Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.21.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of restatement of balance sheet
As of February 9, 2021   As Reported     Adjustment     As Restated  
Total assets   $  864,232,091             $  864,232,091  
Derivative warrant liabilities - public warrants    
-
       24,753,640       24,753,640  
Derivative warrant liabilities - private warrants    
-
       14,758,330       14,758,330  
Total liabilities   $ 30,945,988     $ 39,511,970     $ 70,457,958  
Class A common stock subject to possible redemption     828,286,100       34,213,900       862,500,000  
Preferred stock    
-
      
-
      
-
  
Class A common stock     342       (342 )    
-
  
Class B common stock     2,156      
-
       2,156  
Additional paid-in capital     5,102,015       (5,102,015 )    
-
  
Accumulated deficit     (104,510 )     (68,623,513 )     (68,728,023 )
Total stockholders’ equity (deficit)   $ 5,000,003     $  (73,725,870 )   $ (68,725,867 )
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)   $ 864,232,091     $
-
     $ 864,232,091  

As of March 31, 2021   As Reported     Adjustment     As Restated  
Total assets   $  863,892,591             $  863,892,591  
Total liabilities   $ 73,855,497             $ 73,855,497  
Class A common stock subject to possible redemption     785,037,090       77,462,910       862,500,000  
Preferred stock    
-
      
-
      
-
  
Class A common stock     775       (775 )    
-
  
Class B common stock     2,156      
-
       2,156  
Additional paid-in capital     10,186,449       (10,186,449 )    
-
  
Accumulated deficit     (5,189,376 )     (67,275,686 )     (72,465,062 )
Total stockholders’ equity (deficit)   $ 5,000,004     $ (77,462,910 )   $ (72,462,906 )
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)   $ 863,892,591     $ -     $ 863,892,591  

 

As of June 30, 2021   As Reported     Adjustment     As Restated  
Total assets   $  864,720,703             $  864,720,703  
Total liabilities   $ 85,368,782             $ 85,368,782  
Class A common stock subject to possible redemption     774,351,920       88,148,080       862,500,000  
Preferred stock    
-
      
-
      
-
  
Class A common stock     881       (881 )    
-
  
Class B common stock     2,156      
-
       2,156  
Additional paid-in capital     20,871,512       (20,871,512 )    
-
  
Accumulated deficit     (15,874,548 )     (67,275,687 )     (83,150,235 )
Total stockholders’ equity (deficit)   $ 5,000,001     $  (88,148,080 )   $ (83,148,079 )
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)   $ 864,720,703     $
-
     $ 864,720,703  

 
Schedule of restatement of cash flows
Form 10-Q: Three Months Ended March 31, 2021
 
    As Reported     Adjustment     As Restated  
Cash Flow from Operating Activities   $ (1,595,099 )   $
-
     $ (1,595,099 )
Cash Flows from Investing Activities   $  (862,500,000 )   $
-
     $  (862,500,000 )
Cash Flows from Financing Activities   $ 864,116,292     $
-
     $ 864,116,292  
Supplemental Disclosure of Noncash Financing Activities:                        
Offering costs included in accounts payable   $ 250,000     $
-
     $ 250,000  
Offering costs included in accrued expenses   $ 372,369     $
-
     $ 372,369  
Offering costs paid by related party under promissory note   $ 94,099     $
-
     $ 94,099  
Deferred underwriting commissions   $ 30,187,500     $
-
     $ 30,187,500  
Reversal of offering costs included in accounts payable in prior year   $ 113,386     $
-
     $ 113,386  
Derivative warrant liabilities in connection with initial public offering and private placement   $ (39,511,970 )   $
-
     $ (39,511,970 )
Initial value of common stock subject to possible redemption   $ 788,774,130     $ (788,774,130 )   $
-
  
Change in value of common stock subject to possible redemption   $ (3,737,040 )   $ 3,737,040     $
-
  

 

Form 10-Q: Six Months Ended June 30, 2021
 
    As Reported     Adjustment     As Restated  
Cash Flow from Operating Activities   $ (1,839,316 )   $
-
     $ (1,839,316 )
Cash Flows from Investing Activities   $  (862,500,000 )   $
-
     $  (862,500,000 )
Cash Flows from Financing Activities   $ 865,366,291     $
-
     $ 865,366,291  
Supplemental Disclosure of Noncash Financing Activities:                        
Offering costs included in accrued expenses   $ 372,369     $
-
     $ 372,369  
Offering costs paid by related party under promissory note   $ 94,099     $
-
     $ 94,099  
Deferred underwriting commissions   $ 30,187,500     $
-
     $ 30,187,500  
Reversal of offering costs included in accounts payable in prior year   $ 113,386     $
-
     $ 113,386  
Derivative warrant liabilities in connection with initial public offering and private placement   $ (39,511,970 )   $
-
     $ (39,511,970 )
Initial value of common stock subject to possible redemption   $ 788,774,130     $ (788,774,130 )   $
-
  
