| Summary of Restatement of Financial Statement |
The Company’s accounting for the warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported operating expenses or cash.
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As
Previously
Reported
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Adjustments |
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As
Restated
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Balance sheet as of November 5, 2019 (audited) |
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$ |
9,625,000 |
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$ |
13,037,500 |
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$ |
22,662,500 |
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|
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— |
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|
13,037,500 |
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|
13,037,500 |
|
Class A Common Stock Subject to Possible Redemption |
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261,728,500 |
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(13,037,500 |
) |
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248,691,000 |
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133 |
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130 |
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|
263 |
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Additional Paid-in Capital |
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5,016,450 |
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491,371 |
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5,507,821 |
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(17,365 |
) |
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(491,501 |
) |
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(508,866 |
) |
Total Stockholders’ Equity |
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5,000,009 |
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— |
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5,000,009 |
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Number of Class A common stock subject to redemption |
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26,172,850 |
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(1,303,750 |
) |
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24,869,100 |
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Balance sheet as of December 31, 2019 (audited) |
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$ |
11,345,118 |
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$ |
21,807,000 |
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$ |
33,152,118 |
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— |
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21,807,000 |
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21,807,000 |
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Class A Common Stock Subject to Possible Redemption |
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301,900,836 |
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(21,807,000 |
) |
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280,093,836 |
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148 |
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217 |
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365 |
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Additional Paid-in Capital |
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4,650,349 |
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7,560,356 |
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12,210,705 |
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(Accumulated Deficit) Retained Earnings |
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348,716 |
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(7,560,573 |
) |
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(7,211,857 |
) |
Total Stockholders’ Equity |
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5,000,004 |
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— |
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5,000,004 |
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Number of Class A common stock subject to redemption |
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30,142,702 |
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(2,177,278 |
) |
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27,965,424 |
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Balance sheet as of March 31, 2020 (unaudited) |
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$ |
11,569,881 |
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$ |
16,413,500 |
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$ |
27,983,381 |
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— |
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16,413,500 |
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16,413,500 |
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Class A Common Stock Subject to Possible Redemption |
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302,949,785 |
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(16,413,500 |
) |
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286,536,285 |
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150 |
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163 |
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313 |
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Additional Paid-in Capital |
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3,601,398 |
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2,166,910 |
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5,768,308 |
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(Accumulated Deficit) Retained Earnings |
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1,397,670 |
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(2,167,073 |
) |
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(769,403 |
) |
Total Stockholders’ Equity |
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5,000,009 |
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— |
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5,000,009 |
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Number of Class A common stock subject to redemption |
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30,120,192 |
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(1,631,880 |
) |
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28,488,312 |
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Balance sheet as of June 30, 2020 (unaudited) |
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$ |
11,436,321 |
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$ |
25,427,625 |
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$ |
36,863,946 |
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— |
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25,427,625 |
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25,427,625 |
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Class A Common Stock Subject to Possible Redemption |
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302,835,347 |
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(25,427,625 |
) |
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277,407,722 |
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150 |
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253 |
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403 |
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Additional Paid-in Capital |
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3,715,836 |
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11,180,945 |
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14,896,781 |
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(Accumulated Deficit) Retained Earnings |
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1,283,227 |
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(11,181,198 |
) |
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(9,897,971 |
) |
Total Stockholders’ Equity |
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5,000,004 |
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— |
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5,000,004 |
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Number of Class A common stock subject to redemption |
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30,119,559 |
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(2,528,994 |
) |
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27,590,565 |
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Balance sheet as of September 30, 2020 (unaudited) |
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$ |
12,941,784 |
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$ |
34,042,250 |
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$ |
46,984,034 |
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— |
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34,042,250 |
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34,042,250 |
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Class A Common Stock Subject to Possible Redemption |
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300,966,968 |
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(34,042,250 |
) |
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266,924,718 |
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171 |
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338 |
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509 |
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Additional Paid-in Capital |
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5,584,194 |
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19,795,485 |
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25,379,679 |
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(585,146 |
) |
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(19,795,823 |
) |
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(20,380,969 |
) |
Total Stockholders’ Equity |
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5,000,010 |
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— |
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5,000,010 |
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Number of Class A common stock subject to redemption |
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29,908,965 |
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(3,382,991 |
) |
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26,525,974 |
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Balance sheet as of December 31, 2020 (audited) |
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$ |
13,226,713 |
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$ |
35,731,875 |
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$ |
48,958,588 |
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— |
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35,731,875 |
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35,731,875 |
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Class A Common Stock Subject to Possible Redemption |
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300,560,310 |
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(35,731,875 |
) |
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264,828,435 |
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175 |
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355 |
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530 |
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Additional Paid-in Capital |
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5,990,848 |
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21,485,093 |
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27,475,941 |
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(991,805 |
) |
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(21,485,448 |
) |
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(22,477,253 |
) |
Total Stockholders’ Equity |
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5,000,009 |
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— |
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5,000,009 |
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Number of Class A common stock subject to redemption |
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29,866,487 |
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(3,550,654 |
) |
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26,315,833 |
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Statement of Operations for Year ended December 31, 2019 (audited) |
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$ |
350,893 |
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$ |
(7,560,573 |
) |
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$ |
(7,209,680 |
) |
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— |
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(560,698 |
) |
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(560,698 |
) |
Change in fair value of warrant liabilities |
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— |
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(6,999,875 |
) |
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(6,999,875 |
) |
Weighted average shares outstanding of Class A redeemable common stock |
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29,584,814 |
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(1,455,432 |
) |
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28,129,383 |
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Basic and diluted net income per share, Class A redeemable common stock |
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0.02 |
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— |
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0.02 |
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Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
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7,591,097 |
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223,299 |
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7,814,396 |
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Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
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(0.02 |
) |
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(0.96 |
) |
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(0.98 |
) |
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Statement of Operations for Three months ended March 31, 2020 (unaudited) |
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$ |
1,048,954 |
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$ |
5,393,500 |
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$ |
6,442,454 |
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Change in fair value of warrant liabilities |
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— |
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|
5,393,500 |
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5,393,500 |
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Weighted average shares outstanding of Class A redeemable common stock |
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30,120,192 |
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(2,177,278 |
) |
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27,965,424 |
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Basic and diluted net income per share, Class A redeemable common stock |
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0.00 |
