v3.22.0.1

Restatement of previously issued financial statements | 6 Months Ended
--- | ---
Dec. 31, 2020
Restatement Of Previously Issued Financial Statements [Abstract] |
Restatement of previously issued financial statements | Note 2 —Restatement of Previously Issued Financial Statements The Company concluded it should restate its previously issued financial statements by amending Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on June 1, 2021, to classify all redeemable Class A common stock subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments in ASC 480-10-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 redeemable 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. Also, in connection with the change in presentation for the Class A common stock subject to possible redemption, the Company also restated its earnings per share calculation to allocate income and losses shared pro rata between the three classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, three classes of shares share pro rata in the income and losses of the Company. As a result, the Company restated its previously filed financial statements to present all redeemable Class A common stock as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The Company’s previously filed financial statements that contained the error were initially reported in the Company’s Form 8-K filed with the SEC on September 24, 2020 (the “Post-IPO Balance Sheet”), the Company’s Form 10-Q for the quarterly period ended September 30, 2020, and the Company’s Annual Report on 10-K for the annual period ended December 31, 2020, which were previously restated in the Company’s Amendment No. 1 to its Form 10-K as filed with the SEC on June 1, 2021, as well as the Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “Affected Periods”). These financial statements restate the Company’s previously issued audited and unaudited financial statements covering the periods through December 31, 2020. The quarterly periods ended March 31, 2021, and June 30, 2021, will be restated with an amendment the Company’s Form 10-Q for the quarterly period ended September 30, 2021. Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below.
|  | As of December 31, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 415,340,439 |  |  | $ | — |  |  | $ | 415,340,439 |
Total liabilities |  | $ | 11,220,983 |  |  | $ | — |  |  | $ | 11,220,983 |
Class A common stock subject to possible redemption |  |  | 399,119,450 |  |  |  | 14,880,550 |  |  |  | 414,000,000 |
Stockholders’ equity (deficit) |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | — |  |  |  | — |  |  |  | — |
Class A common stock |  |  | 210 |  |  |  | (149 | ) |  |  | 61 |
Class B common stock |  |  | 30 |  |  |  | — |  |  |  | 30 |
Class F common stock |  |  | 83 |  |  |  | — |  |  |  | 83 |
Additional paid-in-capital |  |  | 2,691,433 |  |  |  | (2,691,433 | ) |  |  | — |
Retained earnings (accumulated deficit) |  |  | 2,308,250 |  |  |  | (12,188,968 | ) |  |  | (9,880,718 | )
Total stockholders’ equity (deficit) |  |  | 5,000,006 |  |  |  | (14,880,550 | ) |  |  | (9,880,544 | )
Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) |  | $ | 415,340,439 |  |  | $ | — |  |  | $ | 415,340,439 |
|  | For the Period from June 22, 2020 (Inception) through December 31, 2020 |
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,308,250 |  |  | $ | — |  |  | $ | 2,308,250 |
Weighted average shares outstanding of redeemable Class A common stock, basic and diluted |  |  | 41,400,000 |  |  |  | (41,400,000 | ) |  |  | — |
Basic and diluted net income per share of redeemable Class A common stock |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted average shares outstanding of non redeemable Class A, Class B and Class F common stock, basic and diluted |  |  | 2,580,933 |  |  |  | (2,580,933 | ) |  |  | — |
Basic and diluted net income per share of non redeemable Class A, Class B and Class F common stock |  | $ | 0.89 |  |  | $ | (0.89 | ) |  | $ | — |
Weighted average shares outstanding of Class A common stock, basic and diluted |  |  | — |  |  |  | 22,857,358 |  |  |  | 22,857,358 |
Basic and diluted net income per share of Class A common stock |  | $ | — |  |  | $ | 0.10 |  |  | $ | 0.10 |
Weighted average shares outstanding of Class B common stock, basic and diluted |  |  | — |  |  |  | 300,000 |  |  |  | 300,000 |
Basic and diluted net income per share of Class B common stock |  | $ | — |  |  | $ | 0.10 |  |  | $ | 0.10 |
Weighted average shares outstanding of Class F common stock, basic and diluted |  |  | — |  |  |  | 778,756 |  |  |  | 778,756 |
Basic and diluted net income per share of Class F common stock |  | $ | — |  |  | $ | 0.10 |  |  | $ | 0.10 |
|  | For the Period from June 22, 2020 (Inception) through December 31, 2020 |
|  | As Previously Reported |  |  | Adjustment |  |  | As Restated |
Statement of Cash Flows - Supplemental disclosure of noncash activities: |  |  |  |  |  |  |  |  |  |  |  |
Initial Value of Class A common stock subject to possible redemption |  | $ | 396,581,520 |  |  | $ | (396,581,520 | ) |  | $ | — |
Change in fair value of Class A common stock subject to possible redemption |  | $ | 2,537,930 |  |  | $ | (2,537,930 | ) |  | $ | — |
Accretion on Class A common stock subject to possible redemption amount |  | $ | — |  |  | $ | 18,146,564 |  |  | $ | 18,146,564 |
The change in the carrying value of the redeemable shares of the Class A common stock in the IPO Balance Sheet resulted in a decrease of approximately $5.2 million in additional paid-in capital and an increase of approximately $12.2 million to accumulated deficit, as well as a reclassification of 1,741,848 shares of Class A common stock from permanent equity to temporary equity as presented below.
|  | As of September 18, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 416,138,024 |  |  | $ | — |  |  | $ | 416,138,024 |
Total liabilities |  |  | 14,556,501 |  |  |  | — |  |  | $ | 14,556,501 |
Class A common stock subject to possible redemption |  |  | 396,581,520 |  |  |  | 17,418,480 |  |  |  | 414,000,000 |
Stockholders’ equity (deficit) |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | — |  |  |  | — |  |  |  | — |
Class A common stock |  |  | 236 |  |  |  | (175 | ) |  |  | 61 |
Class B common stock |  |  | 30 |  |  |  | — |  |  |  | 30 |
Class F common stock |  |  | 83 |  |  |  | — |  |  |  | 83 |
Additional paid-in-capital |  |  | 5,235,337 |  |  |  | (5,235,337 | ) |  |  | — |
Accumulated deficit |  |  | (235,683 | ) |  |  | (12,182,968 | ) |  |  | (12,418,651 | )
Total stockholders’ equity (deficit) |  |  | 5,000,003 |  |  |  | (17,418,480 | ) |  |  | (12,418,477 | )
Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) |  | $ | 416,138,024 |  |  | $ | — |  |  | $ | 416,138,024 |
See Note 13 for the unaudited interim balance sheet restatement as of September 30, 2020, unaudited interim supplemental cash flow restatement for the period from June 22, 2020 (inception) through September 30, 2020, and the earnings per share and weighted average share restatement for the three months ended September 30, 2020 and for the period from June 22, 2020 (inception) through September 30, 202 0. Going Concern In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 18, 2022. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company intends to complete its partnering transaction before the mandatory liquidation date; however, there can be no assurance that the Company will be able to consummate a partnering transaction by September 18, 2022.

X
- References No definition available. + Details
Name: | enpc_RestatementOfPreviouslyIssuedFinancialStatementsAbstract
Namespace Prefix: | enpc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Restatement of previously issued financial statements [Text block]. + References No definition available. + Details
Name: | enpc_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock
Namespace Prefix: | enpc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration