Annual report pursuant to Section 13 and 15(d)

Restatement Of Previously Issued Financial Statements (Tables)

v3.21.1
Restatement Of Previously Issued Financial Statements (Tables)
 7 Months Ended
Dec. 31, 2020
Prior Period Adjustment [Abstract]  
Summary of Effect of the Restatement on Each Financial Statement Line Items as on Dates and Period Wise
The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated:
 
    
As Previously
Reported
    
Adjustment
    
As Restated
  
Balance Sheet as of September 14, 2020 (Audited)
       
Warrant liabilities
    $ —       $ 16,109,000     $ 16,109,000  
Total liabilities
      8,462,795       16,109,000       24,571,795  
Class A common stock subject to possible redemption
      218,567,400       (16,109,000 )      202,458,400  
Class A common stock
      114       161       275  
Additional
paid-in
capital
      4,999,966       580,358       5,580,324  
Accumulated deficit
      (646 )      (580,529)       (581,175 ) 
Balance Sheet as of September 30, 2020 (Unaudited)
       
Warrant liabilities
    $ —       $ 16,471,000     $ 16,471,000  
Total liabilities
      8,231,430       16,471,000       24,702,430  
Class A common stock subject to possible redemption
      218,532,990       (16,471,000 )      202,061,990  
Class A common stock
      115       165       280  
Additional
paid-in
capital
      5,034,375       942,364       5,976,739  
Accumulated deficit
      (35,063 )      (942,529 )      (977,592 ) 
Total stockholders’ equity
      5,000,002       —         5,000,002  
Balance Sheet as of December 31, 2020 (Audited)
       
Warrant liabilities
    $ —       $ 23,366,000     $ 23,366,000  
Total liabilities
      9,076,098       23,366,000       32,442,098  
Class A common stock subject to possible redemption
      217,534,410       (23,366,000 )      194,168,410  
Class A common stock
      125       233       358  
Additional
paid-in
capital
      6,032,945       7,837,296       13,870,241  
Accumulated deficit
      (1,033,642 )      (7,837,529 )      (8,871,171 ) 
Total stockholders’ equity
      5,000,003       —         5,000,003  
Statement of Operations for the Period From May 29, 2020 (Inception) through September 30, 2020 (Unaudited)
       
Other income (expense), net
       
Interest earned on marketable securities in Trust Account
    $ 200     $ —       $ 200  
Change in fair value of Warrants
      —         (362,000 )      (362,000 ) 
Transaction costs attributable to Warrants
      —         (580,529 )      (580,529 ) 
Other income (expense), net
      200       (942,529 )      (942,329 ) 
Net loss
      (35,063 )      (942,529 )      (977,592 ) 
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption
      21,856,740       (1,610,900 )      20,245,840  
Basic and diluted weighted average shares outstanding,
Non-redeemable
common stock
      5,283,104       240,883       5,523,987  
Basic and diluted net loss per share,
Non-redeemable
common stock
    $ (0.01 )    $ (0.17)     $ (0.18 ) 
Statement of Operations for the Period From May 29, 2020 (Inception) through December 31, 2020 (Audited)
       
Other income (expense), net
       
Interest earned on marketable securities in Trust Account
    $ 7,324     $ —       $ 7,324  
Change in fair value of Warrants
      —         (7,257,000 )      (7,257,000 ) 
Transaction costs attributable to Warrants
      —         (580,529 )      (580,529 ) 
Other income (expense), net
      7,324       (7,837,529 )      (7,830,205 ) 
Net loss
      (1,033,642 )      (7,837,529 )      (8,871,171 ) 
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption
      21,853,909       (1,641,837 )      20,212,072  
Basic and diluted weighted average shares outstanding,
Non-redeemable
common stock
      6,029,089       890,993       6,920,082  
Basic and diluted net loss per share,
Non-redeemable
common stock
    $ (0.17 )    $ (1.11 )    $ (1.28 ) 
Statement of Cash Flows for the Period From May 29, 2020 (Inception) through September 30, 2020
       
Cash Flows from Operating Activities
       
Net loss
    $ (35,063 )    $ (942,529 )    $ (977,592 ) 
Adjustments to reconcile net loss to net cash used in operating activities:
       
Change in fair value of warrant liabilities
      —         (362,000 )      (362,000 ) 
Transaction costs attributable to Warrants
      —         (580,529 )      (580,529 ) 
Non-Cash investing and financing activities:
       
Initial classification of Class A common stock subject to possible redemption
      218,567,400       (16,109,000 )      202,458,400  
Initial measurement of warrants issued in connection with the Initial Public Offering accounted for as liabilities
      —         16,109,000       16,109,000  
Additional non-cash activity:
       
Change in value of Class A common stock subject to redemption
    $ (34,410 )    $ (362,000 )    $ (396,410 ) 
Statement of Cash Flows for the Period From May 29, 2020 (Inception) through December 31, 2020 (Audited)
       
Cash Flows from Operating Activities:
       
Net loss
    $ (1,033,642 )    $ (7,837,529 )    $ (8,871,171 ) 
Adjustments to reconcile net loss to net cash used in operating activities:
       
Change in fair value of warrant liability
      —         (7,257,000 )      (7,257,000 ) 
Transaction costs attributable to Warrants
      —         (580,529 )      (580,529 ) 
Non-Cash
Investing and Financing Activities:
       
Initial classification of Class A common stock subject to possible redemption
      218,567,400       (16,109,000 )      202,458,400  
Initial measurement of warrants issued in connection with the Initial Public Offering accounted for as liabilities
      —         16,109,000       16,109,000  
Additional non-cash activity:
       
Change in value of Class A common stock subject to redemption
    $ (1,032,990 )    $ (7,257,000 )    $ (8,289,990 )