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CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 11 Months Ended
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Dec. 31, 2020
CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS |
Summarizes the effect of the Restatement on each financial statement line item |
|  | As of December 31, 2020
|  | As reported |  | As Restated |  | Difference
Balance Sheet |  |  |  |  |  |
Warrant liability |  | — |  | 53,005,335 |  | 53,005,335
FPA Liability |  | — |  | 10,654,540 |  | 10,654,540
Total Liabilities |  | 18,725,550 |  | 82,385,425 |  | 63,659,875
Class A ordinary shares subject to possible redemption |  | 494,827,880 |  | 431,168,005 |  | (63,659,875)
Class A ordinary shares, $0.0001 par value |  | 227 |  | 863 |  | 636
Additional paid-in capital |  | 5,804,510 |  | 34,912,594 |  | 29,108,084
Accumulated deficit |  | (806,028) |  | (29,914,748) |  | (29,108,720)
Total Shareholders’ Equity |  | 5,000,003 |  | 5,000,003 |  | —
|  | For the Period from February 11, 2020 through December 31, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Operations |  |  |  |  |  |
Change in fair value of warrant liability |  | — |  | 17,328,667 |  | 17,328,667
Change in fair value of FPA liability |  | — |  | 10,399,002 |  | 10,399,002
Transaction costs allocated to warrant and FPA liabilities |  | — |  | 1,381,051 |  | 1,381,051
Net Loss |  | (806,028) |  | (29,914,748) |  | (28,108,720)
Weighted average shares outstanding – redeemable |  | 49,551,714 |  | 45,254,948 |  | (4,296,766)
Basic and Diluted EPS – redeemable |  | — |  | — |  | —
Weighted average shares outstanding – non-redeemable |  | 13,640,310 |  | 16,283,431 |  | 2,643,121
Basic and Diluted EPS – non-redeemable |  | (0.06) |  | (1.84) |  | (1.78)
|  | Year Ended 12/31/20
|  | As reported |  | As Restated |  | Difference
Statement of Changes in Shareholders’ Equity |  |  |  |  |  |
Class A Ordinary Shares |  | 2,267,212 |  | 8,633,199 |  | 6,365,987
Class A Ordinary Share Amount |  | 227 |  | 863 |  | 636
Additional Paid-In capital |  | 5,804,510 |  | 34,912,594 |  | 29,108,084
Accumulated Deficit |  | (806,028) |  | (29,914,748) |  | (29,108,720)
Total shareholders' equity |  | 5,000,003 |  | 5,000,003 |  | —
|  | Year Ended 12/31/20
|  | As reported |  | As Restated |  | Difference
Statement of Cash Flows |  |  |  |  |  |  |
Net Loss |  | (806,028) |  |  | (29,914,748) |  | (29,108,720)
Change in fair value of warrant liability |  | — |  |  | 17,328,667 |  | 17,328,667
Change in fair value of FPA liability |  | — |  |  | 10,399,002 |  | 10,399,002
Transaction costs allocated to warrant and FPA liabilities |  | — |  |  | 1,381,051 |  | 1,381,051
Initial classification of warrant liability |  | — |  |  | 35,676,668 |  | 35,676,668
Initial classification of FPA liability |  | — |  |  | 255,538 |  | 255,538
Initial value of Class A common stock subject to possible redemption |  | 495,597,040 |  |  | 459,696,714 |  | (35,900,326)
Change in value of Class A common stock subject to possible redemption |  | (769,160) |  |  | 21,426,075 |  | 22,195,235
|  | As of September 30, 2020
|  | As reported |  | As Restated |  | Difference
Balance Sheet |  |  |  |  |  |
Warrant liability |  | — |  | 38,225,001 |  | 38,225,001
FPA Liability |  | — |  | 5,548,575 |  | 5,548,575
Total Liabilities |  | 18,222,551 |  | 61,996,127 |  | 43,773,576
Class A ordinary shares subject to possible redemption |  | 495,423,880 |  | 451,650,304 |  | (43,773,576)
Class A ordinary shares, $0.0001 par value |  | 221 |  | 658 |  | 437
Additional paid-in capital |  | 5,208,516 |  | 14,430,500 |  | 9,221,984
Accumulated deficit |  | (210,021) |  | (9,432,442) |  | (9,222,421)
Total Shareholders’ Equity |  | 5,000,010 |  | 5,000,010 |  | —
|  | For the 3 Months Ended September 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Operations |  |  |  |  |  |  |  |
Change in fair value of warrant liability |  |  | — |  |  | (1,529,000) |  | (1,529,000)
Change in fair value of FPA liability |  |  | — |  |  | 2,299,616 |  | 2,299,616
Transaction costs allocated to warrant and FPA liabilities |  |  | — |  |  | — |  | —
Net Loss |  |  | (173,155) |  |  | (943,771) |  | (770,616)
Weighted average shares outstanding – redeemable |  |  | 49,559,704 |  |  | 45,259,408 |  | (4,300,296)
Basic and Diluted EPS – redeemable |  | $ | — |  | $ | — |  | —
Weighted average shares outstanding – non-redeemable |  |  | 15,127,796 |  |  | 19,428,092 |  | 4,300,296
Basic and Diluted EPS – non-redeemable |  | $ | (0.01) |  | $ | (0.05) |  | (0.04)
|  | For the Period from February 11, 2020 through September 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Operations |  |  |  |  |  |  |  |
Change in fair value of warrant liability |  |  | — |  |  | 2,548,333 |  | 2,548,333
Change in fair value of FPA liability |  |  | — |  |  | 5,293,037 |  | 5,293,037
Transaction costs allocated to warrant and FPA liabilities |  |  | — |  |  | 1,381,051 |  | 1,381,051
Net Loss |  |  | (210,021) |  |  | (9,432,442) |  | (9,222,421)
Weighted average shares outstanding – redeemable |  |  | 49,560,044 |  |  | 45,335,261 |  | (4,224,783)
Basic and Diluted EPS – redeemable |  | $ | — |  | $ | — |  | —
Weighted average shares outstanding – non-redeemable |  |  | 13,025,013 |  |  | 14,959,025 |  | 1,934,012
Basic and Diluted EPS – non-redeemable |  | $ | (0.02) |  | $ | (0.63) |  | (0.61)
|  | February 11, 2020 (Inception) Through September 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Changes in Shareholders’ Equity |  |  |  |  |  |
Class A Ordinary Shares |  | 2,267,212 |  | 6,584,969 |  | 4,317,757
Class A Ordinary Share Amount |  | 221 |  | 658 |  | 437
Additional Paid-In Capital |  | 5,208,516 |  | 14,430,500 |  | 9,221,984
Accumulated Deficit |  | (210,021) |  | (9,432,442) |  | (9,222,421)
Total shareholders' equity |  | 5,000,010 |  | 5,000,010 |  | —
|  | February 11, 2020 (Inception) Through September 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Cash Flows |  |  |  |  |  |  |
Net Loss |  | (210,021) |  |  | (9,432,442) |  | (9,222,421)
Change in fair value of warrant liability |  | — |  |  | 2,548,333 |  | 2,548,333
Change in fair value of FPA liability |  | — |  |  | 5,293,037 |  | 5,293,037
Transaction costs allocated to warrant and FPA liabilities |  | — |  |  | 1,381,051 |  | 1,381,051
Initial classification of warrant liability |  | — |  |  | 35,676,668 |  | 35,676,668
Initial classification of FPA liability |  | — |  |  | 255,538 |  | 255,538
Initial value of Class A common stock subject to possible redemption |  | 495,628,920 |  |  | 459,696,714 |  | (35,932,206)
Change in value of Class A common stock subject to possible redemption |  | (205,040) |  |  | (8,046,410) |  | (7,841,370)
|  | As of June 30, 2020
|  | As reported |  | As Restated |  | Difference
Balance Sheet |  |  |  |  |  |
Warrant liability |  | — |  | 39,754,001 |  | 39,754,001
FPA Liability |  | — |  | 3,248,959 |  | 3,248,959
Total Liabilities |  | 18,663,985 |  | 61,666,945 |  | 43,002,960
Class A ordinary shares subject to possible redemption |  | 495,597,040 |  | 452,594,080 |  | (43,002,960)
Class A ordinary shares, $0.0001 par value |  | 219 |  | 649 |  | 430
Additional paid-in capital |  | 5,035,358 |  | 13,486,733 |  | 8,451,375
Accumulated deficit |  | (36,866) |  | (8,488,671) |  | (8,451,805)
Total Shareholder's Equity |  | 5,000,005 |  | 5,000,005 |  | —
