Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Financial Statements (Tables)

v3.21.1
Restatement of Previously Issued Financial Statements (Tables)
 10 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of consolidated Balance Sheet
    As Previously Reported     Adjustment     As Restated  
Balance Sheet as of June 30, 2020                        
Warrant liability   $ -       28,883,589     $ 28,883,589  
Total Liabilities     13,150,000       28,883,589       42,033,589  
Class A common stock, subject to redemption     333,288,890       (28,883,589 )     304,405,301  
Class A Common Stock     167       289       456  
Additional paid-in capital     5,001,029       1,617, 752       6,618,781  
Accumulated deficit     (2,062 )     (1,618,041 )     (1,620,103 )
Total Stockholders’ Equity (deficit)     (5,000,010 )     -       (5,000,010 )
Balance Sheet as of September 30, 2020                        
Warrant Liability   $ -     $ 28,046,317     $ 28,046,317  
Total Liabilities     13,242,334       28,046,317       41,288,651  
Class A Common Stock, subject to possible redemption     333,100,530       (28,046,317 )     305,054,213  
Class A common stock     169       289       458  
Additional paid-in capital     5,189,387       780,480       5,969,867  
Accumulated deficit     (190,427 )     (780,769 )     (971,196 )
Total Stockholders’ Equity (deficit)     (5,000,004 )     -       (5,000,004 )
Balance Sheet as of December 31, 2020 (audited)                        
Warrant Liability   $ -     $ 66,126,490     $ 66,126,490  
Total Liabilities     13,401,040       66,126,490       79,527,530  
Class A common stock     332,882,720       (66,126,490 )     266,756,230  
Shareholder’s equity Class A Common Stock     171       661       832  
Additional paid-in capital     5,407,195       38,860,281       44,267,476  
Accumulated deficit     (408,237 )     (38,860,942 )     (39,269,179 )
Total Stockholders’ Equity (deficit)     (5,000,004 )     -       (5,000,004 )
Schedule of consolidated statement of operations
    As Previously Reported     Adjustments     As Restated  
Statement of Operations for the period from March 6, 2020 to June 30, 2020 (unaudited)                        
Formation and operating costs   $ 2,062     $ 551,352     $ 553,414  
Change in the fair value of the warrants             1,066,689       1,066,689  
(Loss) Gain before provision for income taxes     (2,062)       (1,618,041)       (1,620,103)  
Provision for income taxes     -       -       -  
Net (loss) gain     (2,062 )     (1,618,041 )     (1,620,103 )
Basic and diluted net income per common share, Class A,     -         -         -    
Basic and diluted net (loss) income per common share, Class B     (0.00 )     (0.19 )     (0.19 )
Statement of Operations for the three months ended September 30, 2020 (unaudited)                        
Formation and operating costs     284,765       -       284,765  
Change in fair value of warrants   $ -       $ 837,272     $ 837,272  
(Loss) Gain before provision for income taxes     (176,031 )     837,272       661,241  
Provision for income taxes     (12,334)       -       (12,334)  
Net (loss) gain     (188,365 )     837,272       (648,907)  
Basic and diluted net income per common share, Class A     0.00       0.02       0.02  
Basic and diluted net (loss) income per common share, Class B     (0.03 )     (0.04 )     (0.07 )
Statement of Operations for the Period From March 6, 2020 (inception) to September 30, 2020 (unaudited)                        
Formation and operating costs   $ 286,827     $ 551,352     $ 838,179  
Loss from operations     (286,827 )     (551,352 )     (838,179 )
Change in fair value of derivative warrant liability     -         (229,417 )     (229,417 )
(Loss) Gain before provision for income taxes     (178,093 )     (780,769 )     (958,862 )
Provision for income taxes     (12,334)       -       (12,334)  
Net (loss) gain     (190,427 )     (780,769 )     (971,196 )
Basic and diluted net income per common share, Class A     0.00       0.00       0.00  
