Revision of Previously Issued Financial Statements

3 Months Ended

Sep. 30, 2021

Revision Of Previously Issued Financial Statements [Abstract]

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 3 - REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In preparation of the Company’s condensed consolidated financial statements as of and for the period ended September 30, 2021, the Company concluded it should revise its condensed consolidated financial statements to classify all ordinary shares subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480), paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company considered that the threshold would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside equity. As a result, the Company revised its previously filed financial statements to classify all ordinary shares as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The change in the carrying value of redeemable shares of ordinary shares resulted in charges against accumulated deficit. Pursuant to ASC Topic 250, Accounting Changes and Error Corrections issued by the FASB and Staff Accounting Bulletin 99, Materiality (“SAB 99”) issued by the SEC, the Company determined the impact of the error was immaterial.

The following tables summarize the effect of the revision on each financial statement line item as of the dates, and for the period, indicated:

	As
	Previously						As
	Reported			Adjustments			Revised
Balance sheet as of March 4, 2021
Ordinary Shares Subject to Possible Redemption	$	44,036,880		$	5,963,120		$	50,0000,000
Ordinary Shares		5,318,526			2,563,526			2,755,000
Accumulated deficit		(318,522	)		(3,399,594	)		(3,718,116	)
Total shareholders’ equity		5,000,004			(5,963,120	)		(963,116	)
Balance sheet as of March 31, 2021 (unaudited)
Ordinary Shares Subject to Possible Redemption		50,929,247			6,570,753			57,500,000
Ordinary shares		5,476,159			(2,721,159	)		2,755,000
Retained Earnings (Accumulated Deficit)		(477,244	)		(3,849,594	)		(4,326,838	)
Total Shareholders’ Equity (Deficit)		5,000,007			(6,570,753	)		(1,570,746	)
Balance sheet as of June 30, 2021
Ordinary Shares Subject to Possible Redemption		50,547,744			6,952,256			57,500,000
Ordinary shares		5,857,662			(3,102,662	)		2,755,000
Retained Earnings (Accumulated Deficit)		(853,991	)		(3,849,594	)		(4,703,585	)
Total Shareholders’ Equity (Deficit)		5,000,005			(6,952,256	)		(1,952,251	)