OppFi (OPFI) 10-K/A 27 Apr 21 2020 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Dec. 31, 2020	Mar. 02, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K/A
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	FG New America Acquisition Corp.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 0
Entity Central Index Key	0001818502
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	FGNA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		24,356,375
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,943,750
Units
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of one share ofClass A common stock and one-half of one redeemable warrant
Trading Symbol	FGNA.U
Security Exchange Name	NYSE
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of Class A common stock
Trading Symbol	FGNA WS
Security Exchange Name	NYSE

Balance Sheet

Balance Sheet	Dec. 31, 2020USD ($)
Current assets
Cash	$ 1,137,685
Prepaid expenses	228,465
Total current assets	1,366,150
Marketable securities held in trust account	243,380,833
TOTAL ASSETS	244,746,983
Current liabilities
Accounts payable	135,648
Total current liabilities	135,648
Warrant liabilities	22,436,103
TOTAL LIABILITIES	22,571,751
COMMITMENTS AND CONTINGENCIES
Class A common stock, $0.0001 par value, subject to possible redemption, 21,215,577 shares at redemption value	217,175,222
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Common Stock	314
Additional paid-in capital	13,037,552
Accumulated deficit	(8,038,450)
Total Stockholders' Equity	5,000,010
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	244,746,983
Class A Common Stock
STOCKHOLDERS' EQUITY
Common Stock	314
Total Stockholders' Equity	314
Class B Common Stock
STOCKHOLDERS' EQUITY
Common Stock	594
Total Stockholders' Equity	$ 594

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical)	Dec. 31, 2020$ / sharesshares
Preferred stock, par value | $ / shares	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Class A Common Stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	380,000,000
Common stock, shares issued	3,140,798
Common stock, shares outstanding	3,140,798
Shares subject to possible redemption, par value | $ / shares	$ 0.0001
Shares subject to possible redemption	21,215,577
Class B Common Stock
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	20,000,000
Common stock, shares issued	5,943,750
Common stock, shares outstanding	5,943,750

Statement of Operations

Statement of Operations	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Operating expenses:
Formation costs	$ 1,000
General and administrative expenses	190,470
Loss from operations	(191,470)
Other income (expense):
Change in fair value of warrant liabilities	(7,852,813)
Investment income on trust account	5,833
Total other income (expense)	(7,846,980)
Net Loss	$ (8,038,450)
Weighted average common shares outstanding
Basic and diluted (1) | shares	7,016,091
Basic and diluted net loss per share | $ / shares	$ (1.15)

Statement of Operations (Parent

Statement of Operations (Parenthetical)	6 Months Ended
	Dec. 31, 2020shares
Statement of Operations
Excludes aggregate of shares subject to possible redemption	21,215,577

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2020 - USD ($)	Additional Paid-in Capital	Accumulated Deficit	Class A Common Stock	Class B Common Stock	Total
Balance at the beginning at Jun. 23, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Balance at the beginning (in shares) at Jun. 23, 2020			0	0
Common shares issued to initial shareholder	29,406			$ 594	30,000
Common shares issued to initial shareholder (in shares)				5,943,750
Sale of 23,775,000 units at $10 per unit in IPO, including over-allotment, net of underwriters' discount and offering expenses	236,139,594		$ 2,378		236,141,972
Sale of 23,775,000 units at $10 per unit in IPO, including over-allotment, net of underwriters' discount and offering expenses (in shares)			23,775,000
Sale of 462,500 units at $10 per unit in private placement	4,624,954		$ 46		4,625,000
Sale of 462,500 units at $10 per unit in private placement (in shares)			462,500
Sale of 3,848,750 $11.50 exercise price warrants at $1.00 per warrant in private placement	3,848,750				3,848,750
Sale of 1,512,500 $15.00 exercise price warrants at $0.10 per warrant in private placement	151,250				151,250
Issuance of underwriter units, including over-allotment	(11)		$ 11
Issuance of underwriter units, including over-allotment (in shares)			118,875
Common shares subject to possible redemption	(217,173,101)		$ (2,121)		(217,175,222)
Common shares subject to possible redemption (in shares)			(21,215,577)
Classification of warrants as liabilities at issuance	(14,583,290)				(14,583,290)
Net loss		(8,038,450)			(8,038,450)
Balance at the ending at Dec. 31, 2020	$ 13,037,552	$ (8,038,450)	$ 314	$ 594	$ 5,000,010
Balance at the ending (in shares) at Dec. 31, 2020			3,140,798	5,943,750

Statement of Changes in Stock_2

Statement of Changes in Stockholders' Equity (Parenthetical)	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Number of shares forfeited (in shares) | shares	525,000
Sale of units | $	$ 236,141,972
Sale of units | $	4,625,000
Sale of warrants | $	$ 3,848,750
Warrants Per Share | $ / shares	$ 1
Sale of warrants | $	$ 1,512,500
Exercise price of warrants | $ / shares	$ 15
Warrants Per Share | $ / shares	$ 0.10
IPO
Sale of units | $	$ 23,775,000
Sale of units, per share value | $ / shares	$ 10
Private Placement
Sale of units, per share value | $ / shares	$ 10
Sale of units | $	$ 462,500
Exercise price of warrants | $ / shares	$ 11.50

Statement of Cash Flows

Statement of Cash Flows	6 Months Ended
	Dec. 31, 2020USD ($)
Cash Flows from Operating Activities:
Net loss	$ (8,038,450)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrant liabilities	7,852,813
Changes in operating assets and liabilities:
Prepaid expenses	(228,465)
Accounts payable	135,648
Net cash used in operating activities	(278,454)
Cash flow from investing activities
Investment in marketable securities	(243,380,833)
Net cash used in investing activities	(243,380,833)
Cash flows from financing activities
Proceeds from promissory note	100,000
Repayment of promissory note	(100,000)
Proceeds from sale of units in IPO, including over-allotment, net of offering costs	236,141,972
Proceeds from sale of $11.50 exercise warrants in private placement	3,848,750
Proceeds from sale of $15 exercise warrants in private placement	151,250
Net cash provided by financing activities	244,796,972
Net increase in cash	1,137,685
Cash at beginning of period	0
Cash at end of period	1,137,685
IPO
Cash flows from financing activities
Proceeds from sale of private units in private placement	30,000
Private Placement
Cash flows from financing activities
Proceeds from sale of private units in private placement	$ 4,625,000

