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v3.21.1

Restatement of Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
Summary of Impact of the Restatement | Impact of the Restatement – 2020 Balance Sheets
|  | December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 68,114,000 |  |  | $ | 68,114,000 |
Total liabilities |  |  | 8,693,966 |  |  |  | 68,114,000 |  |  |  | 76,807,966 |
Class A common stock subject to possible redemption |  |  | 218,710,925 |  |  |  | (68,113,997 | ) |  |  | 150,596,928 |
Class A common stock |  |  | 133 |  |  |  | 808 |  |  |  | 941 |
Addition paid-in capital |  |  | 4,152,440 |  |  |  | 55,688,213 |  |  |  | 59,840,653 |
Retained earnings (accumulated deficit) |  |  | 846,856 |  |  |  | (55,689,024 | ) |  |  | (54,842,168 | )
Total stockholders’ equity (deficit) |  |  | 5,000,004 |  |  |  | (3 | ) |  |  | 5,000,001 |
Statements of Operations
|  | For the Year Ended December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  | $ | - |  |  | $ | (52,152,000 | ) |  | $ | (52,152,000 | )
Other income (expense), net |  |  | 1,481,816 |  |  |  | (52,152,000 | ) |  |  | (50,670,184 | )
Net income (loss) |  |  | 191,177 |  |  |  | (52,152,000 | ) |  |  | (51,960,823 | )
Weighted average shares outstanding, basic and diluted |  |  | 7,008,667 |  |  |  | 1,589,875 |  |  |  | 8,598,542 |
Basic and diluted net loss per common share |  | $ | (0.12 | ) |  | $ | (6.01 | ) |  | $ | (6.13 | )
Statements of Cash Flows
|  | For the Year Ended December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Net income (loss) |  | $ | 191,177 |  |  | $ | (52,152,000 | ) |  | $ | (51,960,823 | )
Change in fair value of warrant liabilities |  |  | - |  |  |  | 52,152,000 |  |  |  | 52,152,000 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in value of shares subject to redemption |  |  | 191,177 |  |  |  | (52,152,000 | ) |  |  | (51,960,823 | )
Balance Sheets
|  | September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 21,357,000 |  |  | $ | 21,357,000 |
Total liabilities |  |  | 8,310,507 |  |  |  | 21,357,000 |  |  |  | 29,667,507 |
Class A common stock subject to possible redemption |  |  | 219,259,970 |  |  |  | (21,356,993 | ) |  |  | 197,902,977 |
Class A common stock |  |  | 127 |  |  |  | 338 |  |  |  | 465 |
Additional paid-in capital |  |  | 3,603,401 |  |  |  | 8,931,679 |  |  |  | 12,535,080 |
Retained earnings (accumulated deficit) |  |  | 1,395,905 |  |  |  | (8,932,024 | ) |  |  | (7,536,119 | )
Total stockholders’ equity (deficit) |  |  | 5,000,008 |  |  |  | (7 | ) |  |  | 5,000,001 |
Statements of Operations
|  | Three Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  | $ | - |  |  | $ | (3,696,000 | ) |  | $ | (3,696,000 | )
Other income (expense), net |  |  | 83,140 |  |  |  | (3,696,000 | ) |  |  | (3,612,860 | )
Net income (loss) |  |  | (55,049 | ) |  |  | (3,696,000 | ) |  |  | (3,751,049 | )
Weighted average shares outstanding, basic and diluted |  |  | 7,007,989 |  |  |  | 1,750,840 |  |  |  | 8,758,829 |
Basic and diluted net loss per common share |  | $ | (0.01 | ) |  | $ | (0.42 | ) |  | $ | (0.43 | )
Statements of Operations
|  | Nine Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  | $ | - |  |  | $ | (5,395,000 | ) |  | $ | (5,395,000 | )
Other income (expense), net |  |  | 1,429,005 |  |  |  | (5,395,000 | ) |  |  | (3,965,995 | )
Net income (loss) |  |  | 740,226 |  |  |  | (5,395,000 | ) |  |  | (4,654,774 | )