Change in value of common stock subject to possible redemption   $ (14,422,209 )   $ 14,422,209     $
-
  

 
Schedule of statement of stockholders’ equity
Statement of Stockholders’ Equity as of March 31, 2021 (unaudited)   As Reported     Adjustment     As Restated  
Sale of units in initial public offering, gross   $ 862,500,000     $ (862,500,000 )   $
-
  
Offering costs   $ (47,036,560 )   $ 47,036,560     $
-
  
Sale of private placement warrants to Sponsor in private placement   $ 19,250,000     $ (19,250,000 )   $
-
  
Fair value of derivative warrant liabilities issued in initial public offering and private placement   $ (39,511,970 )   $ 39,511,970     $
-
  
Common stock subject to possible redemption   $ (785,037,090 )   $ 785,037,090     $
-
  
Excess of cash received over fair value of the private placement warrants           $ 4,491,670     $ 4,491,670  
Accretion of Class A common stock to redemption amount   $
-
     $ (71,790,200 )   $ (71,790,200 )
Total stockholders’ equity (deficit)   $ 5,000,004     $ (77,462,910 )   $ (72,462,906 )

 

Statement of Stockholders’ Equity as of June 30, 2021 (unaudited)   As Reported     Adjustment     As Restated  
Common stock subject to possible redemption   $ 10,685,169     $ (10,685,169 )   $
-
  
Total stockholders’ equity (deficit)   $ 5,000,001     $ (88,148,079 )   $ (83,148,078 )

 
Schedule of weighted average shares outstanding and basic and diluted earnings per share
    EPS for Class A common stock (redeemable)  
    As Reported     Adjustment     As Restated  
Form 10-Q (March 31, 2021) - three months ended March 31, 2021                        
Net loss   $ (5,184,207 )   $
-
     $ (5,184,207 )
Weighted average shares outstanding     78,870,085       (29,995,085 )     48,875,000  
Basic and diluted earnings per share   $
-
     $ (0.07 )   $ (0.07 )
Form 10-Q (June 30, 2021) - three months ended June 30, 2021                        
Net loss   $ (10,685,172 )   $
-
     $ (10,685,172 )
Weighted average shares outstanding     78,491,967       7,758,033       86,250,000  
Basic and diluted earnings per share   $
-
     $ (0.10 )   $ (0.10 )
Form 10-Q (June 30, 2021) - six months ended June 30, 2021                        
Net loss   $ (15,869,379 )   $
-
     $ (15,869,379 )
Weighted average shares outstanding     78,627,770       (10,962,024 )     67,665,746  
Basic and diluted earnings per share   $
-
     $ (0.18 )   $ (0.18 )

 

    EPS for Class B common stock (non-redeemable)  
    As Reported     Adjustment     As Restated  
Form 10-Q (March 31, 2021) - three months ended March 31, 2021                        
Net loss   $ (5,184,207 )   $
-
     $ (5,184,207 )
Weighted average shares outstanding     24,525,702       (4,181,952 )     20,343,750  
Basic and diluted earnings per share   $ (0.21 )   $ 0.14     $ (0.07 )
Form 10-Q (June 30, 2021) - three months ended June 30, 2021                        
Net loss   $ (10,685,172 )   $
-
     $ (10,685,172 )
Weighted average shares outstanding     29,320,533       (7,758,033 )     21,562,500  
Basic and diluted earnings per share   $ (0.36 )   $ 0.26     $ (0.10 )
Form 10-Q (June 30, 2021) - six months ended June 30, 2021                        
Net loss   $  (15,869,379 )   $
-
     $  (15,869,379 )
Weighted average shares outstanding     26,936,363       (5,979,871 )     20,956,492  
Basic and diluted earnings per share   $ (0.59 )   $ 0.41     $ (0.18 )

 
Schedule of basic and diluted net income per share for each class of common stock
    For the Three Months
Ended
September 30, 2021		     For the Nine Months
Ended
September 30, 2021		  
    Class A     Class B     Class A     Class B  
Basic and diluted net income per common stock:                        
Numerator:                        
Allocation of net income   $ 15,347,677     $ 3,836,919     $ 2,577,464     $ 737,753  
                                 
Denominator:                                
Basic and diluted weighted average common stock outstanding     86,250,000       21,562,500       73,928,571       21,160,714  
                                 
Basic and diluted net income per common stock   $ 0.18     $ 0.18     $ 0.03     $ 0.03