Restatement Of Previously Issued Financial Statements | NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of common shares, all holders of the warrants would be entitled to receive cash for their warrants (the “tender offer provision”). In connection with the audit of the Company’s financial statements for the year ended December 31, 2020, the Company’s management further evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Section 815-40-15 Section 815-40-15, Section 815-40-15 fixed-for-fixed Section 815-40-25. As a result of the above, the Company should have classified the warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period ( S 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. As Previously Adjustments As Restated Balance sheet as of November 5, 2019 (audited) Total Liabilities $ 9,625,000 $ 13,037,500 $ 22,662,500 Warrant Liabilities — 13,037,500 13,037,500 Class A Common Stock Subject to Possible Redemption 261,728,500 (13,037,500 ) 248,691,000 Class A Common Stock 133 130 263 Additional Paid-in Capital 5,016,450 491,371 5,507,821 Accumulated Deficit (17,365 ) (491,501 ) (508,866 ) Total Stockholders’ Equity 5,000,009 — 5,000,009 Number of Class A common stock subject to redemption 26,172,850 (1,303,750 ) 24,869,100 Balance sheet as of December 31, 2019 (audited) Total Liabilities $ 11,345,118 $ 21,807,000 $ 33,152,118 Warrant Liabilities — 21,807,000 21,807,000 Class A Common Stock Subject to Possible Redemption 301,900,836 (21,807,000 ) 280,093,836 Class A Common Stock 148 217 365 Additional Paid-in Capital 4,650,349 7,560,356 12,210,705 (Accumulated Deficit) Retained Earnings 348,716 (7,560,573 ) (7,211,857 ) Total Stockholders’ Equity 5,000,004 — 5,000,004 Number of Class A common stock subject to redemption 30,142,702 (2,177,278 ) 27,965,424 Balance sheet as of March 31, 2020 (unaudited) Total Liabilities $ 11,569,881 $ 16,413,500 $ 27,983,381 Warrant Liabilities — 16,413,500 16,413,500 Class A Common Stock Subject to Possible Redemption 302,949,785 (16,413,500 ) 286,536,285 Class A Common Stock 150 163 313 Additional Paid-in Capital 3,601,398 2,166,910 5,768,308 (Accumulated Deficit) Retained Earnings 1,397,670 (2,167,073 ) (769,403 ) Total Stockholders’ Equity 5,000,009 — 5,000,009 Number of Class A common stock subject to redemption 30,120,192 (1,631,880 ) 28,488,312 Balance sheet as of June 30, 2020 (unaudited) Total Liabilities $ 11,436,321 $ 25,427,625 $ 36,863,946 Warrant Liabilities — 25,427,625 25,427,625 Class A Common Stock Subject to Possible Redemption 302,835,347 (25,427,625 ) 277,407,722 Class A Common Stock 150 253 403 Additional Paid-in Capital 3,715,836 11,180,945 14,896,781 (Accumulated Deficit) Retained Earnings 1,283,227 (11,181,198 ) (9,897,971 ) Total Stockholders’ Equity 5,000,004 — 5,000,004 Number of Class A common stock subject to redemption 30,119,559 (2,528,994 ) 27,590,565 Balance sheet as of September 30, 2020 (unaudited) Total Liabilities $ 12,941,784 $ 34,042,250 $ 46,984,034 Warrant Liabilities — 34,042,250 34,042,250 Class A Common Stock Subject to Possible Redemption 300,966,968 (34,042,250 ) 266,924,718 Class A Common Stock 171 338 509 Additional Paid-in Capital 5,584,194 19,795,485 25,379,679 Accumulated Deficit (585,146 ) (19,795,823 ) (20,380,969 ) Total Stockholders’ Equity 5,000,010 — 5,000,010 Number of Class A common stock subject to redemption 29,908,965 (3,382,991 ) 26,525,974 Balance sheet as of December 31, 2020 (audited) Total Liabilities $ 13,226,713 $ 35,731,875 $ 48,958,588 Warrant Liabilities — 35,731,875 35,731,875 Class A Common Stock Subject to Possible Redemption 300,560,310 (35,731,875 ) 264,828,435 Class A Common Stock 175 355 530 Additional Paid-in Capital 5,990,848 21,485,093 27,475,941 Accumulated Deficit (991,805 ) (21,485,448 ) (22,477,253 ) Total Stockholders’ Equity 5,000,009 — 5,000,009 Number of Class A common stock subject to redemption 29,866,487 (3,550,654 ) 26,315,833 Statement of Operations for Year ended December 31, 2019 (audited) Net income (loss) $ 350,893 $ (7,560,573 ) $ (7,209,680 ) Transaction Costs — (560,698 ) (560,698 ) Change in fair value of warrant liabilities — (6,999,875 ) (6,999,875 ) Weighted average shares outstanding of Class A redeemable common stock 29,584,814 (1,455,432 ) 28,129,383 Basic and diluted net income per share, Class A redeemable common stock 0.02 — 0.02 Weighted average shares outstanding of Class A and Class B non-redeemable common stock 7,591,097 223,299 7,814,396 Basic and diluted net loss per share, Class A and Class B non-redeemable common stock (0.02 ) (0.96 ) (0.98 ) Statement of Operations for Three months ended March 31, 2020 (unaudited) Net loss $ 1,048,954 $ 5,393,500 $ 6,442,454 Change in fair value of warrant liabilities — 5,393,500 5,393,500 Weighted average shares outstanding of Class A redeemable common stock 30,120,192 (2,177,278 ) 27,965,424 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 9,388,548 2,177,278 11,565,826 Basic and diluted net income (loss) per share, Class A and Class B non-redeemable common stock (0.02 ) 0.48 0.46 Statement of Operations for Three months ended June 30, 2020 (unaudited) Net loss $ (114,443 ) $ (9,014,125 ) $ (9,128,568 ) Change in fair value of warrant liabilities — (9,014,125 ) (9,014,125 ) Weighted average shares outstanding of Class A redeemable common stock 30,119,559 (1,631,880 ) 28,488,312 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 9,411,058 1,631,880 11,042,938 Basic and diluted net loss per share, Class A and Class B non-redeemable common stock (0.02 ) (0.81 ) (0 . ) Statement of Operations for Six months ended June 30, 2020 (unaudited) Net loss $ 934,511 $ (3,620,625 ) $ (2,686,114 ) Change in fair value of warrant liabilities — (3,620,625 ) (3,620,625 ) Weighted average shares outstanding of Class A redeemable common stock 30,131,447 (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 (0.03 ) (0.31 ) (0.34 ) Statement of Operations for Three months ended September 30, 2020 (unaudited) Net loss $ (1,868,373 ) $ (8,614,625 ) $ (10,482,998 ) Change in fair value of warrant liabilities — (8,614,625 ) (8,614,625 ) Weighted average shares outstanding of Class A redeemable common stock 29,908,965 (2,528,994 ) 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 ) Statement of Operations for Nine months ended September 30, 2020 (unaudited) Net loss $ (933,862 ) $ (12,235,250 ) $ (13,169,112 ) Change in fair value of warrant liabilities — (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 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 ) Statement of Operations for Year ended December 31, 2020 (audited) Net loss $ (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) Net loss $ 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) Net loss $ 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) Net loss $ 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) Net loss $ (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) Net loss $ (1,340,521 ) $ (13,924,875 ) $ (15,265,396 ) Change in fair value of warrant liabilities — 13,924,875 13,924,875 |