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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Basis of Presentation and Summary of Significant Accounting Policies

Schedule of restatement of condensed financial statements

​

​	​	​	​	​	​	​	​	​	​
​		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.

​

​	​	​	​	​	​	​	​	​	​
​		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

​

​	​	​	​	​	​	​	​	​	​
​		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

​

​	​	​	​	​	​	​	​	​	​
​		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)

Schedule of calculation of basic and diluted net income (loss)per share of common stock

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For the Three Months Ended

​

For the Nine Months Ended

​

September 30, 2021

September 30, 2021

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​

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)

X

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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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.

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