☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 86-1216057 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
360 Central Avenue, First Central Tower, Suite 800, St. Petersburg, Florida | 33716 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.0001 par value per share | ISLE | The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per whole share | ISLEW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Unaudited | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash | $ | 515,547 | $ | — | $ | 523,650 | $ | 465,819 | ||||||||
Prepaid expenses | 445,991 | — | 284,322 | 316,703 | ||||||||||||
Due from related party | 77,345 | — | 0 | 77,345 | ||||||||||||
Total current assets | 1,038,883 | — | 807,972 | 859,867 | ||||||||||||
Deferred offering costs | — | 77,251 | ||||||||||||||
Prepaid expenses, Non-current | 0 | 46,667 | ||||||||||||||
Cash and securities held in Trust Account | 207,034,075 | — | 207,055,113 | 207,060,533 | ||||||||||||
Total Assets | $ | 208,072,958 | $ | 77,251 | $ | 207,863,085 | $ | 207,967,067 | ||||||||
Liabilities and Stockholders’ (Deficit) Equity: | ||||||||||||||||
Liabilities and Stockholders’ Deficit: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued offering costs | $ | 0 | $ | 22,670 | ||||||||||||
Accrued expenses | 164,600 | — | ||||||||||||||
Promissory note—related party | — | 31,000 | ||||||||||||||
Accounts payable and accrued expenses | $ | 392,160 | $ | 277,476 | ||||||||||||
Convertible promissory note—related party, at fair value | 300,000 | — | ||||||||||||||
Total current liabilities | 164,600 | 53,670 | 692,160 | 277,476 | ||||||||||||
Warrant liability | 9,390,986 | — | 2,756,855 | 8,312,879 | ||||||||||||
Total liabilities | 9,555,586 | 53,670 | 3,449,015 | 8,590,355 | ||||||||||||
Commitments and Contingencies (Note 7) | 0 | 0 | ||||||||||||||
Common stock subject to possible redemption, 20,700,000 shares at redemption value | 207,000,000 | — | ||||||||||||||
Stockholders’ (Deficit) Equity: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0 | 0 | ||||||||||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,491,250 and 5,175,000 issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 550 | 518 | ||||||||||||||
Commitments and Contingencies (Note 6) | 0 | 0 | ||||||||||||||
Common stock subject to possible redemption, 20,700,000 shares at redemption value of $10.00 at March 31, 2022 and December 31, 2021, respectively | 207,000,000 | 207,000,000 | ||||||||||||||
Stockholders’ Deficit: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0 | 0 | ||||||||||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,491,249 issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 550 | 550 | ||||||||||||||
Additional paid-in capital | 0 | 24,482 | 0 | 0 | ||||||||||||
Accumulated deficit | (8,483,178 | ) | (1,419 | ) | (2,586,480 | ) | (7,623,838 | ) | ||||||||
Total Stockholders’ (deficit) equity | (8,482,628 | ) | 23,581 | |||||||||||||
Total Stockholders’ Deficit | (2,585,930 | ) | (7,623,288 | ) | ||||||||||||
Total Liabilities and Stockholders’ (Deficit) Equity | $ | 208,072,958 | $ | 77,251 | ||||||||||||
Total Liabilities and Stockholders’ Deficit | $ | 207,863,085 | $ | 207,967,067 | ||||||||||||
For the three months ended March 31, | ||||||||||||||||
For the three months ended September 30, 2021 | For the nine months ended September 30, 2021 | 2022 | 2021 | |||||||||||||
Operating expenses: | ||||||||||||||||
General and administrative costs | $ | 198,495 | $ | 591,330 | $ | 591,247 | $ | 157,314 | ||||||||
