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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission file number 001-39927

 

LMF ACQUISITION OPPORTUNITIES INC.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

85-3681132

(State or other jurisdiction of

incorporation or organization)

(I.R.S. employer

identification no.)

 

 

1200 West Platt Street

Suite 100

Tampa, FL

33606

(Address of principal executive offices)

(Zip code)

 

Registrant’s telephone number, including area code: 813-222-8996

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:

Trading symbol

Name of each exchange on which registered

Units, each consisting of one share of Class A Common

Stock, and one Warrant

LMAOU

The Nasdaq Stock Market LLC

Class A Common Stock par value $0.0001 per share

LMAO

The Nasdaq Stock Market LLC

Redeemable Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50

LMAOW

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 9, 2021, there were 10,453,500 shares of the Registrant’s Class A Common Stock, $0.0001 par value, and 2,587,500 shares of the Registrant’s Class B Common Stock, $0.0001 par value, issued and outstanding.

 

 

 

 


 

LMF ACQUISITION OPPORTUNITIES, INC.

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

LMF Acquisition Opportunities, Inc. Balance Sheets
September 30, 2021 (unaudited) and December 31, 2020

3

 

 

 

 

LMF Acquisition Opportunities, Inc. Statement of Operations
Three and Nine Months Ended September 30, 2021 (unaudited)

4

 

 

 

 

LMF Acquisition Opportunities, Inc. Statement of Cash Flows
Nine Months Ended September 30, 2021 (unaudited)

5

 

 

 

 

LMF Acquisition Opportunities, Inc. Statement of Equity
for the Three and Nine Months Ended September 30, 2021 (unaudited)

6

 

Notes to Unaudited Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

24

 

 

 

Item 4.

Controls and Procedures

24

 

 

 

PART II.

OTHER INFORMATION

26

 

 

 

Item 1.

Legal Proceedings

26

 

 

 

Item 1A.

Risk Factors

26

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

27

 

 

 

Item 3.

Defaults Upon Senior Securities

27

 

 

 

Item 4.

Mine Safety Disclosures

27

 

 

 

Item 5.

Other Information

27

 

 

 

Item 6.

Exhibits

28

 

 

SIGNATURES

29

 

2


 

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

LMF Acquisition Opportunities, Inc.

Balance Sheets

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash

 

$

165,840

 

 

$

38,388

 

Prepaid insurance and other fees

 

 

411,903

 

 

 

 

Prepaid expenses

 

 

47,135

 

 

 

230,820

 

Current Assets

 

 

624,878

 

 

 

269,208

 

Cash and marketable securities held in trust

 

 

105,578,132

 

 

 

 

Total assets

 

$

106,203,010

 

 

$

269,208

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Accrued expenses

 

 

277,306

 

 

 

123,031

 

Due to related parties

 

 

 

 

 

126,413

 

Total current liabilities

 

 

277,306

 

 

 

249,444

 

Deferred underwriting commissions in connection with the initial public offering

 

 

3,622,500

 

 

 

 

Warrant liability (Note 10)

 

 

7,414,280

 

 

 

 

Total liabilities

 

 

11,314,086

 

 

 

249,444

 

 

 

 

 

 

 

 

 

 

Commitments

 

 

 

 

 

 

 

 

Class A common stock subject to possible redemption 10,350,000 shares at redemption value of $10.20 per share

 

 

105,570,000

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 103,500 issued and outstanding at September 30, 2021 excluding 10,350,000 shares subject to possible redemption

 

 

10

 

 

 

 

Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 2,587,500 shares and 2,156,250 issued and outstanding at September 30, 2021 and December 31, 2020, respectively (See Note 6.)

 

 

259

 

 

 

215

 

Additional paid-in capital

 

 

 

 

 

24,785

 

Accumulated deficit

 

 

(10,681,345

)

 

 

(5,236

)

Total stockholders’ equity

 

 

(10,681,076

)

 

 

19,764

 

Total liabilities and stockholders’ equity

 

$

106,203,010

 

 

$

269,208

 

 

The accompanying notes are an integral part of these unaudited financial statements.

3


LMF Acquisition Opportunities, Inc.

Statement of Operations (unaudited)

 

 

 

For the

Three Months

Ended

September 30, 2021

 

 

For the

Nine Months

Ended

September 30, 2021

 

Expenses:

 

 

 

 

 

 

 

 

Formation and Administrative costs

 

$

411,398

 

 

$

747,073

 

Loss from operations

 

 

(411,398

)

 

 

(747,073

)

Gain on warrant liability revaluation

 

 

644,720

 

 

 

702,400

 

Other income

 

 

 

 

 

 

 

 

Investment income earned on marketable securities held in Trust Account

 

 

2,661

 

 

 

4,415

 

Net income (loss)

 

$

235,983

 

 

$

(40,258

)

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and dilutive

 

 

 

 

 

 

 

 

Class A - Common stock

 

 

10,453,500

 

 

 

9,381,347

 

Class B - Common stock

 

 

2,587,500

 

 

 

2,543,269

 

Basic and diluted net income (loss) per share

 

 

 

 

 

 

 

 

Class A - Common stock

 

$

0.02

 

 

$

-

 

Class B - Common stock

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited financial statements.

