XML 19 R8.htm IDEA: XBRL DOCUMENT v3.21.2

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENT

8 Months Ended

Sep. 30, 2021

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENT

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENT

NOTE 2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENT

In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in Accounting Standards Codification ("ASC") 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of the Class A ordinary 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 revised its financial statement to classify all Class A ordinary 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.

Based on the quantitative and qualitative analysis performed, the Company has determined that the impact of the adjustment is immaterial to the previously issued balance sheet included on Form 8-K, as filed with the SEC on August 18, 2021. The following table summarize the effect of the revision on each financial statement line item as of the dates, and for the periods, indicated:

​

​	​	​	​	​	​	​	​	​	​
​	​	August 12, 2021
​	​	As Previously		​	​		​	​	​
​		Reported			Adjustments			As Revised
Balance Sheet (audited)	​	​	​	​	​	​		​
Class A ordinary shares subject to possible redemption, 23,000,000 shares at redemption value	​	$	224,012,912	​	$	(3,826,246)	​	$	220,186,666
Allocation of underwriter's discounts, offering costs and deferred fees to Class A shares	​		—	​		(12,744,493)	​		(12,744,493)
Immediate accretion to redemption value	​		—	​		28,307,827	​		28,307,827
Total Class A ordinary shares subject to possible redemption	​	$	224,012,912	​	$	11,737,088	​	$	235,750,000
Class A ordinary shares	​	$	115	​	$	(115)	​	$	—
Additional paid-in capital	​	$	5,013,294	​	$	(5,013,294)	​	$	—
Accumulated deficit	​	$	(13,983)	​	$	(6,723,679)	​	$	(6,737,662)
Total shareholders' equity (deficit)	​	$	5,000,001	​	$	(11,737,088)	​	$	(6,737,087)

​

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for reporting error correction.

+ 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=124431687&loc=d3e22644-107794

+ Details

Name:	us-gaap_ErrorCorrectionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration