2022 Q2 Form 10-Q Financial Statement
#000121390022051172 Filed on August 26, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $442.7K | $279.9K | |
YoY Change | |||
% of Gross Profit | |||
Research & Development | $72.56K | $97.24K | |
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $2.640K | $2.714K | |
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $442.7K | $279.9K | $383.1K |
YoY Change | 13354.71% | 13421.26% | |
Operating Profit | -$442.7K | -$1.425M | |
YoY Change | 13375.25% | ||
Interest Expense | $204.0K | $16.56K | -$18.82K |
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $204.0K | ||
YoY Change | |||
Pretax Income | -$238.6K | -$263.3K | -$401.9K |
YoY Change | 7164.6% | 12620.77% | |
Income Tax | $5.088K | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$243.7K | -$935.4K | -$401.9K |
YoY Change | 7319.48% | 45154.28% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$11.20K | -$12.11K | -$18.48K |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $174.5M | $155.9K | $505.5K |
YoY Change | 482448.0% | 270.47% | |
Cash & Equivalents | $86.28K | $558.7K | $505.5K |
Short-Term Investments | $174.5M | ||
Other Short-Term Assets | $75.96K | $170.0K | $223.1K |
YoY Change | 183.43% | 534.33% | |
Inventory | |||
Prepaid Expenses | $75.96K | $223.1K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $162.2K | $325.9K | $728.7K |
YoY Change | 157.65% | 373.12% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $174.5M | $174.2M | $174.2M |
YoY Change | |||
Other Assets | $25.00K | $0.00 | |
YoY Change | -91.51% | ||
Total Long-Term Assets | $174.5M | $174.2M | $174.2M |
YoY Change | 59128.84% | 64827.61% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $162.2K | $325.9K | $728.7K |
Total Long-Term Assets | $174.5M | $174.2M | $174.2M |
Total Assets | $174.6M | $174.6M | $175.0M |
YoY Change | 48743.12% | 51661.9% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $969.8K | $790.8K | |
YoY Change | 2424375.0% | ||
Accrued Expenses | $1.060K | $241.6K | |
YoY Change | -98.66% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $125.0K | $0.00 | $0.00 |
YoY Change | -52.53% | -100.0% | |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $1.101M | $118.7K | $241.6K |
YoY Change | 221.34% | -62.79% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $6.038M | $6.038M | $6.038M |
YoY Change | |||
Total Long-Term Liabilities | $6.038M | $6.038M | $6.038M |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.101M | $118.7K | $241.6K |
Total Long-Term Liabilities | $6.038M | $6.038M | $6.038M |
Total Liabilities | $7.138M | $6.156M | $6.279M |
YoY Change | 1983.55% | 1829.61% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$6.725M | -$5.546M | |
YoY Change | |||
Common Stock | $19.00 | $19.00 | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$6.725M | -$6.481M | -$5.546M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $174.6M | $174.6M | $175.0M |
YoY Change | 48743.12% | 51661.9% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$243.7K | -$935.4K | -$401.9K |
YoY Change | 7319.48% | 45154.28% | |
Depreciation, Depletion And Amortization | $2.640K | $2.714K | |
YoY Change | |||
Cash From Operating Activities | -$194.6K | -$349.6K | -$84.09K |
YoY Change | 5907.41% | 1110.91% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $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 | 125.0K | 50.00K | |
YoY Change | -4781.65% | ||
NET CHANGE | |||
Cash From Operating Activities | -194.6K | -349.6K | -84.09K |
Cash From Investing Activities | 0.000 | 0.000 | |
Cash From Financing Activities | 125.0K | 50.00K | |
Net Change In Cash | -69.64K | $0.00 | -34.09K |
YoY Change | 1078.34% | -100.0% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$194.6K | -$349.6K | -$84.09K |
Capital Expenditures | $0.00 | ||
Free Cash Flow | -$194.6K | ||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2022-06-30 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2022 | ||
dei |
Document Transition Report
DocumentTransitionReport
|
false | ||
dei |
Entity File Number
EntityFileNumber
|
001-40743 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
CENAQ Energy Corp. | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
85-1863331 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
4550 Post Oak Place Dr., | ||
dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
Suite 300 | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Houston | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
TX | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
77027 | ||
dei |
City Area Code
CityAreaCode
|
(713) | ||
dei |
Local Phone Number
LocalPhoneNumber
|
820-6300 | ||
dei |
Security12b Title
Security12bTitle
|
Class A common stock, par value $0.0001 per share | ||
dei |
Trading Symbol
TradingSymbol
|
CENQ | ||
dei |
Security Exchange Name
SecurityExchangeName
|
NASDAQ | ||
dei |
Entity Current Reporting Status
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|
Yes | ||
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Entity Interactive Data Current
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|
Yes | ||
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Entity Filer Category
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Non-accelerated Filer | ||
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Entity Small Business
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|
true | ||
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Entity Emerging Growth Company