4


LMF Acquisition Opportunities, Inc.

Statement of Cash Flows (unaudited)

 

 

 

For the

Nine Months

Ended

September 30, 2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net loss

 

$

(40,258

)

Adjustments to reconcile net loss to cash used in operating activities

 

 

 

 

Formation costs paid by related parties

 

 

(126,413

)

Gain on warrant liability revaluation

 

 

(702,400

)

 

 

 

 

 

Change in assets and liabilities

 

 

 

 

Prepaid costs

 

 

342,091

 

Accrued expenses

 

 

154,275

 

Net cash used in operating activities

 

 

(372,705

)

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Investment in Trust account

 

 

(105,578,132

)

 

 

 

 

 

Net cash used in financing activities

 

 

(105,578,132

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Insurance financing payments

 

 

(753,994

)

Proceeds from issuance of private placement warrants

 

 

5,738,000

 

Proceeds from issuance of units

 

 

103,500,000

 

Issue costs from issuance of units

 

 

(2,405,717

)

Net cash provided by financing activities

 

 

106,078,289

 

NET INCREASE IN CASH

 

 

127,452

 

CASH - BEGINNING OF YEAR

 

 

38,388

 

CASH - END OF PERIOD

 

$

165,840

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF NON-CASHFLOW INFORMATION

 

 

 

 

Reclassification of warrants to liability

 

$

8,116,680

 

Deferred underwriting commissions in connection with the initial public offering

 

$

3,806,185

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited financial statements.

5


LMF Acquisition Opportunities, Inc.  

Statement of Changes in Stockholders’ Equity (unaudited)

For the Three and Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

paid

 

 

Accumulated

 

 

Total

 

 

Redeemable

 

 

 

Shares (1)

 

 

Amount

 

 

Shares (1)

 

 

Amount

 

 

in capital

 

 

Deficit

 

 

Equity

 

 

Interest

 

Balance as of December 31, 2020

 

 

 

 

$

 

 

 

2,156,250

 

 

$

215

 

 

$

24,785

 

 

$

(5,236

)

 

$

19,764

 

 

$

-

 

Class A Units issued for cash, net of offering costs

 

 

10,350,000

 

 

 

158

 

 

 

 

 

 

 

 

 

97,287,940

 

 

 

 

 

 

97,288,098

 

 

 

 

Class A Units issued for no cash

 

 

103,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

Class A Units reclassified to Commitments subject to possible redemption

 

 

(8,871,863

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(89,605,819

)

 

 

 

 

 

 

(89,605,819

)

 

 

89,605,819

 

Private placement warrants issued for cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,738,000

 

 

 

 

 

 

 

5,738,000

 

 

 

 

Class B shares dividend

 

 

 

 

 

 

 

 

 

 

431,250

 

 

 

44

 

 

 

(44

)

 

 

 

 

 

 

-

 

 

 

 

Warrants classified as liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,116,680

)

 

 

 

 

 

 

(8,116,680

)

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,706,457

 

 

 

1,706,457

 

 

 

 

Balance - March 31, 2021

 

 

1,581,637

 

 

$

158

 

 

 

2,587,500

 

 

$

259

 

 

$

5,328,182

 

 

$

1,701,221

 

 

$

7,029,820

 

 

$

89,605,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,982,698

)

 

 

(1,982,698

)

 

 

 

Balance - June 30, 2021

 

 

1,581,637

 

 

$

158

 

 

$

2,587,500

 

 

$

259

 

 

$

5,328,182

 

 

$

(281,477

)

 

$

5,047,122

 

 

$

89,605,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in value of Class A Ordinary Shares subject to possible redemption

 

 

(1,478,137

)

 

 

(148

)

 

 

 

 

 

 

 

 

(5,328,182

)

 

 

(10,635,851

)

 

 

(15,964,181

)

 

 

15,964,181

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,983

 

 

 

235,983

 

 

 

 

Balance - September 30, 2021

 

 

103,500

 

 

$

10

 

 

$

2,587,500

 

 

$

259

 

 

$

-

 

 

$

(10,681,345

)

 

$

(10,681,076

)

 

$

105,570,000

 

 

The accompanying notes are an integral part of these unaudited financial statements.

