Registration of securities issued in business combination transactions

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Q3) (Tables)

v3.21.4
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Q3) (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS    
Schedule of impact of the restatement on the Company's financial statements

The impact of the restatement on the Company’s financial statements is reflected in the following table.


 
As Previously
             
Balance Sheet as of August 18, 2020 (audited)
 
Reported
   
Adjustment
   
As Restated
 
Class A common stock subject to possible redemption
 
$
176,443,060
   
$
23,556,940
   
$
200,000,000
 
Class A common stock
 
$
301
   
$
(236
)
 
$
65
 
Additional paid-in capital
 
$
5,837,483
   
$
(5,837,483
)
 
$
 
Accumulated deficit
 
$
(838,356
)
 
$
(17,719,221
)
 
$
(18,557,577
)
Total Stockholders' Equity (Deficit)
 
$
5,000,003
   
$
(23,556,940
)
 
$
(18,556,937
)
                         
Balance Sheet as of September 30, 2020 (unaudited)
                       
Class A common stock subject to possible redemption
 
$
205,177,310
   
$
24,822,690
   
$
230,000,000
 
Class A common stock
 
$
313
   
$
(248
)
 
$
65
 
Additional paid-in capital
 
$
5,453,221
   
$
(5,453,221
)
 
$
 
Accumulated deficit
 
$
(454,099
)
 
$
(19,369,221
)
 
$
(19,823,320
)
Total Stockholders' Equity (Deficit)
 
$
5,000,010
   
$
(24,822,690
)
 
$
(19,822,680
)
                         
Balance Sheet as of December 31, 2020 (audited)
                       
Class A common stock subject to possible redemption
 
$
203,568,640
   
$
26,431,360
   
$
230,000,000
 
Class A common stock
 
$
329
   
$
(264
)
 
$
65
 
Additional paid-in capital
 
$
7,061,874
   
$
(7,061,874
)
 
$
 
Accumulated deficit
 
$
(2,062,769
)
 
$
(19,369,222
)
 
$
(21,431,991
)
Total Stockholders’ Equity (Deficit)
 
$
5,000,009
   
$
(26,431,360
)
 
$
(21,431,351
)
                         
Balance Sheet as of March 31, 2021 (unaudited)
                       
Class A common stock subject to possible redemption
 
$
208,210,350
   
$
21,789,650
   
$
230,000,000
 
Class A common stock
 
$
283
   
$
(218
)
 
$
65
 
Additional paid-in capital
 
$
2,420,210
   
$
(2,420,210
)
 
$
 
Accumulated deficit
 
$
2,578,941
   
$
(19,369,222
)
 
$
(16,790,281
)
Total Stockholders' Equity (Deficit)
 
$
5,000,009
   
$
(21,789,650
)
 
$
(16,789,641
)
                         
Balance Sheet as June 30, 2021 (unaudited)
                       
Class A common stock subject to possible redemption
 
$
203,540,920
   
$
26,459,080
   
$
230,000,000
 
Class A common stock
 
$
330
   
$
(265
)
 
$
65
 
Additional paid-in capital
 
$
7,089,593
   
$
(7,089,593
)
 
$
 
Accumulated deficit
 
$
(2,090,494
)
 
$
(19,369,222
)
 
$
(21,459,716
)
Total Stockholders' Equity (Deficit)
 
$
5,000,004
   
$
(26,459,080
)
 
$
(21,459,076
)
                         
Statement of Operations for the Three Months Ended September 30, 2020 (unaudited)
                       
Basic and diluted weighted average shares outstanding, Class A Common Stock
   
18,952,768
     
(8,094,616
)
   
10,858,152
 
Basic and diluted net (loss) per share, Class A
 
$
   
$
(0.03
)
 
$
(0.03
)

Basic and diluted weighted average shares outstanding, Class B Common Stock
   
3,374,881
     
(1,926,749)
     
