Restatement of Previously Reported Financial Statements

3 Months Ended

Sep. 30, 2021

Restatementof Previously Reported Financial Statements [Abstract]

Restatement of Previously Reported Financial Statements

Note 2 — Restatement of Previously Reported Financial Statements

In preparation of the Company’s unaudited financial statements for the quarterly period September 30, 2021, and in connection with the change in presentation for the Class A common stock subject to possible redemption as previously reported, the Company restated its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. The Company’s previously reported calculation of earnings per share was performed in a manner similar to the two-class method of income (loss) per share of common stock. Net income (loss) per share of common stock was calculated by dividing the net gain on investments held in the Trust Account, less interest available to be withdrawn for the payment of taxes, by the weighted average number of shares of Class A common stock outstanding for the respective period. Net income (loss) per share of common stock was calculated by dividing the net income, adjusted for income attributable to Class A common stock, by the weighted average number of Class B common stock outstanding for the period, as Class B common stock includes the Founder Shares that do not have any redemption features and do not participate in the net gain on investments held in the Trust Account.

The Company’s previously reported financials that have been restated are: (i) its unaudited quarterly financials for the three and six months ended December 31, 2020, as reported as revised in its Form 10-K for the quarterly period ended June 30, 2021 filed with the SEC on September 28, 2021; (ii) its unaudited quarterly financials for the three and nine months ended March 31, 2021 as revised in its Form 10-K for the quarterly period ended June 30, 2021 filed with the SEC on September 28, 2021; and (iii) its audited financial statements for the fiscal year ended June 30, 2021 included on its Form 10-K as filed with the SEC on September 28, 2021 (collectively, “the Affected Periods”). The change in calculation does not impact the reported amount of net income (loss) in the Affected Periods, did not impact the statement of cash flows, the balance sheet or the statement of stockholders’ equity (deficit). The impact to the reported amounts of weighted averages shares outstanding and basic and diluted income (loss) per share of common stock share is presented below for the Affected Periods:

	EPS for Class A common stock (redeemable)
	As Reported/ As Restated		Adjustment			As Restated
Three months ended December 31, 2020 - basic and diluted
Weighted average shares outstanding		11,323,529		(9,253,637	)		2,069,892
Basic and diluted earnings per share	$	-	$	(0.03	)	$	(0.03	)
Six months ended December 31, 2020 - basic and diluted
Weighted average shares outstanding		11,323,529		(10,282,988	)		1,040,541
Basic and diluted earnings per share	$	-	$	(0.05	)	$	(0.05	)
Three months ended March 31, 2021 - basic and diluted
Weighted average shares outstanding		11,500,000		-			11,500,000
Basic and diluted earnings per share	$	0	$	0.15		$	0.15
Nine months ended March 31, 2021 - basic
Weighted average shares outstanding - basic		11,471,963		(7,008,327	)		4,463,636
Basic earnings per share	$	0.00	$	0.26		$	0.26
Nine months ended March 31, 2021 -diluted
Weighted average shares outstanding - diluted		11,471,963		(7,008,327	)		4,463,636
Diluted earnings per share	$	-	$	0.25		$	0.25
Year ended June 30, 2021- basic and diluted
Weighted average shares outstanding		11,484,848		(5,271,733	)		6,213,115
Basic and diluted earnings per share	$	-	$	(0.04	)	$	(0.04	)

	EPS for Class B common stock (non-redeemable)
	As Reported/ As Restated			Adjustment			As Restated
Three months ended December 31, 2020 - basic and diluted
Weighted average shares outstanding		2,561,141			(657	)		2,560,484
Basic and diluted earnings per share	$	(0.06	)	$	0.03		$	(0.03	)
Six months ended December 31, 2020 - basic and diluted
Weighted average shares outstanding		2,530,405			-			2,530,405
Basic and diluted earnings per share	$	(0.07	)	$	0.02		$	(0.05	)
Three months ended March 31, 2021 - basic and diluted
Weighted average shares outstanding		2,875,000			-			2,875,000
Basic and diluted earnings per share	$	0.74		$	(0.59	)	$	0.15
Nine months ended March 31, 2021 - basic
Weighted average shares outstanding - basic		2,643,704			(522	)		2,643,182
Basic earnings per share	$	0.69		$	(0.43	)	$	0.26
Nine months ended March 31, 2021 -diluted
Weighted average shares outstanding - diluted		2,875,000			0.00			2,875,000
Diluted earnings per share	$	0.64		$	(0.39	)	$	0.25
Year ended June 30, 2021- basic and diluted
Weighted average shares outstanding		2,701,370			(550	)		2,700,820
Basic and diluted earnings per share	$	(0.12	)	$	0.08		$	(0.04	)