10-Q Filing

Intuitive Machines, Inc. CIK: 1844452 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-059421`
Period End Date	20210930
Filing Date	20211115
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	f10q0921_inflectionpoint_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 29 Income Statement 18 Cash Flow Statement 26 Stockholders Equity 14

Balance Sheet 29 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$636.79K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$476.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.11M	USD	Point-in-time
Prepaid expenses noncurrent portion	`PrepaidExpenseNoncurrent`	$439.22K	USD	Point-in-time
Cash held in Trust Account	`AssetsHeldInTrustNoncurrent`	$300.00M	USD	Point-in-time
Ordinary share subject to possible redemption	`OrdinaryShareSubjectToPossibleRedemption`	28.61M	shares	Point-in-time
Total assets	`Assets`	$301.55M	USD	Point-in-time
Ordinary share redemption value (in Dollars per share)	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Preference shares, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accrued offering costs and expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$87.00K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$4.50K	USD	Point-in-time
Preference shares, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$91.50K	USD	Point-in-time
Preference shares, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preference shares, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Deferred underwriting fee	`DeferredRevenueNoncurrent`	$10.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.59M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary share subject to possible redemption, 28,613,011 shares at redemption value at $10.00	`TemporaryEquityCarryingAmountAttributableToParent`	$286.13M	USD	Point-in-time
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,386,989 issued and outstanding	`CommonStockValue`	$139.00	USD	Point-in-time
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding(1)	`CommonStockValue1`	$863.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.87M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-41.42K	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$5.11K	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$4.83M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$301.55M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`OperatingCostsAndExpenses`	$41.62K	USD	3 Qtrs
Formation and operating costs	`OperatingCostsAndExpenses`	$21.74K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-21.74K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-41.62K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$200.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$200.00	USD	3 Qtrs
Total other income	`OtherOperatingIncomeExpenseNet`	$200.00	USD	3 Qtrs
Total other income	`OtherOperatingIncomeExpenseNet`	$200.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-41.42K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-21.54K	USD	1 Quarter
Weighted average shares outstanding of Class A ordinary shares (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.28M	shares	1 Quarter
Weighted average shares outstanding of Class A ordinary shares (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	850,202.00	shares	3 Qtrs
Basic and diluted net loss per share, Class A ordinary shares (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Basic and diluted net loss per share, Class A ordinary shares (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average shares outstanding of Class B ordinary shares (in Shares)	`WeightedAverageSharesOutstandingOfClassBOrdinarySharesinShares`	7.29M	shares	3 Qtrs
Weighted average shares outstanding of Class B ordinary shares (in Shares)	`WeightedAverageSharesOutstandingOfClassBOrdinarySharesinShares`	7.50M	shares	1 Quarter
Basic and diluted net loss per share, Class B ordinary shares (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Basic and diluted net loss per share, Class B ordinary shares (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-41.42K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-21.54K	USD	1 Quarter
Formation cost paid by Sponsor in exchange of issuance of Class B ordinary shares	`FormationCostPaidByTheSponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$11.39K	USD	3 Qtrs
Operating expense paid by promissory note - related party	`RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty`	$8.50K	USD	3 Qtrs
Interest earned on cash held in trust account	`GainLossOnSaleOfInvestments`	$200.00	USD	3 Qtrs
Prepaid assets	`IncreaseDecreaseInPrepaidExpense`	$476.93K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$439.22K	USD	3 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$4.50K	USD	3 Qtrs
Accrued offering costs and expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$6.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-927.39K	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireOtherInvestments`	$300.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-300.00M	USD	3 Qtrs
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$6.25M	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discount	`ProceedsFromOtherEquity`	$296.00M	USD	3 Qtrs
Payment of promissory note related party	`RepaymentsOfRelatedPartyDebt`	$188.81K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$497.02K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$301.56M	USD	3 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$636.79K	USD	3 Qtrs
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$636.79K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$636.79K	USD	Point-in-time
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`StockIssued1`	$13.61K	USD	3 Qtrs
Offering costs paid by promissory note - related party	`DeferredOfferingCostPaidByRelatedParty`	$180.31K	USD	3 Qtrs
Deferred underwriting commissions payable charged to additional paid in capital	`DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital`	$10.50M	USD	3 Qtrs
Accrued offering costs	`AccruedOfferingCosts`	$81.00K	USD	3 Qtrs

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Sale of units	`StockIssuedDuringPeriodSharesIssuedForServices`	30.00M	shares	1 Quarter
Sale of private placement warrants	`SaleOfStockNumberOfSharesIssuedInTransaction`	6.25M	shares	1 Quarter
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.11K	USD	Point-in-time
Balance	`StockholdersEquity`	$4.83M	USD	Point-in-time
Sale of 30,000,000 Units, net of underwriting discount and offering expenses	`StockIssuedDuringPeriodValueOther`	$284.73M	USD	1 Quarter
Sale of 6,250,000 Private Placement Warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$6.25M	USD	1 Quarter
Class A ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$-286.13M	USD	1 Quarter
Issuance of Class B ordinary share to initial shareholders	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-21.54K	USD	1 Quarter
Net loss	`ProfitLoss`	$-19.89K	USD	2 Qtrs
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.11K	USD	Point-in-time
Balance	`StockholdersEquity`	$4.83M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.