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|
true | ||
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Entity Ex Transition Period
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false | ||
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Entity Shell Company
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|
true | ||
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Prepaid Expense Current
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Prepaid Expense Current
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Common Stock Subject To Possible Redemption Value
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|
24720 | usd | |
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Deferred Offering Costs Paid By Sponsor In Promissory Notes
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Founder Shares Description
FounderSharesDescription
|
The Company estimated the aggregate fair value of these founder shares attributable to anchor investors to be $6,270,000, or $7.60 per share. | ||
CY2022Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
1 | |
CY2021Q3 | cenqu |
Additional Purchase Units
AdditionalPurchaseUnits
|
2250000 | shares |
CY2021Q3 | cenqu |
Underwriters Exercised Price Per Share
UnderwritersExercisedPricePerShare
|
10 | |
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Business Combination Acquired Receivables Fair Value
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|
6265215 | usd |
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Issued Representative Shares
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|
189750 | shares | |
cenqu |
Fair Value Amount
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|
1442100 | usd | |
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Obligation To Redeem Percentage
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|
1 | pure |
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|
0.80 | pure |
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|
0.50 | pure | |
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|
10.1 | |
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Net Tangible Assets
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|
5000001 | usd |
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Trust Account Funds Percentage
TrustAccountFundsPercentage
|
0.01 | pure | |
us-gaap |
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|
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|
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Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt">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 Deposit Insurance Corporation coverage limit of $250,000. At June 30, 2022, the Company has not experienced losses on this account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.55pt"> </p> | ||
CY2022Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
usd | ||
CY2022Q2 | cenqu |
Dissolution Expenses
DissolutionExpenses
|
100000 | usd |
cenqu |
Public Per Shares
PublicPerShares
|
10.1 | ||
CY2022Q2 | us-gaap |
Cash
Cash
|
86284 | usd |
CY2022Q2 | cenqu |
Working Capitals
WorkingCapitals
|
938699 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.55pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.55pt">The preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.55pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.55pt">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. The most significant estimates that affected the financial statements as of June 30, 2022 and December 31, 2021 are the calculations of the fair values of the over-allotment option, fair values of the representative shares and the fair values of the anchor shares. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> | ||
CY2022Q2 | us-gaap |
Cash
Cash
|
86284 | usd |
CY2021Q4 | us-gaap |
Cash
Cash
|
505518 | usd |
CY2022Q2 | us-gaap |
Marketable Securities
MarketableSecurities
|
174451326 | usd |
CY2022Q2 | us-gaap |
Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
|
25000 | usd |
CY2022Q2 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
174451326 | usd |
CY2021Q4 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
174229680 | usd |
CY2021Q3 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
157500 | usd |
CY2021Q3 | us-gaap |
Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
|
22500 | usd |
CY2021Q3 | cenqu |
Overallotment Liability Into Equity
OverallotmentLiabilityIntoEquity
|
180000 | usd |
CY2022Q2 | cenqu |
Potential Common Shares
potentialCommonShares
|
19612500 | shares |
cenqu |
Potential Common Shares
potentialCommonShares
|
6 | shares | |
CY2022Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0213 | pure |
CY2021Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | pure |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0043 | pure | |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | pure | |
CY2022Q2 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
cenqu |
Purchase Price
PurchasePrice
|
1500000 | usd | |
cenqu |
Proposed Public Offering Description
ProposedPublicOfferingDescription
|
Additionally, upon consummation of the IPO, the Sponsor sold 75,000 Founder Shares to each of the 11 Anchor Investors that purchased at least 9.9% of the units sold in the IPO, at their original purchase price of approximately $0.0058 per share. The aggregate fair value of these founder shares attributable to anchor investors is $6,270,000, or $7.60 per share. The Company allocated $6,265,215, the excess of the fair value over the gross proceeds from these Anchor Investors, among Class A common stock, Public Warrants and Private Placement Warrants. | ||
