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RESTATEMENT OF FINANCIAL STATEMENTS
 6 Months Ended
Jun. 30, 2021
RESTATEMENT OF FINANCIAL STATEMENTS [Abstract]  
RESTATEMENT OF FINANCIAL STATEMENTS
2.
RESTATEMENT OF FINANCIAL STATEMENTS

On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s financial statements as opposed to equity. Since issuance, the Company’s Warrants were accounted for as equity within the Company’s previously reported financial statements, and after discussion and evaluation, management concluded that the Warrants should be presented as liabilities reported at fair value with subsequent fair value remeasurement at each reporting period.
 The Company concluded that, because of a misapplication of the accounting guidance related to its public and private placement warrants the Company’s predecessor previously issued, the Company’s previously issued financial statements for the Affected Periods (as defined below) should no longer be relied upon. As such, the Company is restating its unaudited and audited financial statements for the Affected Periods included in this Form 10-Q.
The affected periods are the years ended December 31, 2020 and 2019 and the quarters ended September 30, 2020, June 30, 2020, March 31, 2020, September 30, 2019 and June 30, 2019.
Impact of the Restatement
The impact of the restatement on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2020 included in this filing is presented below.

 
As Previously
Reported
  
Adjustments
  
As Restated
  
Statement of Operations for the three months ended June 30, 2020 (unaudited)
            
             
Change in fair value of the warrant liability
  
$
-
    
$
(25,075
)
  
$
(25,075
)
Net loss
    
(829,030
)
    
(25,075
)
    
(854,105
)
Net loss per common share
    
(0.16
)
    
(0.00
 )
   
(0.16
)

 
As Previously
Reported
  
Adjustments
  
As Restated
  
Statement of Operations for the six months ended June 30, 2020 (unaudited)
            
             
Change in fair value of the warrant liability
  
$
-
    
$
(382,680
)
  
$
(382,680
)
Net loss
    
(1,261,662
)
    
(382,680
)
    
(1,644,342
)
Net loss per common share
    
(0.24
)
    
(0.07
)
    
(0.31
)

The impact of the restatement on the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2020 included in this filing is presented below.

 
As Previously
Reported
  
Adjustments
  
As Restated
  
Statement of Cash Flows for the six months ended June 30, 2020 (unaudited)
            
Net Loss
  
$
(1,261,662
)
  
$
(382,680
)
  
$
(1,644,342
)
Change in fair value of the warrant liability
    
-
      
382,680
      
382,680