Restatement Of Previously Issued Financial Statements | NOTE 2. RESTATEMENT In connection with the preparation of the Company’s financial statements as of September 30, 2021, management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its common stock subject to possible redemption. The Company previously determined the common stock subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Public Shares underlying the Units issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all shares of common stock subject to possible redemption, resulting in the common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification error related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the common stock subject to possible redemption with the offset recorded to additional paid-in In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”; the Company evaluated the changes and has determined that the related impact was material to previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements should be restated to present all public shares as temporary equity. As such the Company is reporting upon restatement to those periods in this Quarterly Report. The impact of the restatement on the Company’s financial statements is reflected in the following tables:. Balance Sheet as of March 4, 2021 (audited) As Previously Reported Adjustment As Restated Common stock subject to possible redemption $ 320,226,666 $ 24,773,334 $ 345,000,000 Common stock $ 36 $ (26 ) $ 10 Additional paid-in $ 5,615,776 $ (5,615,776 ) $ — Accumulated deficit $ (615,896 ) $ (19,157,532 ) $ (19,773,428 ) Total Stockholders’ Equity (Deficit) $ 5,000,002 $ (24,773,334 ) $ (19,773,332 ) Class A Common stock subject to possible redemption 32,022,667 2,477,333 34,500,000 Balance Sheet as of March 31, 2021 Common stock subject to possible redemption $ 319,504,256 $ 25,495,744 $ 345,000,000 Common stock $ 36 $ (26 ) $ 10 Additional paid-in capital $ 6,338,186 $ (6,338,186 ) $ — Accumulated deficit $ (1,338,304 ) $ (19,157,532 ) $ (20,495,836 ) Total Shareholders’ Equity (Deficit) $ 5,000,004 $ (25,495,744 ) $ (20,495,740 ) Class A Common stock subject to possible redemption 31,950,426 2,549,574 34,500,000 Balance Sheet as of June 30, 2021 Class A Common stock subject to possible redemption $ 320,100,199 $ 24,899,801 $ 345,000,000 Class A Common stock $ 35 $ (25 ) $ 10 Additional paid-in capital $ 5,742,244 $ (5,742,244 ) $ — Accumulated deficit $ (742,360 ) $ (19,157,532 ) $ (19,899,892 ) Total Shareholders’ Equity (Deficit) $ 5,000,005 $ (24,899,801 ) $ (19,899,796 ) Class A Common stock subject to possible redemption 32,010,020 2,489,980 34,500,000 Statement of Operations for the Three Months Ended March 31, 2021 Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 32,022,666 (32,022,666 ) — Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption $ — $ — $ — Basic and diluted weighted average shares outstanding, Non-redeemable common stock 8,891,200 (8,891,200 ) — Basic and diluted net income (loss) per share, Non-redeemable common stock $ 0.15 $ (0.15 ) $ — Weighted average shares outstanding of Class A common stock — 10,660,500 10,660,500 Basic and diluted net income per share, Class A common stock $ — $ (0.07 ) $ (0.07 ) Weighted average shares outstanding of Class B common stock — 7,837,500 7,837,500 Basic and diluted net income per share, Class B common stock $ — $ (0.07 ) $ (0.07 ) Statement of Operations for the Three Months Ended June 30, 2021 Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 32,010,020 (32,010,020 ) — Basic and diluted net income per share, Class A common stock subject to possible redemption $ — $ — $ — Basic and diluted weighted average shares outstanding, Non-redeemable common stock 12,209,862 (12,209,862 ) — Basic and diluted net loss (income) per share, Non-redeemable common stock $ 0.05 $ (0.05 ) $ — Weighted average shares outstanding of Class A common stock — 35,535,000 35,535,000 Basic and diluted net loss per share, Class A common stock $ — $ 0.01 $ 0.01 Weighted average shares outstanding of Class B common stock — 8,625,000 8,625,000 Basic and diluted net loss per share, Class B common stock $ — $ 0.01 $ 0.01 Statement of Operations for the Six Months Ended June 30, 2021 Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption 32,010,020 (32,010,020 ) — Basic and diluted net income per share, Class A common stock subject to possible redemption $ — $ — $ — Basic and diluted weighted average shares outstanding, Non-redeemable common stock 10,559,699 (10,559,699 ) — Basic and diluted net income (loss) per share, Non-redeemable common stock $ (0.07 ) $ 0.07 $ — Weighted average shares outstanding of Class A common stock — 23,166,464 23,166,464 Basic and diluted net income per share, Class A common stock $ — $ (0.02 ) $ (0.02 ) Weighted average shares outstanding of Class B common stock — 8,233,425 8,233,425 Basic and diluted net income per share, Class B common stock $ — $ (0.02 ) $ (0.02 ) Statement of Stockholders’ Equity (Deficit) as of March 31, 2021 Sale of 34,500,000 units (Class A Common stock subject to redemption), net of underwriting discounts 315,778,064 (315,778,064 ) $ — Common stock subject to possible redemption (319,504,256 ) 319,504,256 $ — Accretion for Class A common stock to redemption amount — (29,221,936 ) $ (29,221,936 ) Total Stockholders’ equity (deficit) 5,000,004 (25,495,744 ) $ (20,495,740 ) Statement of Stockholders’ Equity (Deficit) as of June 30, 2021 Change in value of common stock subject to possible redemption $ 595,493 $ (595,493 ) $ — Total Stockholders’ Equity (Deficit) $ 5,000,005 $ (24,899,801 ) $ (19,899,796 ) Statement of Cash Flows for the Three Months Ended March 31, 2021 Initial classification of common stock subject to possible redemption $ 319,504,256 $ 25,495,744 $ 345,000,000 Change in value of Class A common stock subject to possible redemption $ 722,410 $ (722,410 ) $ — Statement of Cash Flows for the Six Months Ended June 30, 2021 Initial classification of common stock subject to possible redemption $ 320,226,660 $ 24,773,340 $ 345,000,000 Change in value of Class A common subject to possible redemption $ (126,461 ) $ 126,461 $ — |