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Restatement of Previously Issued Financial Statements (Tables)
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of restatement of balance sheet
 

As
Previously
Reported

 

Adjustments

 

As
Restated

Balance sheet as of November 7, 2019 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

3,037,500

 

 

$

3,037,500

 

Common Stock Subject to Possible Redemption

 

 

115,562,660

 

 

 

(3,037,500

)

 

 

112,525,160

 

Common Stock

 

 

401

 

 

 

31

 

 

 

432

 

Additional Paid-in Capital

 

 

5,000,221

 

 

 

19,915

 

 

 

5,020,136

 

Accumulated Deficit

 

 

(621

)

 

 

(19,946

)

 

 

(20,567

)

   

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of December 31, 2019 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

1,975,155

 

 

$

1,975,155

 

Common Stock Subject to Possible Redemption

 

 

125,680,303

 

 

 

(1,975,155

)

 

 

123,705,148

 

Common Stock

 

 

382

 

 

 

20

 

 

 

402

 

Additional Paid-in Capital

 

 

4,898,117

 

 

 

(1,204,671

)

 

 

3,693,446

 

Retained Earnings

 

 

101,502

 

 

 

1,204,651

 

 

 

1,306,153

 

   

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

1,975,155

 

 

$

1,975,155

 

Common Stock Subject to Possible Redemption

 

 

126,056,624

 

 

 

(1,975,155

)

 

 

124,081,469

 

Common Stock

 

 

382

 

 

 

20

 

 

 

402

 

Additional Paid-in Capital

 

 

4,521,796

 

 

 

(1,204,671

)

 

 

3,317,125

 

Retained Earnings

 

 

477,832

 

 

 

1,204,651

 

 

 

1,682,483

 

   

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

1,975,155

 

 

$

1,975,155

 

Common Stock Subject to Possible Redemption

 

 

125,957,664

 

 

 

(1,975,155

)

 

 

123,982,509

 

Common Stock

 

 

383

 

 

 

20

 

 

 

403

 

Additional Paid-in Capital

 

 

4,620,755

 

 

 

(1,204,671

)

 

 

3,416,084

 

Retained Earnings

 

 

378,866

 

 

 

1,204,651

 

 

 

1,583,517

 

   

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

2,172,671

 

 

$

2,172,671

 

Common Stock Subject to Possible Redemption

 

 

125,871,358

 

 

 

(2,172,671

)

 

 

123,698,687

 

Common Stock

 

 

383

 

 

 

22

 

 

 

405

 

Additional Paid-in Capital

 

 

4,707,061

 

 

 

(1,007,157

)

 

 

3,699,904

 

Retained Earnings

 

 

292,558

 

 

 

1,007,135

 

 

 

1,299,693

 

   

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of December 31, 2020 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Warrant Liability

 

$

 

 

$

3,950,311

 

 

$

3,950,311

 

Common Stock Subject to Possible Redemption

 

 

125,781,370

 

 

 

(3,950,311

)

 

 

121,831,059

 

Common Stock

 

 

384

 

 

 

40

 

 

 

424

 

Additional Paid-in Capital

 

 

4,797,048

 

 

 

770,465

 

 

 

5,567,513

 

Retained Earnings (Accumulated Deficit)

 

 

202,578

 

 

 

(770,505

)

 

 

(567,927

)

   

 

 

 

 

 

 

 

 

 

 

 

Schedule of restatement of operations statement
 

As
Previously
Reported

 

Adjustments

 

As
Restated

Statement of Operations for the Period from June 20,
2019 (inception) Through December 31, 2019 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liability

 

$

 

 

$

1,224,597

 

 

$

1,224,597

 

Transaction costs allocable to warrant liability

 

 

 

 

 

(19,946

)

 

 

(19,946

)

Net income

 

 

101,502

 

 

 

1,204,651

 

 

 

1,306,153

 

Weighted average shares outstanding, Common Stock subject to possible redemption

 

 

12,446,534

 

 

 

(318,172

)

 

 

12,128,362

 

Basic and diluted net income per share, Common Stock subject to possible redemption

 

 

0.01

 

 

 

 

 

 

0.01

 

Weighted average shares outstanding, Common Stock

 

 

3,305,465

 

 

 

88,564

 

 

 

3,394,029

 

Basic and diluted net loss per share, Common Stock

 

