Annual report pursuant to Section 13 and 15(d)

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

v3.21.2
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Abstract]  
Restatement of Previously Issued Financial Statements
As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period.

   
As
Previously
Reported
   
Adjustments
   
As
Restated
 
Balance sheet as of October 6, 2020 (audited)
                 
Warrant Liability, at fair value
 
$
   
$
27,061,145
   
$
27,061,145
 
Total liabilities
   
14,551,035
     
27,061,145
     
41,612,180
 
Class A Common Stock Subject to Possible Redemption
   
382,455,490
     
(27,061,140
)
   
355,394,350
 
Class A Common Stock
   
175
     
271
     
446
 
Additional Paid-in Capital
   
4,999,681
     
1,028,582
     
6,028,263
 
Accumulated Deficit
   
(1,000
)
   
(1,028,858
)
   
(1,029,858
)
Stockholders’ Equity
   
5,000,006
     
(5
)
   
5,000,001
 
                         
Balance sheet as of December 31, 2020 (audited)
                       
Warrant Liability, at fair vlaue
 
$
   
$
45,225,000
   
$
45,225,000
 
Total liabilities
   
15,875,583
     
45,225,000
     
61,100,583
 
Class A Common Stock Subject to Possible Redemption
   
430,570,380
     
(45,225,000
)
   
385,345,380
 
Class A Common Stock
   
194
     
453
     
647
 
Additional Paid-in Capital
   
5,134,797
     
16,159,456
     
21,294,253
 
Accumulated Deficit
   
(136,110
)
   
(16,159,909
)
   
(16,296,019
)
                         
Statement of Operations for the Period from July 30 2020 (inception) to December 31, 2020 (audited)
                       
Change in fair value of warrant liability
 
$
   
$
(15,007,134
)
 
$
(15,007,134
)
Transaction costs allocated to warrant liabilities
   
     
(1,152,775
)
   
(1,152,775
)
Net loss
   
(136,110
)
   
(16,159,909
)
   
(16,296,019
)
Weighted average shares outstanding, Class A Common stock subject to possible redemption
   
45,000,000
     
(470,588
)
   
44,529,412
 
Basic and diluted net income per share, Class A Common stock subject to possible redemption
   
0.00
     
     
0.00
 
Weighted average shares outstanding, Class B Common stock
   
11,250,000
     
(567,376
)
   
10,682,624
 
Basic and diluted net loss per share, Class B Common stock
   
(0.01
)
   
(1.52
)
   
(1.53
)
                         
Cash Flow Statement for the Period from July 30, 2020 (inception) to December 31, 2020 (audited)
                       
Net loss
 
$
(136,110
)
 
$
(16,159,909
)
 
$
(16,296,019
)
Change in fair value of warrant liability
   
     
15,007,134

   
15,007,134

Transaction costs allocated to warrant liabilities
   
     
1,152,775

   
1,152,775

Initial classification of Class A common stock subject to possible redemption
   
430,705,490
     
(30,217,870
)
   
400,487,620
 
Change in value of Class A common stock subject to possible redemption
   
(135,110
)
   
(15,007,130
)
   
(15,142,240
)