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Restatement of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements On April 12, 2021, the Staff of the SEC issued a statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.” In the statement, the SEC Staff, among other things, highlighted potential accounting implications of certain terms that are ordinary in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff statement and in light of evolving views as to certain provisions ordinarily included in warrants issued by special purpose acquisition companies, the Company’s management re-evaluated the accounting for our Warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in shareholders’ equity. Since the Warrants meet the definition of a derivative under ASC 815-40, the Company has restated the financial statements to classify the Warrants as liabilities on the balance sheet at fair value, with subsequent changes in their respective fair values recognized in the statement of operations at each reporting date. The Company’s prior accounting treatment for the Warrants was equity classification rather than as derivative liabilities. Accounting for the Warrants as liabilities pursuant to ASC 815-40 requires that the Company re-measure the Warrants to their fair value each reporting period and record the changes in such value in the statement of operations. Accordingly, the Company has restated the value and classification of the Warrants in our financial statements included herein (“Restatement”). In April 2021, the Company concluded that, because of a misapplication of the accounting guidance related to its warrants issued in connection with its initial public offering (“Public Warrants”), as well as warrants issued in a private sale simultaneous to the initial public offering (“Private Placement Warrants”) that the Company issued in May 2020, the Company’s previously issued financial statements as of May 8, 2020, as of and for the year ended December 31, 2020 as well as the interim periods ended June 30, 2020 and September 30, 2020 (the “Affected Periods”) should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods in this Annual Report. The following summarizes the effect of the Restatement on each financial statement line item for each period presented herein. BALANCE SHEETS
|  |  |  | May 8, 2020 |  | June 30, 2020 |  | September 30, 2020 |  | December 31, 2020
Warrant liability |  | As Previously Reported |  | — |  |  | — |  |  | — |  |  | — |
|  | Adjustments |  | 24,200,000 |  |  | 23,030,000 |  |  | 45,050,000 |  |  | 56,930,000 |
|  | As Restated |  | 24,200,000 |  |  | 23,030,000 |  |  | 45,050,000 |  |  | 56,930,000 |
Total Liabilities |  | As Previously Reported |  | 11,299,788 |  |  | 10,753,271 |  |  | 11,443,090 |  |  | 12,381,002 |
|  | Adjustments |  | 24,200,000 |  |  | 23,030,000 |  |  | 45,050,000 |  |  | 56,930,000 |
|  | As Restated |  | 35,499,788 |  |  | 33,783,271 |  |  | 56,493,090 |  |  | 69,311,002 |
Class A ordinary shares subject to possible redemption |  | As Previously Reported |  | 287,041,190 |  |  | 286,786,990 |  |  | 285,557,170 |  |  | 284,197,210 |
|  | Adjustments |  | (24,214,650 | ) |  | (23,030,000 | ) |  | (45,050,000 | ) |  | (56,930,000 | )
|  | As Restated |  | 262,826,540 |  |  | 263,756,990 |  |  | 240,507,170 |  |  | 227,267,210 |
Class A ordinary shares subject to possible redemption, shares outstanding |  | As Previously Reported |  | 28,704,119 |  |  | 28,678,699 |  |  | 28,555,717 |  |  | 28,419,721 |
|  | Adjustments |  | (2,421,465 | ) |  | (2,303,000 | ) |  | (4,505,000 | ) |  | (5,693,000 | )
|  | As Restated |  | 26,282,654 |  |  | 26,375,699 |  |  | 24,050,717 |  |  | 22,726,721 |
Class A ordinary shares |  | As Previously Reported |  | 130 |  |  | 132 |  |  | 144 |  |  | 158 |
|  | Adjustments |  | 242 |  |  | 230 |  |  | 451 |  |  | 569 |
|  | As Restated |  | 372 |  |  | 362 |  |  | 595 |  |  | 727 |
