Quarterly report pursuant to Section 13 or 15(d)

Restatement of Interim Financial Information

v3.21.1
Restatement of Interim Financial Information
3 Months Ended
Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Restatement of Interim Financial Information

Note 2 – Restatement of Interim Financial Information


Due to a misapplication of the accounting treatment related to its shares of common stock subject to redemption, non-redeemable common stock and additional paid-in capital for maintaining minimum net tangible assets of at least $5 million following any common stock redemption, the Company’s previously issued interim condensed financial statements for the quarterly period ended March 31, 2021 should no longer be relied upon. As such, the Company is restating its unaudited interim condensed financial statements as of and for three months ended March 31, 2021 included in this Quarterly Report.


Impact of the Restatement


The impact of the restatement on the Condensed Statement balance sheet as of March 31, 2021 included in this Quarterly Report is presented below.


    As Previously Reported     Adjustments     As Restated  
Balance Sheets for the three months ended March 31, 2021 (unaudited)                  
                   
Common stock subject to possible redemption:                  
Number of common stock outstanding     24,136,072       4,613,928       28,750,000  
Value of common stock subject to possible redemption   $ 241,360,720     $ 46,139,280     $ 287,500,000  
Class A Common stock excluding common stock subject to possible redemption     4,613,928       (4,613,928 )     --  
Class A Common stock value   $ 461       (461 )     --  
Additional paid-in capital   $ 16,277,478     $ (16,253,340 )   $ 24,138  
Accumulated deficit   $ (11,278,892 )   $ (29,885,479 )   $ (41,164,371 )
Total Stockholders’ Equity (Deficit)   $ 5,000,005       (46,139,280 )   $ (41,139,275 )

The impact of the restatement on the Condensed Statement of Operations for the three months ended March 31, 2021 included in this filing is presented below.


Basic and diluted weighted average common stock outstanding, common stock subject to possible redemption     25,098,791       1,476,894       26,575,685  
Basic and diluted weighted average common stock outstanding, Non-redeemable common stock     13,234,542       (1,476,894 )     11,757,648  
Basic and diluted net loss per common stock, Non-redeemable common stock   $ (0.73 )   $ (0.09 )   $ (0.82 )

The impact of the restatement on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 included in this filing is presented below.


    As Previously Reported     Adjustments     As Restated  
Statement of Cash Flows for the three months ended March 31, 2021 (unaudited)                  
                   
Non-Cash Investing and Financing Activities:                        
Change in value of common stock subject to possible redemption     (9,627,188 )     46,139,280       36,512,092