DESCRIPTION OF ORGANIZATION AND

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	6 Months Ended
	Dec. 31, 2020
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS.
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS FG New America Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on June 24, 2020. The Company was formed for the purpose of merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on businesses in the financial technology industry. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not yet commenced any operations. All activity through December 31, 2020 relates to the Company’s formation and the initial public offering (“IPO”), which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate nonoperating income in the form of interest income from the proceeds derived from the IPO and recognizes changes in the fair value of the warrant liabilities as other income (expense). The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s IPO was declared effective September 29, 2020. On October 2, 2020, the Company consummated the IPO of 22,500,000 units at $10.00 per unit, (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”) generating gross proceeds of $225,000,000, which is discussed in Note 3. In connection with the IPO, the underwriters were granted an option to purchase up to an additional 3,375,000 Units to cover over-allotments, if any. On October 14, 2020, the underwriters partially exercised the over-allotment option and purchased an additional 1,275,000 Units, generating gross proceeds of $12,750,000. In connection with the partial exercise of the over-allotment option by the underwriters, the Company’s sponsor, FG New America Investors LLC (the “Sponsor”), forfeited 525,000 shares of Class B common stock on October 14, 2020. Simultaneously with the closing of the IPO, the Company consummated the sale of i) 3,848,750 $11.50 exercise price warrants (the “$11.50 Exercise Price Warrants”) at a price of $1.00 per $11.50 Private Warrant, ii) the sale of 1,512,500 $15.00 exercise price warrants (the “$15 Exercise Price Warrants”, and together with $11.50 Exercise Price Warrants the “Private Placement Warrants”) at a price of $0.10 per $15 Exercise Price Warrant, and iii) the sale of 462,500 units at $10.00 per unit (the “Private Placement Units”) in a private placement to the Sponsor. Each Private Placement Unit consists of one share of Class A common stock and one-half of one non-redeemable warrant (“Private Unit Warrant”). Each whole Private Unit Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share. IPO costs amounted to $1,608,028 consisting of $1,000,000 of underwriting fees, and $608,028 of other offering costs. In addition, underwriters also received an aggregate of 118,875 units (“the Underwriter Unit”), with such Units restricted from sale until the closing of the Business Combination and with no redemption rights from the Trust Account (as defined below). Each Underwriter Unit consists of one share of Class A common stock (“Underwriter Shares”) and one-half of one warrant (“Underwriter Warrant”), with each whole Underwriter Warrant entitling the holder thereof to purchase one share of Class A common stock for $11.50 per share. In addition to the offering costs, after the closing of the IPO on Oct 2, 2020 the Company also paid $300,037 for directors and officers insurance coverage. Following the closing of the IPO and the private placements of Private Placement Warrants and Private Placement Units on October 2, 2020, as well as the closing of the over-allotment option on October 14, 2020, an amount of $243,375,000 from the net proceeds of the sale of Units in the IPO (including proceeds from the partial exercise of the over-allotment option) and the sale of Private Placement Warrants and Private Placement Units was placed in a trust account (“Trust Account”) that will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a‑7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below. The Units are listed on the New York Stock Exchange (“NYSE”). The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and sale of the Private Placement Warrants and Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NYSE rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against the proposed Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon or immediately prior to such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s amended and restated certificate of incorporation (the “Charter”) provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent. The holders of Public Shares are entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. Following the consummation of the IPO on Oct 2, 2020, a portion of the Public Shares are recorded at redemption value and classified as temporary equity, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” in order for the Company to maintain net tangible assets of at least $5,000,001. If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Charter, offer such redemption pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. The Sponsor, officers, directors and advisors (the “Initial Stockholders”) have agreed (a) to vote their Founder Shares (as defined in Note 5) as well as any shares of Class A common stock underlying the Private Placement Units, and any Public Shares purchased during or after the IPO in favor of a Business Combination, (b) not to propose an amendment to the Charter with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares as well as any shares of Class A common stock underlying the Private Placement Units) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Charter relating to stockholders’ rights of pre-Business Combination activity and (d) that the Founder Shares, the Private Placement Units and Private Placement Warrants (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Initial Stockholders will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the IPO if the Company fails to complete its Business Combination. The Company has until 24 months from the closing of the IPO to consummate a Business Combination (as such period may be extended pursuant to the Charter, the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable and less interest to pay dissolution expenses up to $100,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete its initial Business Combination within the Combination Period. The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.25 per share (but only $10.00 per share for the Units sold pursuant to the underwriters’ over-allotment option), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Restatement of previously issued financial statements On April 12, 2021, the Staff at the U.S. Securities and Exchange Commission (the “SEC”) issued a statement (the “Statement”) discussing the accounting implications of certain terms that are common in warrants issued by special purpose acquisition companies (“SPACs”). In light of the Statement and guidance in Accounting Standards Codification (“ASC”) 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, in particular as applicable to certain tender or exchange offer provisions of Company’s warrants, the Company’s management evaluated the terms of the Warrant Agreement entered into in connection with the Company’s initial public offering and concluded that the Company’s Public Warrants, Private Placement Warrants, Private Unit Warrants and Underwriter Warrants (together, the “Warrants”) include provisions that, based on the Statement, preclude the Warrants from being classified as components of equity. As a result, the Company is required to classify the Warrants as liabilities, which were incorrectly classified as equity in the original Annual Report filed on Form 10-K on March 3, 2021 (“Original 10-K). Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period. The Company’s management and the audit committee of the Company’s Board of Directors concluded that it is appropriate to restate the Company’s previously issued audited financial statements as of December 31, 2020 and for the period ended December 31, 2020, as previously reported in its Original 10-K. The restated classification and reported values of the Warrants as accounted for under ASC 815-40 are included in the financial statements herein. As a result of the factors described above, the Company has restated items as previously reported, to restate the following non-cash items; As Previously Reported Adjustments As Restated Balance Sheet as of October 2, 2020, as adjusted for exercise of over-allotment (filed on October 20, 2020) Warrant liabilities $ — $ 14,583,290 $ 14,583,290 Class A common stock subject to possible redemption $ 238,374,990 $ (14,583,290) $ 223,791,700 Class A common stock $ 107 $ 143 $ 250 Additional paid-in capital $ 6,421,281 $ (143) $ 6,421,138 Accumulated deficit $ (1,000) $ — $ (1,000) Total stockholders' equity $ 6,420,982 $ — $ 6,420,982 Balance Sheet as of December 31, 2020 Warrant liabilities $ — $ 22,436,103 $ 22,436,103 Class A common stock subject to possible redemption $ 238,374,990 $ (21,199,768) $ 217,175,222 Class A common stock $ 107 $ 207 $ 314 Additional paid-in capital $ 6,421,281 $ 6,616,271 $ 13,037,552 Accumulated deficit $ (185,637) $ (7,852,813) $ (8,038,450) Total stockholders' equity $ 6,236,345 $ (1,236,335) $ 5,000,010 Statement of Operations for the Period from June 24, 2020 (inception) to December 31, 2020 Change in fair value of warrant liabilities $ — $ (7,852,813) $ (7,852,813) Net loss $ (185,637) $ (7,852,813) $ (8,038,450) Basic and diluted net loss per share, excluding Class A common shares subject to possible redemption $ (0.03) $ (1.12) $ (1.15) Statement of Cash Flows for the Period from June 24, 2020 (inception) to December 31, 2020 Cash flows from operating activities: Net loss $ (185,637) $ (7,852,813) $ (8,038,450) Adjustments to reconcile net loss to net cash used in operating activities: Change in fair value of warrant liabilities $ — $ 7,852,813 $ 7,852,813 The restatement of the financial statements had no impact on the Company’s liquidity or cash position.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. Marketable Securities Held in Trust Account At December 31, 2020, substantially all of the assets held in the Trust Account were held in a money market fund that invests exclusively in short term U.S. Treasury obligations. During the year ended December 31, 2020, the Company did not withdraw any interest income from the Trust Account to pay for its franchise and income taxes. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Warrant Liabilities The Company accounts for the 11,887,500 Public Warrants, 3,848,750 $11.50 Exercise Price Warrants, 1,512,500 $15 Exercise Price Warrants, 231,250 Private Unit Warrants and 59,437 Underwriter Warrants in accordance with the guidance contained in ASC 815-40 “Derivatives and Hedging - Contracts in Entity’s Own Equity”. Such guidance provides that because the Warrants do not meet the criteria for equity treatment thereunder, due to a provision in the Warrant Agreement related to certain tender or exchange offer provisions, each warrant must be recorded as a liability. Accordingly, the Company classifies each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company utilizes a Monte Carlo simulation model to value the warrants at each reporting period. As such, the Company recorded $22,436,103 of warrant liabilities as of December 31, 2020. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture by the Initial Stockholders. As of December 31, 2020, weighted average shares were reduced for the effect of an aggregate of 525,000 shares that were forfeited by Initial Stockholders due to the partial exercise of the over-allotment option by the underwriters (see Note 5). In the periods when net losses are incurred, no impact of dilutive securities is included in the calculation of diluted weighted average number of common shares outstanding. Reconciliation of Net Loss per Common Share The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Period Ended December 31, 2020 Net loss $ (8,038,450) Weighted average shares outstanding, basic and diluted 7,016,091 Basic and diluted net loss per common share $ (1.15) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, other than the warrant liabilities described above, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. As of December 31, 2020, the Company reported Warrants issued at the consummation of its IPO as financial instruments recorded as liabilities at their respective fair values. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING	6 Months Ended
	Dec. 31, 2020
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING	NOTE 3. INITIAL PUBLIC OFFERING The registration statement for the Company’s IPO was declared effective on September 29, 2020. On October 2, 2020, the Company consummated the IPO of 22,500,000 Units at a purchase price of $10.00 per Unit generating gross proceeds of $225,000,000 from the sale of the Units. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (see Note 7). On October 14, 2020, the underwriters partially exercised the over-allotment option and purchased an additional 1,275,000 Units, generating additional gross proceeds of $12,750,000.

PRIVATE PLACEMENT

PRIVATE PLACEMENT	6 Months Ended
	Dec. 31, 2020
PRIVATE PLACEMENT
PRIVATE PLACEMENT	NOTE 4. PRIVATE PLACEMENT On October 2, 2020 simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 3,848,750 $11.50 Exercise Price Warrants at a price of $1.00 per $11.50 Exercise Price Warrant, 1,512,500 $15 Exercise Price Warrants at a price of $0.10 per $15 Exercise Price Warrant, and 462,500 Private Placement Units at a price of $10.00 per Private Placement Unit, in each case, from the Company in a private placement. The aggregate gross proceeds from the sale of Private Placement Warrants and Private Placement Units were $8,625,000, part of which was placed in the Trust Account along with the IPO gross proceeds. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants and the Private Unit Warrants will expire worthless. The Private Placement Warrants and the Private Unit Warrants are non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Initial Stockholders or the permitted transferees. Each Private Placement Warrant and Private Unit Warrant will entitle the holder to purchase one share of common stock at its respective exercise price. Also, simultaneously with the closing of the IPO on October 2, 2020, the Company completed the private placement of an aggregate of 112,500 Units to the underwriters. In connection with the exercise of underwriters’ over-allotment option on October 14, 2020, the Company also issued an additional 6,375 Units to the underwriters for an aggregate of 118,875 Units.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On July 13, 2020, the Company issued an aggregate of 6,468,750 shares of Class B common stock (the “Founder Shares”) to the Initial Stockholders for an aggregate purchase price of $30,000 in cash. On August 7, 2020, the Sponsor transferred an aggregate of 1,250,000 Founder Shares to members of the Company’s management and board of directors, resulting in the Sponsor holding 5,218,750 Founder Shares. In connection with the partial exercise of the over-allotment option by the underwriters on October 14, 2020, the Sponsor forfeited 525,000 Founder Shares on October 14, 2020. As of December 31, 2020, the Sponsor held 4,693,750 Founder Shares. The Initial Stockholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until, with respect to 50% of the Founder Shares, the earlier of (i) twelve months after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30‑trading day period commencing after a Business Combination, with respect to the remaining 50% of the Founder Shares, 12 months after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their Public Shares for cash, securities or other property. Promissory Note On July 13, 2020, the Company issued a non-interest bearing unsecured Promissory Note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000 from time to time. The Promissory Note was fully paid off at the completion of the IPO on October 2, 2020. Administrative Services Agreement The Company entered into an administrative services agreement (the “Administrative Services Agreement”) with the Sponsor on September 29, 2020 whereby the Sponsor provides certain services for the Company for a monthly fee of $10,000.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 6. COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration rights agreement entered into on September 29, 2020, the holders of the Founder Shares, the Private Placement Units and Private Placement Warrants (and their underlying securities) are entitled to registration rights. The Company will bear the expenses incurred in connection with the filing of any registration statements pursuant to such registration rights. Underwriting Agreement The Company granted the underwriters a 45‑day option to purchase up to 3,375,000 additional Units to cover over-allotments at the IPO price. On October 14, 2020, the underwriters partially exercised the over-allotment option and purchased an additional 1,275,000 Units. Subject to certain conditions, on September 29, 2020 the Company granted underwriters for a period beginning on the closing of the IPO and ending on the later of 24 months after the closing of the IPO and 12 months after the consummation of our Business Combination, a right of first refusal to act as (i) exclusive financial advisor in connection with all of the Company’s proposed business combinations for a fee of up to 3.5% of the proceeds of the IPO (subject to the Company’s right to allocate up to 50% of such fee to another financial institution or extinguish such amount in Company’s sole discretion), and (ii) sole investment banker, sole book-runner and/or sole placement agent, at underwriters’ sole discretion, for each and every future public and private equity and debt offering, including all equity linked financings, during such period for the Company or any successor to it or any of its subsidiaries, on terms agreed to by both the Company and underwriters in good faith.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Dec. 31, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 7. STOCKHOLDERS’ EQUITY Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2020, there were no shares of preferred stock issued or outstanding. Class A Common Stock — The Company is authorized to issue 380,000,000 shares of Class A common stock, par value $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of December 31, 2020, there were 3,140,798 shares of Class A common stock issued and outstanding, excluding 23,287,194 shares subject to possible redemption. Class B Common Stock — The Company is authorized to issue 20,000,000 shares of Class B common stock, par value $0.0001 per share. On July 13, 2020, the Company issued an aggregate of 6,468,750 shares of Class B common stock as Founder Shares to the Initial Stockholders for an aggregate purchase price of $30,000 in cash. On August 7, 2020, the Sponsor transferred an aggregate of 1,250,000 Founder Shares to members of the Company’s management and board of directors, resulting in the Sponsor holding 5,218,750 Founder Shares. In connection with the partial exercise of the over-allotment option by the underwriters on October 14, 2020, the Sponsor forfeited 525,000 Founder Shares on October 14, 2020. As of December 31, 2020, Sponsor held 4,693,750 Founder Shares. Holders of the Company’s Class B common stock are entitled to one vote for each share. With respect to any matter submitted to a vote of the Company’s stockholders, including any vote in connection with the Business Combination, holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of the Company’s stockholders, except as required by law. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination, or earlier at the option of the holders, on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as described herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the IPO and related to the closing of the Business Combination, including pursuant to a specified future issuance, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance, including a specified future issuance) such that: i) the numerator shall be equal to the sum of (A) 25% of all shares of Class A common stock issued or issuable (upon the conversion or exercise of any equity-linked securities or otherwise) by the Company, related to or in connection with the consummation of the Business Combination (excluding any securities issued or issuable to any seller in the Business Combination) plus (B) the number of shares of Class B common stock issued and outstanding prior to the closing of the Business Combination; and ii) the denominator shall be the number of shares of Class B common stock issued and outstanding prior to the closing of the Business Combination. Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. Each whole Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, and will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the closing of the IPO. The Public Warrants will expire on the fifth anniversary of the completion of the Business Combination, or earlier upon redemption or liquidation. The Company may redeem the Public Warrants i) at a redemption price of $0.01 per warrant, ii) at any time after the Public Warrants become exercisable, iii) upon a minimum of 30 days’ prior written notice of redemption, iv) if, and only if, the last sales price of Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period commencing after the date the Public Warrants become exercisable and ending three business days before Company sends the notice of redemption, and v) if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such Public Warrants at the time of redemption and for the entire 30‑day trading period referred to above and continuing each day thereafter until the date of redemption. The $11.50 Exercise Price Warrants have terms similar to the Public Warrants underlying the Units sold in the IPO, except that the $11.50 Exercise Price Warrants are issued as a whole warrant having one common stock underlying each $11.50 Exercise Price Warrant (as compared to one-half of one Public Warrant included in each Unit sold in the IPO), will be non-redeemable and may be exercised on a cashless basis so long as they continue to be held by the Initial Stockholders or their permitted transferees. Additionally, $11.50 Exercise Price Warrants and the shares issuable upon the exercise of the $11.50 Exercise Price Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. The $15 Exercise Price Warrants entitle the holder to purchase one share of Class A common stock at an exercise price of $15.00 per each share, will be exercisable for a period of 10 years from the date of Business Combination, will be non-redeemable, and may be exercised on a cashless basis so long as they continue to be held by the Initial Stockholders or their permitted transferees. Additionally, $15 Exercise Price Warrants and the shares issuable upon the exercise of the $15 Exercise Price Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. The Private Unit Warrants have terms similar to the Public Warrants underlying the Units sold in the IPO, except that the Private Unit Warrants are non-redeemable and may be exercised on a cashless basis so long as they continue to be held by the Initial Stockholders or their permitted transferees. Additionally, Private Unit Warrants and the shares issuable upon the exercise of the Private Unit Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described above, the warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 8. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: December 31, Description Level 2020 Assets: Marketable securities held in Trust Account Level 1 $ 243,380,833 Liabilities: Public Warrants Level 1 $ Private Unit Warrants Level 3 $11.50 Exercise Price Warrants Level 3 $15 Exercise Price Warrants Level 3 Underwriter Warrants Level 3 Total warrant liabilities $ The fair value of the marketable securities held in the Trust Account approximates the carrying amount primarily due to their short-term nature. The estimated fair value of Private Unit Warrants, $11.50 Exercise Price Warrants, $15 Exercise Price Warrants and Underwriter Warrants is determined using Level 3 inputs in a Monte-Carlo simulation model. Inherent in a Monte-Carlo simulation model are assumptions related to expected stock-price volatility (pre-merger and post-merger), expected term, dividend yield and risk-free interest rate. The Company estimates the volatility of its common stock based on factors including but not limited to the historical performance of the Nasdaq Financial Technology Index (KFTX) and managements understanding of the volatility associated with instruments of other similar entities. The risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. Following are the significant inputs in the valuation model for the fair value of warrant liabilities as of December 31, 2020: $11.50 $15.00 Private Unit Exercise Price Exercise Price Underwriter Inputs Warrant Warrant Warrant Warrant Exercise price $ 11.50 $ 11.50 $ 15.00 $ 11.50 Unit price $ 10.00 $ 10.00 $ 10.00 $ 10.00 Volatility 5% pre-merger / 20% post-merger 5% pre-merger / 20% post-merger 5% pre-merger / 20% post-merger 5% pre-merger / 20% post-merger Probability of completing a Business Combination 60% 60% 60% 60% Expected term of the warrants 6.75 6.75 11.75 6.75 Risk-free rate 0.12% pre- merger / 0.36% post-merger 0.12% pre- merger / 0.36% post-merger 0.12% pre- merger / 0.93% post-merger 0.12% pre- merger / 0.36% post-merger Dividend yield 0 0 0 0 Discount for lack of marketability 15% 15% 15% 15% The change in fair value of the warrant liabilities is summarized as follows: Warrant liabilities as of June 24, 2020 (inception) $ — Warrant liability recorded at issuance of warrants at close of IPO and private placement as of October 2, 2020, as adjusted for the issuance of warrants pursuant to the Underwriters’ over-allotment option 14,583,290 Total warrant liabilities as of October 2, 2020, including for warrants issued in over-allotment $ 14,583,290 Change in fair value of warrant liabilities 7,852,813 Total warrant liabilities as of December 31, 2020 (1) $ 22,436,103 (1) Due to the use of quoted prices in an active market for Public Warrants as of December 31, 2020, the Company had transfers out of Level 3 to Level 1 amounting to $17,235,686 as of December 31, 2020. The Company deems the transfer between levels to have occurred at the end of the period.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9. SUBSEQUENT EVENTS On February 9, 2021, the Company entered into a business combination agreement (the “Business Combination Agreement”) with the Opportunity Financial, LLC, a Delaware limited liability company (“OppFi”), OppFi Shares, LLC, a Delaware limited liability company (“OFS”) which will hold seller retained interests in OppFi, and Todd Schwartz, in his capacity as the Members’ Representative (in such capacity, the “Members’ Representative”). Upon consummation of the transactions contemplated by the Business Combination Agreement, the Company will change its name to “OppFi Inc.” Pursuant to the Business Combination Agreement, subject to the satisfaction or waiver of certain conditions set forth therein, at the time of the closing of the business combination (the “Closing”), (x) in exchange for common units of OppFi (the “OppFi Units”), the Company will contribute to OppFi cash (the “Cash Consideration”) and the number of shares of newly issued Class V common stock, par value $0.0001 per share, of the Company (the “Class V Voting Stock”) equal to the number of Retained OppFi Units (as defined below), which will entitle its holder to one vote per