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Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended
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Sep. 30, 2021
Basis of Presentation and Summary of Significant Accounting Policies |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2—Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. There was nominal activity from September 9, 2020 (inception) through September 30, 2020 and there were no assets, liabilities or equity as of September 30, 2020, and, as such, the period is not presented in these unaudited condensed financial statements. Operating results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited balance sheet and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on January 21, 2021, and January 13, 2021, respectively. Restatement of Previously Reported Financial Statements In preparation of the Company’s unaudited condensed consolidated financial statements as of and for the quarterly period ended September 30, 2021, the Company concluded it should revise its previously reported financial statements to classify all Class A common stock subject to possible redemption in temporary equity. The Company’s previously filed financial statements that contained the error were reported in the Company’s Form 8-K with its audited balance sheet as of January 14, 2021 (the “Post-IPO balance sheet”), and the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “affected periods”). In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter currently provides that, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presented all shares of redeemable Class A common stock as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The change in the carrying value of the redeemable shares of Class A common stock of approximately $14.8 million to the Post-IPO balance sheet resulted in a decrease of approximately $5.3 million in additional paid-in capital and a charge of approximately $9.6 million to accumulated deficit, as well as a reclassification of 1,484,933 shares of Class A common stock from permanent equity to temporary equity as presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of January 14, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported (1) | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Balance Sheet | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 289,432,482 | ​ | $ | — | ​ | $ | 289,432,482
Total liabilities | ​ | $ | 11,781,807 |  | $ | — | ​ | $ | 11,781,807
Class A common stock subject to possible redemption | ​ |  | 272,650,670 |  | ​ | 14,849,330 | ​ |  | 287,500,000
Stockholders’ equity (deficit) | ​ |  |  |  | ​ |  | ​ |  |
Preferred stock | ​ |  | — |  | ​ | — | ​ |  | —
Class A common stock | ​ |  | 226 |  | ​ | (148) | ​ |  | 78
Class F common stock | ​ |  | 719 |  | ​ | — | ​ |  | 719
Additional paid-in-capital | ​ |  | 5,251,729 |  | ​ | (5,251,729) | ​ |  | —
Accumulated deficit | ​ |  | (252,669) |  | ​ | (9,597,453) | ​ |  | (9,850,122)
Total stockholders’ equity (deficit) | ​ |  | 5,000,005 |  | ​ | (14,849,330) | ​ |  | (9,849,325)
Total liabilities, temporary equity and stockholders’ equity (deficit) | ​ | $ | 289,432,482 | ​ | $ | — | ​ | $ | 289,432,482
​
(1) | As previously reported in the Company’s Form 10-Q for the period ended March 31, 2021.
The previously issued financial statement included as an exhibit to the Company’s Form 8-K filed with the SEC on January 21, 2021, and Form 10-Qs for the affected periods, will not be amended, but historical amounts are presented in the current filing and will be presented in future filings as restated in order to be consistent with the current presentation. The impact of the restatement to the unaudited condensed balance sheets as of March 31, 2021, and June 30, 2021, is presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Balance Sheet | ​ | ​ |  |  | ​ |  |  | ​ |
Total assets | ​ | $ | 288,953,438 |  | $ | — | ​ | $ | 288,953,438
Total liabilities | ​ | $ | 10,020,406 |  | $ | — | ​ | $ | 10,020,406
Class A common stock subject to possible redemption | ​ |  | 273,933,030 |  | ​ | 13,566,970 | ​ |  | 287,500,000
Stockholders’ equity (deficit) | ​ |  |  |  | ​ |  | ​ |  |
Preferred stock | ​ |  | — |  | ​ | — | ​ |  | —
Class A common stock | ​ |  | 213 |  | ​ | (135) | ​ |  | 78
Class F common stock | ​ |  | 719 |  | ​ | — | ​ |  | 719
Additional paid-in-capital | ​ |  | 3,969,381 |  | ​ | (3,969,381) | ​ |  | —
Accumulated deficit | ​ |  | 1,029,689 |  | ​ | (9,597,454) | ​ |  | (8,567,765)
