XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.0.1
Quarterly Financial Information (unaudited)
 12 Months Ended
Jun. 30, 2021
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (unaudited)

Note 13 — Quarterly Financial Information (unaudited)

 

The following tables contain unaudited quarterly financial information for the quarterly periods ended December 30, 2020, and March 31, 2021 that reflect the impact of the restatement of the Company’s financial statements as described in Note 2—Restatement of Previously Issued Financial Statements. The Company has not amended its previously filed Quarterly Report on Form 10-Q for the quarterly Affected Periods. The financial information that has been previously filed or otherwise reported for the quarterly Affected Periods is superseded by the information in this Annual Report, and the financial statements and related financial information for the quarterly Affected Periods contained in such previously filed report should no longer be relied upon.

 

As of December 31, 2020 (unaudited)  As Previously Reported on Form 10-Q/A   Adjustment   As Restated 
Total assets  $118,001,829   $
-
   $118,001,829 
Total liabilities  $11,829,364   $
-
   $11,829,364 
Class A common stock subject to redemption   101,172,458    15,552,542    116,725,000 
Preferred stock, par value $0.0001   
-
    
-
    
-
 
Class A common stock, par value $0.0001   153    (153)   
-
 
Class B common stock, par value $0.0001   288    
-
    288 
Additional paid-in captial   5,309,903    (5,309,903)   
-
 
Accumulated deficit   (310,337)   (10,242,486)   (10,552,823)
Total stockholders’ equity (deficit)   5,000,007    (15,552,542)   (10,552,535)
Total liabilities, Class A common stock subject to redemption and  stockholders’ equity (deficit)  $118,001,829   $
-
   $118,001,829 
Class A common stock subject to redemption   9,967,730    1,532,270    11,500,000 
Class A common stock   1,532,270    (1,532,270)   
-
 

   Net Loss Per Share 
   As Previously Reported on Form 10-Q/A   Adjustment   As Restated 
Three months ended December 31, 2020 (unaudited)            
Net loss  $(287,335)   0   $(287,335)
Weighted average shares outstanding - Class A   8,522,103    (6,429,712)    2,092,391 
Basic and diluted net loss per share - Class A  $
-
   $(0.06)  $(0.06)
Weighted average shares outstanding - Class B   3,078,796    (517,655)    2,561,141 
Basic and diluted net  loss per share - Class B  $(0.09)  $0.03   $(0.06)
Six months ended December 31, 2020 (unaudited)               
Net loss  $(303,070)   0   $(303,070)
Weighted average shares outstanding - Class A   8,522,103    (7,475,907)   1,046,196 
Basic and diluted net loss per share - Class A  $
-
   $(0.08)  $(0.08)
Weighted average shares outstanding - Class B   2,789,398    (258,827)   2,530,571 
Basic and diluted net loss per share - Class B  $(0.11)  $0.03   $(0.08)

Unaudited Statement of Stockholders’ Equity - Six Months Ended December 31, 2020  As Reported   Adjustment   Restated 
Sale of Shares in Initial Public Offering, Less Fair Value of Public Warrants            
Class A common stock, par value $0.0001  $1,150   $(1,150)  $
-
 
Additional paid-in capital  $109,812,350   $(109,812,350)  $
-
 
Offering Costs               
Additional paid-in capital  $(6,471,798)  $6,471,798   $
-
 
Class A Common Stock Subject to Possible Redemption               
Class A common stock, par value $0.0001  $(997)  $997   $
-
 
Additional paid-in capital  $(101,171,461)  $101,171,461   $
-
 
Accretion of Class A Common Stock Subject to Possible Redemption Amount               
Additional paid-in capital  $
-
   $(3,140,812)  $(3,140,812)
Accumulated deficit  $
-
   $(10,242,486)  $(10,242,486)

Six Months Ended December 31, 2020 (unaudited)
   As Previously Reported on Form 10-Q/A   Adjustment   As Restated 
Supplemental Disclosure of Noncash Financing Activities:          $- 
Initial value of Class A common stock subject to possible redemption  $99,596,905   $(99,596,905)  $
        -
 