share but no right to dividends or distributions and (y) immediately thereafter, OppFi will distribute to OFS the shares of Class V Voting Stock received by OppFi. At the Closing, OppFi will transfer to the Company a number of OppFi Units equal to the number of shares of Class A common stock, par value $0.0001 per share, of the Company issued and outstanding as of immediately prior to the Closing (after giving effect to any Company stockholder redemptions and the Class B Common Stock Conversion (as defined below)). The members of OppFi (“Members”) will, immediately following the Closing, retain an aggregate number of OppFi Units (such OppFi Units retained by the Members, the “Retained OppFi Units”) equal to (i) (A) OppFi’s equity value of $743,000,000 (as defined in the Business Combination Agreement), plus (B) the Company Cash Amount (as defined in the Business Combination Agreement), plus (C) the amount by which the Working Capital (as defined in the Business Combination Agreement) is greater than the Target Working Capital Amount (as defined in the Business Combination Agreement), if any, minus (D) the amount by which the Working Capital is less than the Target Working Capital Amount, minus (E) the Cash Consideration, divided by (ii) $10. In connection with the Closing, on the date of the Closing (the “Closing Date”), 25,500,000 Retained OppFi Units (the “Earnout Units”) held by the Members and an equal number of shares of Class V Voting Stock issued to the Members by the Company in connection with the business combination and held by OFS, will be subject to certain restrictions and potential forfeiture pending the achievement (if any) of certain earnout targets pursuant to the terms of the Business Combination Agreement. Following the Closing, the combined Company will be organized in an “Up-C” structure in which substantially all of the assets and the business of the combined Company will be held by OppFi and its subsidiaries, and the Company’s only direct assets will consist of OppFi Units. Assuming that none of the Company’s current stockholders exercise their right to redeem their Class A Common Stock, and subject to adjustment for cash on hand and working capital, as of immediately following the Closing and without giving effect to the Earnout Units or outstanding warrants to purchase Class A Common Stock, the Company is expected to own, directly or indirectly, approximately 38% of the OppFi Units and will control OppFi as the sole manager of OppFi in accordance with the terms of the OppFi Amended and Restated Limited Liability Company Agreement and all remaining OppFi Units will be owned by the Members. In connection with the Closing, pursuant to the terms and conditions of the amended and restated certificate of incorporation of Company, dated as of September 29, 2020 (the “Current Certificate of Incorporation”), and the Amended Sponsor Letter (as defined below), all then-outstanding shares of Class B common stock, par value $0.0001 per share, of the Company (the “Class B Common Stock”) will be converted into shares of Class A Common Stock (after giving effect to the Amended Sponsor Letter (as defined below)) on a one-for-one basis and into an aggregate number of 5,943,750 shares of Class A Common Stock (the “Class B Common Stock Conversion”). Pursuant to the Business Combination Agreement, the “Cash Consideration” will be equal to (i) the cash remaining in the Company’s trust account as of immediately prior to the Closing following any redemptions of Class A Common Stock by the Company’s current stockholders, less (ii) the amount by which (a) the aggregate amount of transaction expenses incurred by the parties to the Business Combination Agreement as of the Closing and $15,000,000, exceed (b) the amount of all cash, cash equivalents, deposits and marketable securities held by OppFi on the Closing Date (such amount, as adjusted, the “Available Closing Date Cash”). Beginning on the six month anniversary of the Closing, each Retained OppFi Unit held by the Members may be exchanged, subject to certain conditions, for either one share of Class A Common Stock or, at the election of the Company in its capacity as the sole manager of OppFi, the cash equivalent of the market value of one share of Class A Common Stock, pursuant to the terms and conditions of the OppFi A&R LLCA (such exchange rights, as further described in the OppFi Amended and Restated Limited Liability Company Agreement, the “Exchange Rights”). For each Retained OppFi Unit so exchanged, one share of the Class V Voting Stock will be canceled by the Company.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates.
Marketable Securities Held in Trust Account	Marketable Securities Held in Trust Account At December 31, 2020, substantially all of the assets held in the Trust Account were held in a money market fund that invests exclusively in short term U.S. Treasury obligations. During the year ended December 31, 2020, the Company did not withdraw any interest income from the Trust Account to pay for its franchise and income taxes.
Common Stock Subject to Possible Redemption	Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.
Warrant Liabilities	Warrant Liabilities The Company accounts for the 11,887,500 Public Warrants, 3,848,750 $11.50 Exercise Price Warrants, 1,512,500 $15 Exercise Price Warrants, 231,250 Private Unit Warrants and 59,437 Underwriter Warrants in accordance with the guidance contained in ASC 815-40 “Derivatives and Hedging - Contracts in Entity’s Own Equity”. Such guidance provides that because the Warrants do not meet the criteria for equity treatment thereunder, due to a provision in the Warrant Agreement related to certain tender or exchange offer provisions, each warrant must be recorded as a liability. Accordingly, the Company classifies each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company utilizes a Monte Carlo simulation model to value the warrants at each reporting period. As such, the Company recorded $22,436,103 of warrant liabilities as of December 31, 2020.
Income Taxes	Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
Net Loss Per Share	Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture by the Initial Stockholders. As of December 31, 2020, weighted average shares were reduced for the effect of an aggregate of 525,000 shares that were forfeited by Initial Stockholders due to the partial exercise of the over-allotment option by the underwriters (see Note 5). In the periods when net losses are incurred, no impact of dilutive securities is included in the calculation of diluted weighted average number of common shares outstanding.
Reconciliation of Net Loss per Common Share	Reconciliation of Net Loss per Common Share The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Period Ended December 31, 2020 Net loss $ (8,038,450) Weighted average shares outstanding, basic and diluted 7,016,091 Basic and diluted net loss per common share $ (1.15)
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, other than the warrant liabilities described above, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. As of December 31, 2020, the Company reported Warrants issued at the consummation of its IPO as financial instruments recorded as liabilities at their respective fair values.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

DESCRIPTION OF ORGANIZATION A_2

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Tables)	6 Months Ended
	Dec. 31, 2020
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS.
Summary of restated non-cash items	As Previously Reported Adjustments As Restated Balance Sheet as of October 2, 2020, as adjusted for exercise of over-allotment (filed on October 20, 2020) Warrant liabilities $ — $ 14,583,290 $ 14,583,290 Class A common stock subject to possible redemption $ 238,374,990 $ (14,583,290) $ 223,791,700 Class A common stock $ 107 $ 143 $ 250 Additional paid-in capital $ 6,421,281 $ (143) $ 6,421,138 Accumulated deficit $ (1,000) $ — $ (1,000) Total stockholders' equity $ 6,420,982 $ — $ 6,420,982 Balance Sheet as of December 31, 2020 Warrant liabilities $ — $ 22,436,103 $ 22,436,103 Class A common stock subject to possible redemption $ 238,374,990 $ (21,199,768) $ 217,175,222 Class A common stock $ 107 $ 207 $ 314 Additional paid-in capital $ 6,421,281 $ 6,616,271 $ 13,037,552 Accumulated deficit $ (185,637) $ (7,852,813) $ (8,038,450) Total stockholders' equity $ 6,236,345 $ (1,236,335) $ 5,000,010 Statement of Operations for the Period from June 24, 2020 (inception) to December 31, 2020 Change in fair value of warrant liabilities $ — $ (7,852,813) $ (7,852,813) Net loss $ (185,637) $ (7,852,813) $ (8,038,450) Basic and diluted net loss per share, excluding Class A common shares subject to possible redemption $ (0.03) $ (1.12) $ (1.15) Statement of Cash Flows for the Period from June 24, 2020 (inception) to December 31, 2020 Cash flows from operating activities: Net loss $ (185,637) $ (7,852,813) $ (8,038,450) Adjustments to reconcile net loss to net cash used in operating activities: Change in fair value of warrant liabilities $ — $ 7,852,813 $ 7,852,813

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of reconciliation of net loss per common share	Period Ended December 31, 2020 Net loss $ (8,038,450) Weighted average shares outstanding, basic and diluted 7,016,091 Basic and diluted net loss per common share $ (1.15)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Summary of assets and liabilities that are measured at fair value on a recurring basis	December 31, Description Level 2020 Assets: Marketable securities held in Trust Account Level 1 $ 243,380,833 Liabilities: Public Warrants Level 1 $ Private Unit Warrants Level 3 $11.50 Exercise Price Warrants Level 3 $15 Exercise Price Warrants Level 3 Underwriter Warrants Level 3 Total warrant liabilities $
Summary of significant inputs in the valuation model for the fair value of warrant liabilities	Following are the significant inputs in the valuation model for the fair value of warrant liabilities as of December 31, 2020: $11.50 $15.00 Private Unit Exercise Price Exercise Price Underwriter Inputs Warrant Warrant Warrant Warrant Exercise price $ 11.50 $ 11.50 $ 15.00 $ 11.50 Unit price $ 10.00 $ 10.00 $ 10.00 $ 10.00 Volatility 5% pre-merger / 20% post-merger 5% pre-merger / 20% post-merger 5% pre-merger / 20% post-merger 5% pre-merger / 20% post-merger Probability of completing a Business Combination 60% 60% 60% 60% Expected term of the warrants 6.75 6.75 11.75 6.75 Risk-free rate 0.12% pre- merger / 0.36% post-merger 0.12% pre- merger / 0.36% post-merger 0.12% pre- merger / 0.93% post-merger 0.12% pre- merger / 0.36% post-merger Dividend yield 0 0 0 0 Discount for lack of marketability 15% 15% 15% 15%
Summary of change in fair value of the warrant liabilities	Warrant liabilities as of June 24, 2020 (inception) $ — Warrant liability recorded at issuance of warrants at close of IPO and private placement as of October 2, 2020, as adjusted for the issuance of warrants pursuant to the Underwriters’ over-allotment option 14,583,290 Total warrant liabilities as of October 2, 2020, including for warrants issued in over-allotment $ 14,583,290 Change in fair value of warrant liabilities 7,852,813 Total warrant liabilities as of December 31, 2020 (1) $ 22,436,103 (1) Due to the use of quoted prices in an active market for Public Warrants as of December 31, 2020, the Company had transfers out of Level 3 to Level 1 amounting to $17,235,686 as of December 31, 2020. The Company deems the transfer between levels to have occurred at the end of the period.

DESCRIPTION OF ORGANIZATION A_3

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - Non-cash items (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Oct. 02, 2020	Jun. 23, 2020
Balance Sheet
Warrant liabilities	$ 22,436,103	$ 14,583,290
Class A common stock subject to possible redemption	217,175,222	223,791,700
Class A common stock	314	250
Additional paid-in capital	13,037,552	6,421,138
Accumulated deficit	(8,038,450)	(1,000)
Total stockholders' equity	5,000,010	6,420,982	$ 0
Statement of Operations
Change in fair value of warrant liabilities	(7,852,813)
Net loss	$ (8,038,450)
Basic and diluted net loss per share	$ (1.15)
Cash flows from operating activities:
Net loss	$ (8,038,450)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrant liabilities	7,852,813
As Previously Reported
Balance Sheet
Class A common stock subject to possible redemption	238,374,990	238,374,990
Class A common stock	107	107
Additional paid-in capital	6,421,281	6,421,281
Accumulated deficit	(185,637)	(1,000)
Total stockholders' equity	6,236,345	6,420,982
Statement of Operations
Net loss	$ (185,637)
Basic and diluted net loss per share	$ (0.03)
Cash flows from operating activities:
Net loss	$ (185,637)
Adjustments
Balance Sheet
Warrant liabilities	22,436,103	14,583,290
Class A common stock subject to possible redemption	(21,199,768)	(14,583,290)
Class A common stock	207	143
Additional paid-in capital	6,616,271	$ (143)
Accumulated deficit	(7,852,813)
Total stockholders' equity	(1,236,335)
Statement of Operations
Change in fair value of warrant liabilities	(7,852,813)
Net loss	$ (7,852,813)
Basic and diluted net loss per share	$ (1.12)
Cash flows from operating activities:
Net loss	$ (7,852,813)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrant liabilities	$ 7,852,813

DESCRIPTION OF ORGANIZATION A_4

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) - USD ($)	Oct. 14, 2020	Oct. 02, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Number of shares forfeited (in shares)			525,000
Exercise price of warrants (in dollars per share)			$ 15
Additional units issued to underwriters	118,875	118,875
Payments for directors and officers insurance coverage		$ 300,037
Investment of cash into trust account	$ 243,375,000
$11.50 Private Warrants
Subsidiary, Sale of Stock [Line Items]
Share price			11.50
Exercise price of warrants (in dollars per share)			11.50
$11.50 Exercise Price Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants to purchase the shares issued (in shares)		3,848,750
Price of warrants		$ 1
Exercise price of warrants (in dollars per share)		$ 11.50
$15 Exercise Price Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants to purchase the shares issued (in shares)		1,512,500
Price of warrants		$ 0.10
Exercise price of warrants (in dollars per share)		$ 15
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants (in dollars per share)			$ 11.50
Number of shares in a unit			1
Number of warrants in a unit			0.5
Class A Common Stock | $11.50 Private Warrants
Subsidiary, Sale of Stock [Line Items]
Number of shares issuable per warrant (in shares)			1
Class A Common Stock | $15 Private Warrants
Subsidiary, Sale of Stock [Line Items]
Share price			$ 15
Exercise price of warrants (in dollars per share)			$ 15
Number of shares issuable per warrant (in shares)			1
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares forfeited (in shares)	525,000
IPO
Subsidiary, Sale of Stock [Line Items]
Offering cost		$ 1,608,028
Cash underwriting fee		1,000,000
Other offering cost		$ 608,028
Percentage of aggregate fair market value of assets			80.00%
Ownership interest to be acquired on post-transaction company			50.00%
Minimum net tangible assets upon consummation of business combination			$ 5,000,001
Maximum percentage of shares that can be redeemed without prior consent of the Company			15.00%
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination			100.00%
Interest to pay dissolution expenses			$ 100,000
Per share value of residual assets in trust account			$ 10.25
IPO | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		22,500,000
Proceeds from issuance of shares		$ 225,000,000
Share price		$ 10
Exercise price of warrants (in dollars per share)		$ 11.50
Number of shares in a unit		1
Number of warrants in a unit		0.5
Number of shares issuable per warrant (in shares)		1
Over-allotment Option | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	1,275,000
Proceeds from issuance of shares	$ 12,750,000
Additional units agreed to be issued		3,375,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		462,500
Share price		$ 10
Number of warrants to purchase the shares issued (in shares)		462,500
Price of warrants		$ 10
Exercise price of warrants (in dollars per share)			$ 11.50
Number of shares in a unit		1
Number of warrants in a unit		0.5
Number of shares issuable per warrant (in shares)		1
Additional units issued to underwriters	6,375	112,500
Private Placement | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants (in dollars per share)		$ 11.50