Weighted average shares outstanding, basic and diluted |  |  | 5,307,098 |  |  |  | 3,111,439 |  |  |  | 8,418,537 |
Basic and diluted net loss per common share |  | $ | (0.02 | ) |  | $ | (0.64 | ) |  | $ | (0.66 | )
Statements of Cash Flows
|  | Nine Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Net income (loss) |  | $ | 740,226 |  |  | $ | (5,395,000 | ) |  | $ | (4,654,774 | )
Change in fair value of warrant liabilities |  |  | - |  |  |  | 5,395,000 |  |  |  | 5,395,000 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in value of shares subject to redemption |  |  | 740,222 |  |  |  | (4,491,271 | ) |  |  | (3,751,049 | )
Balance Sheets
|  | June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 17,661,000 |  |  | $ | 17,661,000 |
Total liabilities |  |  | 8,256,307 |  |  |  | 17,661,000 |  |  |  | 25,917,307 |
Class A common stock subject to possible redemption |  |  | 219,315,022 |  |  |  | (17,660,996 | ) |  |  | 201,654,026 |
Class A common stock |  |  | 126 |  |  |  | 301 |  |  |  | 427 |
Additional paid-in capital |  |  | 3,548,350 |  |  |  | 5,235,719 |  |  |  | 8,784,069 |
Retained earnings (accumulated deficit) |  |  | 1,450,954 |  |  |  | (5,236,024 | ) |  |  | (3,785,070 | )
Total stockholders’ equity (deficit) |  |  | 5,000,005 |  |  |  | (4 | ) |  |  | 5,000,001 |
Statements of Operations
|  | Three Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  | $ | - |  |  | $ | (8,624,000 | ) |  | $ | (8,624,000 | )
Other income (expense), net |  |  | 88,138 |  |  |  | (8,624,000 | ) |  |  | (8,535,862 | )
Net income (loss) |  |  | (51,977 | ) |  |  | (8,624,000 | ) |  |  | (8,675,977 | )
Weighted average shares outstanding, basic and diluted |  |  | 7,005,122 |  |  |  | 895,798 |  |  |  | 7,900,920 |
Basic and diluted net loss per common share |  | $ | (0.01 | ) |  | $ | (1.09 | ) |  | $ | (1.10 | )
Statements of Operations
|  | Six Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  | $ | - |  |  | $ | (1,699,000 | ) |  | $ | (1,699,000 | )
Other income (expense), net |  |  | 1,345,865 |  |  |  | (1,699,000 | ) |  |  | (353,135 | )
Net income (loss) |  |  | 795,275 |  |  |  | (1,699,000 | ) |  |  | (903,725 | )
Weighted average shares outstanding, basic and diluted |  |  | 7,004,380 |  |  |  | 1,242,141 |  |  |  | 8,246,521 |
Basic and diluted net loss per common share |  | $ | (0.03 | ) |  | $ | (0.19 | ) |  | $ | (0.22 | )
Statements of Cash Flows
|  | Six Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Net income (loss) |  | $ | 795,275 |  |  | $ | (1,699,000 | ) |  | $ | (903,725 | )
Change in fair value of warrant liabilities |  |  | - |  |  |  | 1,699,000 |  |  |  | 1,699,000 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in value of shares subject to redemption |  |  | 795,274 |  |  |  | (9,471,251 | ) |  |  | (8,675,977 | )
Balance Sheets
|  | March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 9,037,000 |  |  | $ | 9,037,000 |
Total liabilities |  |  | 8,548,277 |  |  |  | 9,037,000 |  |  |  | 17,585,277 |
Class A common stock subject to possible redemption |  |  | 219,367,001 |  |  |  | (9,036,998 | ) |  |  | 210,330,003 |
Class A common stock |  |  | 126 |  |  |  | 215 |  |  |  | 341 |
Additional paid-in capital |  |  | 3,496,371 |  |  |  | (3,388,193 | ) |  |  | 108,178 |
Retained earnings |  |  | 1,502,931 |  |  |  | 3,387,976 |  |  |  | 4,890,907 |
Total stockholders’ equity (deficit) |  |  | 5,000,003 |  |  |  | (2 | ) |  |  | 5,000,001 |
Statements of Operations
