Temporary Equity – Class A Common Stock Subject to Possible Redemption

12 Months Ended

Jun. 30, 2021

Temporary Equity Class A Common Stock Subject To Possible Redemption [Abstract]

Temporary Equity – Class A Common Stock Subject to Possible Redemption

Note 7 — Temporary Equity – Class A Common Stock Subject to Possible Redemption

The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 50,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holder of the Company’s Class A common stock are entitled to one vote for each share. As of June 30, 2021, there were 11,500,000 shares of Class A common stock outstanding, all of which were subject to possible redemption. There were no shares of Class A common stock issued or outstanding as of June 30, 2020.

As of June 30, 2021, Class A common stock reflected on the balance sheet is reconciled on the following table:

	As of June 30, 2021
Gross proceeds	$	115,000,000
Less:
Proceeds allocated to public warrants		(5,186,500	)
Class A common stock issuance costs		(6,471,798	)
Plus:
Accretion of carrying value to redemption value		13,383,298
Class A common stock subject to possible redemption	$	116,725,000