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Restatement of Previously Reported Financial Statements
 9 Months Ended
Sep. 30, 2021
Restatement of Previously Reported Financial Statements [Abstract]  
Restatement of Previously Reported Financial Statements
Note 2 - Restatement of Previously Reported Financial Statements
Subsequent to the filing of the 10-Q for the quarterly period ended September 30, 2021, as filed with the SEC on November 15, 2021, the Company concluded it should restate its previously reported financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance, ASC 480-10-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 Class A ordinary shares in permanent equity, or total shareholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, 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. Previously the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. The Company revised this interpretation to include temporary equity in net intangible assets. In connection with the change in presentation for the Class A ordinary shares subject to possible redemption, 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 participate pro rata in the income and losses of the Company.
In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Periods should be restated to present all Class A ordinary shares subject to possible redemption as temporary equity, to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and calculate earnings per share pro rata between the two classes of shares. As such, the Company is reporting these restatements to the Affected Quarterly Periods in this quarterly report. The previously presented Affected Quarterly Periods should no longer be relied upon. The impact of the restatement on the financial statements for the Affected Quarterly Periods is presented below.
There is no impact to the reported amounts for total assets, total liabilities, cash flows, and net income (loss).
The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed: balance sheet as of March 31, 2021, statement of operations and statement of cash flows for the quarter ended March 31, 2021:
   
As of March 31, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Balance Sheet
                  
Total assets
  
$
306,408,805
      
1
    
$
306,408,806
  
Total liabilities
  
$
48,446,459
      
-
    
$
48,446,459
  
Class A ordinary shares subject to possible redemption
    
252,962,340
      
51,787,660
      
304,750,000
  
Shareholders’ equity (deficit)
                        
Preference shares
    
-
      
-
      
-
  
Class A ordinary shares
    
517
      
(517
)
    
-
  
Class B ordinary shares
    
762
      
-
      
762
  
Additional paid-in-capital
    
11,716,346
      
(11,716,346
)
    
-
  
Accumulated deficit
    
(6,717,619
)
    
(11,716,346
)
    
(46,788,415
)
Total shareholders’ equity (deficit)
    
5,000,006
      
(40,070,796
)
    
(46,787,653
)
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)
  
$
306,408,805
    
$
1
    
$
306,408,806
  

The Company’s unaudited condensed statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity (deficit) accounts described above.

   
For the Three Months Ended March 31, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Statement of Operations
                  
Net loss
  
$
(6,694,512
)
  
$
-
    
$
(6,694,512
)
                         
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
    
30,475,000
      
(11,851,389
)
    
18,623,611
  
Basic and diluted net income (loss) per Class A ordinary share
  
$
0.00
    
$
(0.26
)
  
$
(0.26
)
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
    
7,232,292
      
-
      
7,232,292
  
Basic and diluted net (loss) per Class B ordinary share
  
$
(0.93
)
  
$
0.67
    
$
(0.26
)

   
For the Three Months Ended March 31, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
                   
Initial value of Class A ordinary shares subject to possible redemption
  
$
290,803,650
    
$
(290,803,650
)
  
$
-
  
Change in fair value of Class A ordinary shares subject to possible redemption
  
$
(37,841,310
)
  
$
37,841,310
    
$
-
  

The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed: balance sheet as of June 30, 2021, statements of operations for the three and six months ended June 30, 2021 and statement of cash flows for the six months ended June 30, 2021:
Unaudited Condensed Balance Sheet Total assets Total liabilities Class A ordinary shares subject to possible redemption Shareholders’ equity (deficit) Preference shares Class A ordinary shares Class B ordinary shares Additional paid-in-capital Retained earnings (Accumulated deficit) Total shareholders’ equity (deficit) Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)
   
As of June 30, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Balance Sheet
                  
Total assets
  
$
306,083,055
      
1
    
$
306,083,056
  
Total liabilities
  
$
36,704,979
      
-
    
$
36,704,979
  
Class A ordinary shares subject to possible redemption
    
264,378,070
      
40,371,930
      
304,750,000
  
Shareholders’ equity (deficit)
                        
Preference shares
    
-
      
-
      
-
  
Class A ordinary shares
    
403
      
(403
)
    
-
  
Class B ordinary shares
    
762
      
-
      
762
  
Additional paid-in-capital
    
300,730
      
(300,730
)
    
-
  
Retained earnings (Accumulated deficit)
    
4,698,111
      
(40,070,796
)
    
(35,372,685
)
Total shareholders’ equity (deficit)
    
5,000,006
      
(40,371,929
)
    
(35,371,923
)
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)
  
$
306,083,055
    
$
1
    
$
306,083,056
  

The Company’s unaudited condensed statement of shareholders’ equity (deficit) has been restated to reflect the changes to the impacted shareholders’ equity (deficit) accounts described above.
   
For the Three Months Ended June 30, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Statement of Operations
                  
Net income
  
$
11,415,730
    
$
-
    
$
11,415,730
  
                         
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
    
30,475,000
      
-
      
30,475,000
  
Basic and diluted net income per Class A ordinary share
  
$
0.00
    
$
0.30
    
$
0.30
  
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
    
7,618,750
      
-
      
7,618,750
  
Basic and diluted net income per Class B ordinary share
  
$
1.50
    
$
(1.20
)
  
$
0.30
  

   
For the Six Months Ended June 30, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Statement of Operations
                  
Net income
  
$
4,721,218
    
$
-
    
$
4,721,218
  
                         
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
    
30,475,000
      
(5,892,956
)
    
24,582,044
  
Basic and diluted net income per Class A ordinary share
  
$
0.00
    
$
0.15
    
$
0.15
  
Weighted average shares outstanding of Class B ordinary shares, basic
    
7,426,588
      
-
      
7,426,588
  
Weighted average shares outstanding of Class B ordinary shares, diluted
    
7,426,588
      
192,162
      
7,618,750
  
Basic and diluted net income per Class B ordinary share
  
$
0.63
    
$
(0.48
)
  
$
0.15
  

   
For the Six Months Ended June 30, 2021
  
   
As Previously Reported
    
Adjustment
    
As Restated
  
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
                   
Initial value of Class A ordinary shares subject to possible redemption
  
$
252,968,270
    
$
(252,968,270
)
  
$
-
  
Change in fair value of Class A ordinary shares subject to possible redemption
  
$
11,409,800
    
$
(11,409,800
)
  
$
-