Annual report pursuant to Section 13 and 15(d)

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

v3.21.1
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS  
Schedule of restatement on the balance sheets, statements of operations and statements of cash flows

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet as of

    

 

 

    

 

 

    

 

 

October 22, 2019

 

As Reported

 

Adjustment

 

As Restated

 

 

 

 

 

 

 

 

 

 

Warrant Liabilities

 

$

 —

 

$

1,356,300

 

$

1,356,300

Total Liabilities

 

 

82,127

 

 

1,356,300

 

 

1,438,427

Ordinary shares subject to redemption

 

 

133,895,920

 

 

(1,356,300)

 

 

132,539,620

Ordinary Shares

 

 

401

 

 

14

 

 

415

Additional paid-in capital

 

$

5,052,511

 

$

4,064

 

$

5,056,575

Retained earnings (Accumulated deficit)

 

 

(52,908)

 

 

(4,078)

 

 

(56,986)

Total Shareholders’ Equity

 

$

5,000,004

 

$

 —

 

$

5,000,004

 

 

 

 

 

 

 

 

 

 

Number of shares subject to possible redemption

 

 

13,389,592

 

 

(135,630)

 

 

13,253,962

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet as of

    

 

 

    

 

 

    

 

 

December 31, 2019

 

As Reported

 

Adjustment

 

As Restated

Warrant Liabilities

 

$

 —

 

$

1,972,800

 

$

1,972,800

Total Liabilities

 

 

65,716

 

 

1,972,800

 

 

2,038,516

Ordinary shares subject to redemption

 

 

134,190,490

 

 

(1,972,800)

 

 

132,217,690

Ordinary Shares

 

 

398

 

 

20

 

 

418

Additional paid-in capital

 

$

4,757,944

 

$

620,558

 

$

5,378,502

Retained earnings (Accumulated deficit)

 

$

241,659

 

$

(620,578)

 

$

(378,919)

Total Shareholders’ Equity

 

$

5,000,001

 

$

 —

 

$

5,000,001

 

 

 

 

 

 

 

 

 

 

Number of shares subject to possible redemption

 

 

13,419,049

 

 

(197,280)

 

 

13,221,769

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

 

 

    

 

 

period from July 30, 2019 (inception) to December 31, 2019

 

As Reported

 

Adjustment

 

As Restated

Transaction costs allocable to warrant liabilities

 

$

 —

 

$

(4,078)

 

$

(4,078)

Change in fair value of warrant liabilities

 

 

 —

 

 

(616,500)

 

 

(616,500)

Net income

 

$

241,659

 

$

(620,578)

 

$

(378,919)

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.05)

 

$

(0.17)

 

$

(0.22)

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows for the

    

 

 

    

Period 

    

 

 

year ended December 31, 2019

 

As Reported

 

 

Adjustment

 

As Restated

Net income (loss)

 

$

241,659

 

$

(620,578)

 

$

(378,919)

Change in fair value of warrant liabilities

 

$

 —

 

$

616,500

 

$

616,500

Transaction costs allocable to warrant liabilities

 

$

 —

 

$

4,078

 

$

4,078

Initial classification of warrant liabilities

 

$

 —

 

$

1,356,300

 

$

1,356,300

Initial classification of ordinary shares subject to possible redemption

 

$

133,895,920

 

$

(1,356,300)

 

$

132,539,620

Change in value of ordinary shares subject to possible redemption

 

$

294,570

 

$

(616,500)

 

$

(321,930)

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet as of

    

 

 

    

Period 

    

 

 

March 31, 2020 (unaudited)

 

As Reported

 

Adjustment

 

As Restated

Warrant Liabilities

 

$

 —

 

$

1,027,500

 

$

1,027,500

Total Liabilities

 

 

53,215

 

 

1,027,500

 

 

1,080,715

Ordinary shares subject to redemption

 

 

134,537,080

 

 

(1,027,500)

 

 

133,509,580

Ordinary Shares

 

 

395

 

 

10

 

 

405

Additional paid-in capital

 

$

4,411,357

 

$

(324,732)

 

$

4,086,625

Retained earnings

 

$

588,253

 

$

324,722

 

$

912,975

Total Shareholders’ Equity

 

$

5,000,005

 

$

 —

 

$

5,000,005

 

 

 

 

 

 

 

 

 

 

Number of shares subject to possible redemption

 

 

13,453,708

 

 

(102,750)

 

 

13,350,958

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet as of

 

 

 

 

Period

 

 

 

June 30, 2020 (unaudited)

    

As Reported

    

Adjustment

    

As Restated

Warrant Liabilities

 

$

 —

 

$

2,383,800

 

$

2,383,800

Total Liabilities

 

 

16,366

 

 

2,383,800

 

 

2,400,166

Ordinary shares subject to redemption

 

 

134,591,590

 

 

(2,383,800)

 

 

132,207,790

Ordinary Shares

 

 

394

 

 

24

 

 

418

Additional paid-in capital

 

$

4,356,848

 

$

1,031,554

 

$

5,388,402

Retained earnings (Accumulated deficit)

 

$

642,765

 

$

(1,031,578)

 

$

(388,813)

Total Shareholders’ Equity

 

$

5,000,007

 

$

 —

 

$

5,000,007

 

 

 

 

 

 

 

 

 

 

Number of shares subject to possible redemption

 

 

13,459,159

 

 

(238,380)

 

 

13,220,779

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet as of

 

 

 

 

Period

 

 

 

September 30, 2020 (unaudited)

    

As Reported

    

Adjustment

    

As Restated

Warrant Liabilities

 

$

 —

 

$

2,548,200

 

$

2,548,200

Total Liabilities

 

 

15,147

 

 

2,548,200

 

 

2,563,347

Ordinary shares subject to redemption

 

 

134,531,290

 

 

(2,548,200)

 

 

131,983,090

Ordinary Shares

 

 

395

 

 

25

 

 

420

Additional paid-in capital

 

$

4,417,147

 

$

1,195,953

 

$

5,613,100

Retained earnings (Accumulated deficit)

 

$

582,459

 

$

(1,195,978)

 

$

(613,519)

Total Shareholders’ Equity

 

$

5,000,001

 

$

 0

 

$

5,000,001

 

 

 

 

 

 

 

 

 

 

Number of shares subject to possible redemption

 

 

13,453,129

 

 

(254,820)

 

 

13,198,309

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet as of

    

 

 

    

Period 

    

 

 

December 31, 2020

 

As Reported

 

Adjustment

 

As Restated

Warrant Liabilities

 

$

 —

 

$

3,452,400

 

$

3,452,400

Total Liabilities

 

 

709,732

 

 

3,452,400

 

 

4,162,132

Ordinary shares subject to redemption

 

 

134,138,890

 

 

(3,452,400)

 

 

130,686,490

Ordinary Shares

 

 

399

 

 

34

 

 

433

Additional paid-in capital

 

$

4,809,543

 

$

2,100,144

 

$

6,909,687

Retained earnings (Accumulated deficit)

 

$

190,067

 

$

(2,100,178)

 

$

(1,910,111)

Total Shareholders’ Equity

 

$

5,000,009

 

$

 —

 

$

5,000,009

 

 

 

 

 

 

 

 

 

 

Number of shares subject to possible redemption

 

 

13,413,889

 

 

(345,240)

 

 

13,068,649

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

Period 

    

 

 

three months ended March 31, 2020 (unaudited)

 

As Reported

 

Adjustment

 

As Restated

Change in fair value of warrant liabilities

 

$

 —

 

$

945,300

 

$

945,300

Net income

 

$

346,594

 

$

945,300

 

$

1,291,894

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.06)

 

$

0.27

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

Period 

    

 

 

six months ended June 30, 2020 (unaudited)