5,301,630
 
Basic and diluted net (loss) per share, Class B Common Stock
 
$
   
$
(0.03)
   
$
(0.03)
 
                         
Statement of Operations for the Nine Months Ended September 30, 2020 (unaudited)
                       
Basic and diluted weighted average shares outstanding, Class A Common Stock
   
18,952,768
     
(15,306,965)
     
3,645,803
 
Basic and diluted net (loss) per share, Class A
 
$
   
$
(0.05)
   
$
(0.05)
 

Basic and diluted weighted average shares outstanding, Class B Common Stock
   
3,424,425
     
1,494,371
     
4,918,796
 
Basic and diluted net (loss) per share, Class B Common Stock
 
$
   
$
(0.05
)
 
$
(0.05
)
                         
Statement of Operations for the Year Ended December 31, 2020 (audited)
                       
Basic and diluted weighted average shares outstanding, Class A Common Stock
   
20,323,974
     
(11,649,794
)
   
20,505,492
 
Basic and diluted net (loss) per share, Class A
 
$
   
$
(0.15
)
 
$
(0.08
)
Basic and diluted weighted average shares outstanding, Class B Common Stock
   
2,318,726
     
2,809,006
     
5,127,732
 
Basic and diluted net (loss) per share, Class B Common Stock
 
$
(0.89
)
 
$
0.74
   
$
(0.08
)
                         
Statement of Operations for the Three Months Ended March 31, 2021 (unaudited)
                       
Basic and diluted weighted average shares outstanding, Class A Common Stock
   
21,693,414
     
1,956,586
     
23,650,000
 
Basic and diluted net (loss) per share, Class A
 
$
   
$
0.16
   
$
0.16
 
Basic and diluted weighted average shares outstanding, Class B Common Stock
   
9,043,136
     
(3,293,136
)
   
5,750,000
 
Basic and diluted net (loss) per share, Class B Common Stock
 
$
0.51
   
$
(0.35
)
 
$
0.16
 
                         
Statement of Operations for the Three Months Ended June 30, 2021 (unaudited)
                       
Basic and diluted weighted average shares outstanding, Class A Common Stock
   
20,821,035
     
2,828,965
     
23,650,000
 
Basic and diluted net (loss) per share, Class A
 
$
   
$
(0.16
)
 
$
(0.16
)
Basic and diluted weighted average shares outstanding, Class B Common Stock
   
8,485,715
      (2,735,715 )    
5,750,000
 
Basic and diluted net (loss) per share, Class B Common Stock
 
$
(0.54
)
 
$
0.38
   
$
(0.16
)
                         
Statement of Operations for the Six Months Ended June 30, 2020 (unaudited)
                       
Basic and diluted weighted average shares outstanding, Class A Common Stock
   
21,926,782
     
1,723,218
     
23,650,000
 
Basic and diluted weighted average shares outstanding, Class B Common Stock
   
8,809,768
     
(3,059,768
)
   
5,750,000
 
                         
Statement of Cash Flows for the Nine Months Ended September 30, 2020 (unaudited)
                       
Initial classification of Class A common stock subject to possible redemption
 
$
204,793,060
   
$
25,206,940
   
$
230,000,000
 
Change in value of Class A common stock subject to possible redemption
 
$
384,250
   
$
(384,250
)
 
$
 
                         
Statement of Cash Flows for the Year Ended December 31, 2020 (audited)
                       
Initial classification of Class A common stock subject to possible redemption
 
$
204,793,060
   
$
25,206,940
   
$
230,000,000
 
Change in value of Class A common stock subject to possible redemption
 
$
(1,224,420
)
 
$
1,224,420
   
$
 

Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited)
                 
Change in value of Class A common stock subject to possible redemption
 
$
4,641,710
   
$
(4,641,710
)
 
$
 
 
                       
Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited)
                       
Change in value of Class A common stock subject to possible redemption
 
$
(27,720
)
 
$
27,720
   
$
 
 
                       
Statement of Changes in Stockholders' Equity (Deficit) for the Period Ended September 30, 2020 (unaudited)
                       
Sale of 23,000,000 Units, net of underwriting discounts
   
204,482,544
     
(204,482,544
)
   
 
Class A common stock subject to possible redemption
   
(205,177,310
)
   
205,177,310
     
 
Accretion to common stock subject to redemption amount
   
     
(25,517,456
)
   
(25,517,456
)
Total Stockholders' Equity
   
5,000,010
     
(24,822,690
)
   
(19,822,680
)
 
                       
Statement of Changes in Stockholders' Equity (Deficit) for the Year Ended December 30, 2020 (audited)
                       
Change in value of common stock subject to redemption
   
1,608,670
     
(1,608,670
)
   
 
Total Stockholders' Equity
   
5,000,009
     
(26,431,360
)
   
(21,431,351
)
 
                       
Statement of Changes in Stockholders' Equity (Deficit) for the Period Ended March 31, 2021 (unaudited)
                       
Change in value of common stock subject to redemption
   
(4,641,710
)
   
(4,641,710
)
   
 
Total Stockholders' Equity
   
5,000,009
     
(21,789,650
)
   
(16,789,641
)
 
                       
Statement of Changes in Stockholders' Equity (Deficit) for the Period Ended June 30, 2021 (unaudited)
                       
Change in value of common stock subject to redemption
   
4,669,430
     
(4,669,430
)
   
 
Total Stockholders' Equity
   
5,000,004
     
(26,459,080
)
   
(21,459,076
)

The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust, operating expenses, cash flows or cash.

 

    As           As Restated  
    Previously           Per Amendment  
    Reported     Adjustments     #1
 
Balance  sheet as of August 18, 2020                  
Warrant liability   $ -     $ 13,602,000     $ 13,602,000  
Total Liabilities     7,176,121       13,602,000       20,778,121  
Class A Common Stock Subject to Possible Redemption     190,045,060       (13,602,000 )
    176,443,060  
Class A Common Stock     165       136       301  
Additional Paid-in Capital     5,000,263       837,220       5,837,483  
Accumulated Deficit     (1,000 )
    (837,356 )
    (838,356 )
      5,000,003       -       5,000,003  
Number of Class A common stock subject to redemption     19,004,506       (1,360,200 )
    17,644,306  
                         
Balance sheet as of September 30, 2020 (unaudited)                        
Warrant liability   $ -     $ 13,135,500     $ 13,135,500  
Total Liabilities     8,126,283       13,135,500       21,261,783  
Class A Common Stock Subject to Possible Redemption     218,312,810       (13,135,500 )
    205,177,310  
Class A Common Stock     182       131       313  
Additional Paid-in Capital     5,082,496       370,725       5,453,221  
Accumulated Deficit     (83,243 )
    (370,856 )
    (454,099 )
      5,000,010       -       5,000,010  
Number of Class A common stock subject to redemption     21,831,281       (1,313,550 )
    20,517,731  
                         
Balance sheet as of December 31, 2020                        
Warrant liability   $ -     $ 13,365,500     $ 13,365,500  
Total Liabilities     9,219,008       13,365,500       22,584,508  
Class A Common Stock Subject to Possible Redemption     216,934,140       (13,365,500 )
    203,568,640  
Class A Common Stock     196       133       329  
Additional Paid-in Capital     6,461,152       600,722       7,061,874  


Accumulated Deficit     (1,461,914 )     (600,855 )     (2,062,769 )
      5,000,009       -       5,000,009  
Number of Class A common stock subject to redemption     21,693,414       (1,336,550 )     20,356,864  
                         
