0001213900-22-011600 | 10-Q/A | XBRL Viewer

Unaudited Condensed Statement of Cash Flows	9 Months Ended
Unaudited Condensed Statement of Cash Flows	Sep. 30, 2021 USD ($)
Cash Flows from Operating Activities:
Net income	$ 12,723,017
Adjustments to reconcile net income to net cash used in operating activities:
Change in fair value of derivative warrant liabilities	(14,776,500)
Interest earned on investments held in Trust Account	(17,205)
Changes in operating assets and liabilities:
Prepaid expenses	202,883
Accounts payable	10,168
Accrued expenses	924,770
Franchise tax payable	66,648
Net cash used in operating activities	(866,219)
Net change in cash	(866,219)
Cash - beginning of the period	1,724,354
Cash - end of the period	$ 858,135

Unaudited Condensed Statement of Changes in Stockholders’ Deficit - USD ($)	Class B Common Stock	Retained Earnings (Accumulated Deficit)	Total
Balance at Dec. 31, 2020	$ 575	$ (31,771,139)	$ (31,770,564)
Balance (in Shares) at Dec. 31, 2020	5,750,000
Net income (loss)		11,043,416	11,043,416
Balance at Mar. 31, 2021	$ 575	(20,727,723)	(20,727,148)
Balance (in Shares) at Mar. 31, 2021	5,750,000
Net income (loss)		(4,298,692)	(4,298,692)
Balance at Jun. 30, 2021	$ 575	(25,026,415)	(25,025,840)
Balance (in Shares) at Jun. 30, 2021	5,750,000
Net income (loss)		5,978,293	5,978,293
Balance at Sep. 30, 2021	$ 575	$ (19,048,122)	$ (19,047,547)
Balance (in Shares) at Sep. 30, 2021	5,750,000

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Dec. 28, 2020	Sep. 30, 2021
Initial Public Offering (Details) [Line Items]
Description of initial public offering		Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8).
Initial Public Offering [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction (in Shares)	23,000,000
Price per share (in Dollars per share)	$ 10
Gross proceeds from initial public offering	$ 230.0
Offering costs	13.2
Deferred underwriting commission	$ 8.1
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction (in Shares)	3,000,000

Derivative Warrant Liabilities (Details) - shares	9 Months Ended
Derivative Warrant Liabilities (Details) - shares	Sep. 30, 2021	Dec. 31, 2021
Derivative Warrant Liabilities (Details) [Line Items]
Public warrants, description	The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering, provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, it will its best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, the warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
Warrants exercise price, description	The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
Warrants become exercisable, description	●in whole and not in part; ● at a price of $0.01 per Warrant; ● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and ●if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
Public Warrants [Member]
Derivative Warrant Liabilities (Details) [Line Items]
Warrants outstanding	11,500,000
Private Placement Warrants [Member]
Derivative Warrant Liabilities (Details) [Line Items]
Warrants outstanding		7,350,000

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of financial statement adjustments related to the restatement - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
As Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total assets	$ 231,425,039	$ 232,032,771	$ 231,425,039
Total liabilities	26,450,879	22,759,919	26,450,879
Preferred stock
Additional paid-in capital	4,306,201	7,544	4,306,201
Retained earnings (accumulated deficit)	692,934	4,991,626	692,934
Total stockholders’ equity (deficit)	5,000,010	5,000,002	5,000,010
Net income	$ (4,298,692)	$ 11,043,416	$ 6,744,724
As Reported [Member] \| Common Class A [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A common stock subject to possible redemption (in Shares)	199,974,150	204,272,850	199,974,150
Common stock	$ 300	$ 257	$ 300
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)	231,425,039	232,032,771	231,425,039
Shares of Class A common stock subject to possible redemption	19,997,415	20,427,285	19,997,415
Shares of Class A non-redeemable common stock	$ 3,002,585	2,572,715	3,002,585
Change in value of Class A common stock subject to possible redemption		$ (11,043,420)	$ (6,744,720)
Weighted average shares outstanding - Common stock (in Shares)	23,000,000	23,000,000	23,000,000
Basic and diluted earnings per share - Common stock (in Dollars per share)
As Reported [Member] \| Common Class B [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock	$ 575	$ 575	$ 575
Weighted average shares outstanding - Common stock (in Shares)	5,750,000	5,750,000	5,750,000
Basic and diluted earnings per share - Common stock (in Dollars per share)	$ (0.75)	$ 1.92	$ 1.17
Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total assets
Total liabilities
Preferred stock
Additional paid-in capital	(4,306,201)	(7,544)	(4,306,201)
Retained earnings (accumulated deficit)	(25,719,349)	(25,719,349)	(25,719,349)
Total stockholders’ equity (deficit)	(30,025,850)	(25,727,150)	(30,025,850)
Net income
Adjustment [Member] \| Common Class A [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A common stock subject to possible redemption (in Shares)	30,025,850	25,727,150	30,025,850
Common stock	$ (300)	$ (257)	$ (300)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)
Shares of Class A common stock subject to possible redemption	3,002,585	2,572,715	3,002,585
Shares of Class A non-redeemable common stock	$ (3,002,585)	(2,572,715)	(3,002,585)
Change in value of Class A common stock subject to possible redemption		$ 11,043,420	$ 6,744,720
Weighted average shares outstanding - Common stock (in Shares)
Basic and diluted earnings per share - Common stock (in Dollars per share)	$ (0.15)	$ 0.38	$ 0.23
Adjustment [Member] \| Common Class B [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock
Weighted average shares outstanding - Common stock (in Shares)
Basic and diluted earnings per share - Common stock (in Dollars per share)	$ 0.6	$ (1.54)	$ (0.94)
As Restated [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total assets	$ 231,425,039	$ 232,032,771	$ 231,425,039
Total liabilities	26,450,879	22,759,919	26,450,879
Preferred stock
Additional paid-in capital
Retained earnings (accumulated deficit)	(25,026,415)	(20,727,723)	(25,026,415)
Total stockholders’ equity (deficit)	(25,025,840)	(20,727,148)	(25,025,840)
Net income	$ (4,298,692)	$ 11,043,416	$ 6,744,724
As Restated [Member] \| Common Class A [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Class A common stock subject to possible redemption (in Shares)	230,000,000	230,000,000	230,000,000
Common stock
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Equity (Deficit)	231,425,039	232,032,771	231,425,039
Shares of Class A common stock subject to possible redemption	23,000,000	23,000,000	23,000,000
Shares of Class A non-redeemable common stock
Change in value of Class A common stock subject to possible redemption
Weighted average shares outstanding - Common stock (in Shares)	23,000,000	23,000,000	23,000,000
Basic and diluted earnings per share - Common stock (in Dollars per share)	$ (0.15)	$ 0.38	$ 0.23
As Restated [Member] \| Common Class B [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock	$ 575	$ 575	$ 575
Weighted average shares outstanding - Common stock (in Shares)	5,750,000	5,750,000	5,750,000
Basic and diluted earnings per share - Common stock (in Dollars per share)	$ (0.15)	$ 0.38	$ 0.23

