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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 9 Months Ended
Sep. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Abstract]  
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
NOTE 2.
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s unaudited condensed financial statements as of September 30, 2021, management identified errors made in  its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its Class A common stock subject to possible redemption. The Company previously determined the Class A common stock subject to possible redemption to be equal to the redemption value of $10.00 per share of Class A common stock while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A common stock issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all shares of Class A common stock subject to possible redemption, resulting in the Class A common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification error related to temporary equity and permanent equity. This resulted in a restatement of the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A common stock.

In connection with the change in presentation for the Class A common stock subject to redemption, the Company also restated its loss per share calculated to allocate net loss pro rata to Class A and Class B common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of common stock pro rata in the loss of the Company. There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net loss.
The impact of the restatement on the Company’s financial statements is reflected in the following table.

Balance Sheet as of March 31, 2021 (unaudited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Class A common stock subject to possible redemption
  
$
267,862,310
    
$
19,637,690
    
$
287,500,000
  
Class A common stock
  
$
446
    
$
(196
)
  
$
250
  
Additional paid-in capital
  
$
13,991,686
    
$
(13,991,686
)
  
$
—
  
Accumulated deficit
  
$
(8,992,841
)
  
$
(5,645,808
)
  
$
(14,638,649
)
Total stockholders’ equity (deficit)
  
$
5,000,010
    
$
(19,637,690
)
  
$
(14,637,680
)
Number of Class A shares subject to possible redemption
    
26,786,231
      
1,963,769
      
28,750,000
  
                         
Balance Sheet as of June 30, 2021 (unaudited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Class A common stock subject to possible redemption
  
$
270,452,900
    
$
17,047,100
    
$
287,500,000
  
Class A common stock
  
$
420
    
$
(170
)
  
$
250
  
Additional paid-in capital
  
$
11,401,122
    
$
(11,401,122
)
  
$
—
  
Accumulated deficit
  
$
(6,402,257
)
  
$
(5,645,808
)
  
$
(12,048,065
)
Total stockholders’ equity (deficit)
  
$
5,000,004
    
$
(17,047,100
)
  
$
(12,047,096
)
Number of Class A shares subject to possible redemption
    
27,045,290
      
1,704,710
      
28,750,000
  
                         

Statement of Operations for the Three Months March 31, 2021 (unaudited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Weighted average shares outstanding, Class A common stock
    
28,750,000
      
2,500,000
      
31,250,000
  
Basic and diluted earnings per share, Class A common stock
  
$
—
    
$
0.01
    
$
0.01
  
Weighted average shares outstanding, Class B common stock
    
9,687,500
      
(2,500,000
)
    
7,187,500
  
Basic and diluted earnings per share, Class B common stock
  
$
0.03
    
$
(0.02
)
  
$
0.01
  
                         
Statement of Operations for the Three Months June 30, 2021 (unaudited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Weighted average shares outstanding, Class A common stock
    
28,750,000
      
2,500,000
      
31,250,000
  
Basic and diluted earnings per share, Class A common stock
  
$
—
    
$
0.07
    
$
0.07
  
Weighted average shares outstanding, Class B common stock
    
9,687,500
      
(2,500,000
)
    
7,187,500
  
Basic and diluted earnings per share, Class B common stock
  
$
0.27
    
$
(0.20
)
  
$
0.07
  
                         
Statement of Operations for the Six Months June 30, 2021 (unaudited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Weighted average shares outstanding, Class A common stock
    
28,750,000
      
2,500,000
      
31,250,000
  
Basic and diluted earnings per share, Class A common stock
  
$
—
    
$
0.07
    
$
0.07
  
Weighted average shares outstanding, Class B common stock
    
9,687,500
      
(2,500,000
)
    
7,187,500
  
Basic and diluted earnings per share, Class B common stock
  
$
0.30
    
$
(0.23
)
  
$
0.07
  
                         
Statement of Cash Flows for the Three Months March 31, 2021 (audited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Non-Cash investing and financing activities:
                        
Change in value of Class A common stock subject to possible redemption
  
$
277,110
    
$
(277,110
)
  
$
—
  
                         
Statement of Cash Flows for the Six Months June 30, 2021 (audited)
  
As Previously
Reported
    
Adjustment
    
As Restated
  
Non-Cash investing and financing activities:
                        
Change in value of Class A common stock subject to possible redemption
  
$
2,687,700
    
$
(2,867,700
)
  
$
—