Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In the Company’s previously issued financial statements, a portion of the public shares were classified as permanent equity to maintain stockholders’ equity greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. Thus, the Company can only complete a merger and continue to exist as a public company if there is sufficient Public Shares that do not redeem at the merger and so it was deemed appropriate to classify the portion of its public shares required to keep its stockholders’ equity above the $5,000,000 threshold as “shares not subject to redemption.” Management re-evaluated the Company’s application of ASC 480-10-99 to its accounting classification of public shares. Upon re-evaluation, management determined that the public shares include certain provisions that require classification of the public shares as temporary equity regardless of the minimum net tangible assets required by the Company to complete its initial business combination. In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company also revised its earnings per share calculation to allocate income and losses pro rata to Class A and Class B common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of stock share pro rata in the income and losses of the Company. In accordance Impact of the Restatement The impact to the financial statements as of June 30, 2021 and March 31, 2021 is presented below: As Reported Adjustment As Restated Balance Sheet as of March 31, 2021 (per form 10Q filed on May 28, 2021) Class A Common stock subject to possible redemption ($) $ 144,776,850 $ 27,723,150 $ 172,500,000 Class A common stock, $0.0001 par value 277 (277 ) — Additional Paid in Capital 7,898,093 (7,898,093 ) — Accumulated Deficit (2,898,798 ) (19,824,780 ) (22,723,578 ) Total Stockholders’ Equity (Deficit) 5,000,003 (27,723,150 ) (22,723,147 ) Class A common stock subject to redemption 14,477,685 2,772,315 17,250,000 Statement of Operations for the three months ended March 31, 2021 (per form 10Q filed on May 28, 2021) Weighted average shares outstanding, Class A common stock basic and diluted 17,250,000 (9,583,333 ) 7,666,667 Weighted average shares outstanding, Class B common stock basic and diluted 4,006,250 6,250 4,000,000 EPS – Class A common stock $ — $ (0.25 ) $ (0.25 ) EPS – Class B common stock $ (0.72 ) $ 0.47 $ (0.25 ) As Reported Adjustment As Restated Condensed Statement of Cash Flows Supplemental disclosure of cash flow information: Initial value of Class A common stock subject to possible redemption $ 143,583,030 $ 143,583,030 $ — Change in value of Class A common stock subject to possible redemption $ (806,180 ) $ 806,180 $ — As Reported Adjustment As Restated Balance Sheet as of June 30, 2021 (per form 10Q filed on August 13, 2021) Class A common stock subject to possible redemption ($) $ 150,116,470 $ 22,383,530 $ 172,500,000 Class A common stock, $ 0.0001 224 (224 ) — Additional Paid in Capital 2,558,526 (2,558,526 ) — Retained Earnings (Accumulated Deficit) 2,440,823 (19,824,780 ) (17,383,957 ) Total Stockholders’ Equity (Deficit) 5,000,004 (22,383,530 ) (17,383,526 ) Class A common stock subject to redemption 15,011,647 2,238,353 17,250,000 Statement of Operations for the six months ended June 30, 2021 (per form 10Q filed on August 13, 2021) Weighted average shares outstanding, Class A common stock basic and diluted 17,250,000 4,765,193 12,484,807 Weighted average shares outstanding, Class B common stock basic 4,160,221 3,108 4,157,113 Weighted average shares outstanding, Class B common stock diluted 4,312,500 — 4,312,500 EPS – Class A common stock $ — $ 0.15 $ 0.15 Basic EPS – Class B common stock $ 0.59 $ (0.44 ) $ 0.15 Diluted EPS – Class B common stock $ 0.57 $ (0.42 ) $ 0.15 Statement of Operations for the three months ended June 30, 2021 (per form 10Q filed on August 13, 2021) Weighted average shares outstanding, Class A common stock basic and diluted 17,250,000 — 17,250,000 Weighted average shares outstanding, Class B common stock basic and diluted 4,312,500 — 4,312,500 EPS – Class A common stock $ — $ 0.25 $ 0.25 EPS – Class B common stock $ 1.24 $ (0.99 ) $ 0.25 As Reported Adjustment As Restated Condensed Statement of Cash Flows for the six months ended June 30, 2021 Supplemental disclosure of cash flow information: Initial value of Class A common stock subject to possible redemption $ 145,583,030 $ 145,583,080 $ — Change in value of Class A common stock subject to possible redemption $ 4,533,441 $ (4,533,441 ) $ — |