Fair Value Measurements (Details) - Schedule of fair value measurements - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule of fair value measurements [Abstract]
Volatility	6.00%	11.00%
Stock price (in Dollars per share)	$ 9.73	$ 9.87
Time to M&A	6 months	1 year
Risk-free rate	1.07%	0.51%
Dividend yield	0.00%	0.00%

Initial Public Offering

9 Months Ended

Sep. 30, 2021

Initial Public Offering [Abstract]

Initial Public Offering

Note 3-Initial Public Offering

On December 28, 2020, the Company consummated its Initial Public Offering of 23,000,000 Units, including 3,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.2 million, of which approximately $8.1 million was for deferred underwriting commissions.

Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8).

Unaudited Condensed Statements of Operations - USD ($)	3 Months Ended	9 Months Ended
Unaudited Condensed Statements of Operations - USD ($)	Sep. 30, 2021	Sep. 30, 2021
General and administrative expenses	$ 197,594	$ 1,921,049
Franchise tax expenses	50,411	149,639
Loss from operations	(248,005)	(2,070,688)
Other income
Change in fair value of derivative warrant liabilities	6,220,500	14,776,500
Gain on investments held in Trust Account	5,798	17,205
Net income	$ 5,978,293	$ 12,723,017
Class A Common Stock
Other income
Basic and diluted net income per share (in Shares)	23,000,000	23,000,000
Basic and diluted net income per share (in Dollars per share)	$ 0.21	$ 0.44
Class B Common Stock
Other income
Basic and diluted net income per share (in Shares)	5,750,000	5,750,000
Basic and diluted net income per share (in Dollars per share)	$ 0.21	$ 0.44

Fair Value Measurements (Details) - Schedule of fair value on a recurring basis - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Investments held in Trust Account	$ 230,017,394	$ 230,000,189
Liabilities:
Derivative warrant liabilities - Public Warrants	6,670,000
Derivative warrant liabilities - Private Warrants
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Investments held in Trust Account
Liabilities:
Derivative warrant liabilities - Public Warrants
Derivative warrant liabilities - Private Warrants
Significant Other Unobservable Inputs (Level 3) [Member]
Assets:
Investments held in Trust Account
Liabilities:
Derivative warrant liabilities - Public Warrants		15,640,000
Derivative warrant liabilities - Private Warrants	$ 4,410,000	$ 10,216,500

Related Party Transactions (Details) - USD ($)			1 Months Ended		3 Months Ended	9 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 28, 2020	Oct. 13, 2020	Dec. 31, 2020	Dec. 01, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 18, 2020
Related Party Transactions (Details) [Line Items]
Common stock equals or exceeds per share (in Dollars per share)					$ 10	$ 10
Office space, utilities and secretarial and administrative support expenses (in Dollars)						$ 10,000
General and administrative expenses (in Dollars)					$ 30,000	$ 91,000
Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares (in Dollars)		$ 25,000
Price per share (in Dollars per share)		$ 0.005
Transfer of shares				25,000
Founder shares outstanding			5,750,000
Transfer of initial stockholders share			14,286
Shares subject to forfeiture			750,000
Issued and outstanding shares percentage			20.00%
Promissory Note Related Party [Member]
Related Party Transactions (Details) [Line Items]
Aggregate principal amount (in Dollars)							$ 300,000
Borrowed loan (in Dollars)	$ 150,000
Working Capital Loans [Member]
Related Party Transactions (Details) [Line Items]
Warrants price per share (in Dollars per share)					$ 1	$ 1
Related party transaction (in Dollars)						$ 1,500,000
Over-Allotment Option [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares	3,000,000
Over-Allotment Option [Member] \| Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Shares subject to forfeiture	750,000
Private Placement Warrants [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares						7,350,000
Warrants price per share (in Dollars per share)					1	$ 1
Generating gross proceeds (in Dollars)						$ 7,400,000
Class B Common Stock [Member]
Related Party Transactions (Details) [Line Items]
Common stock par value (in Dollars per share)			$ 0.0001		0.0001	$ 0.0001
Class B Common Stock [Member] \| Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Purchase of shares		5,031,250
Common stock par value (in Dollars per share)		$ 0.0001
Stock dividends			0.143
Founder shares outstanding			5,750,000
Class A Common Stock [Member]
Related Party Transactions (Details) [Line Items]
Common stock par value (in Dollars per share)			$ 0.0001		0.0001	0.0001
Common stock equals or exceeds per share (in Dollars per share)					12	12
Class A Common Stock [Member] \| Private Placement Warrants [Member]
Related Party Transactions (Details) [Line Items]
Warrants price per share (in Dollars per share)					$ 11.5	$ 11.5

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Net tangible assets	$ 5,000,001
Federal depository insurance coverage	$ 250,000
Employee Stock Ownership Plan (ESOP), Effect on Earnings Per Share	18,850,000
Deferred tax asset	$453,000	$21,000
Class A Common Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Subject to possible redemption	23,000,000

- Definition

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of financial statement adjustments related to the restatement

As of March 31, 2021 (unaudited)	As Reported		Adjustment			As Restated
Total assets	$	232,032,771		-		$	232,032,771
Total liabilities	$	22,759,919		-		$	22,759,919
Class A common stock subject to possible redemption		204,272,850		25,727,150			230,000,000
Preferred stock		-		-			-
Class A common stock		257		(257	)		-
Class B common stock		575		-			575
Additional paid-in capital		7,544		(7,544	)		-
Retained earnings (accumulated deficit)		4,991,626		(25,719,349	)		(20,727,723	)
Total stockholders’ equity (deficit)	$	5,000,002	$	(25,727,150	)	$	(20,727,148	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,032,771	$	-		$	232,032,771
Shares of Class A common stock subject to possible redemption		20,427,285		2,572,715			23,000,000
Shares of Class A non-redeemable common stock		2,572,715		(2,572,715	)		-


