Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Financial Statements (Tables)

v3.21.1
Restatement of Previously Issued Financial Statements (Tables)
5 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of restatement on the balance sheet
    As of December 31, 2020  
    As Previously Reported     Restatement Adjustment     As Restated  
                   
Balance Sheet                  
Total assets   $ 232,175,511     $ -     $ 232,175,511  
Liabilities and stockholders’ equity                        
Total current liabilities   $ 173,659     $ -     $ 173,659  
Deferred legal fees     -               -  
Deferred underwriting commissions     8,050,000       -       8,050,000  
Derivative warrant liabilities     -       19,616,670       19,616,670  
Total liabilities     8,223,659       19,616,670       27,840,329  
Class A common stock, $0.0001 par value; shares subject to possible redemption     218,951,850       (19,616,670 )     199,335,180  
Stockholders’ equity                        
Preferred stock - $0.0001 par value     -       -       -  
Class A common stock - $0.0001 par value     110       197       307  
Class B common stock - $0.0001 par value     575       -       575  
Additional paid-in-capital     5,129,195       4,048,623       9,177,818  
Accumulated deficit     (129,878 )     (4,048,820 )     (4,178,698 )
Total stockholders’ equity     5,000,002       -       5,000,002  
Total liabilities and stockholders’ equity   $ 232,175,511     $ -     $ 232,175,511  
Schedule of restatement on operation statement
    Period From August 6, 2020 (Inception) Through December 31, 2020  
    As Previously Reported     Restatement Adjustment     As Restated  
                   
Statement of Operations                  
Loss from operations   $ (137,546 )   $ -     $ (137,546 )
Other (expense) income:                        
Change in fair value of derivative warrant liabilities     -       (3,471,670 )     (3,471,670 )
Financing costs - derivative warrant liabilities     -       (577,150 )     (577,150 )
Net gain from investments held in Trust Account     7,668       -       7,668  
Total other (expense) income     7,668       (4,048,820 )     (4,041,152 )
Net loss   $ (129,878 )   $ (4,048,820 )   $ (4,178,698 )
                         
Basic and Diluted weighted-average Class A common stock outstanding     23,000,000       -       23,000,000  
Basic and Diluted net loss per Class A share   $ 0.00       -     $ 0.00  
Basic and Diluted weighted-average Class B common stock outstanding     5,141,732       -       5,141,732  
Basic and Diluted net loss per Class B share   $ (0.03 )   $ (0.78 )   $ (0.81 )
Schedule of restatement on Cash flow statement
    Period From August 6, 2020 (Inception) Through December 31, 2020  
    As Previously Reported     Restatement Adjustment     As Restated  
                   
Statement of Cash Flows                  
Net loss   $ (129,878 )   $ (4,048,820 )   $ (4,178,698 )
Adjustment to reconcile net loss to net cash used in operating activities     (7,668 )     4,048,820       4,041,152  
Net cash used in operating activities     (375,418 )     -       (375,418 )
Net cash used in investing activities     (230,000,000 )     -       (230,000,000 )
Net cash provided by financing activities     232,210,230       -       232,210,230  
Net change in cash   $ 1,834,812     $ -     $ 1,834,812