Cover
Cover - shares | 7 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40524 | |
Entity Registrant Name | Northern Lights Acquisition Corp. | |
Entity Central Index Key | 0001854963 | |
Entity Tax Identification Number | 86-2409612 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 10 East 53rd Street | |
Entity Address, Address Line Two | Suite 3001 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 510 | |
Local Phone Number | 323-2526 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant | ||
Title of 12(b) Security | Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant | |
Trading Symbol | NLITU | |
Security Exchange Name | NASDAQ | |
Class A Common Stock, $0.0001 par value per share | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | NLIT | |
Security Exchange Name | NASDAQ | |
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share | ||
Title of 12(b) Security | Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share | |
Trading Symbol | NLITW | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 12,028,175 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 2,875,000 |
Condensed Balance Sheet (Unaudi
Condensed Balance Sheet (Unaudited) | Sep. 30, 2021USD ($) |
Current Assets | |
Cash | $ 330,240 |
Prepaid expense | 25,755 |
Prepaid insurance | 306,250 |
Total current assets | 662,245 |
Investments held in Trust Account | 117,311,591 |
Total assets | 117,973,836 |
Current liabilities | |
Accrued expenses | 149,401 |
Total current liabilities | 149,401 |
Warrant liabilities | 2,709,722 |
Deferred underwriter fee payable | 4,025,000 |
Total liabilities | 6,884,123 |
Commitments and Contingencies (Note 6) | |
Class A common stock subject to possible redemption; 11,500,000 shares at redemption value of $10.20 | 117,300,000 |
Stockholders’ Deficit | |
Preferred stock, $0.0001 par value; 1,250,000 shares authorized; none issued and outstanding | |
Additional paid in capital | |
Accumulated deficit | (6,210,628) |
Total stockholders’ deficit | (6,210,287) |
Total liabilities and stockholders’ deficit | 117,973,836 |
Common Class A [Member] | |
Stockholders’ Deficit | |
Common stock, value | 53 |
Common Class B [Member] | |
Stockholders’ Deficit | |
Common stock, value | $ 288 |
Condensed Balance Sheet (Unau_2
Condensed Balance Sheet (Unaudited) (Parenthetical) | Sep. 30, 2021$ / sharesshares |
Temproary equity redemption shares | 11,500,000 |
Temporary equity, redemption values | $ / shares | $ 10.20 |
Preferred stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 1,250,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Common Class A [Member] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 125,000,000 |
Common stock, shares issued | 528,175 |
Common stock, shares outstanding | 528,175 |
Common stock, shares redemption | 11,500,000 |
Common Class B [Member] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 12,500,000 |
Common stock, shares issued | 2,875,000 |
Common stock, shares outstanding | 2,875,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 7 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
Formation and operating costs | $ (244,329) | $ (255,229) |
Loss from operations | (244,329) | (255,229) |
Other income and expense: | ||
Unrealized gain from marketable securities held in Trust Account | 21,068 | 11,591 |
Change in fair value of warrant liability | 3,784,058 | 2,321,752 |
Offering costs allocated to warrants | (261,838) | |
Net income | $ 3,560,797 | $ 1,816,276 |
Weighted average shares outstanding of Class A common stock subject to redemption | 11,500,000 | 11,467,742 |
Basic and diluted net income per common stock subject to redemption | $ 0.24 | $ 0.12 |
Weighted average shares outstanding of Class A and Class B non-redeemable common stock | 3,403,175 | 3,107,299 |
Basic and diluted net income per common stock not subject to redemption | $ 0.24 | $ 0.12 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Class A [Member]Common Stock [Member] | Common Class B [Member]Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance at Feb. 25, 2021 | ||||||
Balance, shares at Feb. 25, 2021 | ||||||
Issuance of Class B Common stock to Sponsor | $ 288 | 24,712 | 25,000 | |||
Issuance of Class B Common stock to Sponsor,shares | 2,875,000 | |||||
Net income | (795) | (795) | ||||
Balance at Mar. 31, 2021 | $ 288 | 24,712 | (795) | 24,205 | ||
Balance, shares at Mar. 31, 2021 | 2,875,000 | |||||
Balance at Feb. 25, 2021 | ||||||
Balance, shares at Feb. 25, 2021 | ||||||
Net income | 1,816,276 | |||||
Warrant liabilities | (5,031,474) | |||||
Balance at Sep. 30, 2021 | $ 53 | $ 288 | (6,210,628) | (6,210,287) | ||
Balance, shares at Sep. 30, 2021 | 528,175 | 2,875,000 | ||||
Balance at Mar. 31, 2021 | $ 288 | 24,712 | (795) | 24,205 | ||
Balance, shares at Mar. 31, 2021 | 2,875,000 | |||||
Net income | (1,743,727) | (1,743,727) | ||||
Sale of IPO Units, net of offering costs | $ 1,203 | 118,303,708 | 118,304,911 | |||
Sale of IPO Units, net of offering costs,shares | 12,028,175 | |||||
Deferred underwriter fee | (4,025,000) | (4,025,000) | ||||