Three months ended March 31, 2021 (unaudited)	As Reported			Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A common stock subject to possible redemption	$	(11,043,420	)	$	11,043,420	$	-

As of June 30, 2021 (unaudited)	As Reported		Adjustment			As Restated
Total assets	$	231,425,039		-		$	231,425,039
Total liabilities	$	26,450,879		-		$	26,450,879
Class A common stock subject to possible redemption		199,974,150		30,025,850			230,000,000
Preferred share		-		-			-
Class A common stock		300		(300	)		-
Class B common stock		575		-			575
Additional paid-in capital		4,306,201		(4,306,201	)		-
Retained earnings (accumulated deficit)		692,934		(25,719,349	)		(25,026,415	)
Total stockholders’ equity (deficit)	$	5,000,010	$	(30,025,850	)	$	(25,025,840	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	231,425,039	$	-		$	231,425,039
Shares of Class A common stock subject to possible redemption		19,997,415		3,002,585			23,000,000
Shares of Class A non-redeemable common stock		3,002,585		(3,002,585	)		-


Six months ended June 30, 2021 (unaudited)	As Reported			Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A common stock subject to possible redemption	$	(6,744,720	)	$	6,744,720	$	-

	Earnings (Loss) Per Share
	As Reported			Adjustment			As Restated
Three months ended March 31, 2021 (unaudited)
Net income	$	11,043,416		$	-		$	11,043,416
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted earnings per share - Class A common stock	$	-		$	0.38		$	0.38
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted earnings per share - Class B common stock	$	1.92		$	(1.54	)	$	0.38
Three months ended June 30, 2021 (unaudited)
Net loss	$	(4,298,692	)	$	-		$	(4,298,692	)
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted loss per share - Class A common stock	$	-		$	(0.15	)	$	(0.15	)
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted loss per share - Class B common stock	$	(0.75	)	$	0.60		$	(0.15	)
Six months ended June 30, 2021 (unaudited)
Net income	$	6,744,724		$	-		$	6,744,724
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted earnings per share - Class A common stock	$	-		$	0.23		$	0.23
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted earnings per share - Class B common stock	$	1.17		$	(0.94	)	$	0.23

Schedule of basic and diluted net income per share

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income (loss) per common share:
Numerator:
Allocation of net income (loss)	$	4,782,634	$	1,195,659	$	10,178,414	$	2,544,603

Denominator:
Basic and diluted weighted average common shares outstanding		23,000,000		5,750,000		23,000,000		5,750,000

Basic and diluted net income (loss) per common share	$	0.21	$	0.21	$	0.44	$	0.44

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2-Basis of Presentation and Summary of Significant Accounting Policies (as restated)

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected through December 31, 2021.

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K/A filed by the Company with the SEC on May 27, 2021.

Restatement of Previously Reported Financial Statements

In preparation of the Company’s unaudited condensed financial statements as of and for quarterly period ended September 30, 2021, the Company concluded it should restate its financial statements to classify all Class A common stock subject to possible redemption in temporary equity. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or total stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its Amended and Restated Articles of Incorporation currently provides that, the Company will not redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presents all redeemable Class A common stock as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company restated its earnings per share calculation to allocate income and losses share pro rata between the the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both clasees of shares participate pro rata in the income and losses of the Company.

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 corrections and has determined that the related impact was material to the previously filed financial statements that contained the error, reported in the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021 and June 30, 2021 (the “Affected Quarterly Periods”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Periods should be restated to present all Class A common stock subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its Initial Public Offering. As such, the Company is reporting these restatements to those periods in this quarterly report.

Impact of the Restatement

None of the changes impacted the Company’s cash position or cash held in the trust account established in connection with the IPO (the “Trust Account”).

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited condensed balance sheet as of March 31, 2021:

As of March 31, 2021 (unaudited)	As Reported		Adjustment			As Restated
Total assets	$	232,032,771		-		$	232,032,771
Total liabilities	$	22,759,919		-		$	22,759,919
Class A common stock subject to possible redemption		204,272,850		25,727,150			230,000,000
Preferred stock		-		-			-
Class A common stock		257		(257	)		-
Class B common stock		575		-			575
Additional paid-in capital		7,544		(7,544	)		-
Retained earnings (accumulated deficit)		4,991,626		(25,719,349	)		(20,727,723	)
Total stockholders’ equity (deficit)	$	5,000,002	$	(25,727,150	)	$	(20,727,148	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,032,771	$	-		$	232,032,771
Shares of Class A common stock subject to possible redemption		20,427,285		2,572,715			23,000,000
Shares of Class A non-redeemable common stock		2,572,715		(2,572,715	)		-

The Company’s unaudited condensed statement of stockholders’ equity has been restated to reflect the changes to the impacted stockholders’ equity accounts described above.


Three months ended March 31, 2021 (unaudited)	As Reported			Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A common stock subject to possible redemption	$	(11,043,420	)	$	11,043,420	$	-

As of June 30, 2021 (unaudited)	As Reported		Adjustment			As Restated
Total assets	$	231,425,039		-		$	231,425,039
Total liabilities	$	26,450,879		-		$	26,450,879
Class A common stock subject to possible redemption		199,974,150		30,025,850			230,000,000
Preferred share		-		-			-
Class A common stock		300		(300	)		-
Class B common stock		575		-			575
Additional paid-in capital		4,306,201		(4,306,201	)		-
Retained earnings (accumulated deficit)		692,934		(25,719,349	)		(25,026,415	)
Total stockholders’ equity (deficit)	$	5,000,010	$	(30,025,850	)	$	(25,025,840	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	231,425,039	$	-		$	231,425,039
Shares of Class A common stock subject to possible redemption		19,997,415		3,002,585			23,000,000
Shares of Class A non-redeemable common stock		3,002,585		(3,002,585	)		-

The Company’s unaudited condensed statement of stockholders’ equity has been restated to reflect the changes to the impacted stockholders’ equity accounts described above.


