Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Audited and Unaudited Financial Statements (Tables)

v3.21.2
Restatement of Previously Issued Audited and Unaudited Financial Statements (Tables)
12 Months Ended
Dec. 31, 2020
Restatement Of Previously Issued Audited And Unaudited Financial Statements  
Schedule of Restatement of financial statements
                       
    As of December 31, 2020
    As Previously Reported   Restatement Adjustment   As Restated
Total assets   $ 109,812,830     $     $ 109,812,830  
Liabilities and Stockholders’ Equity                        
Total current liabilities     4,501,627             4,501,627  
Deferred underwriting commissions     5,433,750             5,433,750  
Warrant liability           45,483,300       45,483,300  
Total liabilities     9,935,377       45,483,300       55,418,677  
Stockholders’ Equity:                        
Preferred stock, $0.0001 par value                  
Class A common stock, $0.0001 par value     1,039             1,039  
Convertible Class B common stock, $0.0001 par value     388             388  
Additional paid-in capital     99,730,418       (10,711,100 )     89,019,318  
Accumulated deficit     145,608       (34,772,200 )     (34,626,592 )
Total stockholders’ equity (deficit)     99,877,453       (45,483,300 )     54,394,153  
Total Liabilities and Stockholders’ Equity   $ 109,812,830     $     $ 109,812,830  

 

Year ended December 31, 2020 statement of operations:

 

    For the Year Ended December 31, 2020
    As Previously Reported   Restatement Adjustment   As Restated
General and administrative expenses   $ 2,470,314     $     $ 2,470,314  
Franchise tax expense     200,051             200,051  
Loss from operations     (2,670,365 )           (2,670,365 )
Interest earned on investments and marketable securities     694,319             694,319  
Loss on remeasurement of warrant liability           (34,539,350 )     (34,539,350 )
Loss before income tax expense     (1,976,046 )     (34,539,350 )     (36,515,396 )
Income tax expense     120,449             120,449  
Net loss   $ (2,096,495 )   $ (34,539,350 )   $ (36,635,845 )
                         
Weighted average shares outstanding of Class A common stock     14,006,380             14,006,380  
Basic and diluted net income per share, Class A   $ 0.03     $     $ 0.03  
Weighted average shares outstanding of Class B common stock     3,881,250             3,881,250  
Basic and diluted net loss per share, Class B   $ (0.64 )   $ (8.90 )   $ (9.54 )

 

Year ended December 31, 2020 statement of cash flows:

 

    For the Year Ended December 31, 2020
    As Previously Reported   Restatement Adjustment   As Restated
Cash Flows from Operating Activities:                        
Net loss   $ (2,096,495 )   $ (34,539,350 )   $ (36,635,845 )
Adjustments to reconcile net loss to net cash used in operating activities:     (822,416 )     34,539,350       33,716,934  
Changes in operating assets and liabilities    

2,111,980

           

2,111,980

 
Net cash used in operating activities     (806,931 )           (806,931 )
Net cash provided by investing activities     52,971,974             52,971,974  
Net cash used in financing activities     (52,257,462 )           (52,257,462 )
Net change in cash   $ (92,419 )   $     $ (92,419 )
                         
Supplemental disclosure of noncash investing and financing activities:                        
Change in Class A common stock subject to possible redemption   $ (96,973,939 )    $ 10,944,778     $ (86,029,161 ) 

 

December 31, 2019 balance sheet:

 

    As of December 31, 2019
    As Previously Reported   Restatement Adjustment   As Restated
Total assets   $ 162,485,391     $     $ 162,485,391  
Liabilities and Stockholders’ Equity                        
Total current liabilities     942,126             942,126  
Deferred tax liabilities     128,105             128,105  
Deferred underwriting commissions     5,433,750             5,433,750  
Warrant liability           10,943,950       10,943,950  
Total liabilities     6,503,981       10,943,950       17,447,931  
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption     150,981,401       (10,943,950 )      140,037,451  
Stockholders’ Equity:                        
Preferred stock, $0.0001 par value                  
Class A common stock, $0.0001 par value     106       105       211  
Convertible Class B common stock, $0.0001 par value     388             388  
Additional paid-in capital     2,757,412       232,745       2,990,157  
Retained earnings (Accumulated deficit)     2,242,103       (232,850 )     2,009,253
Total stockholders’ equity (deficit)     5,000,009             5,000,009  
Total Liabilities and Stockholders’ Equity   $ 162,485,391     $     $ 162,485,391  

 

Year ended December 31, 2019 statement of operations:

 

    For the Year Ended December 31, 2019
    As Previously Reported   Restatement Adjustment   As Restated
General and administrative expenses   $ 826,307     $     $ 826,307  
Franchise tax expense     200,000             200,000  
Loss from operations     (1,026,307 )           (1,026,307 )
Interest earned on investments and marketable securities     3,473,997             3,473,997  
Loss on remeasurement of warrant liability           (931,400 )     (931,400 )
Loss before income tax expense     2,447,690       (931,400 )     1,516,290  
Income tax expense     675,854             675,854  
Net loss   $ 1,771,836     $ (931,400 )   $ 840,436  
                         
Weighted average shares outstanding of Class A common stock     15,525,000             15,525,000  
Basic and diluted net income per share, Class A   $ 0.17     $     $ 0.17  
Weighted average shares outstanding of Class B common stock     3,881,250             3,881,250  
Basic and diluted net loss per share, Class B   $ (0.21 )   $ (0.24 )   $ (0.45 )

 

 

Year ended December 31, 2019 statement of cash flows:

 

    For the Year Ended December 31, 2019
    As Previously Reported   Restatement Adjustment   As Restated
Cash Flows from Operating Activities:                        
Net loss   $ 1,771,836     $ (931,400 )   $ 840,436  
Adjustments to reconcile net loss to net cash used in operating activities:     (3,345,423 )     931,400       (2,414,023 )
Changes in operating assets and liabilities    

(383,529

)          

(383,529

)
Net cash used in operating activities     (1,957,116 )           (1,957,116 )
Net cash provided by investing activities     1,171,717             1,171,717  
Net cash used in financing activities     750,000             750,000  
Net change in cash   $ (35,399 )   $     $ (35,399 )
                         
Supplemental disclosure of noncash investing and financing activities:                        
Change in Class A common stock subject to possible redemption   $ 1,771,832     $ (931,400 )    $ 840,432