Quarterly report pursuant to Section 13 or 15(d)

Restatement of Interim Financial Statements

v3.21.1
Restatement of Interim Financial Statements
 3 Months Ended
Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]  
Restatement of Interim Financial Statements

Note 2 – Restatement of Interim Financial Statements

 

Due to a misapplication of the accounting treatment related to its ordinary shares subject to redemption, non-redeemable ordinary shares and additional paid-in capital for maintaining minimum net tangible assets of at least $5 million following any ordinary share redemption, the Company’s previously issued interim condensed financial statements for the quarterly period ended March 31, 2021 should no longer be relied upon. As such, the Company is restating its unaudited interim condensed financial statements as of and for three months ended March 31, 2021 included in this Report.

 

Impact of the Restatement

 

The impact of the restatement on the Condensed Statement balance sheet as of March 31, 2021 included in this Report is presented below.

Schedule of Impact of Restatement

    As Previously Reported     Adjustments     As Restated  
Statement of Operations for the three months ended March 31, 2021 (unaudited)                  
                   
Ordinary shares subject to redemption:                        
Number of shares outstanding     623,332       698,764       1,322,096  
Amount   $ 6,385,035   $ 7,157,714   $ 13,542,749
Ordinary shares excluding shares subject to possible redemption     3,793,764       (698,764 )     3,095,000  
Number of shares outstanding                        
Common stock value   $ (380 )   $ 70     $ (310 )
Additional paid-in capital   $ (5,322,270 )   $ 5,322,270     $ -  
Accumulated deficit   $ 322,646     $ 1,835,374     $ 2,158,020  

 

The impact of the restatement on the Condensed Statement of operations for the three months ended March 31, 2021 included in this filing is presented below.

 

      As Previously       Adjustments       As restated  
Basic and diluted weighted average shares outstanding, Ordinary shares subject to possible redemption     767,189       376,169       1,143,358  
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares     3,650,004       (376,169 )     3,273,835  
Basic and diluted net loss per share, Non-redeemable ordinary shares   $ (0.40 )   $ (0.05 )   $ (0.45 )

 

The impact of the restatement on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 included in this filing is presented below.

 

    As Previously Reported     Adjustments     As Restated  
Statement of Cash Flows for the three months ended March 31, 2021 (unaudited)                  
                   
Non-Cash Investing and Financing Activities:                        
Change in value of ordinary shares subject to possible redemption     (1,475,478 )     7,157,714       5,682,236