Six months ended June 30, 2021 (unaudited)	As Reported			Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A common stock subject to possible redemption	$	(6,744,720	)	$	6,744,720	$	-

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods:

	Earnings (Loss) Per Share
	As Reported			Adjustment			As Restated
Three months ended March 31, 2021 (unaudited)
Net income	$	11,043,416		$	-		$	11,043,416
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted earnings per share - Class A common stock	$	-		$	0.38		$	0.38
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted earnings per share - Class B common stock	$	1.92		$	(1.54	)	$	0.38
Three months ended June 30, 2021 (unaudited)
Net loss	$	(4,298,692	)	$	-		$	(4,298,692	)
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted loss per share - Class A common stock	$	-		$	(0.15	)	$	(0.15	)
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted loss per share - Class B common stock	$	(0.75	)	$	0.60		$	(0.15	)
Six months ended June 30, 2021 (unaudited)
Net income	$	6,744,724		$	-		$	6,744,724
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted earnings per share - Class A common stock	$	-		$	0.23		$	0.23
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted earnings per share - Class B common stock	$	1.17		$	(0.94	)	$	0.23

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the most significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000, and any investments held in Trust Account. As of September 30, 2021, and December 31, 2020, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of September 30, 2021, and December 31, 2020 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that comprise only U.S. treasury securities money market funds.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2021, and December 31, 2020.

Investments Held in the Trust Account

The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in income on investments held in the Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” equal or approximate the carrying amounts represented in the condensed balance sheets.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers consist of:

●

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Offering Costs

Offering costs consist of legal, accounting, underwriting fees and other costs directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating expenses in the unaudited condensed statements of operations. Offering costs associated with the Public Shares were charged against the carrying value of the Class A common stock subject to possible redemption upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions are non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Derivative Warrant Liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each unaudited condensed balance sheet date until exercised, and any change in fair value is recognized in the Company’s unaudited condensed statements of operations. The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model at each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have subsequently been measured based on the listed market price of such warrants. The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A common stock are classified as stockholders’ equity. The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021, and December 31, 2020, 23,000,000 shares of Class A common stock subject to possible redemption were presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets.

Under ASC 480-10-S99, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of the reporting period. This method would view the end of the reporting period as if it were also the redemption date of the security. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Net Income (Loss) Per Common Stock

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A common stock and Class B common stock. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per common share is calculated by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the respective period.

The calculation of diluted net income per common stock does not consider the effect of the warrants issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of 18,850,000 shares of common stock in the calculation of diluted income per share, because their exercise is contingent upon future events. As a result, diluted net income per share is the same as basic net income per share for the three and nine months ended September 30, 2021. Accretion associated with the redeemable Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of common stock:

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income (loss) per common share:
Numerator:
Allocation of net income (loss)	$	4,782,634	$	1,195,659	$	10,178,414	$	2,544,603

Denominator:
Basic and diluted weighted average common shares outstanding		23,000,000		5,750,000		23,000,000		5,750,000

Basic and diluted net income (loss) per common share	$	0.21	$	0.21	$	0.44	$	0.44

Income Taxes

The Company follows the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of September 30, 2021, and December 31, 2020, the Company had a deferred tax asset of approximately $453,000 and $21,000 respectively, each of which had a full valuation allowance recorded against them.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2021, or December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2021, and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Recent Accounting Standards

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited condensed financial statements.

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per share - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Class A
Numerator:
Allocation of net income (loss)	$ 4,782,634	$ 10,178,414
Denominator:
Basic and diluted weighted average common shares outstanding	23,000,000	23,000,000
Basic and diluted net income (loss) per common share	$ 0.21	$ 0.44
Class B
Numerator:
Allocation of net income (loss)	$ 1,195,659	$ 2,544,603
Denominator:
Basic and diluted weighted average common shares outstanding	5,750,000	5,750,000
Basic and diluted net income (loss) per common share	$ 0.21	$ 0.44

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Class A Common Stock Subject to Possible Redemption (Details) - Schedule of Class A common stock subject to possible redemption	9 Months Ended
	Sep. 30, 2021 USD ($)
Schedule of Class A common stock subject to possible redemption [Abstract]
Gross proceeds	$ 230,000,000
Less:
Proceeds allocated to Public Warrants	(13,340,000)
Class A common stock issuance costs	(12,403,774)
Plus:
Accretion of carrying value to redemption value	25,743,774
Class A common stock subject to possible redemption	$ 230,000,000

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Class A Common Stock Subject to Possible Redemption

9 Months Ended

Sep. 30, 2021

Common Stock Subject To Possible Redemption [Abstract]

Class A Common Stock Subject to Possible Redemption

Note 7-Class A Common Stock Subject to Possible Redemption

The Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of September 30, 2021, there were 23,000,000 shares of Class A common stock outstanding, which were all subject to possible redemption and are classified outside of permanent equity in the condensed balance sheets.

The Class A common stock subject to possible redemption reflected on the condensed balance sheets is reconciled on the following table:

Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(13,340,000	)
Class A common stock issuance costs		(12,403,774	)
Plus:
Accretion of carrying value to redemption value		25,743,774
Class A common stock subject to possible redemption	$	230,000,000

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 10-Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the unaudited condensed balance sheet date up to the date that the unaudited condensed financial statements were issued and, other than the restatements described in Note 2, determined that there have been no events that have occurred that would require adjustments to the disclosures in the unaudited condensed financial statements.

Commitments & Contingencies (Details) $ in Millions	9 Months Ended
Commitments & Contingencies (Details) $ in Millions	Sep. 30, 2021 USD ($) shares
Commitments & Contingencies (Details) [Line Items]
Underwriting discount percentage	2.00%
Underwriting expense	$ 4.6
Underwriters deferred fee percentage	3.50%
Gross proceeds	$ 8.1
IPO [Member]
Commitments & Contingencies (Details) [Line Items]
Additional units to cover over-allotment \| shares	3,000,000

Commitments & Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments & Contingencies

Note 5-Commitments & Contingencies

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) were entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters exercised their over-allotment option in full on December 28, 2020.