Class A ordinary shares, shares outstanding |  | As Previously Reported |  | 1,295,881 |  |  | 1,321,301 |  |  | 1,444,283 |  |  | 1,580,279 |
|  | Adjustments |  | 2,421,465 |  |  | 2,303,000 |  |  | 4,505,000 |  |  | 5,693,000 |
|  | As Restated |  | 3,717,346 |  |  | 3,624,301 |  |  | 5,949,283 |  |  | 7,273,279 |
Additional paid-in capital |  | As Previously Reported |  | 5,113,134 |  |  | 5,352,792 |  |  | 6,582,601 |  |  | 7,942,547 |
|  | Adjustments |  | 877,413 |  |  | (292,578 | ) |  | 21,727,203 |  |  | 33,607,078 |
|  | As Restated |  | 5,990,547 |  |  | 5,060,214 |  |  | 28,309,804 |  |  | 41,549,625 |
Accumulated deficit |  | As Previously Reported |  | (114,123 | ) |  | (353,668 | ) |  | (1,583,490 | ) |  | (2,943,447 | )
|  | Adjustments |  | (877,647 | ) |  | 292,353 |  |  | (21,727,647 | ) |  | (33,607,647 | )
|  | As Restated |  | (991,770 | ) |  | (61,315 | ) |  | (23,311,137 | ) |  | (36,551,094 | )
Total Shareholders’ equity |  | As Previously Reported |  | 5,000,004 |  |  | 5,000,006 |  |  | 5,000,005 |  |  | 5,000,008 |
|  | Adjustments |  | (2 | ) |  | 1 |  |  | — |  |  | — |
|  | As Restated |  | 5,000,002 |  |  | 5,000,007 |  |  | 5,000,005 |  |  | 5,000,008 |
STATEMENTS OF OPERATIONS - YTD
|  |  |  | Six Months Ended June 30, 2020 |  | Nine Months Ended September 30, 2020 |  | Year Ended December 31, 2020
Change in fair value of the warrant liability |  | As Previously Reported |  |  | — |  |  |  | — |  |  |  | — |
|  | Adjustments |  |  | 1,170,000 |  |  |  | (20,850,000 | ) |  |  | (32,730,000 | )
|  | As Restated |  |  | 1,170,000 |  |  |  | (20,850,000 | ) |  |  | (32,730,000 | )
Offering costs allocated to derivative warrant liabilities |  | As Previously Reported |  |  | — |  |  |  | — |  |  |  | — |
|  | Adjustments |  |  | (877,647 | ) |  |  | (877,647 | ) |  |  | (877,647 | )
|  | As Restated |  |  | (877,647 | ) |  |  | (877,647 | ) |  |  | (877,647 | )
Net loss |  | As Previously Reported |  |  | (344,629 | ) |  |  | (1,574,451 | ) |  |  | (2,934,408 | )
|  | Adjustments |  |  | 292,353 |  |  |  | (21,727,647 | ) |  |  | (33,607,647 | )
|  | As Restated |  |  | (52,276 | ) |  |  | (23,302,098 | ) |  |  | (36,542,055 | )
Weighted average shares outstanding subject to possible redemption, basic and diluted |  | As Previously Reported |  |  | N/A |  |  |  | N/A |  |  |  | 28,635,732 |
|  | Adjustments |  |  | 26,284,377 |  |  |  | 26,325,998 |  |  |  | (3,194,817 | )
|  | As Restated |  |  | 26,284,377 |  |  |  | 26,325,998 |  |  |  | 25,440,915 |
Basic and diluted net income per share, shares subject to redemption |  | As Previously Reported |  |  | N/A |  |  |  | N/A |  |  | $ | 0.00 |
|  | Adjustments |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.00 |
|  | As Restated |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.00 |
Weighted average ordinary shares outstanding, basic and diluted |  | As Previously Reported |  |  | 8,675,841 |  |  |  | 8,724,681 |  |  |  | 8,387,147 |
|  | Adjustments |  |  | (73,403 | ) |  |  | 732,999 |  |  |  | 2,077,504 |
|  | As Restated |  |  | 8,602,438 |  |  |  | 9,457,680 |  |  |  | 10,464,651 |
Basic and diluted net loss per share, Non-redeemable shares |  | As Previously Reported |  | $ | (0.04 | ) |  | $ | (0.19 | ) |  | $ | (0.36 | )
|  | Adjustments |  | $ | 0.03 |  |  | $ | (2.28 | ) |  | $ | (3.14 | )
|  | As Restated |  | $ | (0.01 | ) |  | $ | (2.47 | ) |  | $ | (3.50 | )
STATEMENTS OF OPERATIONS - THREE MONTHS ENDED
|  |  |  | Three Months Ended June 30, 2020 |  | Three Months Ended September 30, 2020
Change in fair value of the warrant liability |  | As Previously Reported |  |  | — |  |  |  | — |
|  | Adjustments |  |  | 1,170,000 |  |  |  | (22,020,000 | )
|  | As Restated |  |  | 1,170,000 |  |  |  | (22,020,000 | )
Offering costs allocated to derivative warrant liabilities |  | As Previously Reported |  |  | — |  |  |  | — |
