Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Financial Statements

v3.21.2
Restatement of Previously Issued Financial Statements
 9 Months Ended
Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements
Note 2—Restatement of Previously Issued Financial Statements
In April 2021
,
the Company re-evaluated its accounting for its Public Warrants (as defined below in Note 4) and Private Placement Warrants (as defined below in Note 5) issued in connection with the Company’s initial public offering (collectively, the “Warrants”) and determined that they should be treated as derivative liabilities pursuant to ASC 815 (“ASC 815”), “Derivative
s
and Hedging”, rather th
a
n as components of stockholders’ equity as the Company previously treated the Warrants.
The restated classification and reported values of the Warrants as accounted for under ASC 815 are included in the financial statements herein. In the process of re-evaluating its financial statements the Company also restated its financial statements to classify all Class A common stock as temporary equity and to record accretion on the shares of Class A common stock. The Company had previously classified 3,133,926 shares of its Class A common stock as permanent equity. Since the Company classified the Public Warrants as derivative liabilities, offering costs totaling $1,075,021
that were previously allocated to the reported amount of the Public Warrants are now reflected as an expense in the statement of operations for the three months and nine months ended September 30, 2020.
 
Impact of the Restatement
The impact of the restatement on the balance sheet, statements of operations and statement of cash flows for unaudited interim financial statements for the quarterly period ended September 30, 2020 is presented below.
 
 
  
As of September 30, 2020
 
 
  
As Previously
Reported
 
  
Restatement
Adjustment
 
  
As Restated
 
BALANCE SHEET
  
      
  
      
  
      
Warrant liability
  
$
—  
 
  
$
59,344,241
 
  
$
59,344,241
 
Total liabilities
  
 
27,002,221
 
  
 
59,344,241
 
  
 
86,346,462
 
Class A common stock subject to possible redemption
  
 
719,471,496
 
  
 
30,528,504
 
  
 
750,000,000
 
Class A common stock - $0.0001 par value
  
 
306
 
  
 
(306
) 
  
 
—  
 
Additional paid-in capital
  
 
5,293,078
 
  
 
(5,293,078
) 
  
 
—  
 
Accumulated deficit
  
 
(295,255
) 
  
 
(84,579,361
) 
  
 
(84,874,616
) 
Total stockholders’ equity
  
 
5,000,003
 
  
 
(89,872,745
) 
  
 
(84,872,742
) 
 
 
  
Three months ended September 30, 2020
 
 
Nine months ended September 30, 2020
 
 
  
As Previously
Reported
 
 
Restatement
Adjustment
 
 
As Restated
 
 
As Previously
Reported
 
 
Restatement
Adjustment
 
 
As Restated
 
STATEMENTS OF OPERATIONS
  
      
 
      
 
      
 
      
 
      
 
      
General and administrative expenses
  
$
(369,735
) 
 
$
(1,075,022
) 
 
$
(1,444,757
) 
 
$
(428,397
) 
 
$
(1,075,021
) 
 
$
(1,503,418
) 
Change in fair value of warrant liability
  
 
—  
 
 
 
(30,806,877
) 
 
 
(30,806,877
) 
 
 
—  
 
 
 
(30,806,877
) 
 
 
(30,806,877
) 
Net loss
  
 
(248,220
) 
 
 
(31,881,899
) 
 
 
(32,130,119
) 
 
 
(294,620
) 
 
 
(31,881,898
) 
 
 
(32,176,518
) 
Basic and diluted net loss per share, Class A
  
$
(0.00
) 
 
$
(0.35
) 
 
$
(0.35
) 
 
$
(0.01
) 
 
$
(0.71
) 
 
$
(0.72
) 
Basic and diluted net loss per share, Class B
  
$
(0.00
) 
 
$
(0.35
) 
 
$
(0.35
) 
 
$
(0.01
) 
 
$
(0.71
) 
 
$
(0.72
) 
 
 
  
Nine months ended September 30, 2020
 
 
  
As Previously
Reported
 
  
Restatement
Adjustment
 
  
As Restated
 
STATEMENT OF CASH FLOWS
  
      
  
      
  
      
Net loss
  
$
(294,620
) 
  
$
(31,881,898
) 
  
$
(32,176,518
) 
Change in fair value of warrant liability
  
 
—  
 
  
 
30,806,877
 
  
 
30,806,877
 
Issuance costs related to warrant liability
  
 
—  
 
  
 
1,075,021
 
  
 
1,075,021