Restatement of Previously Issued Financial Statements | Note 2 — Restatement of Previously Issued Financial Statements In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate its previously reported financial statements. The Company previously determined the Class A common stock subject to possible redemption to be equal to the redemption value of Based upon an interpretation issued by the SEC in September 2021, the Company, as part of its review of its financial statements for the period ended September 30, 2021, reevaluated the classification of the Class A common stock and determined that the Class A common stock issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480-10-S99. Therefore, management concluded that the carrying value should include all Class A common stock subject to possible redemption, resulting in the Class A common stock subject to possible redemption being classified as temporary equity in its entirety. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A common stock. In connection with the change in presentation for the Class A common stock subject to redemption, the Company also restated its earnings per share calculation to allocate net income (loss) evenly 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 common stock share pro rata in the income (loss) of the Company. There has been no change in the Company’s total assets, liabilities or operating results. The impact of the restatement on the Company’s financial statements is reflected in the following table. As Previously Adjustments As Restated Balance Sheet at May 28, 2021 Class A common stock subject to possible redemption $ 202,881,630 $ 22,118,370 $ 225,000,000 Class A common stock 221 (221 ) — Class B common stock 647 — 647 Additional paid-in 5,393,051 (5,393,051 ) — Accumulated deficit $ (393,910 ) $ (16,725,098 ) $ (17,119,008 ) Total stockholders’ equity (deficit) 5,000,009 (22,118,370 ) (17,118,361 ) Number of shares subject to redemption 20,288,163 2,211,837 22,500,000 Balance Sheet at June 30, 2021 Class A common stock subject to possible redemption $ 202,617,880 $ 22,383,064 $ 225,000,944 Class A common stock 224 (224 ) — Class B common stock 647 — 647 Additional paid-in 5,658,784 (5,658,784 ) — Accumulated deficit $ (659,645 ) $ (16,724,056 ) $ (17,383,701 ) Total stockholders’ equity (deficit) 5,000,010 (22,383,064 ) (17,383,054 ) Number of shares subject to redemption 20,261,788 2,238,212 22,500,000 Statement of Operations for the three months ended June 30, 2021 Basic and diluted weighted average shares outstanding, Class A 7,357,246 802,095 8,159,341 Basic and diluted net income (loss) per share $ 0.00 $ (0.05 ) $ (0.05 ) Basic and diluted weighted average shares outstanding, non-redeemable 7,270,845 (1,645,845 ) 5,625,000 Basic and diluted net loss per share $ (0.09 ) $ 0.04 $ (0.05 ) Statement of Operations for the period from January 28, 2021 Basic and diluted weighted average shares outstanding, Class A 4,404,667 480,201 4,884,868 Basic and diluted net income (loss) per share $ 0.00 $ (0.06 ) $ (0.06 ) Basic and diluted weighted average shares outstanding, non-redeemable 6,948,951 (1,323,951 ) 5,625,000 Basic and diluted net loss per share $ (0.09 ) $ 0.03 $ (0.06 ) Statement of Stockholders’ Equity for the three months ended Class A common stock subject to possible redemption $ (202,617,880) $ (22,383,064) $ (225,000,944) Statement of Stockholders’ Equity for the period from January 28, Class A common stock subject to possible redemption $ (202,617,880) $ (22,383,064) $ (225,000,944) Statement of Cash Flows for the period from January 28, 2021 (inception) through June 30, 2021 Initial value of Class A common stock subject to possible redemption $ 202,881,630 $ 22,118,370$ $ 225,000,000 Change in value of Class A common stock subject to possible $ (263,750 ) $ 264,694 $ 944 |