Statement of Operations for the Three months ended September 30, 2020 (unaudited)                        
Change in fair value of warrant liability     -       466,499       466,499  
Transaction costs     -       (837,355 )     (837,355 )
Net loss   $ (82,243 )   $ (370,856 )   $ (453,099 )
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption     -       18,952,768       18,952,768  
Basic and diluted net earnings per share, common stock subject to possible redemption     0.00       -       0.00  
Weighted average non-redeemable common shares outstanding, basic and diluted     5,952,197       (2,577,316 )     3,374,881  
Basic and diluted net loss per non-redeemable common share   $ (0.02 )     0.02       0.00  
                         
Statement of Operations for the Nine months ended September 30, 2020 (unaudited)                        
Change in fair value of warrant liability     -       466,499       466,499  
Transaction costs     -       (837,355 )     (837,355 )
Net loss   $ (82,243 )   $ (370,856 )   $ (453,099 )
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption     15,112,852       3,839,915       18,952,768  
Basic and diluted net earnings per share, common stock subject to possible redemption     0.00       -       0.00  
Weighted average non-redeemable common shares outstanding, basic and diluted     3,895,358       (470,933 )     3,424,425  
Basic and diluted net loss per non-redeemable common share     (0.02 )     0.02       0.00  
                         
Statement of Operations for the Year ended December 31, 2020                        
Change in fair value of warrant liability     -       236,500       236,500  
Transaction costs     -       (837,355 )     (837,355 )
Net loss   $ (1,460,914 )   $ (600,855 )   $ (2,061,769 )
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption     16,131,141       4,192,832       20,323,974  
Basic and diluted net earnings per share, common stock subject to possible redemption     0.00       -       0.00  
Weighted average non-redeemable common shares outstanding, basic and diluted     4,542,198       (2,223,472 )     2,318,726  
Basic and diluted net loss per non-redeemable common share   $ (0.32 )     (0.57 )     (0.89 )
Cash Flow Statement for the Nine months ended September 30, 2020 (unaudited)                        
Net loss   $ (82,243 )   $ (370,856 )   $ (453,099 )
Allocation of initial public offering costs     -       837,356       837,356  
Initial classification of warrant liability     -       13,602,000       13,602,000  
Initial classification of common stock subject to possible redemption     218,395,060       (13,602,000 )     204,793,060  
Change in value of common stock subject to possible redemption     (82,250 )     466,500       384,250  
Cash Flow Statement for the Year ended December 31, 2020 (audited)                        
Net loss   $ (1,460,914 )   $ (600,856 )   $ (2,061,770 )
Allocation of initial public offering costs     -       837,356       837,356  
Initial classification of warrant liability     -       13,602,000       13,602,000  
Initial classification of common stock subject to possible redemption     218,395,060       (13,602,000 )     204,793,060  
Change in value of common stock subject to possible redemption     (1,460,920 )     236,500       (1,224,420 )

 

The impact of the restatement on the Company’s financial statements is reflected in the following table.

 

    As Reported           As Restated  
    Per Amendment #1     Adjustment     Per Amendment #2  
Balance Sheet as of August 18, 2020                  
Class A common stock subject to possible redemption   $ 176,443,060     $ 23,556,940     $ 200,000,000  
Class A common stock   $ 301     $ (236 )   $ 65  
Additional paid-in capital   $ 5,837,483     $ (5,837,483 )   $  
Accumulated deficit   $ (838,356 )   $ (17,719,221 )   $ (18,557,577 )
Total Stockholders' Equity (Deficit)   $ 5,000,003     $ (23,556,940 )   $ (18,556,937 )
                         
Balance Sheet as of September 30, 2020 (unaudited)                        
Class A common stock subject to possible redemption   $ 205,177,310     $ 24,822,690     $ 230,000,000  
Class A common stock   $ 313     $ (248 )   $ 65  
Additional paid-in capital   $ 5,453,221     $ (5,453,221 )   $  
Accumulated deficit   $ (454,099 )   $ (19,369,221 )   $ (19,823,320 )
Total Stockholders' Equity (Deficit)   $ 5,000,010     $ (24,822,690 )   $ (19,822,680 )
                         