 

As Reported

 

Adjustment

 

As Restated

Change in fair value of warrant liabilities

 

$

 —

 

$

(411,000)

 

$

(411,000)

Net income

 

$

401,106

 

$

(411,000)

 

$

(9,894)

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.08)

 

$

(0.11)

 

$

(0.19)

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

Period

    

 

 

three months ended June 30, 2020 (unaudited)

 

As Reported

 

Adjustment

 

As Restated

Change in fair value of warrant liabilities

 

$

 —

 

$

(1,356,300)

 

$

(1,356,300)

Net income

 

$

54,512

 

$

(1,356,300)

 

$

(1,301,788)

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.02)

 

$

(0.38)

 

$

(0.40)

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

Period

    

 

 

nine months ended September 30, 2020 (unaudited)

 

As Reported

 

Adjustment

 

As Restated

Change in fair value of warrant liabilities

    

$

 —

    

$

(575,400)

    

$

(575,400)

Net income (loss)

 

$

340,800

 

$

(575,400)

 

$

(234,600)

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.10)

 

$

(0.16)

 

$

(0.26)

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

Period

    

 

 

three months ended September 30, 2020 (unaudited)

 

As Reported

 

Adjustment

 

As Restated

Change in fair value of warrant liabilities

 

$

 —

 

$

(164,400)

 

$

(164,400)

Net income (loss)

 

$

(60,306)

 

$

(164,400)

 

$

(224,706)

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.30)

 

$

0.23

 

$

(0.07)

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations for the

    

 

 

    

Period

    

 

 

year ended December 31, 2020

 

As Reported

 

Adjustment

 

As Restated

Change in fair value of warrant liabilities

    

$

 —

    

$

(1,479,600)

    

$

(1,479,600)

Net income (loss)

 

$

(51,592)

 

$

(1,479,600)

 

$

(1,531,192)

Basic and diluted net loss per ordinary share, non-redeemable

 

$

(0.22)

 

$

(0.41)

 

$

(0.63)

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows for the

    

 

 

    

 

 

    

 

 

period ended March 31, 2020 (unaudited)

 

As Reported

 

Period Adjustment

 

As Restated

Net income (loss)

 

$

346,594

 

$

945,300

 

$

1,291,894

Change in fair value of warrant liabilities

 

$

 —

 

$

(945,300)

 

$

(945,300)

Change in value of ordinary shares subject to possible redemption

 

$

346,590

 

$

945,300

 

$

(1,291,890)

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows for the

    

 

 

    

 

 

    

 

 

period ended June 30, 2020 (unaudited)

 

As Reported

 

Period Adjustment

 

As Restated

Net income (loss)

 

$

401,106

 

$

(411,000)

 

$

(9,894)

Change in fair value of warrant liabilities

 

$

 —

 

$

411,000

 

$

411,000

Change in value of ordinary shares subject to possible redemption

 

$

401,100

 

$

(411,000)

 

$

(9,900)

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows for the

    

 

 

    

 

 

    

 

 

period ended September 30, 2020 (unaudited)

 

As Reported

 

Period Adjustment

 

As Restated

Net income (loss)

 

$

340,800

 

$

(575,400)

 

$

(234,600)

Change in fair value of warrant liabilities

 

$

 —

 

$

575,400

 

$

575,400

Change in value of ordinary shares subject to possible redemption

 

$

340,800

 

$

(575,400)

 

$

(234,600)

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows for the

    

 

 

    

 

 

    

 

 

year ended December 31, 2020

 

As Reported

 

Period Adjustment

 

As Restated

Net income (loss)

 

$

(51,592)

 

$

(1,479,600)

 

$

(1,531,192)

Change in fair value of warrant liabilities

 

$

 —

 

$

1,479,600

 

$

1,479,600

Change in value of ordinary shares subject to possible redemption

 

$

(51,600)

 

$

(1,479,600)

 

$

(1,531,200)