|  | Three Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  | $ | - |  |  | $ | 6,925,000 |  |  | $ | 6,925,000 |
Other income, net |  |  | 1,257,727 |  |  |  | 6,925,000 |  |  |  | 8,182,727 |
Net income |  |  | 847,252 |  |  |  | 6,925,000 |  |  |  | 7,772,252 |
Weighted average shares outstanding, basic and diluted |  |  | 7,003,637 |  |  |  | 1,588,485 |  |  |  | 8,592,122 |
Basic and diluted net income (loss) per common share |  | $ | (0.01 | ) |  | $ | 0.81 |  |  | $ | 0.80 |
Statements of Cash Flows
|  | Three Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Net income |  | $ | 847,252 |  |  | $ | 6,925,000 |  |  | $ | 7,772,252 |
Change in fair value of warrant liabilities |  |  | - |  |  |  | (6,925,000 | ) |  |  | (6,925,000 | )
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in value of shares subject to redemption |  |  | 847,253 |  |  |  | 6,924,999 |  |  |  | 7,772,252 |
Impact of the Restatement – 2019 Balance Sheets
|  | December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 15,962,000 |  |  | $ | 15,962,000 |
Total liabilities |  |  | 8,319,433 |  |  |  | 15,962,000 |  |  |  | 24,281,433 |
Class A common stock subject to possible redemption |  |  | 218,519,748 |  |  |  | (15,961,997 | ) |  |  | 202,557,751 |
Class A common stock |  |  | 125 |  |  |  | 284 |  |  |  | 409 |
Addition paid-in capital |  |  | 4,343,625 |  |  |  | 3,536,737 |  |  |  | 7,880,362 |
Retained earnings (accumulated deficit) |  |  | 655,679 |  |  |  | (3,537,024 | ) |  |  | (2,881,345 | )
Total stockholders’ equity (deficit) |  |  | 5,000,004 |  |  |  | (3 | ) |  |  | 5,000,001 |
Statements of Operations
|  | For the Period From May 28, 2019 (inception) through December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  |  | - |  |  |  | (3,053,000 | ) |  |  | (3,053,000 | )
Issuance costs allocated to warrant liabilities |  |  | - |  |  |  | (484,024 | ) |  |  | (484,024 | )
Other income (expense), net |  |  | 1,214,831 |  |  |  | (3,537,024 | ) |  |  | (2,322,193 | )
Net income (loss) |  |  | 655,679 |  |  |  | (3,537,024 | ) |  |  | (2,881,345 | )
Weighted average shares outstanding, basic and diluted |  |  | 6,075,732 |  |  |  | 35,752 |  |  |  | 6,111,484 |
Basic and diluted net loss per common share |  | $ | (0.04 | ) |  | $ | (0.57 | ) |  | $ | (0.61 | )
Statements of Cash Flows
|  | For the Period From May 28, 2019 (inception) through December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 655,679 |  |  | $ | (3,537,024 | ) |  | $ | (2,881,345 | )
Change in fair value of warrant liabilities |  |  | - |  |  |  | 3,053,000 |  |  |  | 3,053,000 |
Net cash used in operating activities |  |  | (420,945 | ) |  |  | (484,024 | ) |  |  | (904,969 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of Units, net of underwriting discounts paid |  |  | 225,400,000 |  |  |  | 484,024 |  |  |  | 225,884,024 |
Net cash provided by financing activities |  |  | 230,914,073 |  |  |  | 484,024 |  |  |  | 231,398,097 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Initial classification of ordinary shares subject to redemption |  |  | 217,862,910 |  |  |  | (12,909,000 | ) |  |  | 204,953,910 |
Change in value of shares subject to redemption |  |  | 656,838 |  |  |  | (3,052,997 | ) |  |  | (2,396,159 | )
Balance Sheets
|  | September 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 13,085,000 |  |  | $ | 13,085,000 |
Total liabilities |  |  | 8,125,774 |  |  |  | 13,085,000 |  |  |  | 21,210,774 |