Balance Sheet as of December 31, 2020                        
Class A common stock subject to possible redemption   $ 203,568,640     $ 26,431,360     $ 230,000,000  
Class A common stock   $ 329     $ (264 )   $ 65  
Additional paid-in capital   $ 7,061,874     $ (7,061,874 )   $  
Accumulated deficit   $ (2,062,769 )   $ (19,369,222 )   $ (21,431,991 )
Total Stockholders’ Equity (Deficit)   $ 5,000,009     $ (26,431,360 )   $ (21,431,351 )
                         
Statement of Operations for the Three Months Ended September 30, 2020 (unaudited)                  
Basic and diluted weighted average shares outstanding, Class A Common Stock     18,952,768       (8,094,616 )     10,858,152  
Basic and diluted net (loss) per share, Class A   $     $ (0.03 )   $ (0.03 )
Basic and diluted weighted average shares outstanding, Class B Common Stock     3,374,881       (1,926,749 )     5,301,630  
Basic and diluted net (loss) per share, Class B Common Stock   $     $ (0.03 )   $ (0.03 )
                         
Statement of Operations for the Nine Months Ended September 30, 2020 (unaudited)                        
Basic and diluted weighted average shares outstanding, Class A Common Stock     18,952,768       (15,306,965 )     3,645,803  
Basic and diluted net (loss) per share, Class A   $     $ (0.05 )   $ (0.05 )
Basic and diluted weighted average shares outstanding, Class B Common Stock     3,424,425       1,494,371       4,918,796  
Basic and diluted net (loss) per share, Class B Common Stock   $     $ (0.05 )   $ (0.05 )
                         
Statement of Operations for the Year Ended December 31, 2020                        
Basic and diluted weighted average shares outstanding, Class A Common Stock     20,323,974       (11,649,794 )     8,674,180  
Basic and diluted net (loss) per share, Class A   $     $ (0.15 )   $ (0.15 )
Basic and diluted weighted average shares outstanding, Class B Common Stock     2,318,726       2,809,006       5,127,732  
Basic and diluted net (loss) per share, Class B Common Stock   $ (0.89 )   $ 0.74     $ (0.15 )
                         
Statement of Cash Flows for the Nine Months Ended September 30, 2020 (unaudited)                        
Initial classification of Class A common stock subject to possible redemption   $ 204,793,060     $ 25,206,940     $ 230,000,000  
Change in value of Class A common stock subject to possible redemption   $ 384,250     $ (384,250 )   $  
                         
Statement of Cash Flows for the Year Ended December 31, 2020                        
Initial classification of Class A common stock subject to possible redemption   $ 204,793,060     $ 25,206,940     $ 230,000,000  
Change in value of Class A common stock subject to possible redemption   $ (1,224,420 )   $ 1,224,420     $  
                         
Statement of Changes in Stockholders' Equity (Deficit) for the Period Ended September 30, 2020 (unaudited)                        
Sale of 23,000,000 Units, net of underwriting discounts   $ 204,482,544     $ (204,482,544 )   $  
Class A common stock subject to possible redemption   $ (205,177,310 )   $ 205,177,310     $  
Accretion to common stock subject to redemption amount   $     $ (25,517,456 )   $ (25,517,456 )
Total Stockholders' Equity     5,000,010       (24,822,690 )     (19,822,680 )
                         
Statement of Changes in Stockholders' Equity (Deficit) for the Year Ended December 30, 2020                        
Change in value of common stock subject to redemption   $ 1,608,670     $ (1,608,670 )   $  
Sale of 23,000,000 Units, net of underwriting discounts   $ 204,482,544     $ (204,482,544 )   $  
Class A common stock subject to possible redemption   $ (205,177,310 )   $ 205,177,310     $  
Accretion to common stock subject to redemption amount   $     $ (25,517,456 )   $ (25,517,456 )
Total Stockholders' Equity   $ 5,000,009     $ (26,431,360 )   $ (21,431,351 )