Total stockholders’ equity (deficit) | ​ |  | 5,000,002 |  | ​ | (13,566,970) | ​ |  | (8,566,968)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | ​ | $ | 288,953,438 | ​ | $ | — | ​ | $ | 288,953,438
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Consolidated Balance Sheet | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 288,690,246 |  | $ | — | ​ | $ | 288,690,246
Total liabilities | ​ | $ | 14,058,658 |  | $ | — | ​ | $ | 14,058,658
Class A common stock subject to possible redemption | ​ |  | 269,631,580 |  | ​ | 17,868,420 | ​ |  | 287,500,000
Stockholders’ equity (deficit) | ​ |  |  |  | ​ |  | ​ |  |
Preferred stock | ​ |  | — |  | ​ | — | ​ |  | —
Class A common stock | ​ |  | 256 |  | ​ | (178) | ​ |  | 78
Class F common stock | ​ |  | 719 |  | ​ | — | ​ |  | 719
Additional paid-in-capital | ​ |  | 8,270,788 |  | ​ | (8,270,788) | ​ |  | —
Accumulated deficit | ​ |  | (3,271,755) |  | ​ | (9,597,454) | ​ |  | (12,869,209)
Total stockholders’ equity (deficit) | ​ |  | 5,000,008 |  | ​ | (17,868,420) | ​ |  | (12,868,412)
Total liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | ​ | $ | 288,690,246 | ​ | $ | — | ​ | $ | 288,690,246
​ There is no impact to the reported amounts for total assets, total liabilities, cash flows, or net income (loss). The impact of the restatement to the supplemental disclosures of noncash activities in the previously reported statements of cash flow is presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended March 31, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities: | ​ | ​ |  |  | ​ |  |  | ​ |
Initial value of Class A common stock subject to possible redemption | ​ | $ | 284,058,140 | ​ | $ | (284,058,140) | ​ | $ | —
Change in fair value of Class A common stock subject to possible redemption | ​ | $ | (10,125,110) | ​ | $ | 10,125,110 | ​ | $ | —
Accretion of Class A common stock subject to redemption amount | ​ | $ | — | ​ | $ | 17,105,848 | ​ | $ | 17,105,848
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended June 30, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Consolidated Statement of Cash Flows - Supplemental disclosure of noncash activities: | ​ | ​ |  |  | ​ |  |  | ​ |
Initial value of Class A common stock subject to possible redemption | ​ | $ | 272,650,670 | ​ | $ | (272,650,670) | ​ | $ | —
Change in fair value of Class A common stock subject to possible redemption | ​ | $ | (3,019,090) | ​ | $ | 3,019,090 | ​ | $ | —
Accretion of Class A common stock subject to redemption amount | ​ | $ | — | ​ | $ | 17,105,848 | ​ | $ | 17,105,848
​ In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share is presented below for the affected periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended March 31, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Statement of Operations | ​ | ​ |  |  | ​ |  |  | ​ |
Net loss | ​ | $ | 1,040,995 | ​ | $ | — | ​ | $ | 1,040,995
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding of Class A common stock, basic and diluted | ​ |  | 23,328,204 | ​ |  | 1,934,212 | ​ |  | 25,262,417
Basic and diluted net income per share of Class A common stock | ​ | $ | — | ​ | $ | 0.03 | ​ | $ | 0.03
Weighted average shares outstanding of Class F common stock, basic | ​ |  | 8,986,296 | ​ |  | (1,934,212) | ​ |  | 7,052,083
Weighted average shares outstanding of Class F common stock, diluted | ​ |  | 8,986,296 | ​ |  | (1,798,796) | ​ |  | 7,187,500
Basic and diluted net loss per share of Class F common stock | ​ | $ | 0.12 | ​ | $ | (0.08) | ​ | $ | 0.03
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended June 30, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Statement of Operations | ​ | ​ |  |  | ​ |  |  | ​ |
Net loss | ​ | $ | (4,301,444) | ​ | $ | — | ​ | $ | (4,301,444)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding of Class A common stock, basic and diluted | ​ |  | 27,388,576 | ​ |  | 2,138,924 | ​ |  | 29,527,500
Basic and diluted net income per share of Class A common stock | ​ | $ | — | ​ | $ | (0.12) | ​ | $ | (0.12)
Weighted average shares outstanding of Class F common stock, basic and diluted | ​ |  | 9,326,424 | ​ |  | (2,138,924) | ​ |  | 7,187,500
Basic and diluted net loss per share of Class F common stock | ​ | $ | (0.46) | ​ | $ | 0.34 | ​ | $ | (0.12)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended June 30, 2021
​ |  | As Previously |  | ​ | ​ |  | ​ | ​
​ | ​ | Reported | ​ | Adjustment | ​ | As Restated
Unaudited Condensed Statement of Operations | ​ | ​ |  |  | ​ |  |  | ​ |
Net loss | ​ | $ | (3,260,449) | ​ | $ | — | ​ | $ | (3,260,449)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding of Class A common stock, basic and diluted | ​ |  | 27,332,731 | ​ |  | 74,009 | ​ |  | 27,406,740