|  | Adjustments |  |  | (877,647 | ) |  |  | — |
|  | As Restated |  |  | (877,647 | ) |  |  | — |
Net income (loss) |  | As Previously Reported |  |  | (285,630 | ) |  |  | (1,229,822 | )
|  | Adjustments |  |  | 292,353 |  |  |  | (22,020,000 | )
|  | As Restated |  |  | 6,723 |  |  |  | (23,249,822 | )
Weighted average shares outstanding subject to possible redemption, basic and diluted |  | As Previously Reported |  |  | N/A |  |  |  | N/A |
|  | Adjustments |  |  | 26,284,377 |  |  |  | 26,325,998 |
|  | As Restated |  |  | 26,284,377 |  |  |  | 26,325,998 |
Basic and diluted net income per share, shares subject to redemption |  | As Previously Reported |  |  | N/A |  |  |  | N/A |
|  | Adjustments |  | $ | 0.00 |  |  | $ | 0.00 |
|  | As Restated |  | $ | 0.00 |  |  | $ | 0.00 |
Weighted average ordinary shares outstanding, basic and diluted |  | As Previously Reported |  |  | 8,726,681 |  |  |  | 8,821,301 |
|  | Adjustments |  |  | 978,194 |  |  |  | 2,344,174 |
|  | As Restated |  |  | 9,704,875 |  |  |  | 11,165,475 |
Basic and diluted net loss per share, Non-redeemable shares |  | As Previously Reported |  | $ | (0.04 | ) |  | $ | (0.14 | )
|  | Adjustments |  | $ | 0.04 |  |  | $ | (1.94 | )
|  | As Restated |  | $ | (0.00 | ) |  | $ | (2.08 | )
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|  |  |  | June 30, 2020 |  | September 30, 2020 |  | December 31, 2020
Class A ordinary shares |  | As Previously Reported |  | 132 |  |  | 144 |  |  | 158 |
|  | Adjustments |  | 230 |  |  | 451 |  |  | 569 |
|  | As Restated |  | 362 |  |  | 595 |  |  | 727 |
Additional Paid in Capital |  | As Previously Reported |  | 5,352,793 |  |  | 6,582,601 |  |  | 7,942,547 |
|  | Adjustments |  | (292,579 | ) |  | 21,727,203 |  |  | 33,607,078 |
|  | As Restated |  | 5,060,214 |  |  | 28,309,804 |  |  | 41,549,625 |
Accumulated Deficit |  | As Previously Reported |  | (353,668 | ) |  | (1,583,490 | ) |  | (2,943,447 | )
|  | Adjustments |  | 292,353 |  |  | (21,727,647 | ) |  | (33,607,647 | )
|  | As Restated |  | (61,315 | ) |  | (23,311,137 | ) |  | (36,551,094 | )
Total Shareholders’ Equity |  | As Previously Reported |  | 5,000,006 |  |  | 5,000,005 |  |  | 5,000,008 |
|  | Adjustments |  | 1 |  |  | — |  |  | — |
|  | As Restated |  | 5,000,007 |  |  | 5,000,005 |  |  | 5,000,008 |
STATEMENTS OF CASH FLOWS
|  |  |  | Six Months Ended June 30, 2020 |  | Nine Months Ended September 30, 2020 |  | Year Ended December 31, 2020
Net loss |  | As Previously Reported |  | (344,629 | ) |  | (1,574,451 | ) |  | (2,934,408 | )
|  | Adjustments |  | 292,353 |  |  | (21,727,647 | ) |  | (33,607,647 | )
|  | As Restated |  | (52,276 | ) |  | (23,302,098 | ) |  | (36,542,055 | )
Change in fair value of warrant liability |  | As Previously Reported |  | — |  |  | — |  |  | — |
|  | Adjustments |  | (1,170,000 | ) |  | 20,850,000 |  |  | 32,730,000 |
|  | As Restated |  | (1,170,000 | ) |  | 20,850,000 |  |  | 32,730,000 |
Offering costs allocated to derivative warrant liabilities |  | As Previously Reported |  | — |  |  | — |  |  | — |
|  | Adjustments |  | 877,647 |  |  | 877,647 |  |  | 877,647 |
|  | As Restated |  | 877,647 |  |  | 877,647 |  |  | 877,647 |
Initial value of Class A ordinary shares subject to possible redemption |  | As Previously Reported |  | 287,041,190 |  |  | 287,041,190 |  |  | 287,041,190 |
|  | Adjustments |  | (24,214,650 | ) |  | (24,214,650 | ) |  | (24,214,650 | )
|  | As Restated |  | 262,826,540 |  |  | 262,826,540 |  |  | 262,826,540 |
Change in value of Class A ordinary shares subject to possible redemption |  | As Previously Reported |  | (254,200 | ) |  | (1,229,820 | ) |  | (2,843,980 | )
|  | Adjustments |  | 1,184,650 |  |  | (22,020,000 | ) |  | (32,715,350 | )
|  | As Restated |  | 930,450 |  |  | (23,249,820 | ) |  | (35,559,330 | )

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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