UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement
As previously announced, on November 16, 2022, Quantum FinTech Acquisition Corporation, a Delaware corporation (“Quantum”), entered into a Business Combination Agreement (as amended from time to time, the “Business Combination Agreement”) by and among Quantum, Calculator New Pubco, Inc., a Delaware corporation and a wholly-owned subsidiary of Quantum (“New Pubco”), Calculator Merger Sub 1, Inc., a Delaware corporation and a wholly-owned subsidiary of New Pubco, Calculator Merger Sub 2, Inc., a Delaware corporation and a wholly-owned subsidiary of New Pubco, AtlasClear, Inc., a Wyoming corporation (“AtlasClear”), Atlas FinTech Holdings Corp., a Delaware corporation and Robert McBey. The transactions contemplated by the Business Combination Agreement are hereinafter referred to as the “Business Combination.”
On December 14, 2023, Quantum and AtlasClear entered into Amendment No. 5 to the Business Combination Agreement (the “Amendment”). The Amendment amends the Business Combination Agreement to extend the date after which either Quantum or AtlasClear may terminate the Business Combination Agreement from December 8, 2023 to January 8, 2024.
The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 2.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. | Description | |
| 2.1 | Amendment No. 5 to Business Combination Agreement, dated as of December 14, 2023, by and between Quantum FinTech Acquisition Corporation and AtlasClear, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Quantum FinTech Acquisition Corporation | ||
| By: | /s/ John Schaible | |
| Name: | John Schaible | |
| Title: | Chief Executive Officer | |
| Date: December 15, 2023 | ||
2
Exhibit 2.1
AMENDMENT NO. 5
TO THE
BUSINESS COMBINATION AGREEMENT
This AMENDMENT NO. 5 (this “Amendment”), dated as of December 14, 2024, to the Business Combination Agreement, dated as of November 16, 2022 (as amended, the “Business Combination Agreement”), is by and between Quantum FinTech Acquisition Corporation, a company incorporated in Delaware (together with its successors, the “Purchaser”) and AtlasClear, Inc., a Wyoming corporation (the “Company”). Purchaser and the Company are sometimes referred to herein individually as a “Party” and, collectively, as the “Parties.” Capitalized terms not otherwise defined in this Amendment have the meanings given such terms in the Business Combination Agreement.
WHEREAS, Section 11.8 of the Business Combination Agreement provides for the amendment of the Business Combination Agreement only be execution of a written instrument signed by Purchaser and the Company; and
WHEREAS, Purchaser and the Company desire to amend the Business Combination Agreement as set forth below.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Parties hereby agree as follows:
ARTICLE I
AMENDMENT TO THE BUSINESS COMBINATION AGREEMENT
1. Amend and Restate Section 9.1(b). Section 9.1(b) of the Business Combination Agreement is hereby amended and restated in its entirety to read as follows:
“(b) by written notice by Purchaser or the Company if any of the conditions to the Closing set forth in Article VIII have not been satisfied or waived by January 8, 2024 (the “Outside Date”); provided, however, the right to terminate this Agreement under this Section 9.1(b) shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;”
ARTICLE II
MISCELLANEOUS
1. No Further Amendment. Except as expressly amended hereby, the Business Combination Agreement is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect. This Amendment is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the Business Combination Agreement or any of the documents referred to therein.
2. Effect of Amendment. This Amendment shall form a part of the Business Combination Agreement for all purposes, and each party thereto and hereto shall be bound hereby. From and after the execution of this Amendment by the Parties, any reference to the Business Combination Agreement shall be deemed a reference to the Business Combination Agreement as amended hereby.
3. Governing Law. This Amendment shall be governed by, and construed in accordance with, the Laws of the State of Delaware without regard to the conflict of laws principles thereof. All Actions arising out of or relating to this Amendment shall be heard and determined exclusively in the Court of Chancery of the State of Delaware located in Wilmington, Delaware (and in the absence of jurisdiction, the Parties consent to be subject to the jurisdiction of the United States District Court for the District of Delaware or any other state court located in Wilmington, Delaware).
4. Severability. In case any provision in this Amendment shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.
5. Counterparts. This Amendment may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
[Signature Pages Follow]
2
IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.
| The Purchaser: | |||
| QUANTUM FINTECH ACQUISITION CORPORATION | |||
| By: | /s/ John Schaible | ||
| Name: | John Schaible | ||
| Title: | Chief Executive Officer | ||
[Signature Page to Amendment No. 5 to the Business Combination Agreement]
IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.
| The Company: | |||
| ATLASCLEAR, INC. | |||
| By: | /s/ Craig Ridenhour | ||
| Name: | Craig Ridenhour | ||
| Title: | Chief Business Development Officer | ||
[Signature Page to Amendment No. 5 to the Business Combination Agreement]
{
"version": "2.2",
"instance": {
"ea190122-8k425_quantum.htm": {
"nsprefix": "QFTAW",
"nsuri": "http://qftacorp.com/20231214",
"dts": {
"inline": {
"local": [
"ea190122-8k425_quantum.htm"
]
},
"schema": {
"local": [
"qftaw-20231214.xsd"
],
"remote": [
"http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
"http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
"http://www.xbrl.org/2003/xl-2003-12-31.xsd",
"http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
"http://www.xbrl.org/2005/xbrldt-2005.xsd",
"http://www.xbrl.org/2006/ref-2006-02-27.xsd",
"http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
"http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
"https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
"https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
"https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
"https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd",
"https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd",
"https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd",
"https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd",
"https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd",
"https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd",
"https://xbrl.sec.gov/country/2023/country-2023.xsd",
"https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
]
},
"definitionLink": {
"local": [
"qftaw-20231214_def.xml"
]
},
"labelLink": {
"local": [
"qftaw-20231214_lab.xml"
]
},
"presentationLink": {
"local": [
"qftaw-20231214_pre.xml"
]
}
},
"keyStandard": 24,
"keyCustom": 0,
"axisStandard": 1,
"axisCustom": 0,
"memberStandard": 0,
"memberCustom": 2,
"hidden": {
"total": 3,
"http://xbrl.sec.gov/dei/2023": 3
},
"contextCount": 3,
"entityCount": 1,
"segmentCount": 2,
"elementCount": 65,
"unitCount": 3,
"baseTaxonomies": {
"http://xbrl.sec.gov/dei/2023": 27
},
"report": {
"R1": {
"role": "http://qftacorp.com/role/Cover",
"longName": "00000001 - Document - Cover",
"shortName": "Cover",
"isDefault": "true",
"groupType": "document",
"subGroupType": "",
"menuCat": "Cover",
"order": "1",
"firstAnchor": {
"contextRef": "AsOf2023-12-14",
"name": "dei:DocumentType",
"unitRef": null,
"xsiNil": "false",
"lang": "en-US",
"decimals": null,
"ancestors": [
"span",
"b",
"span",
"p",
"body",
"html"
],
"reportCount": 1,
"baseRef": "ea190122-8k425_quantum.htm",
"first": true,
"unique": true
},
"uniqueAnchor": {
"contextRef": "AsOf2023-12-14",
"name": "dei:DocumentType",
"unitRef": null,
"xsiNil": "false",
"lang": "en-US",
"decimals": null,
"ancestors": [
"span",
"b",
"span",
"p",
"body",
"html"
],
"reportCount": 1,
"baseRef": "ea190122-8k425_quantum.htm",
"first": true,
"unique": true
}
}
},
"tag": {
"dei_DocumentShellCompanyEventDate": {
"xbrltype": "dateItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentShellCompanyEventDate",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Shell Company Event Date",
"documentation": "Date of event requiring a shell company report."
}
}
},
"auth_ref": [
"r13"
]
},
"dei_EntityAddressPostalZipCode": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressPostalZipCode",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, Postal Zip Code",
"documentation": "Code for the postal or zip code"
}
}
},
"auth_ref": []
},
"dei_EntityEmergingGrowthCompany": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityEmergingGrowthCompany",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Emerging Growth Company",
"documentation": "Indicate if registrant meets the emerging growth company criteria."
}
}
},
"auth_ref": [
"r2"
]
},
"dei_CurrentFiscalYearEndDate": {
"xbrltype": "gMonthDayItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "CurrentFiscalYearEndDate",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Current Fiscal Year End Date",
"documentation": "End date of current fiscal year in the format --MM-DD."
}
}
},
"auth_ref": []
},
"dei_Extension": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "Extension",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Extension",
"documentation": "Extension number for local phone number."
}
}
},
"auth_ref": []
},
"dei_EntityInteractiveDataCurrent": {
"xbrltype": "yesNoItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityInteractiveDataCurrent",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Interactive Data Current",
"documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)."
}
}
},
"auth_ref": [
"r16"
]
},
"dei_DocumentType": {
"xbrltype": "submissionTypeItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentType",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Type",
"documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'."
}
}
},
"auth_ref": []
},
"dei_LocalPhoneNumber": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "LocalPhoneNumber",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Local Phone Number",
"documentation": "Local phone number for entity."
}
}
},
"auth_ref": []
},
"dei_EntityAddressAddressLine2": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressAddressLine2",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, Address Line Two",
"documentation": "Address Line 2 such as Street or Suite number"
}
}
},
"auth_ref": []
},
"dei_EntityAddressAddressLine1": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressAddressLine1",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, Address Line One",
"documentation": "Address Line 1 such as Attn, Building Name, Street Name"
}
}
},
"auth_ref": []
},
"dei_SecurityExchangeName": {
"xbrltype": "edgarExchangeCodeItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "SecurityExchangeName",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Security Exchange Name",
"documentation": "Name of the Exchange on which a security is registered."
}
}
},
"auth_ref": [
"r4"
]
},
"dei_DocumentAnnualReport": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentAnnualReport",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Annual Report",
"documentation": "Boolean flag that is true only for a form used as an annual report."
}
}
},
"auth_ref": [
"r11",
"r13",
"r14"
]
},
"dei_AuditedAnnualFinancialStatements": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "AuditedAnnualFinancialStatements",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Audited Annual Financial Statements",
"documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements."
}
}
},
"auth_ref": [
"r14"
]
},
"QFTAW_WarrantsEachWarrantExercisableForOnehalfOfOneShareOfCommonStockAtExercisePriceOf11.50Member": {
"xbrltype": "domainItemType",
"nsuri": "http://qftacorp.com/20231214",
"localname": "WarrantsEachWarrantExercisableForOnehalfOfOneShareOfCommonStockAtExercisePriceOf11.50Member",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Warrants, each warrant exercisable for one-half of one share of Common Stock at an exercise price of $11.50"
}
}
},
"auth_ref": []
},
"dei_Security12gTitle": {
"xbrltype": "securityTitleItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "Security12gTitle",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Title of 12(g) Security",
"documentation": "Title of a 12(g) registered security."
}
}
},
"auth_ref": [
"r5"
]
},
"dei_DocumentQuarterlyReport": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentQuarterlyReport",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Quarterly Report",
"documentation": "Boolean flag that is true only for a form used as an quarterly report."
}
}
},
"auth_ref": [
"r12"
]
},
"dei_EntityAddressCityOrTown": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressCityOrTown",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, City or Town",
"documentation": "Name of the City or Town"
}
}
},
"auth_ref": []
},
"dei_DocumentFiscalYearFocus": {
"xbrltype": "gYearItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentFiscalYearFocus",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Fiscal Year Focus",
"documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006."
}
}
},
"auth_ref": []
},
"dei_DocumentRegistrationStatement": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentRegistrationStatement",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Registration Statement",
"documentation": "Boolean flag that is true only for a form used as a registration statement."
}
}
},
"auth_ref": [
"r0"
]
},
"dei_EntitySmallBusiness": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntitySmallBusiness",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Small Business",
"documentation": "Indicates that the company is a Smaller Reporting Company (SRC)."
}
}
},
"auth_ref": [
"r2"
]
},
"dei_EntityCentralIndexKey": {
"xbrltype": "centralIndexKeyItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityCentralIndexKey",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Central Index Key",
"documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
}
}
},
"auth_ref": [
"r2"
]
},
"dei_DocumentTransitionReport": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentTransitionReport",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Transition Report",
"documentation": "Boolean flag that is true only for a form used as a transition report."
}
}
},
"auth_ref": [
"r15"
]
},
"dei_EntityCommonStockSharesOutstanding": {
"xbrltype": "sharesItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityCommonStockSharesOutstanding",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Common Stock, Shares Outstanding",
"documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument."
}
}
},
"auth_ref": []
},
"dei_AnnualInformationForm": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "AnnualInformationForm",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Annual Information Form",
"documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form."
}
}
},
"auth_ref": [
"r14"
]
},
"dei_CoverAbstract": {
"xbrltype": "stringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "CoverAbstract",
"lang": {
"en-us": {
"role": {
"documentation": "Cover page."
}
}
},
"auth_ref": []
},
"dei_EntityAddressCountry": {
"xbrltype": "countryCodeItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressCountry",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, Country",
"documentation": "ISO 3166-1 alpha-2 country code."
}
}
},
"auth_ref": []
},
"dei_EntityFilerCategory": {
"xbrltype": "filerCategoryItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityFilerCategory",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Filer Category",
"documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure."
}
}
},
"auth_ref": [
"r2"
]
},
"dei_AmendmentDescription": {
"xbrltype": "stringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "AmendmentDescription",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Amendment Description",
"documentation": "Description of changes contained within amended document."
}
}
},
"auth_ref": []
},
"dei_EntityPublicFloat": {
"xbrltype": "monetaryItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityPublicFloat",
"crdr": "credit",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Public Float",
"documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter."
}
}
},
"auth_ref": []
},
"dei_EntityAddressAddressLine3": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressAddressLine3",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, Address Line Three",
"documentation": "Address Line 3 such as an Office Park"
}
}
},
"auth_ref": []
},
"dei_OtherReportingStandardItemNumber": {
"xbrltype": "otherReportingStandardItemNumberItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "OtherReportingStandardItemNumber",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Other Reporting Standard Item Number",
"documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS."
}
}
},
"auth_ref": [
"r13"
]
},
"dei_CityAreaCode": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "CityAreaCode",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "City Area Code",
"documentation": "Area code of city"
}
}
},
"auth_ref": []
},
"dei_DocumentPeriodStartDate": {
"xbrltype": "dateItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentPeriodStartDate",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Period Start Date",
"documentation": "The start date of the period covered in the document, in YYYY-MM-DD format."
}
}
},
"auth_ref": []
},
"dei_SecurityReportingObligation": {
"xbrltype": "securityReportingObligationItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "SecurityReportingObligation",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Security Reporting Obligation",
"documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act."
}
}
},
"auth_ref": [
"r9"
]
},
"dei_WrittenCommunications": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "WrittenCommunications",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Written Communications",
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act."
}
}
},
"auth_ref": [
"r18"
]
},
"dei_EntityTaxIdentificationNumber": {
"xbrltype": "employerIdItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityTaxIdentificationNumber",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Tax Identification Number",
"documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
}
}
},
"auth_ref": [
"r2"
]
},
"us-gaap_StatementLineItems": {
"xbrltype": "stringItemType",
"nsuri": "http://fasb.org/us-gaap/2023",
"localname": "StatementLineItems",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Statement [Line Items]"
}
}
},
"auth_ref": []
},
"dei_EntityIncorporationStateCountryCode": {
"xbrltype": "edgarStateCountryItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityIncorporationStateCountryCode",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Incorporation, State or Country Code",
"documentation": "Two-character EDGAR code representing the state or country of incorporation."
}
}
},
"auth_ref": []
},
"dei_EntityPrimarySicNumber": {
"xbrltype": "sicNumberItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityPrimarySicNumber",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Primary SIC Number",
"documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity."
}
}
},
"auth_ref": [
"r14"
]
},
"dei_EntityFileNumber": {
"xbrltype": "fileNumberItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityFileNumber",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity File Number",
"documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen."
}
}
},
"auth_ref": []
},
"dei_DocumentShellCompanyReport": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentShellCompanyReport",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Shell Company Report",
"documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act."
}
}
},
"auth_ref": [
"r13"
]
},
"dei_EntityBankruptcyProceedingsReportingCurrent": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityBankruptcyProceedingsReportingCurrent",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Bankruptcy Proceedings, Reporting Current",
"documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element."
}
}
},
"auth_ref": [
"r6"
]
},
"dei_AmendmentFlag": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "AmendmentFlag",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Amendment Flag",
"documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
}
}
},
"auth_ref": []
},
"us-gaap_StatementTable": {
"xbrltype": "stringItemType",
"nsuri": "http://fasb.org/us-gaap/2023",
"localname": "StatementTable",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Statement [Table]"
}
}
},
"auth_ref": []
},
"dei_DocumentsIncorporatedByReferenceTextBlock": {
"xbrltype": "textBlockItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentsIncorporatedByReferenceTextBlock",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Documents Incorporated by Reference [Text Block]",
"documentation": "Documents incorporated by reference."
}
}
},
"auth_ref": [
"r3"
]
},
"dei_Security12bTitle": {
"xbrltype": "securityTitleItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "Security12bTitle",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Title of 12(b) Security",
"documentation": "Title of a 12(b) registered security."
}
}
},
"auth_ref": [
"r1"
]
},
"dei_CountryRegion": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "CountryRegion",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Country Region",
"documentation": "Region code of country"
}
}
},
"auth_ref": []
},
"dei_EntityShellCompany": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityShellCompany",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Shell Company",
"documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act."
}
}
},
"auth_ref": [
"r2"
]
},
"dei_PreCommencementIssuerTenderOffer": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "PreCommencementIssuerTenderOffer",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Pre-commencement Issuer Tender Offer",
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act."
}
}
},
"auth_ref": [
"r7"
]
},
"dei_EntityCurrentReportingStatus": {
"xbrltype": "yesNoItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityCurrentReportingStatus",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Current Reporting Status",
"documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure."
}
}
},
"auth_ref": []
},
"dei_DocumentFiscalPeriodFocus": {
"xbrltype": "fiscalPeriodItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentFiscalPeriodFocus",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Fiscal Period Focus",
"documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY."
}
}
},
"auth_ref": []
},
"dei_DocumentPeriodEndDate": {
"xbrltype": "dateItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentPeriodEndDate",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Period End Date",
"documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD."
}
}
},
"auth_ref": []
},
"dei_SolicitingMaterial": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "SolicitingMaterial",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Soliciting Material",
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act."
}
}
},
"auth_ref": [
"r10"
]
},
"us-gaap_ClassOfStockDomain": {
"xbrltype": "domainItemType",
"nsuri": "http://fasb.org/us-gaap/2023",
"localname": "ClassOfStockDomain",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"auth_ref": []
},
"dei_EntityVoluntaryFilers": {
"xbrltype": "yesNoItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityVoluntaryFilers",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Voluntary Filers",
"documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act."
}
}
},
"auth_ref": []
},
"dei_PreCommencementTenderOffer": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "PreCommencementTenderOffer",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Pre-commencement Tender Offer",
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act."
}
}
},
"auth_ref": [
"r8"
]
},
"us-gaap_StatementClassOfStockAxis": {
"xbrltype": "stringItemType",
"nsuri": "http://fasb.org/us-gaap/2023",
"localname": "StatementClassOfStockAxis",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Class of Stock [Axis]"
}
}
},
"auth_ref": []
},
"dei_EntityWellKnownSeasonedIssuer": {
"xbrltype": "yesNoItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityWellKnownSeasonedIssuer",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Well-known Seasoned Issuer",
"documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A."
}
}
},
"auth_ref": [
"r17"
]
},
"dei_NoTradingSymbolFlag": {
"xbrltype": "trueItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "NoTradingSymbolFlag",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "No Trading Symbol Flag",
"documentation": "Boolean flag that is true only for a security having no trading symbol."
}
}
},
"auth_ref": []
},
"dei_EntityExTransitionPeriod": {
"xbrltype": "booleanItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityExTransitionPeriod",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Elected Not To Use the Extended Transition Period",
"documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards."
}
}
},
"auth_ref": [
"r19"
]
},
"dei_EntityRegistrantName": {
"xbrltype": "normalizedStringItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityRegistrantName",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Registrant Name",
"documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
}
}
},
"auth_ref": [
"r2"
]
},
"dei_DocumentAccountingStandard": {
"xbrltype": "accountingStandardItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "DocumentAccountingStandard",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Document Accounting Standard",
"documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'."
}
}
},
"auth_ref": [
"r13"
]
},
"dei_TradingSymbol": {
"xbrltype": "tradingSymbolItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "TradingSymbol",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Trading Symbol",
"documentation": "Trading symbol of an instrument as listed on an exchange."
}
}
},
"auth_ref": []
},
"dei_EntityAddressStateOrProvince": {
"xbrltype": "stateOrProvinceItemType",
"nsuri": "http://xbrl.sec.gov/dei/2023",
"localname": "EntityAddressStateOrProvince",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Entity Address, State or Province",
"documentation": "Name of the state or province."
}
}
},
"auth_ref": []
},
"QFTAW_CommonStockParValue0.0001PerShareMember": {
"xbrltype": "domainItemType",
"nsuri": "http://qftacorp.com/20231214",
"localname": "CommonStockParValue0.0001PerShareMember",
"presentation": [
"http://qftacorp.com/role/Cover"
],
"lang": {
"en-us": {
"role": {
"label": "Common Stock, par value $0.0001 per share"
}
}
},
"auth_ref": []
}
}
}
},
"std_ref": {
"r0": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12"
},
"r1": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12",
"Subsection": "b"
},
"r2": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12",
"Subsection": "b-2"
},
"r3": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12",
"Subsection": "b-23"
},
"r4": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12",
"Subsection": "d1-1"
},
"r5": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12",
"Subsection": "g"
},
"r6": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "12, 13, 15d"
},
"r7": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "13e",
"Subsection": "4c"
},
"r8": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "14d",
"Subsection": "2b"
},
"r9": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Number": "240",
"Section": "15",
"Subsection": "d"
},
"r10": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Exchange Act",
"Section": "14a",
"Number": "240",
"Subsection": "12"
},
"r11": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Form 10-K",
"Number": "249",
"Section": "310"
},
"r12": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Form 10-Q",
"Number": "240",
"Section": "308",
"Subsection": "a"
},
"r13": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Form 20-F",
"Number": "249",
"Section": "220",
"Subsection": "f"
},
"r14": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Form 40-F",
"Number": "249",
"Section": "240",
"Subsection": "f"
},
"r15": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Forms 10-K, 10-Q, 20-F",
"Number": "240",
"Section": "13",
"Subsection": "a-1"
},
"r16": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Regulation S-T",
"Number": "232",
"Section": "405"
},
"r17": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Securities Act",
"Number": "230",
"Section": "405"
},
"r18": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Securities Act",
"Number": "230",
"Section": "425"
},
"r19": {
"role": "http://www.xbrl.org/2003/role/presentationRef",
"Publisher": "SEC",
"Name": "Securities Act",
"Number": "7A",
"Section": "B",
"Subsection": "2"
}
}
}