Basic and diluted net income per share of Class A common stock | ​ | $ | — | ​ | $ | (0.09) | ​ | $ | (0.09)
Weighted average shares outstanding of Class F common stock, basic and diluted | ​ |  | 9,157,299 | ​ |  | (2,037,133) | ​ |  | 7,120,166
Basic and diluted net loss per share of Class F common stock | ​ | $ | (0.36) | ​ | $ | 0.27 | ​ | $ | (0.09)
​ Principles of Consolidation The condensed consolidated financial statements of the Company include its wholly-owned subsidiaries in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021, and December 31, 2020. Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in net gain from investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the condensed balance sheets. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:
| ● | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
| ● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
| ● | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Public Shares were charged against the carrying value of Class A common stock upon the completion of the Initial Public Offering. Working Capital Loan – Related Party The Company has elected the fair value option to account for its working capital loan – related party with its Sponsor as defined and more fully described in Note 4. As a result of applying the fair value option, the Company records each draw at fair value with a gain or loss recognized at issuance, and subsequent changes in fair value are recorded as change in the fair value of working capital loan – related party on the condensed statement of operations. The fair value is based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumption about the assumptions a market participant would use in pricing the asset or liability. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company accounts for its warrants issued in connection with its Initial Public Offering and Private Placement recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s condensed consolidated statements of operations. The fair value of warrants issued in connection with the Initial Public Offering was initially measured using Binominal Lattice simulation and subsequently been measured on the market price of such warrants at each measurement date when separately listed and traded. The fair value of warrants issued in connection with the Private Placement has been estimated using modified Black-Scholes Option Pricing Model at each measurement date. Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, 28,750,000 shares of Class A common stock subject to possible redemption at the redemption amount were presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s consolidated balance sheets. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit. Net Loss per Share of Common Stock The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A common stock and Class F common stock. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per share of common stock is calculated by dividing the net income (loss) by the weighted average number of common stock outstanding for the respective period. The calculation of diluted net loss per share of common stock does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering and the Private Placement Warrants to purchase 9,842,500 shares of Class A common stock in the calculation of diluted loss per share, because their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the three and nine months ended September 30, 2021. Accretion associated with the redeemable Class A common stock is excluded from earnings per share as the redemption value approximates fair value. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock for each class of common stock: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ |  | September 30, 2021 |  | September 30, 2021
​ | ​ | Class A | ​ | Class F | ​ | Class A | ​ | Class F
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allocation of net loss | ​ | $ | (333,219) | ​ | $ | (81,111) | ​ | $ | (2,930,445) | ​ | $ | (744,334)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common stock outstanding, basic and diluted | ​ | ​ | 29,527,500 | ​ | ​ | 7,187,500 | ​ | ​ | 28,121,429 | ​ | ​ | 7,142,857
Basic and diluted net loss per share of common stock | ​ | $ | (0.01) | ​ | $ | (0.01) | ​ | $ | (0.10) | ​ | $ | (0.10)
​ Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Recently Adopted Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements.

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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