Change in value of Class A common stock subject to possible redemption  $1,575,554   $(1,575,554)  $
-
 

As of March 31, 2021 (unaudited)  As Previously Reported on Form 10-Q   Adjustment   As Restated 
Total assets  $117,901,760   $
-
   $117,901,760 
Total liabilities  $9,597,438   $
-
   $9,597,438 
Class A common stock subject to redemption   103,304,315    13,420,685    116,725,000 
Preferred stock, par value $0.0001   
-
    
-
    
-
 
Class A common stock, par value $0.0001   132    (132)   
-
 
Class B common stock, par value $0.0001   288    
-
    288 
Additional paid-in captial   3,178,067    (3,178,067)   
-
 
Accumulated deficit   1,821,520    (10,242,486)   (8,420,966)
Total stockholders’ equity (deficit)   5,000,007    (13,420,685)   (8,420,678)
Total liabilities, Class A common stock subject to redemption and  stockholders’ equity (deficit)  $117,901,760   $
-
   $117,901,760 
Class A common stock subject to redemption   10,177,765    1,322,235    11,500,000 
Class A common stock   1,322,235    (1,322,235)   
-
 

   Earnings Per Share 
   As Previously Reported on Form 10-Q   Adjustment   As Restated 
Three months ended March 31, 2021 (unaudited)            
Net income  $2,131,857   $
-
   $2,131,857 
Weighted average shares outstanding - Class A   11,500,000    
-
    11,500,000 
Basic and diluted earnings per share - Class A  $
-
   $0.15   $0.15 
Weighted average shares outstanding - Class B   2,875,000    
-
    2,875,000 
Basic and diluted earnings per share - Class B  $1.45   $(1.30)  $0.15 
Nine months ended March 31, 2021 (unaudited)               
Net income  $1,828,787   $
-
   $1,828,787 
Weighted average shares outstanding - Class A   9,923,468    (5,443,541)   4,479,927 
Basic and diluted earnings per share - Class A  $
-
   $0.26   $0.26 
Weighted average shares outstanding - Class B   3,248,409    (604,705)   2,643,704 
Basic and diluted earnings per share - Class B  $0.55   $(0.29)  $0.26 

 

Unaudited Statement of Stockholders' Deficit -Three Months Ended March 31, 2021  As Previously Reported on Form 10-Q   Adjustment   Restated 
Class A Common Stock Subject to Possible Redemption            
Class A ordinary shares, par value $0.0001  $(21)  $21   $
-
 
Additional paid-in capital  $(2,131,834)  $2,131,834   $
-
 

Unaudited Statement of Stockholders' Deficit - Nine Months Ended March 31, 2021  As Previously Reported on Form 10-Q   Adjustment   Restated 
Sale of Shares in Initial Public Offering, Less Fair Value of Public Warrants            
Class A common stock, par value $0.0001  $1,150   $(1,150)  $
-
 
Additional paid-in capital  $109,812,350   $(109,812,350)  $
-
 
Offering Costs               
Additional paid-in capital  $(6,471,798)  $6,471,798   $
-
 
Class A Common Stock Subject to Possible Redemption               
Class A common stock, par value $0.0001  $(1,018)  $1,018   $
-
 
Additional paid-in capital  $(103,303,295)  $103,303,295   $
-
 
Accretion of Class A Common Stock Subject to Possible Redemption Amount               
Additional paid-in capital  $-   $(3,140,812)  $(3,140,812)
Accumulated deficit  $-   $(10,242,486)  $(10,242,486)

Nine Months Ended March 31, 2021 (unaudited)
   As Previously Reported on Form 10-Q   Adjustment   As Restated 
Supplemental Disclosure of Noncash Financing Activities:          $         -
Initial value of Class A common stock subject to possible redemption  $99,596,905   $(99,596,905)  $- 
Change in value of Class A common stock subject to possible redemption  $3,707,410   $(3,707,410)  $-