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Restatement of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2020
Star Peak Energy Transition Corp [Member] |
Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In April 2021, the Company concluded that, because of a misapplication of the accounting guidance related to its Public and Private Placement warrants the Company issued in August 2020, the Company’s previously issued financial statements for the quarter ended September 30, 2020 and the year ended December 31, 2020 should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report. On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on August 20, 2020, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets, and after discussion and evaluation, including with the Company’s independent auditors, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement. Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash changes in estimated fair value of the Warrants, based on our application of FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. The Company reassessed its accounting for Warrants issued on August 20, 2020, in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Company Statement of Operations each reporting period. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements for the year ended December 31, 2020 and for the quarter ended September 30, 2020 (the “Affected Periods”) should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase common stock (the “Warrants”) and should no longer be relied upon. Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2020
​ | ​ | As Previously | ​ | Restatement | ​ | ​
​ |  | Reported |  | Adjustment |  | As Restated
Balance Sheet | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 385,286,084 | ​ | $ | — | ​ | $ | 385,286,084
Liabilities and stockholders’ equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total current liabilities | ​ | $ | 2,809,435 | ​ | $ | — | ​ | $ | 2,809,435
Deferred legal fees | ​ | ​ | 203,910 | ​ | ​ | — | ​ | ​ | 203,910
Deferred underwriting commissions | ​ | ​ | 13,425,476 | ​ | ​ | — | ​ | ​ | 13,425,476
Stock warrant liabilities | ​ | ​ | — | ​ | ​ | 121,091,978 | ​ | ​ | 121,091,978
Total liabilities | ​ | ​ | 16,438,821 | ​ | ​ | 121,091,978 | ​ | ​ | 137,530,799
Class A common stock, $0.0001 par value; shares subject to possible redemption | ​ | ​ | 363,847,260 | ​ | ​ | (121,091,980) | ​ | ​ | 242,755,280
Stockholders’ equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Preferred stock- $0.0001 par value | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Class A common stock - $0.0001 par value | ​ | ​ | 197 | ​ | ​ | 1,211 | ​ | ​ | 1,408
Class B common stock - $0.0001 par value | ​ | ​ | 959 | ​ | ​ | — | ​ | ​ | 959
Additional paid-in-capital | ​ | ​ | 8,380,865 | ​ | ​ | 109,268,621 | ​ | ​ | 117,649,486
Accumulated deficit | ​ | ​ | (3,382,018) | ​ | ​ | (109,269,830) | ​ | ​ | (112,651,848)
Total stockholders’ equity | ​ | ​ | 5,000,003 | ​ | ​ | 2 | ​ | ​ | 5,000,005
Total liabilities and stockholders’ equity | ​ | $ | 385,286,084 | ​ | $ | — | ​ | $ | 385,286,084
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2020
​ | ​ | As Previously | ​ | Restatement | ​ | ​
​ |  | Reported |  | Adjustment |  | As Restated
Statement of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from operations | ​ | $ | (3,500,175) | ​ | $ | — | ​ | $ | (3,500,175)
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value of warrant liabilities | ​ | ​ | — | ​ | ​ | (109,269,830) | ​ | ​ | (109,269,830)
Net gain from investments held in Trust Account | ​ | ​ | 136,707 | ​ | ​ | — | ​ | ​ | 136,707
Total other (expense) income | ​ | ​ | 136,707 | ​ | ​ | (109,269,830) | ​ | ​ | (109,133,123)
Net loss | ​ | $ | (3,363,468) | ​ | $ | (109,269,830) | ​ | $ | (112,633,298)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average Class A common stock outstanding, basic and diluted | ​ | ​ | 38,208,123 | ​ | ​ | — | ​ | ​ | 38,208,123
Basic and diluted net loss per Class A common stock | ​ | $ | — | ​ | $ | — | ​ | $ | —
Weighted average Class B common stock outstanding, basic and diluted | ​ | ​ | 9,589,626 | ​ | ​ | — | ​ | ​ | 9,589,626
Basic and diluted net loss per Class B common stock | ​ | $ | (0.35) | ​ | $ | — | ​ | $ | (11.75)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2020
​ | ​ | As Previously | ​ | Restatement | ​ | ​
​ |  | Reported |  | Adjustment |  | As Restated
Statement of Cash Flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (3,363,468) | ​ | $ | (109,269,830) | ​ | $ | (112,633,298)
Adjustments to reconcile net loss to net cash used in operating activities | ​ | ​ | — | ​ | ​ | 109,269,830 | ​ | ​ | 109,269,830
Net cash used in operating activities | ​ | ​ | (1,838,477) | ​ | ​ | — | ​ | ​ | (1,838,477)
Net cash used in investing activities | ​ | ​ | (383,585,040) | ​ | ​ | — | ​ | ​ | (383,585,040)
Net cash provided by financing activities | ​ | ​ | 386,360,290 | ​ | ​ | — | ​ | ​ | 386,360,290
Net change in cash | ​ | $ | 936,773 | ​ | $ | — | ​ | $ | 936,773
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2020
​ | ​ | As Previously | ​ | Restatement | ​ | ​
​ |  | Reported |  | Adjustment |  | As Restated
Balance Sheet | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 386,179,543 | ​ | $ | — | ​ | $ | 386,179,543
Liabilities and stockholders’ equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total current liabilities | ​ | $ | 716,028 | ​ | $ | — | ​ | $ | 716,028
Deferred legal fees | ​ | ​ | 203,910 | ​ | ​ | — | ​ | ​ | 203,910
Deferred underwriting commissions | ​ | ​ | 13,425,476 | ​ | ​ | — | ​ | ​ | 13,425,476
Stock warrant liabilities | ​ | ​ | — | ​ | ​ | 11,822,148 | ​ | ​ | 11,822,148
Total liabilities | ​ | ​ | 14,345,414 | ​ | ​ | 11,822,148 | ​ | ​ | 26,167,562
Class A common stock, $0.0001 par value; shares subject to possible redemption Stockholders’ equity | ​ | ​ | 366,834,120 | ​ | ​ | (11,822,140) | ​ | ​ | 355,011,980
Preferred stock- $0.0001 par value | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Class A common stock - $0.0001 par value | ​ | ​ | 168 | ​ | ​ | 118 | ​ | ​ | 286
Class B common stock - $0.0001 par value | ​ | ​ | 959 | ​ | ​ | — | ​ | ​ | 959
Additional paid-in-capital | ​ | ​ | 5,394,034 | ​ | ​ | (126) | ​ | ​ | 5,393,908
Accumulated deficit | ​ | ​ | (395,152) | ​ | ​ | — | ​ | ​ | (395,152)
Total stockholders’ equity | ​ | ​ | 5,000,009 | ​ | ​ | (8) | ​ | ​ | 5,000,001
Total liabilities and stockholders’ equity | ​ | $ | 386,179,543 | ​ | $ | — | ​ | $ | 386,179,543
​ The impact to the balance sheet dated August 20, 2020, filed on Form 8-K on August 26, 2020 related to the impact of accounting for public and private warrants as liabilities at fair value resulted in a $11.8 million increase to the warrant liabilities line item on August 20, 2020 and offsetting decrease to the Class A common stock subject to redemption mezzanine equity line item. There is no change to total stockholders' equity at any reported balance sheet date.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + 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=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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