Loss from operations | (198,495 | ) | (591,330 | ) | (591,247 | ) | (157,314 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest income | 12,870 | 34,112 | ||||||||||||||
Interest earned on cash and securities held in Trust Account | 72,581 | 6 | ||||||||||||||
Warrant issuance costs | 0 | (351,044 | ) | 0 | (351,043 | ) | ||||||||||
Change in fair value of warrants | 2,662,160 | 4,889,776 | 5,556,024 | 6,240,903 | ||||||||||||
Total other income | 2,675,030 | 4,572,844 | 5,628,605 | 5,889,866 | ||||||||||||
Net income | $ | 2,476,535 | $ | 3,981,514 | $ | 5,037,358 | $ | 5,732,552 | ||||||||
Basic and diluted weighted average Common Stock subject to redemption | 20,700,000 | 16,140,659 | 20,700,000 | 6,870,000 | ||||||||||||
Basic and diluted net income | $ | 0.09 | $ | 0.19 | $ | 0.19 | $ | 0.49 | ||||||||
Basic and diluted weighted average Common Stock | 5,491,250 | 5,270,838 | 5,491,249 | 4,822,667 | ||||||||||||
Basic and diluted net income per Common Stock | $ | 0.09 | $ | 0.19 | $ | 0.19 | $ | 0.49 | ||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of January 1, 2022 | 5,491,249 | $ | 550 | $ | 0 | $ | (7,623,838 | ) | $ | (7,623,288 | ) | |||||||||
Net income | — | — | — | 5,037,358 | 5,037,358 | |||||||||||||||
Balance as of March 31, 2022 | 5,491,249 | $ | 550 | $ | 0 | $ | (2,586,480 | ) | $ | (2,585,930 | ) | |||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | Additional | Total Stockholders’ | |||||||||||||||||
Paid-in Capital | Accumulated Deficit | (Deficit) Equity | ||||||||||||||||||
Balance as of January 1, 2021 | 5,175,000 | $ | 518 | $ | 24,482 | $ | (1,419 | ) | $ | 23,581 | ||||||||||
Sale of 6,140,000 Private Placement Warrants on March 1, 2021 and March 2, 2021 through public offering and over-allotment, net of fair value of warrant liability | — | — | 765,116 | — | 765,116 | |||||||||||||||
Issuance of representative shares | 316,250 | 32 | 3,026,406 | — | 3,026,438 | |||||||||||||||
Issuance of representative warrants | — | — | 434,882 | — | 434,882 | |||||||||||||||
Subsequent remeasurement under ASC 480-10-S99 , restat ed | — | — | (4,250,886 | ) | (12,463,273 | ) | (16,714,159 | ) | ||||||||||||
Net Income | — | — | — | 5,732,552 | 5,732,552 | |||||||||||||||
Balance as of March 31, 2021 , re stated | 5,491,250 | $ | 550 | $ | 0 | $ | (6,732,140 | ) | $ | (6,731,590 | ) | |||||||||
Net loss | — | — | — | (4,227,573 | ) | (4,227,573 | ) | |||||||||||||
Balance as of June 30, 2021 , restated | 5,491,250 | $ | 550 | $ | 0 | $ | (10,959,713 | ) | $ | (10,959,163 | ) | |||||||||
Net income | — | — | — | 2,476,535 | 2,476,535 | |||||||||||||||
Balance as of September 30, 2021 | 5,491,250 | $ | 550 | $ | 0 | $ | (8,483,178 | ) | $ | (8,482,628 | ) | |||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of January 1, 2021 | 5,175,000 | $ | 518 | $ | 24,482 | $ | (1,419 | ) | $ | 23,581 | ||||||||||
Sale of 6,140,000 Private Placement Warrants on March 1, 2021 and March 2, 2021 through public offering and over-allotment, net of fair value of warrant liability | — | — | 765,116 | — | 765,116 | |||||||||||||||
Issuance of representative shares | 316,249 | 32 | 3,026,406 | — | 3,026,438 | |||||||||||||||
Issuance of representative warrants | — | — | 434,882 | — | 434,882 | |||||||||||||||
Subsequent remeasurement under ASC480-10-S99, | — | — | (4,250,886 | ) | (12,463,273 | ) | (16,714,159 | ) | ||||||||||||
Net Income | — | — | — | 5,732,552 | 5,732,552 | |||||||||||||||
Balance as of March 31, 2021 | 5,491,249 | $ | 550 | $ | 0 | $ | (6,732,140 | ) | $ | (6,731,590 | ) | |||||||||
Cash Flows from Operating Activities: | ||||
Net Income | $ | 3,981,514 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Operating expenses paid by sponsor | 1,500 | |||
Interest earned on treasury securities held in Trust Account | (34,075) | |||
Warrant issuance costs | 351,044 | |||
Change in fair value of warrants | (4,889,776) | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (445,991) | |||
Accrued expenses | 164,178 | |||
Net cash used in operating activities | (871,606) | |||
Cash Flows from Investing Activities: | ||||
Investment held in Trust Account | (207,000,000) | |||
Net cash used in investing activities | (207,000,000) | |||
Cash Flows from Financing Activities: | ||||
Proceeds from initial public offering, net of underwriting discounts paid | 202,860,000 | |||
Proceeds from private placement | 6,140,000 | |||
Repayment of promissory note to related party | (250,000) | |||
Payments of offering costs | (362,847) | |||
Net cash provided by financing activities | 208,387,153 | |||
Net Change in Cash | 515,547 | |||
Cash – Beginning | 0 | |||
Cash – Ending | $ | 515,547 | ||
Supplemental Disclosure of Non-cash Financing Activities: | ||||
Fair value of representative shares | $ | 3,026,438 | ||
Fair value of representative warrants | $ | 434,882 | ||
Offering costs paid by Sponsor under promissory note | $ | 140,156 | ||
For the three months ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from Operating Activities: | ||||||||
Net income | $ | 5,037,358 | $ | 5,732,552 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Operating expenses paid by sponsor | 0 | 54,667 | ||||||
Interest earned on cash and securities held in Trust account | (72,580 | ) | 0 | |||||
Warrant issuance costs | 0 | 351,043 | ||||||
Change in fair value of warrants | (5,556,024 | ) | (6,240,903 | ) | ||||
Changes in current assets and current liabilities: | ||||||||
Prepaid expenses | 79,048 | (612,852 | ) | |||||
Due from related party | 77,345 | 0 | ||||||
Accounts payable and accrued expenses | 114,684 | 53,699 | ||||||
Net cash used in operating activities | (320,169 | ) | (661,794 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment held in Trust Account | 0 | (207,000,000 | ) | |||||
Interest withdrawn from Trust account | 78,000 | 0 | ||||||
Net cash provided by (used in) investing activities | 78,000 | (207,000,000 | ) | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from initial public offering, net of underwriting discounts paid | 0 | 202,860,000 | ||||||
Proceeds from private placement | 0 | 6,140,000 | ||||||
Proceeds from issuance of convertible promissory note - related party | 300,000 | 0 | ||||||
Repayment of promissory note to related party | 0 | (250,000 | ) | |||||
Payments of offering costs | 0 | (321,300 | ) | |||||
Net cash provided by financing activities | 300,000 | 208,428,700 | ||||||
Net change in cash | 57,831 | 766,906 | ||||||
Cash, beginning of the period | 465,819 | 0 | ||||||
Cash, end of the period | $ | 523,650 | $ | 766,906 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Fair value of representative shares | $ | 0 | $ | 3,026,438 | ||||
Fair value of representative warrants | $ | 0 | $ | 434,882 | ||||
Initial value of common stock subject to possible redemption, including over-allotment as restated | $ | 0 | $ | 189,139,827 | ||||
Change in value of common stock subject to possible redemption | $ | 0 | $ | 6,128,584 | ||||
Reclassification of additional paid-in capital to retained earnings | $ | 0 | $ | 731,799 | ||||
Initial fair value of warrant liability, as restated | $ | 0 | $ | 14,280,762 | ||||
Offering costs paid by Sponsor under promissory note | $ | 0 | $ | 140,156 | ||||
Offering costs in accrued offering costs | $ | 0 | $ | 41,546 | ||||
Balance Sheet as of March 1, 2021 as adjusted for exercise of over- allotment (restated on Form 10-Q on June 8, 2021) | As Previously Reported | Restatement Adjustment | As Restated | |||||||||
Common stock, $0.0001 par value; shares subject to possible redemption | $ | 189,139,827 | $ | 17,860,173 | $ | 207,000,000 | ||||||
Stockholders’ equity (deficit) c ommon stock - $0.0001 par value | 726 | (176 | ) | 550 | ||||||||
Additional paid-in-capital | 5,410,965 | (5,410,965 | ) | 0 | ||||||||
Accumulated deficit | (411,690 | ) | (12,449,032 | ) | (12,860,722 | ) | ||||||
Total stockholders’ equity (deficit) | $ | 5,000,001 | $ | (17,860,173 | ) | $ | (12,860,172 | ) | ||||
Number of shares subject to redemption | 18,913,983 | 1,786,017 | 20,700,000 | |||||||||
Balance Sheet as of March 31, 2021 (filed on June 8, 2021) | As Previously Reported | Restatement Adjustment | As Restated | |||||||||
Common stock, $0.0001 par value; shares subject to possible redemption | $ | 195,268,411 | $ | 11,731,589 | $ | 207,000,000 | ||||||
Stockholders’ equity (deficit) c ommon stock - $0.0001 par value | 667 | (117 | ) | 550 | ||||||||
Additional paid-in-capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | 4,999,334 | (11,731,472 | ) | (6,732,138 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,001 | $ | (11,731,589 | ) | $ | (6,731,588 | ) | ||||
Number of shares subject to redemption | 19,526,841 | 1,173,159 | 20,700,000 | |||||||||
Unaudited Statements of Operations for the three months ended March 31, 2021 as adjusted for Temporary Equity related to Public Shares | As Reported | Restatement Adjustment | As Restated | |||||||||
Basic and diluted weighted average shares outstanding, common stock subject to redemption | 18,913,983 | (12,043,983 | ) | 6,870,000 | ||||||||
Basic and diluted weighted average shares outstanding, common stock not subject to redemption | 5,873,994 | (1,051,327 | ) | 4,822,667 | ||||||||
EPS - Redeemable c ommon Stock | $ | 0 | $ | 0.49 | $ | 0.49 | ||||||
EPS - Non-Redeemable c ommon Stock | $ | 0.98 | $ | (0.49 | ) | $ | 0.49 |
Statement of Changes in Stockholders’ (Deficit) Equity for the three months ended March 31, 2021 | As Reported | Restatement Adjustment | As Restated | |||||||||
Sale of 20,700,000 Units through public offering and over-allotment, net of fair value of warrant liability | $ | 198,094,124 | $ | (198,094,124 | ) | $ | 0 | |||||
Offering costs | (7,808,281 | ) | 7,808,281 | |||||||||
Common stock subject to possible redemption | (195,268,411 | ) | 195,268,411 | 0 | ||||||||
Reclassification of deficit additional paid-in capital to retained earnings and subsequent remeasurement under ASC 480-10-S99 paid-in | 731,799 | (4,982,685 | ) | (4,250,886 | ) | |||||||
Subsequent remeasurement under ASC 480-10-S99 against accumulated deficit | $ | 0 | $ | (12,463,273 | ) | $ | (12,463,273 | ) |
Balance Sheet as of June 30, 2021 (filed on August 24, 2021) | As P Reported | Restatement Adjustment | As R | |||||||||
Common stock, $0.0001 par value; shares subject to possible redemption | $ | 191,040,831 | $ | 15,959,169 | $ | 207,000,000 | ||||||
Stockholders’ equity (deficit) | ||||||||||||
Common stock - $0.0001 par value | 709 | (159 | ) | 550 | ||||||||
Additional paid-in-capital | 4,227,538 | (4,227,538 | ) | 0 | ||||||||
Accumulated deficit | 771,761 | (11,731,472 | ) | (10,959,711 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,008 | $ | (15,959,169 | ) | $ | (10,959,161 | ) | ||||
Number of shares subject to redemption | 19,104,083 | 1,595,917 | 20,700,000 | |||||||||
Unaudited Statements of Operations for the three and six months ended June 30, 2021 as adjusted for Temporary Equity related to Public Shares | As Reported | Restatement Adjustment | As Restated | |||||||||
Three months | ||||||||||||
Basic and diluted weighted average shares outstanding, common stock subject to redemption | 19,526,841 | 1,173,159 | 20,700,000 | |||||||||
Basic and diluted weighted average shares outstanding, common stock not subject to redemption | 7,087,167 | (1,595,917 | ) | 5,491,250 | ||||||||
EPS - Redeemable c ommon Stock | $ | 0 | $ | (0.16 | ) | $ | (0.16 | ) | ||||
EPS - Non-Redeemable c ommon Stock | $ | (0.60 | ) | $ | 0.44 | $ | (0.16 | ) | ||||
Six months | ||||||||||||
Basic and diluted weighted average shares outstanding, common stock subject to redemption | 19,353,703 | (5,530,499 | ) | 13,823,204 | ||||||||
Basic and diluted weighted average shares outstanding, common stock not subject to redemption | 6,271,385 | (1,112,580 | ) | 5,158,805 | ||||||||
EPS - Redeemable c ommon Stock | $ | 0 | $ | 0.08 | $ | 0.08 | ||||||
EPS - Non-Redeemable c ommon Stock | $ | 0.24 | $ | (0.16 | ) | $ | 0.08 |
Statement of Changes In Shareholders’ Equity (Deficit) for the three months ended June 30, 2021 | As Previously Reported | Restatement Adjustment | As Restated | |||||||||
Remeasurement of common st subject to possible redemptionock | $ | 4,227,580 | $ | (4,227,580 | ) | $ | 0 |
Amortized Cost and Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of March 31, 2022 | |||||||||||||
U.S. Money Market | $ | 380 | $ | $ | 0 | $ | 380 | |||||||||
U.S. Treasury Securities | 207,054,733 | 5,175 | 0 | 207,059,908 | ||||||||||||
$ | 207,055,113 | $ | 5,175 | $ | 0 | $ | 207,060,288 |
Amortized Cost and Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of September 30, 2021 | |||||||||||||
U.S. Money Market | $ | 363 | $ | $ | 0 | $ | 363 | |||||||||
U.S. Treasury Securities | 207,033,712 | 4,943 | 0 | 207,038,655 | ||||||||||||
$ | 207,034,075 | $ | 4,943 | $ | 0 | $ | 207,039,018 |
Amortized Cost and Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of December 31, 2021 | |||||||||||||
U.S. Money Market | $ | 363 | $ | $ | 0 | $ | 363 | |||||||||
U.S. Treasury Securities | 207,060,170 | 1,264 | 0 | 207,061,434 | ||||||||||||
$ | 207,060,533 | $ | 1,264 | $ | 0 | $ | 207,061,797 |
Redeemable Common Stock | Non-Redeemable Common Stock | |||||||
For the three months ended Sept 30, 2021 | ||||||||
Allocation of net income including common stock subject to redemption outstanding | $ | 1,957,305 | $ | 519,230 | ||||
Weighted Average Common Stock | 20,700,000 | 5,491,250 | ||||||
Basic and Diluted net income per share | $ | 0.09 | $ | 0.09 | ||||
For the nine months ended Sept 30, 2021 | ||||||||
Allocation of net income including common stock subject to possible redemption | $ | 3,001,390 | $ | 980,124 | ||||
Weighted Average Common Stock | 16,140,659 | 5,270,838 | ||||||
Basic and Diluted net income per share | $ | 0.19 | $ | 0.19 |
Redeemable Common Stock | Non-Redeemable Common Stock | |||||||
For the three months ended March 31, 2022 | ||||||||
Allocation of net income including common stock subject to redemption outstanding | $ | 3,981,227 | $ | 1,056,131 | ||||
Weighted Average Common Stock | 20,700,000 | 5,491,250 | ||||||
Basic and Diluted net income per share | $ | 0.19 | $ | 0.19 | ||||
For the three months ended March 31, 2021 | ||||||||
Allocation of net income including common stock subject to possible redemption | $ | 3,368,148 | $ | 2,364,404 | ||||
Weighted Average Common Stock | 6,870,000 | 4,822,667 | ||||||
Basic and Diluted net income per share | $ | 0.49 | $ | 0.49 |
Gross proceeds from public issuance | $ | 207,000,000 | ||
Less: | ||||
Proceeds allocated to public warrants | (8,905,878 | ) | ||
Redeemable common stock issuance costs | (7,808,281 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 16,714,159 | |||
Contingently redeemable common stock | $ | 207,000,000 | ||
Warrant liability at March 1, 2021, as adjusted for over-allotment | $ | 14,280,762 | ||
Change in fair value of warrant liabilities | (4,889,776 | ) | ||
Warrant liabilities at September 30, 2021 | $ | 9,390,986 |
Warrant liability at December 31, 2021 | $ | 8,312,879 | ||
Change in fair value of warrant liabilities | (5,556,024 | ) | ||
Warrant liabilities at March 31, 2022 | $ | 2,756,855 |
September 30, 2021 | March 1, 2021 | March 31, 2022 | December 31, 2021 | |||||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||||
Share price | $ | 9.83 | $ | 9.57 | $ | 9.90 | $ | 9.84 | ||||||||
Volatility | 10.1 | % | 14.1 | % | 2.9 | % | 9.0 | % | ||||||||
Expected life of the options to convert | 5.82 | 6.38 | 5.37 | 5.48 | ||||||||||||
Risk-free rate | 1.12 | % | 0.99 | % | 2.42 | % | 1.31 | % | ||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Likelihood of completing a business combination | 95 | % | 95 | % | 95 | % | 95 | % |
March 31, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Liabilities: | ||||||||||||||||
Warrant liability - Public Warrants | $ | 1,719,135 | $ | 1,719,135 | $ | — | $ | — | ||||||||
Warrant liability - Private Warrants | 1,037,720 | — | — | 1,037,720 | ||||||||||||
Convertible promissory note – related party | 300,000 | — | — | 300,000 | ||||||||||||
$ | 3,056,855 | $ | 1,719,135 | $ | — | $ | 1,337,720 | |||||||||
December 31, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Liabilities: | ||||||||||||||||
Warrant liability - Public Warrants | $ | 5,148,090 | $ | 5,148,090 | $ | — | $ | — | ||||||||
Warrant liability - Private Warrants | 3,164,789 | — | — | 3,164,789 | ||||||||||||
$ | 8,312,879 | $ | 5,148,090 | $ | — | $ | 3,164,789 | |||||||||
September 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Liabilities: | ||||||||||||||||
Warrant liability - Public Warrants | $ | 5,692,500 | $ | 5,692,500 | $ | — | $ | — | ||||||||
Warrant liability – Private Warrants | 3,698,486 | 3,698,486 | ||||||||||||||
$ | 9,390,986 | $ | 5,692,500 | $ | 0 | $ | 3,698,486 |
March 31, 2022 | ||||
Risk-free interest rate | $ | 2.42 | % | |
Time to Expiration (in years) | $ | 5.34 | ||
Expected volatility | 2.9 | % | ||
Exercise price | $ | 11.50 | ||
Dividend yield | 0.00 | % | ||
Stock Price | $ | 9.90 | ||
Probability of transaction | 95.0 | % |
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
+ | Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
ISLEWORTH HEALTHCARE ACQUISITION CORP. | ||||||
Date: | By: | /s/ Robert Whitehead | ||||
Name: | Robert Whitehead | |||||
Title: | Chief Executive Officer | |||||
By: | /s/ Dan Halvorson | |||||
Name: | Dan Halvorson | |||||
Title: | Chief Financial Officer |