Quarterly report pursuant to Section 13 or 15(d)

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

v3.21.2
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
8 Months Ended
Sep. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS  
Summary of impact of the restatements on the Company's previously issued financial statements

The impact of the restatements noted above on the Company’s previously issued financial statements is as follows:

    

As Previously

    

    

Balance Sheet as of June 11, 2021 (audited)

Reported

Adjustment

As Restated

Class A common stock subject to possible redemption

$

131,721,200

$

18,278,800

$

150,000,000

Class A common stock

$

183

$

(183)

$

Additional paid-in capital

$

5,290,819

$

(5,290,819)

$

Accumulated deficit

$

(291,432)

$

(12,987,798)

$

(13,279,230)

Total Stockholders’ Equity (Deficit)

$

5,000,001

$

(18,278,800)

$

(13,278,799)

Shares of Class A common stock subject to possible redemption

13,172,120

1,827,880

15,000,000

Shares of Class A common stock

1,827,880

(1,827,880)

Balance Sheet as of June 30, 2021 (unaudited)

Class A common stock subject to possible redemption

$

131,023,510

$

18,976,490

$

150,000,000

Class A common stock

$

190

$

(190)

$

Additional paid-in capital

$

5,988,502

$

(5,988,502)

$

Accumulated deficit

$

(989,113)

$

(12,987,798)

$

(13,976,911)

Total Stockholders’ Equity (Deficit)

$

5,000,010

$

(18,976,490)

$

(13,976,480)

Shares of Class A common stock subject to possible redemption

13,102,351

1,897,649

15,000,000

Shares of Class A common stock

1,897,649

(1,897,649)

    

    

Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the three months ended June 30, 2021 (unaudited)

    

As Previously Reported

    

Adjustment

As Restated

Sales of 15,000,000 Units, net of underwriting discounts

$

136,800,951

$

(136,800,951)

 

Proceeds received in excess of fair value of 5,250,000 Private Placement Warrants, net of offering costs

$

186,682

$

(186,682)

 

Initial value of common stock subject to possible redemption at IPO date

$

(131,721,200)

$

131,721,200

 

Change in value of common stock subject to redemption

$

697,690

$

(697,690)

 

Accretion for Class A common stock to redemption amount

$

$

(13,012,367)

$

(13,012,367)

Total stockholders’ equity (deficit)

$

5,000,010

$

(18,976,490)

$

(13,976,480)

Statement of Operations for the Three Months Ended June 30, 2021 (audited)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

13,172,120

(11,061,009)

2,111,111

Basic and diluted net loss per share, Class A common stock subject to possible redemption

$

$

(0.17)

$

(0.17)

Basic and diluted weighted average shares outstanding, Non-redeemable common stock

5,577,880

(1,827,880)

3,750,000

Basic and diluted net loss per share, Non-redeemable common stock

$

(0.18)

$

0.01

$

(0.17)

Statement of Operations for the Period from February 12, 2021 through June 30, 2021 (unaudited)

Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption

13,172,120

(11,061,009)

2,111,111

Basic and diluted net income per share, Class A common stock subject to possible redemption

$

$

(0.17)

$

(0.17)

Basic and diluted weighted average shares outstanding, Non-redeemable common stock

4,007,257

(257,257)

3,750,000

Basic and diluted net loss per share, Non-redeemable common stock

$

(0.25)

$

0.08

$

(0.17)

Statement of Cash Flows for the Period from February 12, 2021 through June 30, 2021 (unaudited)

Initial classification of Class A common stock subject to possible redemption

$

131,721,200

$

18,278,800

$

150,000,000