The underwriters were entitled to a cash underwriting discount of 2.0% of the gross proceeds of the Initial Public Offering, or $4.6 million in the aggregate. In addition, the representative of the underwriters is entitled to a deferred fee of 3.5% of the Initial Public Offering, or approximately $8.1 million. The deferred fee will become payable to the representative of the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Derivative Warrant Liabilities

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Warrant Liabilities

Note 6-Derivative Warrant Liabilities

As of September 30, 2021, and December 31, 2020, the Company had 11,500,000 and 7,350,000 Public Warrants and Private Placement Warrants outstanding, respectively.

The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering, provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis under certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, it will its best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, the warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of common shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except for the Private Placement Warrants):

●

in whole and not in part;

●

at a price of $0.01 per Warrant;

●

upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

●

if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by the Company, it may not exercise its redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification.

The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants will, and the common shares issuable upon the exercise of the Private Placement Warrants will not, be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Nov. 15, 2021
Document Information Line Items
Entity Registrant Name	7GC & Co. Holdings Inc.
Trading Symbol	VII
Document Type	10-Q/A
Current Fiscal Year End Date	--12-31
Amendment Flag	true
Amendment Description	References throughout this Amendment No. 1 to the Quarterly Report on Form 10-Q to “we,” “us,” the “Company” or “our company” are to 7GC & Co. Holdings unless the context otherwise indicates.This Amendment No. 1 (“Amendment No. 1”) to the Quarterly Report on Form 10-Q/A amends the Quarterly Report on Form 10-Q of 7GC & Co. Holdings as of and for the period ended September 30, 2021, as filed with the Securities and Exchange Commission (“SEC”) on November 15, 2021 (the “Original Filing”).On November 15, 2021, 7GC & Co. Holdings (the “Company”) filed its Form 10-Q for the quarterly period ending September 30, 2021 (the “Q3 2021 Form 10-Q”), which included a Note 2, Revision of Previously Reported Financial Statements, that described a revision to the Company’s classification of its Class A common stock subject to redemption issued as part of the units sold in the Company’s initial public offering (“IPO”) on December 28, 2020. As described in Note 2, upon its IPO, the Company classified a portion of the Class A common stock as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. The Company revised this interpretation to include temporary equity in net tangible assets. As a result, the Company presented all redeemable Class A common stock as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. This resulted in an adjustment to the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A common stock. In addition, in connection with the change in presentation for the Class A common stock subject to possible redemption, the Company revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This method contemplates a Business Combination as the most likely outcome and differs from the previously presented method of earnings per share, which was similar to the two-class method.The Company determined the changes were not qualitatively material to the Company’s previously reported financial statements and did not restate its financial statements. Instead, the Company revised its previously financial statements in Note 2 in the Original Filing. Although the qualitative factors that management assessed tended to support a conclusion that the misstatements were not material, these factors were not strong enough to overcome the significant quantitative errors in the financial statements. Management concluded that the misstatement was such of magnitude that it is probable that the judgment of a reasonable person relying upon the financial statements would have been influenced by the inclusion or correction of the foregoing items. As such, upon further consideration of the change, the Company determined the change in classification of the Class A common stock subject to possible redemption and change to its presentation of earnings per share was material quantitatively and it should restate its previously reported financial statements.Therefore, on January 18, 2022, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously reported revision to the (i) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 28, 2021; and (ii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 12, 2021, and (collectively, the “Affected Periods”), should be restated to report all Public Shares as temporary equity and should no longer be relied upon. As such, the Company has restated these financial statements for the Affected Periods in this filing.The restatement does not have an impact on its cash position and cash held in the trust account established in connection with the IPO (the “Trust Account”).After re-evaluation, the Company’s management has concluded that in light of the errors described above, a material weakness existed in the Company’s internal control over financial reporting during the Affected Periods and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness is described in more detail in the Item 4 – Controls and Procedures, contained herein.We are filing this Amendment No. 1 to amend and restate the Original Filing with modification as necessary to reflect the restatements. The following items have been amended to reflect the restatements:Part I, Item 1. Condensed Consolidated Financial StatementsPart I, Item 4. Controls and ProceduresPart II, Item 1A. Risk FactorsIn addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this filing in connection with this Form 10-Q/A (Exhibits 31.1, 31.2, 32.1 and 32.2).Except as described above, no other information included in the Original Filing is being amended or updated by this Amendment No. 1 and, other than as described herein, this Amendment No. 1 does not purport to reflect any information or events subsequent to the Original Filing. We have not amended our previously filed Quarterly Reports on Form 10-Q for the periods affected by the restatement. This Amendment No. 1 continues to describe the conditions as of the date of the Original Filing and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the Original Filing. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and with our filings with the SEC subsequent to the Original Filing.
Entity Central Index Key	0001826011
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39826
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	388 Market Street
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	(628)
Local Phone Number	400-9284
Title of 12(b) Security	Shares of Class A Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Class A Common Stock
Document Information Line Items
Entity Common Stock, Shares Outstanding		23,000,000
Class B Common Stock
Document Information Line Items
Entity Common Stock, Shares Outstanding		5,750,000

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash	$ 858,135	$ 1,724,354
Prepaid expenses	352,527	555,410
Total current assets	1,210,662	2,279,764
Investments held in Trust Account	230,017,394	230,000,189
Total Assets	231,228,056	232,279,953
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit:
Accounts payable	27,149	16,981
Accrued expenses	994,770	70,000
Franchise tax payable	123,684	57,036
Total current liabilities	1,145,603	144,017
Deferred underwriting commissions	8,050,000	8,050,000
Derivative warrant liabilities	11,080,000	25,856,500
Total Liabilities	20,275,603	34,050,517
Commitments and Contingencies
Class A common stock subject to possible redemption, $0.0001 par value; 23,000,000 shares at $10.00 per share at redemption as of September 30, 2021 and December 31, 2020	230,000,000	230,000,000
Stockholders’ Deficit:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; no non-redeemable shares issued or outstanding
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020	575	575
Accumulated deficit	(19,048,122)	(31,771,139)
Total stockholders’ deficit	(19,047,547)	(31,770,564)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit	$ 231,228,056	$ 232,279,953

Condensed Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Class A Common Stock
Common stock, subject to possible redemption par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, subject to possible redemption, shares	23,000,000	23,000,000
Common stock, subject to possible redemption per share (in Dollars per share)	$ 10	$ 10
Common stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Class B Common Stock
Common stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,750,000	5,750,000
Common stock, shares outstanding	5,750,000	5,750,000

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Restatement of Previously Reported Financial Statements

Restatement of Previously Reported Financial Statements

Impact of the Restatement

Impact of the Restatement

None of the changes impacted the Company’s cash position or cash held in the trust account established in connection with the IPO (the “Trust Account”).

As of March 31, 2021 (unaudited)	As Reported		Adjustment			As Restated
Total assets	$	232,032,771		-		$	232,032,771
Total liabilities	$	22,759,919		-		$	22,759,919
Class A common stock subject to possible redemption		204,272,850		25,727,150			230,000,000
Preferred stock		-		-			-
Class A common stock		257		(257	)		-
Class B common stock		575		-			575
Additional paid-in capital		7,544		(7,544	)		-
Retained earnings (accumulated deficit)		4,991,626		(25,719,349	)		(20,727,723	)
Total stockholders’ equity (deficit)	$	5,000,002	$	(25,727,150	)	$	(20,727,148	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	232,032,771	$	-		$	232,032,771
Shares of Class A common stock subject to possible redemption		20,427,285		2,572,715			23,000,000
Shares of Class A non-redeemable common stock		2,572,715		(2,572,715	)		-

The Company’s unaudited condensed statement of stockholders’ equity has been restated to reflect the changes to the impacted stockholders’ equity accounts described above.


Three months ended March 31, 2021 (unaudited)	As Reported			Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A common stock subject to possible redemption	$	(11,043,420	)	$	11,043,420	$	-

As of June 30, 2021 (unaudited)	As Reported		Adjustment			As Restated
Total assets	$	231,425,039		-		$	231,425,039
Total liabilities	$	26,450,879		-		$	26,450,879
Class A common stock subject to possible redemption		199,974,150		30,025,850			230,000,000
Preferred share		-		-			-
Class A common stock		300		(300	)		-
Class B common stock		575		-			575
Additional paid-in capital		4,306,201		(4,306,201	)		-
Retained earnings (accumulated deficit)		692,934		(25,719,349	)		(25,026,415	)
Total stockholders’ equity (deficit)	$	5,000,010	$	(30,025,850	)	$	(25,025,840	)
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)	$	231,425,039	$	-		$	231,425,039
Shares of Class A common stock subject to possible redemption		19,997,415		3,002,585			23,000,000
Shares of Class A non-redeemable common stock		3,002,585		(3,002,585	)		-

The Company’s unaudited condensed statement of stockholders’ equity has been restated to reflect the changes to the impacted stockholders’ equity accounts described above.


Six months ended June 30, 2021 (unaudited)	As Reported			Adjustment		As Restated
Supplemental Disclosure of Noncash Financing Activities:
Change in value of Class A common stock subject to possible redemption	$	(6,744,720	)	$	6,744,720	$	-

The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per share is presented below for the Affected Quarterly Periods:

	Earnings (Loss) Per Share
	As Reported			Adjustment			As Restated
Three months ended March 31, 2021 (unaudited)
Net income	$	11,043,416		$	-		$	11,043,416
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted earnings per share - Class A common stock	$	-		$	0.38		$	0.38
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted earnings per share - Class B common stock	$	1.92		$	(1.54	)	$	0.38
Three months ended June 30, 2021 (unaudited)
Net loss	$	(4,298,692	)	$	-		$	(4,298,692	)
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted loss per share - Class A common stock	$	-		$	(0.15	)	$	(0.15	)
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted loss per share - Class B common stock	$	(0.75	)	$	0.60		$	(0.15	)
Six months ended June 30, 2021 (unaudited)
Net income	$	6,744,724		$	-		$	6,744,724
Weighted average shares outstanding - Class A common stock		23,000,000			-			23,000,000
Basic and diluted earnings per share - Class A common stock	$	-		$	0.23		$	0.23
Weighted average shares outstanding - Class B common stock		5,750,000			-			5,750,000
Basic and diluted earnings per share - Class B common stock	$	1.17		$	(0.94	)	$	0.23

Emerging Growth Company

Emerging Growth Company

Use of Estimates

Use of Estimates

Concentration of Credit Risk

Concentration of Credit Risk

Cash and Cash Equivalents

Cash and Cash Equivalents

Investments Held in the Trust Account

Investments Held in the Trust Account

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair Value Measurements

Fair Value Measurements

●

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

●

Offering Costs

Offering Costs

Derivative Warrant Liabilities

Derivative Warrant Liabilities

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

Net Income (Loss) Per Common Stock

Net Income (Loss) Per Common Stock

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per share for each class of common stock:

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A		Class B		Class A		Class B
Basic and diluted net income (loss) per common share:
Numerator:
Allocation of net income (loss)	$	4,782,634	$	1,195,659	$	10,178,414	$	2,544,603

Denominator:
Basic and diluted weighted average common shares outstanding		23,000,000		5,750,000		23,000,000		5,750,000

Basic and diluted net income (loss) per common share	$	0.21	$	0.21	$	0.44	$	0.44

Income Taxes

Income Taxes

Recent Accounting Standards

Recent Accounting Standards

Class A Common Stock Subject to Possible Redemption (Tables)

9 Months Ended

Sep. 30, 2021

Common Stock Subject To Possible Redemption [Abstract]

Schedule of Class A common stock subject to possible redemption

Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(13,340,000	)
Class A common stock issuance costs		(12,403,774	)
Plus:
Accretion of carrying value to redemption value		25,743,774
Class A common stock subject to possible redemption	$	230,000,000

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Decrease in fair value of liabilities	$ 6.2	$ 14.8

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value on a recurring basis

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account	$	230,017,394	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public Warrants	$	6,670,000	$	-	$
Derivative warrant liabilities - Private Warrants	$	-	$	-	$	4,410,000

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account	$	230,000,189	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public Warrants	$	-	$	-	$	15,640,000
Derivative warrant liabilities - Private Warrants	$	-	$	-	$	10,216,500

Schedule of fair value measurements

	As of September 30, 2021			As of December 31, 2020
Volatility		6.0	%		11.0	%
Stock price	$	9.73		$	9.87
Time to M&A (Yr)		0.50			1.00
Risk-free rate		1.07	%		0.51	%
Dividend yield		0.0	%		0.0	%