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Oct. 02, 2020
Subsidiary, Sale of Stock [Line Items]
Warrant liabilities	$ 22,436,103	$ 14,583,290
Number of shares forfeited (in shares)	525,000
Unrecognized tax benefits	$ 0
Amounts accrued for the payment of interest and penalties	0
Reconciliation of net loss per common share
Net loss	$ (8,038,450)
Weighted average shares outstanding, basic and diluted	7,016,091
Basic and diluted net loss per common share	$ (1.15)
Warrant liabilities
Subsidiary, Sale of Stock [Line Items]
Warrant liabilities	$ 22,436,103
Public Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants outstanding	11,887,500
$11.50 Private Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants outstanding	3,848,750
$15 Private Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants outstanding	1,512,500
Private Unit Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants outstanding	231,250
Underwriter Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants outstanding	59,437

INITIAL PUBLIC OFFERING (Detail

INITIAL PUBLIC OFFERING (Details) - USD ($)	Oct. 14, 2020	Oct. 02, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants (in dollars per share)			$ 15
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares in a unit			1
Number of warrants in a unit			0.5
Exercise price of warrants (in dollars per share)			$ 11.50
IPO | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		22,500,000
Share price		$ 10
Proceeds from issuance of shares		$ 225,000,000
Number of shares in a unit		1
Number of warrants in a unit		0.5
Number of shares issuable per warrant (in shares)		1
Exercise price of warrants (in dollars per share)		$ 11.50
Over-allotment Option | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	1,275,000
Proceeds from issuance of shares	$ 12,750,000

PRIVATE PLACEMENT (Details)

PRIVATE PLACEMENT (Details) - USD ($)	Oct. 14, 2020	Oct. 02, 2020	Dec. 31, 2020
Additional units issued to underwriters	118,875	118,875
Exercise price of warrants (in dollars per share)			$ 15
$11.50 Private Warrants
Exercise price of warrants (in dollars per share)			11.50
$11.50 Exercise Price Warrants
Number of warrants issued		3,848,750
Price of warrants		$ 1
Exercise price of warrants (in dollars per share)		$ 11.50
$15 Exercise Price Warrants
Number of warrants issued		1,512,500
Price of warrants		$ 0.10
Exercise price of warrants (in dollars per share)		$ 15
Private Placement
Number of warrants issued		462,500
Price of warrants		$ 10
Aggregate gross proceeds		$ 8,625,000
Additional units issued to underwriters	6,375	112,500
Number of shares issuable per warrant (in shares)		1
Exercise price of warrants (in dollars per share)			$ 11.50

RELATED PARTY TRANSACTIONS - Fo

RELATED PARTY TRANSACTIONS - Founder share (Details) - USD ($)	Oct. 14, 2020	Aug. 07, 2020	Jul. 13, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Number of shares forfeited (in shares)				525,000
Class B Common Stock
Related Party Transaction [Line Items]
Common shares issued to initial shareholder (in shares)				5,943,750
Number of shares forfeited (in shares)	525,000
Class B Common Stock | Founder Shares
Related Party Transaction [Line Items]
Proceeds from issuance of Class B common stock to Sponsor			$ 30,000
Number of shares transferred to Company's management and board of directors		1,250,000
Number of shares held		5,218,750
Number of shares forfeited (in shares)	525,000
Class B Common Stock | Founder Shares | Sponsor
Related Party Transaction [Line Items]
Common shares issued to initial shareholder (in shares)			6,468,750
Proceeds from issuance of Class B common stock to Sponsor			$ 30,000
Number of shares transferred to Company's management and board of directors		1,250,000
Number of shares held		5,218,750
Number of shares subject to forfeiture (in shares)	525,000
Number of shares forfeited (in shares)				4,693,750
Threshold percentage of shares accepted to not transfer, assign or sell after the completion of the initial business combination				50.00%
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination				12 months
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share)				$ 12
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				20 days
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination				30 days
Private Placement
Related Party Transaction [Line Items]
Proceeds from issuance of Class B common stock to Sponsor				$ 4,625,000

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Promisary note administrative support agreement (Details) - USD ($)	Sep. 29, 2020	Jul. 13, 2020
Promissory Note
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note		$ 300,000
Administrative Services Agreement
Related Party Transaction [Line Items]
Expenses per month	$ 10,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - shares	Oct. 14, 2020	Oct. 02, 2020	Sep. 29, 2020
Subsidiary, Sale of Stock [Line Items]
Threshold period after the closing of the Initial Public Offering for underwriters right to first refusal to act as exclusive financial advisor			24 months
Threshold period after the consummation of Business Combination for underwriters right to first refusal to act as exclusive financial advisor			12 months
Maximum underwriter's fee (as a percent)			3.50%
Maximum of underwriter's fee to be allocated to another financial institution (as a percent)			50.00%
Over-allotment Option | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Additional units agreed to be issued		3,375,000
Number of shares issued	1,275,000