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— |
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|
0.00 |
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Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
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9,388,548 |
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2,177,278 |
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11,565,826 |
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Basic and diluted net income (loss) per share, Class A and Class B non-redeemable common stock |
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(0.02 |
) |
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|
0.48 |
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|
0.46 |
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Statement of Operations for Three months ended June 30, 2020 (unaudited) |
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$ |
(114,443 |
) |
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$ |
(9,014,125 |
) |
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$ |
(9,128,568 |
) |
Change in fair value of warrant liabilities |
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— |
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|
(9,014,125 |
) |
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(9,014,125 |
) |
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Weighted average shares outstanding of Class A redeemable common stock |
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30,119,559 |
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(1,631,880 |
) |
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28,488,312 |
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Basic and diluted net income per share, Class A redeemable common stock |
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|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
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|
9,411,058 |
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|
1,631,880 |
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|
11,042,938 |
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Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
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(0.02 |
) |
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|
(0.81 |
) |
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(0 . 83 |
) |
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Statement of Operations for Six months ended June 30, 2020 (unaudited) |
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$ |
934,511 |
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$ |
(3,620,625 |
) |
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$ |
(2,686,114 |
) |
Change in fair value of warrant liabilities |
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|
— |
|
|
|
(3,620,625 |
) |
|
|
(3,620,625 |
) |
Weighted average shares outstanding of Class A redeemable common stock |
|
|
30,131,447
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|
|
|
(1,904,579 |
) |
|
|
28,226,868 |
|
Basic and diluted net income per share, Class A redeemable common stock |
|
|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
|
|
9,399,803 |
|
|
|
1,904,579 |
|
|
|
11,304,382 |
|
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
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(0.03 |
) |
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|
(0.31 |
) |
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(0.34 |
) |
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|
Statement of Operations for Three months ended September 30, 2020 (unaudited) |
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$ |
(1,868,373 |
) |
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$ |
(8,614,625 |
) |
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$ |
(10,482,998 |
) |
Change in fair value of warrant liabilities |
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|
— |
|
|
|
(8,614,625 |
) |
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|
(8,614,625 |
) |
Weighted average shares outstanding of Class A redeemable common stock |
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|
29,908,965 |
|
|
|
(2,528,994 |
) |
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|
27,590,565 |
|
Basic and diluted net income per share, Class A redeemable common stock |
|
|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
|
|
9,411,691 |
|
|
|
2,528,994 |
|
|
|
11,940,685 |
|
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
|
|
(0.21 |
) |
|
|
(0.67 |
) |
|
|
(0.88 |
) |
| |
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|
Statement of Operations for Nine months ended September 30, 2020 (unaudited) |
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|
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|
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|
|
|
|
|
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$ |
(933,862 |
) |
|
$ |
(12,235,250 |
) |
|
$ |
(13,169,112 |
) |
Change in fair value of warrant liabilities |
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|
— |
|
|
|
(12,235,250 |
) |
|
|
(12,235,250 |
) |
Weighted average shares outstanding of Class A redeemable common stock |
|
|
30,127,455 |
|
|
|
(2,114,237 |
) |
|
|
28,013,219 |
|
Basic and diluted net income per share, Class A redeemable common stock |
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|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
|
|
9,403,795 |
|
|
|
2,114,237 |
|
|
|
11,518,031 |
|
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
|
|
(0.25 |
) |
|
|
(1.00 |
) |
|
|
(1.25 |
) |
| |
|
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|
Statement of Operations for Year ended December 31, 2020 (audited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,340,521 |
) |
|
$ |
(13,924,875 |
) |
|
$ |
(15,265,396 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
(13,924,875 |
) |
|
|
(13,924,875 |
) |
Weighted average shares outstanding of Class A redeemable common stock |
|
|
22,578,037 |
|
|
|
5,061,339 |
|
|
|
27,639,376 |
|
Basic and diluted net income per share, Class A redeemable common stock |
|
|
0.06 |
|
|
|
(0.01 |
) |
|
|
0.05 |
|
Weighted average shares outstanding of Class A and Class B non-redeemable common stock |
|
|
9,458,716 |
|
|
|
2,433,158 |
|
|
|
11,891,874 |
|
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
|
|
(0.29 |
) |
|
|
(1.10 |
) |
|
|
(1.39 |
) |
| |
|
|
|
Statements of Cash Flows for Year ended December 31, 2019 (audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
350,893 |
|
|
$ |
(7,560,573 |
) |
|
$ |
(7,209,680 |
) |
Transaction costs allocable to warrant liabilities |
|
|
— |
|
|
|
560,698 |
|
|
|
560,698 |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
6,999,875 |
|
|
|
6,999,875 |
|
| |
|
|
|
Statements of Cash Flows for Period ended March 31, 2020 (audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,048,954 |
|
|
$ |
5,393,500 |
|
|
$ |
6,442,454 |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
(5,393,500 |
) |
|
|
(5,393,500 |
) |
| |
|
|
|
Statements of Cash Flows for six months ended June 30, 2020 (audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
934,511 |
|
|
$ |
(3,620,625 |
) |
|
$ |
(2,686,114 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
3,620,625 |
|
|
|
3,620,625 |
|
Statements of Cash Flows for nine months ended September 30, 2020 (audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(933,862 |
) |
|
$ |
(12,235,250 |
) |
|
$ |
(13,169,112 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
12,235,250 |
|
|
|
12,235,250 |
|
Statements of Cash Flows for Year ended December 31, 2020 (audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,340,521 |
) |
|
$ |
(13,924,875 |
) |
|
$ |
(15,265,396 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
13,924,875 |
|
|
|
13,924,875 |
|
|