Restatement of Previously Issued Financial Statements | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity . The reclassification of amounts from permanent equity to temporary equity result in non-cash financial statement corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses or total operating, investing or financing cash flows. In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company has revised its earnings per share calculation to allocate income and losses shared pro rata between Class A and Class B shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, Class A and Class B shares share pro rata in the income and losses of the Company. The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods, indicated: June 30, 2021 As Previously Adjustments As Restated Condensed Balance Sheet (unaudited) Class A common stock subject to possible redemption $ 218,774,320 $ 11,225,680 $ 230,000,000 Class A common stock $ 184 $ (112 ) $ 72 Additional paid-in capital $ 5,206,491 $ (5,206,491 ) $ — Accumulated deficit $ (207,244 ) $ (6,019,077 ) $ (6,226,321 ) Total stockholders’ equity (deficit) $ 5,000,006 $ (11,225,680 ) $ (6,225,674 ) Shares of Class A common stock subject to possible redemption 21,877,432 1,122,568 23,000,000 Class A common stock 1,838,068 (1,122,568 ) 715,500 Condensed Statement of Operations for the Three Months Ended June 30, 2021 (unaudited) Basic and diluted weighted average shares outstanding, Class A common stock 21,877,432 (13,277,306 ) 8,600,126 Basic and diluted net income (loss) per share, Class A common stock $ 0.00 $ (0.01 ) $ (0.01 ) Basic and diluted weighted average shares outstanding, Class B common stock (1) 7,110,046 (1,838,068 ) 5,271,978 Basic and diluted net loss per share, Class B common stock $ (0.03 ) $ 0.02 $ (0.01 ) Condensed Statement of Operations for the Period From March 1, 2021 (Inception) Through June 30, 2021 (unaudited) Basic and diluted weighted average shares outstanding, Class A common stock 21,877,432 (15,409,568 ) 6,467,864 Basic and diluted net income (loss) per share, Class A common stock $ 0.00 $ (0.02 ) $ (0.02 ) Basic and diluted weighted average shares outstanding, Class B common stock (1) 7,042,613 (2,127,324 ) 4,915,289 Basic and diluted net loss per share, Class B common stock $ (0.03 ) $ 0.01 $ (0.02 ) Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (unaudited) Sale of 23,000,000 shares of Class A common stock in Initial Public Offering, net of offering costs $ 217,199,768 $ (217,199,768 ) $ — Sale of 715,500 shares of Class A common stock in private placement to Sponsor, net of offering costs $ 6,756,802 $ 381,635 $ 7,138,437 Class A common stock subject to possible redemption $ (218,774,320 ) $ 218,774,320 $ — Accretion of redeemable Class A common stock to redemption amount $ — $ (13,181,867 ) $ (13,181,867 ) Condensed Statement of Cash Flows for the Period From March 1, 2021 (Inception) Through June 30, 2021 (unaudited) Supplemental disclosures of non-cash investing and financing activities Class A common stock subject to possible redemption $ 218,774,320 $ (218,774,320 ) $ — Accretion of Class A common stock to redemption amount $ — $ 13,181,867 $ 13,181,867 (1) Prior to the change in presentation for the Class A common stock subject to possible redemption, the Company applied to two class method of earnings per share, allocating net income between redeemable Class A common stock and non-redeemable Class A and Class B common stock. As such, a portion of the Class A common stock was included in the weighted average shares outstanding of Class B common stock in the As Previously Reported balances. |