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Restatement of Previously Issued Financial Statements
 4 Months Ended
Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements
NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
In accordance with Accounting Standards Codification (“ASC”) 480,
Distinguishing Liabilities from Equity
(“ASC 480”), subtopic 10, section 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 the Public Shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, 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. The Company restated its financial statements to classify all Public Shares as temporary equity and any related impact, as the threshold in its charter would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside of permanent equity
.
The reclassification of amounts from permanent equity to temporary equity result in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses or total operating, investing or financing cash flows. 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 Class A and Class B shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, Class A and Class B shares share pro rata in the income and losses of the Company.
The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods, indicated:
 
 
  
June 30, 2021
 
 
  
As Previously
Reported
 
 
Adjustments
 
 
As Restated
 
Condensed Balance Sheet (unaudited)
  
      
 
      
 
      
Class A common stock subject to possible redemption
  
$
218,774,320
  
 
$
11,225,680
  
 
$
230,000,000
  
Class A common stock
  
$
184
  
 
$
(112
) 
 
$
72
  
Additional paid-in capital
  
$
5,206,491
  
 
$
(5,206,491
) 
 
$
—  
  
Accumulated deficit
  
$
(207,244
) 
 
$
(6,019,077
) 
 
$
(6,226,321
) 
Total stockholders’ equity (deficit)
  
$
5,000,006
  
 
$
(11,225,680
) 
 
$
(6,225,674
) 
Shares of Class A common stock subject to possible redemption
 
 
21,877,432
 
 
 
1,122,568
 
 
 
23,000,000
 
Class A common stock
 
 
1,838,068
 
 
 
(1,122,568
)
 
 
715,500
 
Condensed Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)
  
      
 
      
 
      
Basic and diluted weighted average shares outstanding, Class A common stock
  
 
21,877,432
  
 
 
(13,277,306
) 
 
 
8,600,126
  
Basic and diluted net income (loss) per share, Class A common stock
  
$
0.00
  
 
$
(0.01
) 
 
$
(0.01
) 
Basic and diluted weighted average shares outstanding, Class B common stock 
(1)
  
 
7,110,046
  
 
 
(1,838,068
) 
 
 
5,271,978
  
Basic and diluted net loss per share, Class B common stock
  
$
(0.03
) 
 
$
0.02
  
 
$
(0.01
) 
Condensed Statement of Operations for the Period From March 1, 2021 (Inception) Through June 30, 2021 (unaudited)
  
      
 
      
 
      
Basic and diluted weighted average shares outstanding, Class A common stock
  
 
21,877,432
  
 
 
(15,409,568
) 
 
 
6,467,864
  
Basic and diluted net income (loss) per share, Class A common stock
  
$
0.00
  
 
$
(0.02
) 
 
$
(0.02
) 
Basic and diluted weighted average shares outstanding, Class B common stock 
(1)
  
 
7,042,613
  
 
 
(2,127,324
) 
 
 
4,915,289
  
Basic and diluted net loss per share, Class B common stock
  
$
(0.03
) 
 
$
0.01
  
 
$
(0.02
) 
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (unaudited)
  
      
 
      
 
      
Sale of 23,000,000 shares of Class A common stock in Initial Public Offering, net of offering costs
  
$
217,199,768
  
 
$
(217,199,768
) 
 
$
—  
  
Sale of 715,500 shares of Class A common stock in private placement to Sponsor, net of offering costs
  
$
6,756,802
  
 
$
381,635
  
 
$
7,138,437
  
Class A common stock subject to possible redemption
  
$
(218,774,320
) 
 
$
218,774,320
  
 
$
—  
  
Accretion of redeemable Class A common stock to redemption amount
  
$
—  
  
 
$
(13,181,867
) 
 
$
(13,181,867
) 
Condensed Statement of Cash Flows for the Period From March 1, 2021 (Inception) Through June 30, 2021 (unaudited)
  
      
 
      
 
      
Supplemental disclosures of non-cash investing and financing activities
  
      
 
      
 
      
Class A common stock subject to possible redemption
  
$
218,774,320
  
 
$
(218,774,320
) 
 
$
—  
  
Accretion of Class A common stock to redemption amount
  
$
—  
  
 
$
13,181,867
  
 
$
13,181,867
  
 
(1)
 
Prior to the change in presentation for the Class A common stock subject to possible redemption, the Company applied to two class method of earnings per share, allocating net income between redeemable Class A common stock and non-redeemable Class A and Class B common stock. As such, a portion of the Class A common stock was included in the weighted average shares outstanding of Class B common stock in the As Previously Reported balances.