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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

4 Months Ended

Dec. 31, 2020

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Summarizes the effect of the correction on each financial statement line item

		As
		Previously						As
		Reported			Adjustments			Restated
Balance sheet as of November 10, 2020 (audited)
Warrant Liability		$	—		$	22,547,500		$	22,547,500
Class A Common Stock Subject to Possible Redemption			212,828,471			(22,547,500)			190,280,971
Class A Common Stock			113			222			335
Additional Paid-in Capital			4,999,970			1,303,608			6,303,578
Accumulated Deficit			(712)			(1,303,830)			(1,304,542)
Balance sheet as of December 31, 2020 (audited)
Warrant Liability		$	—		$	27,455,162		$	27,455,162
Class A Common Stock Subject to Possible Redemption			224,050,680			(27,455,162)			195,595,518
Common Stock			119			270			389
Additional Paid-in Capital			5,164,409			5,175,301			10,339,710
Accumulated Deficit			(165,106)			(5,175,571)			(5,340,677)
Stockholders’ Equity			5,000,001			4			5,000,005
Statement of Operations for the Period from August 21, 2020 (inception) to December 31, 2020 (audited)
Change in fair value of warrant liability		$	—		$	(4,460,862)		$	(4,460,862)
Transaction costs associated with Initial Public Offering			—			(714,710)			(714,710)
Net loss			(165,106)			(5,175,572)			(5,340,678)
Weighted average shares outstanding, Common stock subject to possible redemption			21,828,647			(2,303,331)			19,525,316
Basic and diluted net income per share, Common stock subject to possible redemption			0.00			—			0.00
Weighted average shares outstanding, Common stock			6,078,552			939,759			7,018,311
Basic and diluted net loss per share, Common stock			(0.03)			(0.73)			(0.76)
Cash Flow Statement for the Period from August 21, 2020 (inception) to December 31, 2020 (audited)
Net loss			(165,106)			(5,175,572)			(5,340,678)
Change in fair value of warrant liability		$	—		$	(4,460,862)		$	(4,460,862)
Transaction costs associated with Initial Public Offering			—			(714,710)			(714,710)
Initial classification of Class A common stock subject to possible redemption			224,215,068			(23,644,544)			200,570,524
Change in value of Class A common stock subject to possible redemption			(164,388)			(3,810,618)			(3,975,006)

		As
		Previously						As
		Restated			Adjustment			Restated
Balance Sheet as of November 10, 2020 (audited)
Common stock subject to possible redemption		$	190,280,971		$	34,119,029		$	224,400,000
Common stock		$	335		$	(335)		$	—
Additional paid-in capital		$	6,303,578		$	(6,303,578)		$	—
Accumulated deficit		$	(1,304,542)		$	(27,815,116)		$	(29,119,658)
Total Stockholders’ Equity (Deficit)		$	5,000,004		$	(34,119,029)		$	(29,119,025)
Balance Sheet as of December 31, 2020 (audited)
Common stock subject to possible redemption		$	196,595,514		$	39,595,686		$	236,191,200
Common stock		$	389		$	(389)		$	—
Additional paid-in capital		$	10,339,715		$	(10,339,715)		$	—
Accumulated deficit		$	(5,340,678)		$	(29,255,581)		$	(34,596,259)
Total Stockholders’ Equity (Deficit)		$	5,000,005		$	(39,595,684)		$	(34,595,681)
Statement of Changes in Stockholders’ Equity (Deficit) for the Period from August 21, 2020 (Inception) Through December 31, 2020 (Audited)
Sale of 23,156,000 Units, net of underwriting discounts and offering expenses			206,911,197			(206,911,197)			—
Common stock subject to redemption			196,595,514			(196,595,514)			—
Accretion for Class A common stock to redemption amount			—			(29,279,949)			(29,279,949)
Statement of Cash Flows for the Three Months Ended December 31, 2020 (Unaudited)
Initial classificiation of Class A common stock subject to possible redemption			224,215,068			11,976,132			236,191,200

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- References

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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