Schedule of derivative warrant liabilities

	Private Placement			Public			Warrant Liabilities
Derivative warrant liabilities at December 31, 2020	$	10,216,500		$	15,640,000		$	25,856,500
Change in fair value of derivative warrant liabilities		(4,557,000	)		(6,900,000	)		(11,457,000	)
Transfer of Public warrants to Level 1		-			(8,740,000	)		(8,740,000	)
Derivative warrant liabilities at March 31, 2021	$	5,659,500		$	-		$	5,659,500
Change in fair value of derivative warrant liabilities		1,176,000			-			1,176,000
Derivative warrant liabilities at June 30, 2021	$	6,835,500		$	-		$	6,835,500
Change in fair value of derivative warrant liabilities		(2,425,500	)		-			(2,425,500	)
Derivative warrant liabilities at September 30, 2021	$	4,410,000		$	-		$	4,410,000

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

Description of Organization and Business Operations (Details) - USD ($)		9 Months Ended
	Dec. 28, 2020	Sep. 30, 2021
Description of Organization and Business Operations (Details) [Line Items]
Generating gross proceeds		$ 230,000,000
Fair market value percentage		80.00%
Percentage of outstanding voting securities		50.00%
Net tangible assets		$ 5,000,001
Public shares percentage		15.00%
Dissolution expenses		$ 100,000
Offering price per (in Dollars per share)		$ 10
Trust account, description		The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).
Operating cash account		$ 900,000
Working capital		189,000
Tax obligation		124,000
Payment of purchase amount		25,000
Loaned from sponsor		$ 150,000
Initial Public Offering [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)	23,000,000
Per unit price (in Dollars per share)	$ 10
Generating gross proceeds	$ 230,000,000
Offering costs	13,200,000
Deferred underwriting commissions	$ 8,100,000
Sale of stock description		Upon the closing of the Initial Public Offering and the Private Placement, $230.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (the “Trust Account”) in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and 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 185 days or less, or in any money market funds meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S, government treasury obligations until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.
Redemption percentage of public shares (in Dollars per share)		$ 10
Over-Allotment Units [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)	3,000,000
Private Placement Warrant [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)		7,350,000
Per unit price (in Dollars per share)		$ 1
Generating gross proceeds		$ 7,400,000

Stockholders’ Deficit

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders’ Deficit

Note 8-Stockholders’ Deficit

Preferred stock-The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. As of September 30, 2021, and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Class A Common Stock-The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of September 30, 2021, and December 31, 2020, there were 23,000,000 shares of Class A common stock outstanding, including 23,000,000 shares of Class A common stock subject to possible redemption that were classified as temporary equity in the accompanying condensed balance sheets.

Class B Common Stock-The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. As of September 30, 2021, and December 31, 2020, there were 5,750,000 shares of Class B common stock outstanding with no shares subject to forfeiture.

Holders of the Company’s Class B common stock are entitled to one vote for each share. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Class A Common Stock Subject to Possible Redemption (Details) - Common Class A [Member] - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Class A Common Stock Subject to Possible Redemption (Details) [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, subject to possible redemption, shares	23,000,000	23,000,000

Fair Value Measurements (Details) - Schedule of derivative warrant liabilities - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Public [Member]
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities [Line Items]
Derivative warrant liabilities at beginning			$ 15,640,000
Derivative warrant liabilities at ending
Change in fair value of derivative warrant liabilities			(6,900,000)
Transfer of Public warrants to Level 1			(8,740,000)
Warrant Liabilities [Member]
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities [Line Items]
Derivative warrant liabilities at beginning	6,835,500	5,659,500	25,856,500
Derivative warrant liabilities at ending	4,410,000	6,835,500	5,659,500
Change in fair value of derivative warrant liabilities	(2,425,500)	1,176,000	(11,457,000)
Transfer of Public warrants to Level 1			(8,740,000)
Private Placement [Member]
Fair Value Measurements (Details) - Schedule of derivative warrant liabilities [Line Items]
Derivative warrant liabilities at beginning	6,835,500	5,659,500	10,216,500
Derivative warrant liabilities at ending	4,410,000	6,835,500	5,659,500
Change in fair value of derivative warrant liabilities	$ (2,425,500)	$ 1,176,000	(4,557,000)
Transfer of Public warrants to Level 1

Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions

Note 4-Related Party Transactions

Founder Shares

On October 13, 2020, the Sponsor purchased 5,031,250 shares of the Company’s Class B common stock, par value $0.0001 per share, (the “Founder Shares”) for an aggregate purchase price of $25,000, or approximately $0.005 per share. On December 1, 2020, the Sponsor transferred 25,000 Founder Shares to each of the Company’s four director nominees. In December 2020, the Company effected a stock dividend of approximately 0.143 shares for each share of Class B common stock outstanding, resulting in an aggregate of 5,750,000 Founder Shares outstanding. Certain of the initial stockholders then retransferred an aggregate of 14,286 shares back to the Sponsor. Of the 5,750,000 Founder Shares outstanding, up to 750,000 shares were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full, so that the initial stockholders would own 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters exercised their over-allotment option in full on December 28, 2020; thus, the 750,000 Founder Shares were no longer subject to forfeiture.

The Company’s initial stockholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Private Placement Warrants

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 7,350,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $7.4 million.

Each warrant is exercisable to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Certain proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirement of applicable law) and the Private Placement Warrants will expire worthless.

Promissory Note - Related Party

On September 18, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and was due upon the completion of the Initial Public Offering. The Company borrowed $150,000 under the Note and repaid the Note in full on December 28, 2020. As of September 30, 2021, and December 31, 2020, the Note is no longer available.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1.5 million of notes may be converted upon consummation of a Business Combination into additional Private Placement Warrants at a price of $1.00 per Warrant. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of September 30, 2021, and December 31, 2020, the Company had no borrowings under the Working Capital Loans.

Administrative Support Agreement

The Company agreed to pay $10,000 a month for office space, utilities, and secretarial and administrative support to the Sponsor. Services commenced on the date the securities were first listed on the Nasdaq and will terminate upon the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. In the three and nine months ended September 30, 2021, the Company incurred and expensed $30,000 and approximately $91,000 in expenses for these services, respectively. These expenses were included in general and administrative expenses on the accompanying unaudited condensed statements of operations. There was no outstanding balance for such services as of September 30, 2021, or December 31, 2020.

