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Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of the fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses
   Fair Value Measured as of
March 31, 2022
     
   Level 1   Level 2   Level 3   Total 
Assets:                
U.S. Treasury Securities held in Trust Account  $287,540,679   $
         -
   $
  -
   $287,540,679 
   $287,540,679   $
-
   $
-
   $287,540,679 
                     
Liabilities:                    
Private stock warrant liabilities  $
-
   $
-
   $1,530,000   $1,530,000 
Convertible promissory note – related party   
-
    
-
    566,684    566,684 
Public stock warrant liabilities   2,875,000    
-
    
-
    2,875,000 
   $2,875,000   $
-
   $2,096,684   $4,971,684 

 

  

Fair Value Measured as of
December 31, 2021

     
   Level 1   Level 2   Level 3   Total 
Assets:                
U.S. Treasury Securities held in Trust Account  $287,517,214   $
         -
   $
-
   $287,517,214 
   $287,517,214   $
-
   $
-
   $287,517,214 
                     
Liabilities:                    
Private stock warrant liabilities  $
-
   $
-
   $2,958,000   $2,958,000 
Convertible promissory note – related party   
-
    
-
    480,203    480,203 
Public stock warrant liabilities   5,558,333    
-
    
-
    5,558,333 
   $5,558,333   $
-
   $3,438,203   $8,996,536 

 

Schedule of significant inputs to the valuation
   As of
March 31,
2022
   As of
December 31,
2021
 
Exercise price  $11.50   $      11.50 
Stock price   9.79    9.75 
Volatility   5.80%   13.50%
Term   5.00    5.00 
Risk-free rate   2.42%   1.26%
Dividend yield   0.00%   0.00%

 

   As of
March 31,
2022
   As of
December 31,
2021
 
Conversion price  $1.50   $       1.50 
Private warrant price   0.30    0.58 
Volatility   5.80%   13.50%
Term   0.83    0.85 
Risk-free rate   1.44%   0.29%
Dividend yield   0.00%   0.00%
Number of steps   50    50 

 

Schedule of measured on a recurring basis
Convertible promissory note and private placement warrant liabilities at December 31, 2021  $3,438,203 
Change in fair value of convertible promissory note – related party   86,481 
Change in fair value of warrant liabilities   (1,428,000)
Convertible promissory note and private placement warrant liabilities at March 31, 2022  $2,096,684 

 

Convertible promissory note and private placement warrant liabilities at December 31, 2020  $
-
 
Issuance of private warrants   3,111,000 
Proceeds received through convertible promissory note – related party   650,000 
Change in fair value of convertible promissory note – related party   (169,797)
Change in fair value of warrant liabilities   (153,000)
Convertible promissory note and private placement warrant liabilities at December 31, 2021  $3,438,203 

 

Schedule of redeemable common stock reflected in the balance sheet
Gross proceeds  $287,500,000 
Less:     
Common stock issuance costs   (15,978,191)
Derivative public warrant liability   (5,750,000)
Plus:     
Fair value adjustment of carrying value to redemption value   21,728,191 
Class A common stock subject to possible redemption  $287,500,000 

 

Schedule of non-redeemable common stock shares’ proportionate interest
   Three
Months
Ended
March 31,
2022
   Three
Months
Ended
March 31,
2021
 
Class A Common Stock        
Numerator: Earnings allocable to Redeemable Class A Common Stock        
Net income (loss) allocable to Class A Common Stock subject to possible redemption  $2,630,275   $(1,000,629)
Denominator: Weighted Average Class A Common Stock          
Basic and diluted weighted average shares outstanding   28,750,000    19,805,556 
Basic and diluted net income (loss) per share  $0.09   $(0.05)
           
Non-redeemable common stock          
Numerator: Net Loss minus Net Earnings          
Net income (loss)loss allocable to non-redeemable common stock  $657,569   $(363,131)
Denominator: Weighted Average non-redeemable common stock          
Basic and diluted weighted average shares outstanding   7,187,500    7,187,500 
Basic and diluted net income (loss) per share  $0.09   $(0.05)