Basic and diluted net (loss) income per common share, Class B     (0.03 )     0.06       (0.03 )
Statement of Operations for the Period From March 6, 2020 (inception) to December 31, 2020 (audited)                        
Formation and operating costs   $ 616,065     $ 551,352     $ 1,167,417  
Loss from operations     (616,065 )     (551,352 )     (1,167,417 )
Change in fair value of warrants     -         (38,309,590 )     (38,309,590 )
Loss before provision for income taxes     (396,728 )     (38,860,942 )     (39,257,670 )
Provision for income taxes     11,509       -         11,509  
Net (loss) gain     (408,237 )     (38,860,942 )     (39,269,179 )
Basic and diluted net income per common share, Class A     0.00       -         -    
Basic and diluted net (loss) income per common share, Class B     (0.05 )     (4.4 4)     (4.49 )
Schedule of statement of cash flows
Statement of Cash Flows   As Previously Reported     Adjustments     As Restated  
Period from March 6, 2020 (inception) to June 30, 2020 (unaudited)                        
Cash flows from Operating Activities:                        
Net loss   $ (2,062 )   $ (1,618,041 )   $ (1,620,103 )
Adjustments to reconcile net loss to net cash used in operating activities:                        
Expenses allocated to operations from offering costs related to derivative warrant liability     -         1,618,041       1,618,041  
Non-cash investing and financing activities:                        
Initial classification of common stock subject to possible redemption     333,288,890       (28,883,589 )     304,405,301  
 Adjustment of common stock par value             289       289  
Period from March 6, 2020 (inception) to September 30, 2020 (unaudited)                        
Cash flows from Operating Activities:                        
Net (loss)/gain   $ (190,427 )   $ (780,769 )   $ (971,196 )
Adjustments to reconcile net loss to net cash used in operating activities:                        
Change in fair value of warrants   $ -         229,417       229,417  
Expenses allocated to operations from offering costs related to derivative warrant liability     -         551,352       551,352  
Non-cash investing and financing activities:                        
Initial classification of common stock subject to possible redemption     333,288,890       (28,046,317 )     305,242,573  
Change in value of common stock subject to possible redemption     (188,360 )     (460,552 )     (648,912 )
 Adjustment of common stock par value             289       289  
Period from March 6, 2020 (inception) to December 31, 2020 (audited)                        
Cash flows from Operating Activities:                        
Net loss   $ (408,237 )   $ (38,860,942 )   $ (39,269,179 )
Adjustments to reconcile net loss to net cash used in operating activities:                        
Change in fair value of warrants   $ -         38,309,590       38,309,590  
Expenses allocated to operations from offering costs related to derivative warrant liability     -         1,618,041       1,618,041  
Non-cash investing and financing activities:                        
Initial classification of common stock subject to possible redemption     333,288,890       (66,126,490 )     267,162,400  
Change in value of common stock subject to possible redemption     (406,170 )     38,704,153       38,397,983  
Schedule of condensed statement of changes in stockholders' equity
Condensed Statement of Changes in Stockholders’ Equity   As Previously Reported     Adjustments     As Restated  
As of June 30, 2020   Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity     Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity     Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity  
 Balance — March 31, 2020   $ -     $ 877     $ 24,123     $ (1,000 )   $ 24,000     $ -     $ -     $ -     $ -     $ -     $ -     $ 877     $ 24,123     $ (1,000 )   $ 24,000  
Sale of 35,000,000 Units, net of underwriting discounts and offering expenses     3,500       -       330,162,461       -       330,165,961       -       -      

19,165,548

       0       19,165,548       3,500       -      

310,996,913

       -      

311,000,413

  
Sale of 8,100,000 Private Placement Warrants     -       -       8,100,000       -       8,100,000       -       -       8,100,000     -       (8,100,000 )     -       -       -     -       -  
Forfeiture of Founder Shares     -       (2 )     2       -       -       -       -       -       -       -       -       (2 )     2       -       -  
Common stock subject to possible redemption     (3,333 )     -       (333,285,557 )     -       (333,288,890 )     289       -       (28,883,300 )     -       -      

(3,004

 )     -      

(304,402,256

 )     -      

(304,405,301

 )
Net loss     -       -       -       (1,062 )     (1,062 )     -       -       -       (1,618,041 )     (1,618,041 )     -       -       -       (1,619,103 )     (1,619,103 )
Balance — June 30, 2020     167       875       5,001,029       (2,062 )     5,000,009       289       -       1,617,752        (1,618,041 )     -       456       875       6,618,781       (1,620,103 )    

5,000,009

  
Condensed Statement of Changes in Stockholders’ Equity   As Previously Reported     Adjustments     As Restated  
As of September 30, 2020   Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity     Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity     Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity  
Balance — March 31, 2020   $ -     $ 877     $ 24,123     $ (1,000 )   $ 24,000     $ -     $ -     $ -     $ -     $ -     $ -     $ 877     $ 24,123     $ (1,000 )   $ 24,000  
Sale of 35,000,000 Units, net of underwriting discounts and offering expenses     3,500       -       330,162,461       -       330,165,961       -       -      

19,165,548

       -      

19,165,548

       3,500       -      

310,996,913

       -      

311,000,413

  
Sale of 8,100,000 Private Placement Warrants     -       -       8,100,000       -       8,100,000       -       -      

(8,100,000

 )     -       (8,100,000 )     -       -       -       -       -  
Forfeiture of Founder Shares     -       (2 )     2       -       -       -       -       -       -       -       -       (2 )     2       -       -  
Common stock subject to possible redemption     (3,333 )     -       (333,285,557 )     -       (333,288,890 )     289      

28,883,300

       -       28,883,589       28,883,589       (3,044 )     -      

(304,402,257

 )     -      

(304,405,301

 )
Net loss     -       -       -       (1,062 )     (1,062 )     -       -       -       (1,618,041 )     (1,618,041 )     -       -       -       (1,619,103 )     (1,619,103 )
Balance — June 30, 2020     167       875       5,001,029       (2,062 )     5,000,009       289       -       1,617,752       (1,618,041 )     -       456       875       6,618,781       (1,620,103 )     5,000,009  
Sale of 35,000,000 Units, net of underwriting discounts and offering expenses                                                             641,900       -       641,900        -       -       641,900       -       641,900  
Sale of 8,100,000 Private Placement Warrants                                                             195,372       (56,503 )     138,869        -       -       195,372       (56,503 )     (138,869 )
Common stock subject to possible redemption     -       -       188,358       -       188,358                                       -       -       -       188,358       -       188,358  
Net loss     2       -       -       (188,365 )     (188,363 )                            

(780,769)

       (780,769 )      2       -       -      

(969,134)

      

(969,132)

  
Balance — September 30, 2020     169       875       5,189,387       (190,427 )     5,000,004       289       -       2,455,024       (2,455,313 )     -       458       875       7,644,411       (2,645,740 )     5,000,005  
Condensed Statement of Changes in Stockholders’ Equity   As Previously Reported     Adjustments     As Restated  
As of December 31, 2020   Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity     Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity     Class A Common Stock     Class B Common Stock     Additional Paid-In Capital     Accumulated Deficit     Total Stockholders’ Equity  
 Balance — March 6, 2020 (inception date)   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
Issuance of Class B common stock to Sponsor             877       24,123               25,000                                       -       -       877       24,123       -       25,000  
Sale of 35,000,000 Units, net of underwriting discounts and offering expenses     3,500       -       330,162,461       -       330,165,961                               (25,083,100 )     (25,083,100 )     3,500       -       330,162,461       (25,083,100 )     305,082,861  
Sale of 8,100,000 Private Placement Warrants     -               8,100,000       -       8,100,000                      

(8,100,000

 )    

(13,226,490

 )     (21,326,490 )     -       -       -      

(13,226,490

 )     (13,226,490 )
Forfeiture of Founder Shares     -       (2 )     2       -       -                                       -       -       (2 )     2       -       -  
Class A common stock subject to possible redemption     (3,329 )     -       (332,879,391 )     -       (332,882,720 )             661       46,960,942               46,960,942      

(2,668

 )     -       (285,918,449 )     -       (285,921,778 )
Net loss     -       -       -       (408,237 )     (408,237 )                             (551,352 )     (551,352 )     -       -       -       (959,589 )     (959,589 )
Balance — December 31, 2020     171       875       5,407,195       (408,237 )     5,000,004       661       -       38,860,281       (38,860,942 )     -       832       875       44,267,476       (39,269,179 )     5,000,004