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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

4 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Globis Acquisition Corp [Member]

Restructuring Cost and Reserve [Line Items]

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements, management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its common stock subject to possible redemption. The Company previously determined the common stock subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Public Shares underlying the Units issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that temporary equity should include all shares of common stock subject to possible redemption, resulting in the common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a classification error related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and common stock.

In connection with the change in presentation for the common stock subject to possible redemption, the Company also restated its income (loss) per common share calculation to allocate net income (loss) evenly to all common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, all shares of common stock share pro rata in the income (loss) of the Company.

There has been no change in the Company’s total assets, liabilities or operating results. 

SCHEDULE OF ERROR CORRECTIONS AND PRIOR PERIOD ADJUSTMENTS 

		As Previously Reported				Adjustment				As Restated
Balance Sheet as of December 15, 2020 (Audited)
Common stock subject to possible redemption		$	111,652,086			$	4,497,914			$	116,150,000
Common stock		$	401			$	(45	)		$	356
Additional paid-in capital		$	5,007,172			$	(4,497,869	)		$	509,303
Accumulated deficit		$	(7,571	)		$	—			$	(7,571	)
Total Stockholders’ Equity		$	5,000,002			$	(4,497,914	)		$	502,088
Number of shares of common stock subject to possible redemption			11,054,662				445,338				11,500,000
Balance Sheet as of December 31, 2020 (Audited)
Common stock subject to possible redemption		$	111,569,772			$	4,580,228			$	116,150,000
Common stock		$	400			$	(45	)		$	355
Additional paid-in capital		$	5,089,487			$	(4,580,183	)		$	509,304
Accumulated deficit		$	(89,886	)		$	—			$	(89,886	)
Total Stockholders’ Equity		$	5,000,001			$	(4,580,228	)		$	419,773
Number of shares of common stock subject to possible redemption			11,046,512				453,488				11,500,000
Statement of Cash Flows for the Period from August 21, 2020 (Inception) through December 31, 2020 (Audited)
Initial classification of common stock subject to possible redemption		$	111,652,086			$	4,497,914			$	116,150,000
Change in value of Common Stock subject to possible redemption		$	(82,314	)		$	82,314			$	—
Condensed Statement of Changes in Stockholders’ Equity for the Period Ended December 31, 2020 (Audited)
Sale of 11,500,000 Units, net of underwriter discounts and offering expenses		$	112,483,159			$	(112,483,159	)		$	—
Initial value of Common Stock subject to redemption		$	111,569,772			$	(111,569,772	)		$	—
Redemption adjustment for Common Stock to redemption amount		$	—			$	(3,666,841	)		$	(3,666,841	)
Total Shareholders’ Equity		$	5,000,001			$	(4,580,228	)		$	419,773
Statement of Operations for the Period from August 21, 2020 (Inception) Through December 31, 2020 (Audited)
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption			11,054,662				(9,534,001	)			1,520,661
Basic and diluted net income per share, common stock subject to possible redemption		$	—			$	(0.02	)		$	(0.02	)
Basic and diluted weighted average shares outstanding, Non-redeemable common stock			2,717,799				(58,887	)			2,658,912
Basic and diluted net loss (income) per share, Non-redeemable common stock		$	(0.03	)		$	0.01			$	(0.02	)

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate the Company’s previously reported financial statements. During the quarter ended September 30, 2021, the Company determined that at the closing of the Company’s Initial Public Offering (including the sale of the shares issued pursuant to the exercise of the underwriters’ overallotment) it had improperly valued its common stock subject to possible redemption at the closing of the Company’s Initial Public Offering and at the closing of the sale of shares pursuant to the exercise of the underwriters’ overallotment, it had improperly classified certain of its common stock subject to possible redemption. The Company previously determined the common stock subject to possible redemption to be equal to the redemption value of $10.10 per share of common stock while also taking into consideration that in accordance with the Company’s Charter, a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the common stock issued in the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that temporary equity should include all common stock subject to possible redemption, resulting in the common stock subject to possible redemption being equal to its redemption value. As a result, management has noted a classification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the common stock subject to possible redemption with the offset recorded to additional paid-in capital and common stock 

In connection with the change in presentation for the common stock subject to redemption, the Company also restated its income (loss) per share of common stock calculation to allocate net income (loss) evenly to the total shares of common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, all shares of common stock share pro rata in the income (loss) of the Company.

The impact of the restatement on the Company’s historical financial statements is reflected in the following tables:

 SCHEDULE OF ERROR CORRECTIONS AND PRIOR PERIOD ADJUSTMENTS

		As Previously Reported				Adjustment				As Restated
Condensed Balance Sheet as of March 31, 2021 (unaudited)
Common stock subject to possible redemption		$	111,205,807			$	4,944,193			$	116,150,000
Common stock		$	404			$	(49	)		$	355
Additional paid-in capital		$	5,453,448			$	(4,944,144	)		$	509,304
Accumulated deficit		$	(453,845	)		$	—			$	(453,845	)
Total Stockholders’ Equity (Deficit)		$	5,000,007			$	(4,944,193	)		$	55,814
Number of shares of common stock subject to possible redemption			11,010,476				(489,524	)			11,500,000

Condensed Balance Sheet as of June 30, 2021 (unaudited)
Common stock subject to possible redemption		$	110,858,319			$	5,291,681			$	116,150,000
Common stock		$	407			$	(52	)		$	355
Additional paid-in capital		$	5,800,933			$	(5,291,629	)		$	509,304
Accumulated deficit		$	(801,336	)		$	—			$	(801,336	)
Total Stockholders’ Equity (Deficit)		$	5,000,004			$	(5,291,681	)		$	(291,677	)
Number of shares of common stock subject to possible redemption			10,976,071				523,929				11,500,000
Condensed Statement of Operations for the Three Months Ended March 31, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption			11,046,512				453,488				11,500,000
Basic and diluted net income (loss) per share, common stock subject to possible redemption		$	—			$	(0.02	)		$	(0.02	)
Basic and diluted weighted average shares outstanding, Non-redeemable common stock			4,004,321				(453,488	)			3,550,833
Basic and diluted net income (loss) per share, Non-redeemable common stock		$	(0.09	)		$	0.07			$	(0.02	)
Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption			11,010,476				489,524				11,500,000
Basic and diluted net income (loss) per share, common stock subject to possible redemption		$	—			$	(0.02	)		$	(0.02	)
Basic and diluted weighted average shares outstanding, Non-redeemable common stock			4,040,357				(489,524	)			3,550,833
Basic and diluted net income (loss) per share, Non-redeemable common stock		$	(0.09	)		$	0.07			$	(0.02	)
Statement of Operations for the Six Months Ended June 30, 2021 (unaudited)
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption			11,028,394				471,606				11,500,000
Basic and diluted net income (loss) per share, common stock subject to possible redemption		$	—			$	(0.05	)		$	(0.05	)
Basic and diluted weighted average shares outstanding, Non-redeemable common stock			4,022,439				(471,606	)			3,550,833
Basic and diluted net income (loss) per share, Non-redeemable common stock		$	(0.18	)		$	0.13			$	(0.05	)
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (unaudited)			As Previously Reported				Adjustment				As Restated
Change in value of common stock subject to possible redemption		$	363,065			$	(363,065	)		$	—
Total Stockholders’ Equity		$	5,000,007				(4,944,193	)		$	55,814
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (unaudited)
Change in value of common stock subject to possible redemption		$	347,488			$	(347,488	)		$	—
Total Stockholders’ Equity (Deficit)		$	5,000,004			$	(5,291,681	)		$	(291,677	)
Condensed Statement of Cash Flows for the three months ended March 31, 2021 (unaudited)
Non-Cash investing and financing activities:
Change in value of common stock subject to possible redemption		$	(363,965	)		$	363,965			$	—
Condensed Statement of Cash Flows for the six months ended June 30, 2021 (unaudited)
Non-Cash investing and financing activities:
Change in value of common stock subject to possible redemption		$	(711,453	)		$	711,453			$	—

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- Definition

The entire disclosure for reporting error correction.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

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