Class A common stock subject to possible redemption |  |  | 217,950,740 |  |  |  | (13,085,000 | ) |  |  | 204,865,740 |
Class A common stock |  |  | 122 |  |  |  | 253 |  |  |  | 375 |
Additional paid-in capital |  |  | 4,912,636 |  |  |  | 659,771 |  |  |  | 5,572,407 |
Retained earnings (accumulated deficit) |  |  | 86,668 |  |  |  | (660,024 | ) |  |  | (573,356 | )
Statements of Operations
|  | Three Months Ended September 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  |  | - |  |  |  | (176,000 | ) |  |  | (176,000 | )
Issuance costs allocated to warrant liabilities |  |  | - |  |  |  | (484,024 | ) |  |  | (484,024 | )
Other income (expense), net |  |  | 205,420 |  |  |  | (660,024 | ) |  |  | (454,604 | )
Net income (loss) |  |  | 87,761 |  |  |  | (660,024 | ) |  |  | (572,263 | )
Weighted average shares outstanding, basic and diluted |  |  | 5,307,098 |  |  |  | 228,499 |  |  |  | 5,535,597 |
Basic and diluted net income (loss) per common share |  | $ | (0.02 | ) |  | $ | (0.11 | ) |  | $ | (0.13 | )
Statements of Operations
|  | For the Period From May 28, 2019 (inception) through September 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Changes in fair value of warrant liabilities |  |  | - |  |  |  | (176,000 | ) |  |  | (176,000 | )
Issuance costs allocated to warrant liabilities |  |  | - |  |  |  | (484,024 | ) |  |  | (484,024 | )
Other income (expense), net |  |  | 205,420 |  |  |  | (660,024 | ) |  |  | (454,604 | )
Net income (loss) |  |  | 86,668 |  |  |  | (660,024 | ) |  |  | (573,356 | )
Weighted average shares outstanding, basic and diluted |  |  | 5,274,301 |  |  |  | (760,101 | ) |  |  | 4,514,200 |
Basic and diluted net income (loss) per common share |  | $ | (0.02 | ) |  | $ | (0.14 | ) |  | $ | (0.16 | )
Statements of Cash Flows
|  | For the Period From May 28, 2019 (inception) through September 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 86,668 |  |  | $ | (660,024 | ) |  | $ | (573,356 | )
Change in fair value of warrant liabilities |  |  | - |  |  |  | 176,000 |  |  |  | 176,000 |
Net cash used in operating activities |  |  | (208,689 | ) |  |  | (484,024 | ) |  |  | (692,713 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of Units, net of underwriting discounts paid |  |  | 225,400,000 |  |  |  | 484,024 |  |  |  | 225,884,024 |
Net cash provided by financing activities |  |  | 230,914,073 |  |  |  | 484,024 |  |  |  | 231,398,097 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Initial classification of ordinary shares subject to redemption |  |  | 217,862,910 |  |  |  | (12,908,991 | ) |  |  | 204,953,919 |
Change in value of shares subject to redemption |  |  | 87,830 |  |  |  | (176,009 | ) |  |  | (88,179 | )
Balance Sheets
|  | September 13, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Warrant liabilities |  | $ | - |  |  | $ | 11,370,000 |  |  | $ | 11,370,000 |
Total liabilities |  |  | 8,084,093 |  |  |  | 11,370,000 |  |  |  | 19,454,093 |
Class A common stock subject to possible redemption |  |  | 188,912,910 |  |  |  | (11,369,991 | ) |  |  | 177,542,919 |
Class A common stock |  |  | 111 |  |  |  | 114 |  |  |  | 225 |
Additional paid-in capital |  |  | 5,000,477 |  |  |  | 423,676 |  |  |  | 5,424,153 |
Retained earnings (accumulated deficit) |  |  | (1,153 | ) |  |  | (423,799 | ) |  |  | (424,952 | )
Total stockholders’ equity (deficit) |  |  | 5,000,010 |  |  |  | (9 | ) |  |  | 5,000,001 |

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