|  | For the 3 Months Ended June 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Operations |  |  |  |  |  |  |  |
Change in fair value of warrant liability |  |  | — |  |  | 4,077,333 |  | 4,077,333
Change in fair value of FPA liability |  |  | — |  |  | 2,993,421 |  | 2,993,421
Transaction costs allocated to warrant and FPA liabilities |  |  | — |  |  | 1,381,051 |  | 1,381,051
Net Loss |  |  | (31,882) |  |  | (8,483,687) |  | (8,451,805)
Basic and Diluted EPS – redeemable |  | $ | — |  | $ | — |  | —
Weighted average shares outstanding – non-redeemable |  |  | 11,718,359 |  |  | 12,152,705 |  | 434,345
Basic and Diluted EPS – non-redeemable |  | $ | — |  | $ | (0.70) |  | (0.70)
|  | For the Period from February 11, 2020 through June 30, 2020 |  |
|  | As reported |  | As Restated |  | Difference |  |
Statement of Operations |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liability |  |  | — |  |  | 4,077,333 |  | 4,077,333 |  |
Change in fair value of FPA liability |  |  | — |  |  | 2,993,421 |  | 2,993,421 |  |
Transaction costs allocated to warrant and FPA liabilities |  |  | — |  |  | 1,381,051 |  | 1,381,051 |  |
Net Income (Loss) |  |  | (36,886) |  |  | (8,488,691) |  | (8,451,805) |  |
Weighted average shares outstanding – redeemable |  |  | 49,562,892 |  |  | 45,969,671 |  | (3,593,221) |  |
Basic and Diluted EPS – redeemable |  | $ | — |  | $ | — |  | — |  |
Weighted average shares outstanding – non-redeemable |  |  | 11,570,456 |  |  | 11,867,640 |  | 297,184 |  |
Basic and Diluted EPS – non-redeemable |  | $ | — |  | $ | (0.72) |  | (0.72) |  |
|  | February 11, 2020 (Inception) Through June 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Changes in Shareholders’ Equity |  |  |  |  |  |
Class A Ordinary Shares |  | 2,267,212 |  | 6,490,592 |  | 4,223,380
Class A Ordinary Share Amount |  | 219 |  | 649 |  | 430
Additional Paid-In |  | 5,035,358 |  | 13,486,733 |  | 8,451,375
Accumulated Deficit |  | (36,866) |  | (8,488,671) |  | (8,451,805)
Total shareholders' equity |  | 5,000,005 |  | 5,000,005 |  | —
|  | February 11, 2020 (Inception) Through June 30, 2020
|  | As reported |  | As Restated |  | Difference
Statement of Cash Flows |  |  |  |  |  |  |
Net Loss |  | (36,866) |  |  | (8,488,671) |  | (8,451,805)
Change in fair value of warrant liability |  | — |  |  | 4,077,333 |  | 4,077,333
Change in fair value of FPA liability |  | — |  |  | 2,993,421 |  | 2,993,421
Transaction costs allocated to warrant and FPA liabilities |  | — |  |  | 1,381,051 |  | 1,381,051
Initial classification of warrant liability |  | — |  |  | 35,676,668 |  | 35,676,668
Initial classification of FPA liability |  | — |  |  | 255,538 |  | 255,538
Initial value of Class A common stock subject to possible redemption |  | 495,628,920 |  |  | 459,696,714 |  | (35,932,206)
Change in value of Class A common stock subject to possible redemption |  | (31,880) |  |  | (7,102,634) |  | (7,070,754)
|  | As of June 19, 2020
|  | As reported |  | As Restated |  | Difference
Balance Sheet |  |  |  |  |  |
Warrant liability |  | — |  | 35,676,668 |  | 35,676,668
FPA Liability |  | — |  | 255,538 |  | 255,538
Total Liabilities |  | 18,892,430 |  | 54,824,636 |  | 35,932,206
Class A ordinary shares subject to possible redemption |  | 495,597,920 |  | 459,696,714 |  | (35,932,206)
Class A ordinary shares, $0.0001 par value |  | 219 |  | 578 |  | 359
Additional paid-in capital |  | 5,003,478 |  | 6,384,170 |  | 1,380,692
Accumulated deficit |  | (4,983) |  | (1,381,051) |  | (1,386,034)
Total Shareholder's Equity |  | 5,000,008 |  | 5,000,008 |  | —

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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 + Details
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