Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Financial Statements (Tables)

v3.21.2
Restatement of Previously Issued Financial Statements (Tables)
9 Months Ended
Sep. 30, 2021
Restatement of Previously Issued Financial Statements  
Summary of impact on previously issued financial statements

The impact of the restatement on the Company’s financial statements is reflected in the following table.

    

As Previously 

    

    

Balance Sheet as of February 23, 2021 (audited)

Reported

Adjustment

As Restated

Common stock subject to possible redemption

$

308,495,000

$

36,505,000

$

345,000,000

Common stock

$

365

$

(365)

$

Additional paid-in capital

$

6,416,183

$

(6,416,183)

$

Accumulated deficit

$

(1,417,402)

$

(30,088,452)

$

(31,505,854)

Total Stockholders’ Equity (Deficit)

$

5,000,009

$

(36,505,000)

$

(31,504,991)

Balance Sheet as of March 31, 2021 (unaudited)

 

  

 

  

 

  

Common stock subject to possible redemption

$

310,344,014

$

34,658,003

$

345,002,017

Common stock

$

347

$

(347)

$

Additional paid-in capital

$

4,567,187

$

(4,567,187)

$

Retained earnings (Accumulated deficit)

$

431,609

$

(30,090,469)

$

(29,658,860)

Total Stockholders’ Equity (Deficit)

$

5,000,006

$

(34,658,003)

$

(29,657,997)

Balance Sheet as of June 30, 2021 (unaudited)

 

  

 

  

 

  

Common stock subject to possible redemption

$

310,050,840

$

34,956,420

$

345,007,260

Common stock

$

349

$

(349)

$

Additional paid-in capital

$

4,860,359

$

(4,860,359)

$

Retained earnings (Accumulated deficit)

$

138,435

$

(30,095,712)

$

(29,957,277)

Total Stockholders’ Equity (Deficit)

$

5,000,006

$

(34,956,420)

$

(29,956,414)

Statement of Operations for the Three Months Ended March 31, 2021 (unaudited)

 

  

 

  

 

  

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

 

12,339,800

 

1,460,200

 

13,800,000

Basic and diluted net income per share, Class A common stock subject to possible redemption

$

$

0.02

$

0.02

Basic and diluted weighted average shares outstanding, Class B common stock non-redeemable

 

10,085,200

 

(1,460,200)

 

8,625,000

Basic and diluted net income (loss) per share, Class B common stock non-redeemable

$

0.04

$

(0.02)

$

0.02

Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)

 

  

 

  

 

  

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

 

31,034,220

 

3,465,780

 

34,500,000

Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption

$

$

(0.01)

$

(0.01)

Basic and diluted weighted average shares outstanding, Class B common stock non-redeemable

 

12,119,916

 

(3,494,916)

 

8,625,000

Basic and diluted net income (loss) per share, Class B common stock non-redeemable

$

(0.02)

$

0.01

$

(0.01)

Statement of Operations for the Six Months Ended June 30, 2021 (unaudited)

 

  

 

  

 

  

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

 

30,981,858

 

(6,774,676)

 

24,207,182

Basic and diluted net income per share, Class A common stock subject to possible redemption

$

 

$

Basic and diluted weighted average shares outstanding, Class B common stock non-redeemable

 

10,704,777

 

(2,079,777)

 

8,625,000

Basic and diluted net income (loss) per share, Class B common stock non-redeemable

$

0.01

$

(0.01)

$

Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (unaudited)

 

  

 

  

 

  

Sale of 34,500,000 Units, net of underwriting discounts, offering costs and warrant liability

$

314,887,411

$

(314,887,411)

$

Class A common stock subject to possible redemption

$

(308,495,000)

$

308,495,000

$

Change in value of class A common stock subject to redemption

$

(1,849,014)

$

1,849,014

$

Accretion for Class A common stock subject to redemption amount

$

$

(30,114,606)

$

(30,114,606)

Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (unaudited)

 

  

 

  

 

  

Change in value of class A common stock subject to redemption

$

293,174

$

(293,174)

$

Accretion for Class A common stock subject to redemption amount

$

$

(5,243)

$

(5,243)

Statement of Changes in Stockholders’ Equity (Deficit) for the Six Months Ended June 30, 2021 (unaudited)

 

  

 

  

 

  

Change in value of class A common stock subject to redemption

$

293,174

$

(293,174)

$

Accretion for Class A common stock subject to redemption amount

$

$

(30,119,849)

$

(30,119,849)

Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited)

 

  

 

  

 

  

Change in value of common stock subject to possible redemption

$

(1,555,840)

$

1,563,100

$

7,260