6


LMF ACQUISITION OPPORTUNITIES INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 1 — Organization and Business Operations

LMF Acquisition Opportunities, Inc. (the “Company”) was incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Business Combination”).

The Company has selected December 31 as its fiscal year end.

As of September 30, 2021, the Company had not yet commenced any operations. All activity for the period from October 27, 2020 (inception) through September 30, 2021 relates to the Company's formation and the initial public offering ("IPO") described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and unrealized gains or losses from the revaluation of the warrant liability.

The registration statement for the Company’s IPO was declared effective on January 25, 2021 (the “Effective Date”). On January 28, 2021, the Company consummated the IPO of 10,350,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $103,500,000, which is described in Note 3.

Simultaneously with the closing of the IPO, the Company consummated the sale of 5,738,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to LMFAO Sponsor LLC, a Florida limited liability company (the “Sponsor”), generating gross proceeds of $5,738,000, which is described in Note 4.

Transaction costs for the IPO amounted to $6,233,747 consisting of $2,070,000 of underwriting discount, $3,622,500 of deferred underwriting fee, the fair value of the shares issued to the underwriters of $1,000 deemed as underwriters’ compensation, and $540,247 of other offering costs. In addition, $974,009 of cash was held outside of the Trust Account (as defined below) as of the date of the IPO and became available for working capital purposes at such time.

Following the closing of the IPO on January  28, 2021, an amount of $105,570,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (“Trust Account”) was invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from the IPO and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 18 months from the closing of the IPO (or up to 21 months from the closing of the IPO if the Company extends the period of time to consummate a business combination, as described in more detail in the prospectus for the IPO), subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.

Note 2. Restatement of Previously Issued Financial Statement

The Company previously accounted for its outstanding Public Warrants and Private Placement Warrants issued in connection with its IPO as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants (the “Warrant Agreement”) 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 reevaluation of the accounting treatment of the Warrants, the Company’s management evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity.  ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock.  Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant.  Based on management’s evaluation, the Company’s Audit Committee, in consultation with management and after discussion with the Company’s independent registered public accounting firm, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s common shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s Audit Committee, in consultation with management and after discussion with the

7


Company’s independent registered public accounting firm, concluded the tender offer provision included in the Warrant Agreement fails the “classified in stockholders’ equity” criteria as contemplated by ASC Section 815-40-15.

As a result of the above, the Company should have classified the $8,116,680 of Warrants as derivative liabilities in its previously issued balance sheet as of January 28, 2021 that was filed on Form 8-K on February 3, 2021. 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.

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, cash flows or cash.

 

Going forward, unless the Company amends the terms of the Warrant Agreement, it expects to continue to classify the Warrants as liabilities, which would require the Company to incur the cost of measuring the fair value of the Warrant liabilities, and which may have an adverse effect on the Company’s results of operations.

 

Note 2A. Restatement of Previously Issued Financial Statements

 

In connection with the preparation of the Company’s condensed financial statements as of September 30, 2021, management determined it should revise its previously reported condensed financial statements. The Company had previously determined the Class A Ordinary Shares subject to possible redemption to be equal to the redemption value of $10.20 per Class A Ordinary Shares while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management has also determined that the Class A Ordinary Shares issued in connection with the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management has concluded that the redemption value should include all the Class A Ordinary Shares subject to possible redemption, resulting in the Class A Ordinary Shares subject to possible redemption being equal to their redemption value. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the changes and has determined that the related impact was not material to any previously presented financial statements. Therefore, the Company will present this restatement in a prospective manner in all future filings. Under this approach, the previously issued IPO Balance Sheet and Form 10-Qs will not be amended, but historical amounts presented in the current and future filings will be recast to be consistent with the current presentation, and an explanatory footnote will be provided. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A Ordinary Shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and the Class A Ordinary Shares.

 

In connection with the change in presentation for the Class A Ordinary Shares subject to possible redemption, the Company also revised its earnings per share calculation to allocate net income (loss) evenly to Class A and Class B Ordinary Shares. The presentation contemplates a Business Combination as the most likely outcome, in which case, both the Class A Ordinary Shares and the Class B Ordinary Shares share pro rata in the income (loss) of the Company.

 

There has been no change in the Company's total assets, liabilities or operating results.

 

 

Balance Sheet as of January 28, 2021 (audited)

As Previously Reported

 

Adjustment

 

As Revised

Class A Ordinary Shares subject to possible redemption

89,605,819

15,964,181

105,570,000

Class A Ordinary Shares

158

(148)

10

Class B Ordinary Shares

259

-

259

Additional paid-in capital

5,307,337

(5,307,337)

-

Accumulated deficit

(5,290)

(10,656,696)

(10,661,986)

Total shareholders; equity (deficit)

5,302,464

-

(10,661,717)

 

 

 

 

 

 

8


 

 

Balance Sheet as of March 31, 2021 (unaudited)

As Previously Reported

 

Adjustment

 

As Revised

Class A Ordinary Shares subject to possible redemption

89,605,819

15,964,181

105,570,000

Class A Ordinary Shares

158

(148)

10

Class B Ordinary Shares

259

-

259

Additional paid-in capital

5,328,182

(5,328,182)

-

Accumulated deficit

1,701,221

(10,635,851)

(8,934,630)

Total shareholders; equity (deficit)

7,029,820

-

(8,934,361)

 

 

 

 

 

 

 

Balance Sheet as of June 30, 2021 (unaudited)

As Previously Reported

 

Adjustment

 

As Revised

Class A Ordinary Shares subject to possible redemption

89,605,819

15,964,181

105,570,000

Class A Ordinary Shares

158

(148)

10

Class B Ordinary Shares

259

-

259

Additional paid-in capital

5,328,182

(5,328,182)

-

Accumulated deficit

(281,477)

(10,635,851)

(10,917,328)

Total shareholders; equity (deficit)

5,047,122

-

(10,917,059)

 

 

 

 

 

The following is the restated earnings per share for the three months ended March 31, 2021, June 30, 20201 and the six months ended June 30, 2021:

 

 

For the

Three Months

Ended

March 31, 2021

 

 

For the

Three Months

Ended

June 30, 2021

 

 

For the

Six Months

Ended

June 30, 2021

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Formation and Administrative costs

 

$

125,957

 

 

$

209,718

 

 

$

335,675

 

Loss from operations

 

 

(125,957

)

 

 

(209,718

)

 

 

(335,675

)

Gain on warrant liability revaluation

 

 

1,830,660

 

 

 

(1,772,980

)

 

 

57,680

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

Investment income earned on marketable securities held in Trust Account

 

 

1,754

 

 

 

-

 

 

 

1,754

 

Net income (loss)

 

$

1,706,457

 

 

$

(1,982,698

)

 

$

(276,241

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and dilutive

 

 

 

 

 

 

 

 

 

 

 

 

Class A - Common stock

 

 

7,201,300

 

 

 

10,453,500

 

 

 

8,836,384

 

Class B - Common stock

 

 

2,453,333

 

 

 

2,587,500

 

 

 

2,520,787

 

Basic and diluted net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

Class A - Common stock

 

$

0.13

 

 

$

(0.12

)

 

$

(0.02

)

Class B - Common stock

 

$

0.04

 

 

$

(0.03

)

 

$

(0.01

)

 

The following is the restated equity rollforward for the three months ended March 31, 2021, June 30, 20201 and September 30, 2021:

 

9


 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

paid

 

 

Accumulated

 

 

Total

 

 

Redeemable

 

 

 

Shares (1)

 

 

Amount

 

 

Shares (1)

 

 

Amount

 

 

in capital

 

 

Deficit

 

 

Equity

 

 

Interest

 

Balance as of December 31, 2020

 

 

 

 

$

 

 

 

2,156,250

 

 

$

215

 

 

$

24,785

 

 

$

(5,236

)

 

$

19,764

 

 

$

-

 

Class A Units issued for cash, net of offering costs

 

 

10,350,000

 

 

 

158

 

 

 

 

 

 

 

 

 

97,287,940

 

 

 

 

 

 

97,288,098

 

 

 

 

Class A Units issued for no cash

 

 

103,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

Class A Units reclassified to Commitments subject to possible redemption

 

 

(10,350,000

)

 

 

(148

)

 

 

 

 

 

 

 

 

 

 

(94,934,001

)

 

 

(10,635,851

)

 

 

(105,570,000

)

 

 

105,570,000

 

Private placement warrants issued for cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,738,000

 

 

 

 

 

 

 

5,738,000

 

 

 

 

Class B shares dividend

 

 

 

 

 

 

 

 

 

 

431,250

 

 

 

44

 

 

 

(44

)

 

 

 

 

 

 

-

 

 

 

 

Warrants classified as liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,116,680

)

 

 

 

 

 

 

(8,116,680

)

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,706,457

 

 

 

1,706,457

 

 

 

 

Balance - March 31, 2021

 

 

103,500

 

 

$

10

 

 

 

2,587,500

 

 

$

259

 

 

$

-

 

 

$

(8,934,630

)

 

$

(8,934,361

)

 

$

105,570,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,982,698

)

 

 

(1,982,698

)

 

 

 

Balance - June 30, 2021

 

 

103,500

 

 

$

10

 

 

$

2,587,500

 

 

$

259

 

 

$

-

 

 

$

(10,917,328

)

 

$

(10,917,059

)

 

$

105,570,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income