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock (Details)	Dec. 31, 2020$ / sharesshares
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	1,000,000
Preferred stock, par value | $ / shares	$ 0.0001
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock (Details) - USD ($)	Feb. 09, 2021	Oct. 14, 2020	Aug. 07, 2020	Jul. 13, 2020	Oct. 14, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Number of shares forfeited (in shares)						525,000
Founder Shares
Class of Stock [Line Items]
Number of shares held by sponsor						4,693,750
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized						380,000,000
Common stock, par value						$ 0.0001
Common stock, number of votes per share						$ 1
Percentage of shares issued or issuable (as a percent)					25.00%
Number of shares subject to possible redemption (in shares)						23,287,194
Common stock, shares issued						3,140,798
Common stock, shares outstanding						3,140,798
Class A Common Stock | Subsequent Event
Class of Stock [Line Items]
Number of Class A common stock issued upon conversion of each share (in shares)	5,943,750
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized						20,000,000
Common stock, par value						$ 0.0001
Common stock, shares issued						5,943,750
Common stock, shares outstanding						5,943,750
Number of shares forfeited (in shares)		525,000
Class B Common Stock | Founder Shares
Class of Stock [Line Items]
Common stock, shares issued				6,468,750
Proceeds from Issuance of Common Stock				$ 30,000
Number of shares transferred to Company's management and board of directors			1,250,000
Number of shares held			5,218,750
Number of shares forfeited (in shares)		525,000
Class B Common Stock | Subsequent Event
Class of Stock [Line Items]
Common stock, par value	$ 0.0001

STOCKHOLDERS' EQUITY - Warrants

STOCKHOLDERS' EQUITY - Warrants (Details)	6 Months Ended
	Dec. 31, 2020$ / sharesshares
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 15
Stock price trigger for redemption of warrants (in dollars per share)	$ 18
Threshold trading days for redemption of warrants	3 days
Threshold consecutive trading days for redemption of warrants	30 days
Threshold number of trading days before sending notice of redemption to warrant holders	20 days
Class A Common Stock
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 11.50
Number of warrants in a unit | shares	0.5
Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants in a unit | shares	1
Public Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of shares issuable per warrant (in shares) | shares	1
Exercise price of warrants (in dollars per share)	$ 11.50
Redemption price per warrant (in dollars per share)	0.01
$11.50 Private Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	11.50
Redemption price per warrant (in dollars per share)	11.50
Newly Issued Price (in dollars per share)	11.50
$11.50 Private Warrants | Maximum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 11.50
$11.50 Private Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of shares issuable per warrant (in shares) | shares	1
$15 Private Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of shares issuable per warrant (in shares) | shares	1
Exercise price of warrants (in dollars per share)	$ 15
Warrants exercisable term after the completion of a business combination	10 years
Newly Issued Price (in dollars per share)	$ 15
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	15.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2020	Oct. 02, 2020
Liabilities:
Total warrant liabilities	$ 22,436,103	$ 14,583,290
Recurring
Liabilities:
Total warrant liabilities	22,436,103
Level 1
Liabilities:
Total warrant liabilities	17,235,686
Level 1 | Recurring
Assets:
Marketable securities held in Trust Account	243,380,833
Level 1 | Recurring | Public Warrants
Liabilities:
Total warrant liabilities	17,235,686
Level 3 | Recurring | Private Unit Warrants
Liabilities:
Total warrant liabilities	209,629
Level 3 | Recurring | $11.50 Private Warrants
Liabilities:
Total warrant liabilities	3,488,911
Level 3 | Recurring | $15 Private Warrants
Liabilities:
Total warrant liabilities	1,447,997
Level 3 | Recurring | Underwriter Warrants
Liabilities:
Total warrant liabilities	$ 53,880

FAIR VALUE MEASUREMENTS - Signi

FAIR VALUE MEASUREMENTS - Significant inputs in the valuation model for the fair value of warrant liabilities (Details)	Dec. 31, 2020Y
Private Unit Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	11.50
Private Unit Warrants | Unit price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	10
Private Unit Warrants | Volatility | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	5
Private Unit Warrants | Volatility | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	20
Private Unit Warrants | Probability of completing a Business Combination
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	60
Private Unit Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	6.75
Private Unit Warrants | Risk-free rate | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.12
Private Unit Warrants | Risk-free rate | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.36
Private Unit Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0
Private Unit Warrants | Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	15
$11.50 Private Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	11.50
$11.50 Private Warrants | Unit price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	10
$11.50 Private Warrants | Volatility | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	5
$11.50 Private Warrants | Volatility | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	20
$11.50 Private Warrants | Probability of completing a Business Combination
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	60
$11.50 Private Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	6.75
$11.50 Private Warrants | Risk-free rate | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.12
$11.50 Private Warrants | Risk-free rate | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.36
$11.50 Private Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0
$11.50 Private Warrants | Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	15
$15 Private Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	15
$15 Private Warrants | Unit price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	10
$15 Private Warrants | Volatility | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	5
$15 Private Warrants | Volatility | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	20
$15 Private Warrants | Probability of completing a Business Combination
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	60
$15 Private Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	11.75
$15 Private Warrants | Risk-free rate | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.12
$15 Private Warrants | Risk-free rate | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.93
$15 Private Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0
$15 Private Warrants | Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	15
Underwriter Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	11.50
Underwriter Warrants | Unit price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	10
Underwriter Warrants | Volatility | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	5
Underwriter Warrants | Volatility | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	20
Underwriter Warrants | Probability of completing a Business Combination
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	60
Underwriter Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	6.75
Underwriter Warrants | Risk-free rate | Pre-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.12
Underwriter Warrants | Risk-free rate | Post-merger
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0.36
Underwriter Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	0
Underwriter Warrants | Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants liability, measurement input	15

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Change in fair value of the warrant liabilities (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Oct. 02, 2020
Change in fair value of the warrant liabilities
Total warrant liabilities	$ 22,436,103	$ 14,583,290
Level 1
Change in fair value of the warrant liabilities
Total warrant liabilities	17,235,686
Warrant liabilities
Change in fair value of the warrant liabilities
Warrant liabilities at the beginning	0
Warrant liability recorded at issuance of warrants at close of IPO and private placement as of October 2, 2020, as adjusted for the issuance of warrants pursuant to the Underwriters' over-allotment option	14,583,290
Change in fair value of warrant liabilities	7,852,813
Total warrant liabilities at the end	$ 22,436,103

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Feb. 09, 2021USD ($)Vote$ / sharesshares	Dec. 31, 2020$ / shares
Class A Common Stock
Subsequent Event [Line Items]
Common stock, par value		$ 0.0001
Class B Common Stock
Subsequent Event [Line Items]
Common stock, par value		$ 0.0001
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Conversion ratio	1
Number of shares issued upon conversion | shares	5,943,750
Subsequent Event | Class B Common Stock
Subsequent Event [Line Items]
Common stock, par value	$ 0.0001
Subsequent Event | Opportunity Financial, LLC
Subsequent Event [Line Items]
Consideration transferred, equity value | $	$ 743,000,000
Per unit value of units retained	$ 10
Cash consideration | $	$ 15,000,000
Subsequent Event | Opportunity Financial, LLC | Class V common stock
Subsequent Event [Line Items]
Common stock, par value	$ 0.0001
Number of votes per share | Vote	1
Earnout Units | shares	25,500,000
Number of share that will be canceled for each Retained Unit | shares	1
Subsequent Event | Opportunity Financial, LLC | Class A Common Stock
Subsequent Event [Line Items]
Common stock, par value	$ 0.0001
Percentage of units expected to own, directly or indirectly by the entity	38.00%
Number of shares per unit exchanged | shares	1
Cash equivalent of the market value of number of shares to be exchanged | shares	1