CY2021Q4 | us-gaap |
Other Commitment
OtherCommitment
|
1500000 | usd |
CY2022Q2 | cenqu |
Working Capital Loan Available
WorkingCapitalLoanAvailable
|
1500000 | usd |
CY2022Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
1 | |
cenqu |
Business Combination Description
BusinessCombinationDescription
|
However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the Founder Shares, on the earlier of (A) six months after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 75 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property and (ii) in the case of the Private Placement Warrants and the respective Class A common stock underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. | ||
CY2022Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2022Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q3 | cenqu |
Founder Share
FounderShare
|
562500 | shares |
cenqu |
Percentage Of Conversion Shares
PercentageOfConversionShares
|
0.20 | pure | |
CY2022Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
19612500 | shares |
cenqu |
Public Warrants
PublicWarrants
|
12937500 | shares | |
cenqu |
Private Placement Warrants
PrivatePlacementWarrants
|
6675000 | shares | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
usd | ||
us-gaap |
Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
|
We may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant: ●at any time after the warrants become exercisable; ●upon not less than 30 days’ prior written notice of redemption to each warrant holder; ●if, and only if, the reported last sale price of the shares of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and ●if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants. | ||
cenqu |
Earn Out Period Shares
EarnOutPeriodShares
|
3500000 | shares | |
CY2022Q2 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0.0001 | |
us-gaap |
Sponsor Fees
SponsorFees
|
2475000 | usd | |
cenqu |
Underwriters Letter Description
UnderwritersLetterDescription
|
In connection with the execution of the Business Combination Agreement, on August 12, 2022, the Company, Intermediate and Holdings entered into a letter agreement with the underwriters, pursuant to which, among other things, (i) Imperial Capital, LLC agreed to forfeit all of its 1,423,125 Private Placement Warrants and all of its 156,543 Representative Shares, (ii) I-Bankers Securities, Inc. agreed to forfeit all of its 301,875 Private Placement Warrants and all of its 33,207 Representative Shares and (iii) the underwriters agreed to reduce their deferred underwriting fees related to the IPO from $6,037,500 to $4,312,500. | ||
cenqu |
Subscription Agreements Description
SubscriptionAgreementsDescription
|
In connection with the execution of the Business Combination Agreement, on August 12, 2022, the Company entered into separate subscription agreements with certain investors (the “PIPE Investors”), pursuant to which the PIPE Investors agreed to purchase, and the Company agreed to sell to the PIPE Investors, an aggregate of 8,000,000 shares of Class A common stock for a purchase price of $10.00 per share and an aggregate purchase price of $80,000,000 in a private placement (the “PIPE Financing”). Of the $80,000,000 of commitments, Holdings has agreed to purchase 800,000 shares to be sold in the PIPE Financing for an aggregate commitment of $8,000,000. Arb Clean Fuels Management LLC (“Arb Clean Fuels”), an entity affiliated with a member of the Sponsor, has agreed to purchase 7,000,000 shares to be sold in the PIPE Financing for an aggregate commitment of $70,000,000; provided, that, to the extent funds in the Trust Account immediately prior to the consummation of the business combination, after giving effect to the Company stockholders’ redemption rights, exceed $17,420,000, each $10.00 increment of such excess funds shall reduce Arb Clean Fuels’ commitment by $10.00 up to a maximum reduction of $20,000,000. Additionally, an entity unaffiliated with the Sponsor has agreed to purchase 200,000 shares for an aggregate commitment of $2,000,000. | ||
cenqu |
Exceed Aggregate
ExceedAggregate
|
50000000 | usd | |
CY2021Q2 | us-gaap |
Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
|
usd | |
us-gaap |
Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
|
usd | ||
CY2021Q2 | us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
usd | |
us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
usd | ||
CY2021Q2 | us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
usd | |
us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
usd | ||
CY2021Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | ||
cenqu |
Interest Earned On Cash And Marketable Securities Held In Trust Account
InterestEarnedOnCashAndMarketableSecuritiesHeldInTrustAccount
|
usd | ||
us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
usd | ||
us-gaap |
Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
|
usd | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
usd | ||
us-gaap |
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
|
usd | ||
cenqu |
Accrued Deferred Offering Cost
AccruedDeferredOfferingCost
|
usd | ||
cenqu |
Deferred Offering Costs Paid By Sponsor In Promissory Notes
DeferredOfferingCostsPaidBySponsorInPromissoryNotes
|
usd | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001841425 | ||
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
usd |