 

0.03

 

 

 

0.30

 

 

 

0.33

 

   

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the Three Months Ended March 31, 2020 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, Common Stock subject to possible redemption

 

 

12,550,477

 

 

 

(197,240

)

 

 

12,353,237

 

Basic and diluted net income per share, Common Stock subject to possible redemption

 

 

0.04

 

 

 

 

 

 

0.04

 

Weighted average shares outstanding, Common Stock

 

 

3,821,463

 

 

 

197,240

 

 

 

4,018,703

 

Basic and diluted net loss per share, Common Stock

 

 

(0.04

)

 

 

 

 

 

(0.04

)

   

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the Six Months Ended
June 30, 2020 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, Common Stock subject to possible redemption

 

 

12,553,036

 

 

 

(196,999

)

 

 

12,356,037

 

Basic and diluted net income per share, Common Stock subject to possible redemption

 

 

0.04

 

 

 

 

 

 

0.04

 

Weighted average shares outstanding, Common Stock

 

 

3,818,918

 

 

 

196,986

 

 

 

4,015,904

 

Basic and diluted net loss per share, Common Stock

 

 

(0.07

)

 

 

0.01

 

 

 

(0.06

)

   

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the Nine Months Ended September 30, 2020 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liability

 

$

 

 

$

(197,516

)

 

$

197,516

 

Net income (loss)

 

 

191,056

 

 

 

(197,516

)

 

 

(6,460

)

Weighted average shares outstanding, Common Stock subject to possible redemption

 

 

12,550,512

 

 

 

(196,900

)

 

 

12,353,612

 

Basic and diluted net income per share, Common Stock subject to possible redemption

 

 

0.05

 

 

 

 

 

 

0.05

 

Weighted average shares outstanding, Common Stock

 

 

3,821,429

 

 

 

196,899

 

 

 

4,018,328

 

Basic and diluted net loss per share, Common Stock

 

 

(0.10

)

 

 

(0.04

)

 

 

(0.14

)

   

 

 

 

 

 

 

 

 

 

 

 

 

As
Previously
Reported

 

Adjustments

 

As
Restated

Statement of Operations for the Year Ended December 31, 2020 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liability

 

$

 

 

$

(1,975,156

)

 

$

(1,975,156

)

Net income (loss)

 

 

101,076

 

 

 

(1,975,156

)

 

 

(1,874,080

)

Weighted average shares outstanding, Common Stock subject to possible redemption

 

 

12,547,286

 

 

 

(201,796

)

 

 

12,345,490

 

Basic and diluted net income per share, Common Stock subject to possible redemption

 

 

0.05

 

 

 

 

 

 

0.05

 

Weighted average shares outstanding, Common Stock

 

 

3,824,645

 

 

 

201,805

 

 

 

4,026,450

 

Basic and diluted net loss per share, Common Stock

 

 

(0.12

)

 

 

(0.48

)

 

 

(0.60

)

   

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Statement for the Year Ended
December 31, 2019 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

101,502

 

 

$

1,204,651

 

 

$

1,306,153

 

Change in fair value of warrant liability

 

 

 

 

 

(1,224,597

)

 

 

(1,224,597

)

Transaction costs associated with Initial Public Offering

 

 

 

 

 

19,946

 

 

 

19,946

 

Initial classification of Common Stock subject to possible redemption

 

 

125,578,180

 

 

 

(3,199,752

)

 

 

122,378,428

 

Change in value of Common Stock subject to possible redemption

 

 

102,123

 

 

 

1,224,597

 

 

 

1,326,720

 

   

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Statement for the Nine Months Ended September 30, 2020 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

191,056

 

 

$

(197,516

)

 

$

(6,460

)

Change in fair value of warrant liability

 

 

 

 

 

197,516

 

 

 

197,516

 

Change in value of Common Stock subject to possible redemption

 

 

191,055

 

 

 

(197,516

)

 

 

(6,461

)

   

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Statement for the Year Ended December 31, 2020 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

101,076

 

 

$

(1,975,156

)

 

$

(1,874,080

)

Change in fair value of warrant liability

 

 

 

 

 

1,975,156

 

 

 

1,975,156

 

Change in value of Common Stock subject to possible redemption

 

 

101,067

 

 

 

(1,975,156

)

 

 

(1,874,089

)