Class B common stock, par value $0.0001 per share, of New Mondee (the “New Mondee Class B Common Stock”); (iii) pursuant to the Domestication, each issued and outstanding whole warrant representing the right to purchase Class A ordinary shares of ITHAX automatically converted into the right to purchase one share of New Mondee Common Stock at an exercise price of $11.50 per share on substantially the same terms and conditions set forth in the Amended and Restated Warrant Agreement between Continental Stock Transfer &amp; Trust Company (“Continental”) and New Mondee, dated July 18, 2022 (the “Amended and Restated Warrant Agreement”); (iv) pursuant to the Domestication, the governing documents of ITHAX were replaced with the certificate of incorporation of New Mondee (the “Interim Charter”), and upon the First Effective Time, the Interim Charter was replaced with the amended and restated certificate of incorporation of New Mondee (f/k/a ITHAX Acquisition Corp.) (the “New Mondee Certificate of Incorporation”) and the bylaws of New Mondee (the “New Mondee Bylaws”) as described in the Proxy Statement/Prospectus; and (v) pursuant to the First Effective Time, New Mondee’s name changed to “Mondee Holdings, Inc.” In connection with clauses (i) through (iii) of this paragraph, each issued and outstanding unit of ITHAX that had not been previously separated into the underlying Class A ordinary shares of ITHAX and the underlying warrants of ITHAX prior to the Domestication were cancelled and the holder thereof was entitled to receive one share of New Mondee Common Stock and <span style="-sec-ix-hidden:Hidden_79xSc1RfKUWgP5Hd0VY7UA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of one warrant, with each whole warrant representing the right to purchase one share of New Mondee Common Stock at an exercise price of $11.50 per share, on the terms and subject to the conditions set forth in the Amended and Restated Warrant Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On July 18, 2022 (the “Closing Date”), following the Domestication, First Merger Sub merged with and into Mondee, with Mondee surviving such merger as a wholly owned subsidiary of New Mondee (the “First Merger,” and the time at which the First Merger became effective, the “First Effective Time”), and immediately following the First Merger, Mondee merged with and into Second Merger Sub, with Second Merger Sub surviving such merger as a wholly owned subsidiary of New Mondee (the “Second Merger,” together with the First Merger, the “Mergers,” and the time that the Second Merger became effective being referred to as the “Second Effective Time”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In accordance with the terms and subject to the conditions of the Business Combination Agreement, at the First Effective Time, (i) all shares of common stock of Mondee outstanding as of immediately prior to the First Effective Time were cancelled and automatically converted into the right to receive an aggregate of 60,800,000 shares of New Mondee Common Stock (the “Merger Consideration”), (ii) all shares of common stock of Mondee held in treasury of Mondee and all shares of Mondee common stock owned by any direct or indirect wholly owned subsidiary of Mondee immediately prior to the First Effective Time were cancelled without any conversion thereof, (iii) each issued and outstanding unit of First Merger Sub immediately prior to the First Effective Time were converted into and exchanged for one validly issued, fully paid and nonassessable share of common stock of the first surviving company (the “First Surviving Company Common Stock”), (iv) pursuant to the New Mondee Certificate of Incorporation, each share of New Mondee Class B Common Stock was converted into one share (subject to adjustment) of New Mondee Common Stock and New Mondee changed its name to “Mondee Holdings, Inc.,” and (v) New Mondee and Continental entered into the Amended and Restated Warrant Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In accordance with the terms and subject to the conditions of the Business Combination Agreement, at the Second Effective Time, (a) each issued and outstanding share of First Surviving Company Common Stock was automatically cancelled and ceased to exist as of the Second Effective Time; and (b) each issued and outstanding unit of Second Merger Sub immediately prior to the Second Effective Time was automatically converted into and exchanged for one validly issued, fully paid and nonassessable interest of the second surviving company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As a result of the Business Combination, all outstanding Units (as defined below) were cancelled and separated into one Class A ordinary share and <span style="-sec-ix-hidden:Hidden_Z8EFEfaXWECoua9InY4tuw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of one redeemable ITHAX warrant. Subsequently a total of 1,513,468 Class A ordinary shares were converted into 1,513,468 shares of New Mondee Common Stock, 5,433,750 Class B ordinary shares were converted into 5,433,750 shares of New Mondee Common Stock, and 12,412,500 redeemable ITHAX warrants representing the right to purchase one Class A ordinary share were adjusted to represent the right to purchase one share of New Mondee Common Stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed consolidated financial statements reflect the accounts and activities of only ITHAX, First Merger Sub, and Second Merger Sub, as of June 30, 2022, prior to the closing date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Business Prior to the Business Combination</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Prior to the Business Combination, ITHAX Acquisition Corp. had two wholly owned subsidiaries which were formed on December 9, 2021, First Merger Sub and Second Merger Sub. On the Closing Date, First Merger Sub merged with and into Mondee, with Mondee surviving the First Merger, and immediately following the First Merger, Mondee merged with and into Second Merger Sub, with Second Merger Sub surviving the Second Merger. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">All activity for the period from October 2, 2020 (inception) through June 30, 2022 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, identifying a target company for a Business Combination and consummating the acquisition of Mondee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s Initial Public Offering became effective on January 27, 2021. On February 1, 2021, the Company consummated the Initial Public Offering of 24,150,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriter of its over-allotment option in the amount of 3,150,000 Units, at $10.00 per Unit, generating gross proceeds of $241,500,000, which is described in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 675,000 units (each, a “Private Placement Unit” and collectively, the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to ITHAX Acquisition Sponsor LLC (the “Sponsor”) and Cantor Fitzgerald &amp; Co. (“Cantor”), generating gross proceeds of $6,750,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Transaction costs amounted to $14,681,886, consisting of $5,250,000 of underwriting fees, $9,082,500 of deferred underwriting fees and $349,386 of other offering costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering on February 1, 2021, an amount of $241,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”) located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account.</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-align:justify;margin:0pt 0pt 12pt 0pt;">Management is currently evaluating the impact of the novel coronavirus disease 2019 (COVID-19) pandemic and has concluded that while it is reasonably possible that the virus could have or could have had 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 the condensed consolidated financial statements. The condensed consolidated 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-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Going Concern Assessment</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of June 30, 2022, the Company had cash of $156,703 not held in the Trust Account and available for working capital purposes. As of June 30, 2022, the Company had working capital of $225,330,016 which includes cash and marketable securities held in trust account of $241,937,059, deferred business combination fees payable of $7,032,982 and deferred underwriting fee payable of $9,082,500.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Until June 30, 2022, and through the closing date, the Company used the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination with Mondee. The Company completed its Business Combination on July 18, 2022 with Mondee, and in connection therewith has raised sufficient capital for its operations. See Note 10.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2020Q4 ithxu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022Q2 ithxu Minimum Cash Balance
MinimumCashBalance
150000000.0
CY2021Q1 ithxu Transaction Costs
TransactionCosts
14681886
CY2021Q1 ithxu Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
5250000
CY2021Q1 ithxu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9082500
CY2021Q1 ithxu Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
349386
ithxu Working Capital
WorkingCapital
156703
ithxu Working Capital Outstanding
WorkingCapitalOutstanding
225330016
CY2022Q2 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
241937059
CY2022Q2 ithxu Deferred Business Combination Fees Payable Current
DeferredBusinessCombinationFeesPayableCurrent
7032982
CY2022Q2 ithxu Deferred Underwriting Fee Payable Current
DeferredUnderwritingFeePayableCurrent
9082500
CY2021Q1 ithxu Sale Of Stock Other Offering Cost
SaleOfStockOtherOfferingCost
349386
ithxu Transaction Costs Allocated To Warrant Liabilities
TransactionCostsAllocatedToWarrantLiabilities
-675351
ithxu Temporary Equity Offering Costs
TemporaryEquityOfferingCosts
14006535
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;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;margin:0pt 0pt 12pt 0pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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 statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed consolidated financial statements is the determination of the fair value of the warrant liabilities when the warrants are not publicly traded. 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>
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q1 ithxu Transaction Costs
TransactionCosts
14681886
CY2021Q1 ithxu Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
5250000
CY2021Q1 ithxu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9082500
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 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
CY2022Q2 ithxu Number Of Shares Subject To Forfeiture
NumberOfSharesSubjectToForfeiture
787500
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentrations 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 these accounts.</p>
ithxu Federal Depository Insurance Coverage
FederalDepositoryInsuranceCoverage
250000
CY2021Q1 ithxu Number Of Shares Issued Per Unit
NumberOfSharesIssuedPerUnit
1
CY2021Q1 ithxu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
ithxu Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
9082500
CY2022Q3 ithxu Registration Rights Agreement Number Of Shares Subject To Resale Rights Registration
RegistrationRightsAgreementNumberOfSharesSubjectToResaleRightsRegistration
74300000
CY2022Q3 ithxu Registration Rights Agreement Number Of Pipe Shares
RegistrationRightsAgreementNumberOfPipeShares
7000000
CY2022Q3 ithxu Registration Rights Agreement Number Of Merger Consideration Shares
RegistrationRightsAgreementNumberOfMergerConsiderationShares
60800000
CY2022Q3 ithxu Registration Rights Agreement Number Of Earn Out Shares
RegistrationRightsAgreementNumberOfEarnOutShares
6500000
ithxu Earn Out Issue
EarnOutIssue
9000000
ithxu Earn Out Vesting Period
EarnOutVestingPeriod
P4Y
ithxu Earn Out Shares Aggregate Amount
EarnOutSharesAggregateAmount
6000000
ithxu Business Acquisition Demand Letters Sent Number Of Purported Stockholders
BusinessAcquisitionDemandLettersSentNumberOfPurportedStockholders
2
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1

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