Stockholders’ Deficit (Details) - $ / shares	9 Months Ended
Stockholders’ Deficit (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Stockholders’ Deficit (Details) [Line Items]
Preferred stock, shares authorized	1,000,000		1,000,000
Preferred stock, par value (in Dollars per share)	$ 0.0001		$ 0.0001
Preferred stock shares outstanding description	As of September 30, 2021, and December 31, 2020, there were no shares of preferred stock issued or outstanding.
Common stock shares outstanding		5,750,000
Class A Common Stock [Member]
Stockholders’ Deficit (Details) [Line Items]
Common stock, shares authorized	100,000,000		100,000,000
Common stock, par value (in Dollars per share)	$ 0.0001		$ 0.0001
Common stock shares outstanding	23,000,000
Common stock shares subject to possible redemption		23,000,000
Class B Common Stock [Member]
Stockholders’ Deficit (Details) [Line Items]
Common stock, shares authorized	10,000,000		10,000,000
Common stock, par value (in Dollars per share)	$ 0.0001		$ 0.0001
Common stock, shares outstanding description	As of September 30, 2021, and December 31, 2020, there were 5,750,000 shares of Class B common stock outstanding with no shares subject to forfeiture.
Common stock shares outstanding	5,750,000		5,750,000
Conversion rate percentage of common stock outstanding	20.00%

Description of Organization and Business Operations

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Description of Organization and Business Operations

Note 1-Description of Organization and Business Operations

Organization and General

7GC & Co. Holdings, Inc. (the “Company”) was incorporated as a Delaware corporation on September 18, 2020. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2021, the Company has not commenced any operations. All activity for the period from September 18, 2020 (inception) through September 30, 2021, has been related to the Company’s formation and the initial public offering (“Initial Public Offering”) described below, and since the offering, the search for a prospective Initial Business Combination. The Company will not generate any operating revenue until after the completion of its Initial Business Combination, at the earliest. The Company generates non-operating income in the form of income earned on investments held in the Trust Account (as defined below) and is subject to non-cash fluctuations for changes in the fair value of derivative warrant liabilities in its unaudited condensed statements of operations. The Company has selected December 31 as its fiscal year end.

Sponsor and Financing

The Company’s sponsor is 7GC & CO. Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on December 22, 2020. On December 28, 2020, the Company consummated its Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), including 3,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.2 million, of which approximately $8.1 million was for deferred underwriting commissions (Note 5).

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 7,350,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of approximately $7.4 million (Note 4).

Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, $230.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (the “Trust Account”) in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and 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 185 days or less, or in any money market funds meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S, government treasury obligations until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholders meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which public stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that, a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company’s prior written consent.

The Public Stockholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Stockholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the representative of the underwriters (as discussed in Note 5). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. These shares of Class A common stock are recorded at a redemption value and classified as temporary equity, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

The Company’s Sponsor has agreed (a) to vote its Founder Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company’s amended and restated certificate of incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares) and Private Placement Warrants (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the amended and restated certificate of incorporation relating to stockholders’ rights of pre-Business Combination activity and (d) that the Founder Shares and Private Placement Warrants (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.

If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or December 28, 2022 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirement of applicable law. The representative of the underwriters has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, we have not asked the Sponsor to reserve for such indemnification obligations, nor have we independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

Liquidity and Going Concern

As of September 30, 2021, the Company had approximately $0.9 million of cash in its operating account and working capital of approximately $189,000 (excluding tax obligations of approximately $124,000 that may be paid using investment income earned in Trust Account).

The Company’s liquidity prior to the consummation of the Initial Public Offering were satisfied through a payment of $25,000 from the Sponsor to purchase Founder Shares (as defined in Note 4), and loan proceeds from the Sponsor of $150,000 under the Note (Note 4). The Company repaid the Note in full on December 28, 2020. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account.

The Company has incurred and expects to incur significant costs in pursuit of its financing and acquisition plans which resulted in the Company’s accrued expenses being greater than the cash balance in its operating account. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to consummate a Business Combination or raise additional funds will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 9-Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

September 30, 2021

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account	$	230,017,394	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public Warrants	$	6,670,000	$	-	$
Derivative warrant liabilities - Private Warrants	$	-	$	-	$	4,410,000

December 31, 2020

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account	$	230,000,189	$	-	$	-
Liabilities:
Derivative warrant liabilities - Public Warrants	$	-	$	-	$	15,640,000
Derivative warrant liabilities - Private Warrants	$	-	$	-	$	10,216,500

Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement, as the Public Warrants were separately listed and traded in February 2021.

Level 1 instruments include investments in mutual funds invested in government securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since the three months ended March 31, 2021 reporting period. In the three and nine months ended September 30, 2021, the Company recognized a benefit of $6.2 million, and $14.8 million resulting from a decrease in the fair value of the derivative warrant liabilities, and presented as change in fair value of derivative warrant liabilities on the accompanying unaudited condensed statements of operations.

The estimated fair value of the Private Placement Warrants and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	As of September 30, 2021			As of December 31, 2020
Volatility		6.0	%		11.0	%
Stock price	$	9.73		$	9.87
Time to M&A (Yr)		0.50			1.00
Risk-free rate		1.07	%		0.51	%
Dividend yield		0.0	%		0.0	%

The change in the fair value of the Level 3 derivative warrant liabilities for the period for the three and nine months ended September 30, 2021, is summarized as follows:

	Private Placement			Public			Warrant Liabilities
Derivative warrant liabilities at December 31, 2020	$	10,216,500		$	15,640,000		$	25,856,500
Change in fair value of derivative warrant liabilities		(4,557,000	)		(6,900,000	)		(11,457,000	)
Transfer of Public warrants to Level 1		-			(8,740,000	)		(8,740,000	)
Derivative warrant liabilities at March 31, 2021	$	5,659,500		$	-		$	5,659,500
Change in fair value of derivative warrant liabilities		1,176,000			-			1,176,000
Derivative warrant liabilities at June 30, 2021	$	6,835,500		$	-		$	6,835,500
Change in fair value of derivative warrant liabilities		(2,425,500	)		-			(2,425,500	)
Derivative warrant liabilities at September 30, 2021	$	4,410,000		$	-		$	4,410,000

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details