RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants (collectively, with the Public Warrants, the “Warrants”) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of stock, all holders of the Warrants would be entitled to receive cash for their Warrants (the “tender offer provision”). On April In further consideration of the SEC Statement, the Company’s management further evaluated the Warrants under Accounting Standards Codification (“ASC”) Subtopic 815 -40 -40-15 -linked -40-15 -40-15 -for-fixed -40-25 As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period as well as re -evaluate 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 Previously Reported Restatement As Restated Balance sheet as of November 22, 2019 (audited) Warrant Liabilities $ — $ 6,880,000 $ 6,880,000 Class A Common Stock Subject to Possible Redemption 93,078,400 (6,880,000 ) 86,198,400 Class A Common Stock 69 69 138 Additional Paid-in Capital 5,001,471 238,354 5,239,825 Accumulated Deficit (1,823 ) (238,423 ) (240,246 ) Total Stockholders’ Equity 5,000,005 — 5,000,005 Numbers of Class A common stock subject to redemption 9,307,840 (688,000 ) 8,619,840 As Previously Reported Restatement As Restated Balance sheet as of December 31, 2019 (audited) Warrant Liabilities $ — $ 7,240,000 $ 7,240,000 Class A Common Stock Subject to Possible Redemption 93,082,270 (7,240,000 ) 85,842,270 Class A Common Stock 69 72 141 Additional Paid-in Capital 4,997,601 598,351 5,595,952 (Accumulated Deficit) Retained Earnings 2,043 (598,423 ) (596,380 ) Total Stockholders’ Equity 5,000,001 — 5,000,001 Numbers of Class A common stock subject to redemption 9,308,227 (724,000 ) 8,584,227 Balance sheet as of March 31, 2020 (unaudited) Warrant Liabilities $ — $ 5,850,000 $ 5,850,000 Class A Common Stock Subject to Possible Redemption 93,121,120 (5,850,000 ) 87,271,120 Class A Common Stock 69 59 128 Additional Paid-in Capital 4,958,789 (791,636 ) 4,167,154 Retained Earnings 40,902 791,577 832,479 Total Stockholders’ Equity 5,000,010 — 5,000,010 Numbers of Class A common stock subject to redemption 9,312,112 (585,000 ) 8,727,112 Balance sheet as of June 30, 2020 (unaudited) Warrant Liabilities $ — $ 9,000,000 $ 9,000,000 Class A Common Stock Subject to Possible Redemption 92,839,070 (9,000,000 ) 83,839,070 Class A Common Stock 72 90 162 Additional Paid-in Capital 5,240,836 2,358,333 7,599,169 Accumulated Deficit (241,157 ) (2,358,423 ) (2,599,580 ) Total Stockholders’ Equity 5,000,001 — 5,000,001 Numbers of Class A common stock subject to redemption 9,283,907 (900,000 ) 8,383,907 Balance sheet as of September 30, 2020 (unaudited) Warrant Liabilities $ — $ 10,660,000 $ 10,660,000 Class A Common Stock Subject to Possible Redemption 92,637,870 (10,660,000 ) 81,977,870 Class A Common Stock 74 107 181 Additional Paid-in Capital 5,442,034 4,018,316 9,460,350 Accumulated Deficit (442,348 ) (4,018,423 ) (4,460,771 ) Total Stockholders’ Equity 5,000,010 — 5,000,010 Numbers of Class A common stock subject to redemption 9,263,787 (1,066,000 ) 8,197,787 Balance sheet as of December 31, 2020 (audited) Warrant Liabilities $ — $ 13,130,000 $ 13,130,000 Class A Common Stock Subject to Possible Redemption 92,491,560 (13,130,000 ) 79,361,560 Class A Common Stock 75 131 206 Additional Paid-in Capital 5,588,343 6,488,292 12,076,635 Accumulated Deficit (588,658 ) (6,488,423 ) (7,077,081 ) Total Stockholders’ Equity 5,000,010 — 5,000,010 Numbers of Class A common stock subject to redemption 9,249,156 (1,313,000 ) 7,936,156 As Previously Reported Restatement As Restated Statement of Operations for the period from August 19, 2019 (inception) to December 31, 2019 (audited) Change in fair value of warrant liability $ — $ (360,000 ) $ (360,000 ) Transaction costs allocated to warrant liability — (238,423 ) (238,423 ) Net income (loss) 2,043 (598,423 ) (596,380 ) Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.01 — 0.01 Weighted average shares outstanding of Class B non-redeemable common stock 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.02 ) (0.24 ) (0.26 ) Statement of Operations for the Three Months Ended March 31, 2020 (unaudited) Change in fair value of warrant liability $ — $ 1,390,000 $ 1,390,000 Net income 38,859 1,390,000 1,428,859 Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.02 0.00 0.02 Weighted average shares outstanding of Class B non-redeemable common stock 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.07 ) 0.56 0.49 Statement of Operations for the Three Months Ended June 30, 2020 (unaudited) Change in fair value of warrant liability $ — $ (3,150,000 ) $ (3,150,000 ) Net loss (282,059 ) (3,150,000 ) (3,432,059 ) Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.00 — 0.00 Weighted average shares outstanding of Class B non-redeemable common stock 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.11 ) (1.26 ) (1.37 ) Statement of Operations for the Six Months Ended June 30, 2020 (unaudited) Change in fair value of warrant liability $ — $ (1,760,000 ) $ (1,760,000 ) Net loss (243,200 ) (1,760,000 ) (2,003,200 ) Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.02 — 0.02 Weighted average shares outstanding of Class B non-redeemable common stock 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.18 ) (1.26 ) (1.44 ) As Previously Reported Restatement As Restated Statement of Operations for the Three Months Ended September 30, 2020 (unaudited) Change in fair value of warrant liability $ — $ (1,660,000 ) $ (1,660,000 ) Net loss (201,191 ) (1,660,000 ) (1,861,191 ) Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.00 — 0.00 Weighted average shares outstanding of Class B non-redeemable common stock 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.08 ) (0.66 ) (0.74 ) Statement of Operations for the Nine Months Ended September 30, 2020 (unaudited) Change in fair value of warrant liability $ — $ (3,420,000 ) $ (3,420,000 ) Net loss (444,391 ) (3,420,000 ) (3,864,391 ) Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.02 — 0.02 Weighted average shares outstanding of Class B non-redeemable common stock 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.25 ) (0.66 ) (0.91 ) Statement of Operations for the Year Ended December 31, 2020 (audited) Change in fair value of warrant liability $ — $ (5,890,000 ) $ (5,890,000 ) Net loss (590,701 ) (5,890,000 ) (6,480,701 ) Weighted average shares outstanding of Class A redeemable common stock 10,000,000 — 10,000,000 Basic and diluted net loss per share, Class A 0.01 — 0.01 Weighted average shares outstanding of Class B non-redeemable 2,500,000 — 2,500,000 Basic and diluted net loss per share, Class B (0.29 ) (2.36 ) (2.65 ) Statement of Cash Flows for the period from August 19, 2019 (inception) to December 31, 2019 (audited) Change in fair value of warrant liability $ — $ 360,000 $ 360,000 Transaction costs allocated to warrant liability — 238,423 238,423 Net income (loss) 2,043 (598,423 ) (596,380 ) Initial classification of Class A common stock subject to possible redemption 93,078,400 (6,880,000 ) 86,198,400 Change in value of Class A common stock subject to possible redemption 3,870 (360,000 ) (356,130 ) As Previously Reported Restatement As Restated Statement of Cash Flows for the Three Months Ended March 31, 2020 (unaudited) Change in fair value of warrant liability $ — $ (1,390,000 ) $ (1,390,000 ) Net income 38,859 1,390,000 1,428,859 Change in value of Class A common stock subject to possible redemption 38,850 1,390,000 1,428,850 Statement of Cash Flows for the Six Months Ended June 30, 2020 (unaudited) Change in fair value of warrant liability $ — $ 1,760,000 $ 1,760,000 Net loss (243,200 ) (1,760,000 ) (2,003,200 ) Change in value of Class A common stock subject to possible redemption (243,200 ) (1,760,000 ) (2,003,200 ) Statement of Cash Flows for the Nine Months Ended September 30, 2020 (unaudited) Change in fair value of warrant liability $ — $ (3,420,000 ) $ (3,420,000 ) Net loss (444,391 ) (3,420,000 ) (3,864,391 ) Change in value of Class A common stock subject to possible redemption (444,400 ) (3,420,000 ) (3,864,400 ) Statement of Cash Flows for the Year Ended December 31, 2020 (audited) Change in fair value of warrant liability $ — $ (5,890,000 ) $ (5,890,000 ) Net loss (590,701 ) (5,890,000 ) (6,480,701 ) Change in value of Class A common stock subject to possible redemption (590,710 ) (5,890,000 ) (6,480,710 ) |