Warrant liabilities | (5,031,474) | (5,031,474) | ||||
Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 | [1] | $ (1,150) | (109,271,946) | (8,026,904) | (117,300,000) | |
Subsequent measurement of Class A Common Stock Subject to Redemption,shares | (11,500,000) | |||||
Balance at Jun. 30, 2021 | $ 53 | $ 288 | (9,771,425) | (9,771,084) | ||
Balance, shares at Jun. 30, 2021 | 528,175 | 2,875,000 | ||||
Net income | 3,560,797 | 3,560,797 | ||||
Balance at Sep. 30, 2021 | $ 53 | $ 288 | $ (6,210,628) | $ (6,210,287) | ||
Balance, shares at Sep. 30, 2021 | 528,175 | 2,875,000 | ||||
[1] | Balances include restatement for presentation of redeemable shares (see Note 2). |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) | 7 Months Ended |
Sep. 30, 2021USD ($) | |
Cash flow from operating activities: | |
Net income | $ 1,816,276 |
Adjustments to reconcile net income to net cash used in operating activities: | |
Unrealized gain from securities held in Trust Account | (11,591) |
Offering costs allocated to warrants | 261,838 |
Change in fair value of warrant liabilities | (2,321,752) |
Changes in operating assets and liabilities: | |
Prepaid insurance | (306,250) |
Prepaid expense | (25,755) |
Accrued expense | 114,401 |
Net cash used in operating activities | (472,833) |
Cash flows from investing activities: | |
Investment of cash in Trust Account | (117,300,000) |
Net cash used in investing activities | (117,300,000) |
Cash flow from financing activities: | |
Proceeds from issuance of Class B common stock to Sponsor | 25,000 |
Proceeds from sale of Units, net of underwriting discount paid | 113,275,000 |
Proceeds from sale of private placement units | 5,281,750 |
Payment of offering costs | (478,677) |
Net cash provided by financing activities | 118,103,073 |
Net change in cash | 330,240 |
Cash at the beginning of the period | |
Cash at the end of the period | 330,240 |
Supplemental disclosure of non-cash financing activities: | |
Deferred underwriting fee payable | 4,025,000 |
Initial classification of Class A common stock subject to redemption | 117,300,000 |
Initial classification of warrant liabilities | 5,031,474 |
Offering costs charged to additional paid-in capital included in accrued expenses | $ 35,000 |
Description of Organization and
Description of Organization and Business Operations | 7 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Organization and Business Operations | Note 1 — Description of Organization and Business Operations Northern Lights Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on February 26, 2021 As of September 30, 2021, the Company had not yet commenced any operations. All activity for the period February 26, 2021 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), and, since the closing of the initial public offering, a search for a Business Combination candidate. The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s Initial Public Offering was declared effective on June 23, 2021. On June 28, 2021, the Company consummated the Initial Public Offering of 11,500,000 115,000,000 Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 528,175 10.00 5,281,750 Following the closing of the Initial Public Offering on June 28, 2021, an amount of $ 117,300,000 10.00 Transaction costs of the Initial Public Offering amounted to $ 6,263,677 1,725,000 4,025,000 513,677 Following the closing of the Initial Public Offering $ 938,853 330,240 512,844 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, 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 (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 1 — Description of Organization and Business Operations (Continued) 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 stockholder 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 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. The Company will have until June 28, 2022 (or up to December 28, 2022, as applicable) to consummate a Business Combination. If the Company is unable to complete a Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing of the Initial Public Offering at the election of the Company subject to satisfaction of certain conditions, including the deposit of up to $2,300,000 since the underwriters’ over-allotment option is exercised in full ($0.10 per unit in either case), into the Trust Account, or as extended by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation) (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 $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($ 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) $10.20 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 $10.20 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 underwriter of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 1 — Description of Organization and Business Operations (Continued) Liquidity As of September 30, 2021, the Company had $ 330,240 512,844 11,500,000 10.00 115.0 528,175 10.00 5,281,750 The Company’s liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $ 25,000 92,737 Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the funds held outside of the Trust Account for paying existing accounts payable and accrued liabilities, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating the business. However, if the Company’s estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an Initial Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate the business prior to the Initial Business Combination. Moreover, the Company may need to obtain additional financing either to complete the Initial Business Combination or to redeem a significant number of our public shares upon completion of the Initial Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Initial Business Combination. If the Company is unable to complete an Initial Business Combination because it does not have sufficient funds available, it will be forced to cease operations and liquidate the Trust Account. There is no assurance that the Company’s plans to consummate an Initial Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty . Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 pandemic 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 the financial statement. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Restatements of Previously Issu
Restatements of Previously Issued Financial Statements | 7 Months Ended |
Sep. 30, 2021 | |
Restatements Of Previously Issued Financial Statements | |
Restatements of Previously Issued Financial Statements | Note 2. Restatements of Previously Issued Financial Statements In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-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 10,197,129 10,513,519 Although the Company did not specify a maximum redemption threshold, its charter provides that currently, 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 Management reviewed the Company’s initial application of ASC 480-10-S99-3A to its accounting classification of public shares and determined that the public shares include certain redemption provisions outside of the Company’s control that require the public shares to be presented as temporary equity regardless of the minimum net tangible asset required by the Company to complete its initial business combination. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the changes and has determined that the related impact was material to any previously presented financial statements. Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements should be restated to report all public shares as temporary equity. As such the Company is reporting upon restatements to those periods in this Quarterly Report. The following tables summarize the effect of the restatements on Balance Sheet line items as of June 11, 2021 and June 30, 2021, Statement of Operations, Statement of Changes in Stockholders’ Equity and Statement of Cash Flow line items as of June 30, 2021, indicated: Schedule of Company Balance Sheets and Earnings per Share As previously reported Restatement adjustment As restated As of June 28, 2021 As previously reported Restatement adjustment As restated Balance Sheet: Class A common stock subject to possible redemption; 104,010,715 13,289,285 117,300,000 Stockholders’ Equity/ (Deficit) - Class A common stock, $ 0.0001 183 (130 ) 53 Class B common stock $ 0.0001 288 - 288 Additional paid-in capital 5,262,250 (5,262,250 ) - Accumulated deficit (262,720 ) (8,026,904 ) (8,289,624 ) Total Stockholder’s Equity 5,000,001 (13,289,285 ) (8,289,284 ) Total Liabilities and Stockholder’s Equity $ 118,588,822 $ - $ 118,588,822 Shares of Class A common stock subject to possible redemption 10,197,129 1,302,871 11,500,000 As previously reported Restatement adjustment As restated As of June 30, 2021 As previously reported Restatement adjustment As restated Balance Sheet: Class A common stock subject to possible redemption; 102,528,914 14,771,086 117,300,000 Stockholders’ Equity/ (Deficit) Class A common stock, $ 0.0001 151 (98 ) 53 Class B common stock, $ 0.0001 288 - 288 Additional paid-in capital 6,744,084 (6,744,084 ) - Accumulated deficit (1,744,522 ) (8,026,903 ) (9,771,425 ) Total Stockholder’s Equity 5,000,001 (14,771,085 ) (9,771,084 ) Total Liabilities and Stockholder’s Equity $ 118,579,327 $ - $ 118,579,327 Statement of Operations: Weighted average shares outstanding of Class A common stock subject to redemption 10,302,592 1,197,408 11,500,000 Basic and diluted net income per common stock $ 0.00 $ (0.12 ) $ (0.12 ) Weighted average shares outstanding of Class A and Class B non-redeemable common stock 2,916,414 (28,738 ) 2,887,676 Basic and diluted net income per common stock $ (0.59 ) $ (0.47 ) $ (0.12 ) Statement of Changes in Stockholders’ Equity: Initial shares subject to possible redemption (104,010,715 ) 104,010,715 - Change in shares subject to possible redemption 1,481,801 (1,481,801 ) - Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 - (117,300,000 ) (117,300,000 ) Statement of Cash Flows: Initial classification of common stock subject to possible redemption 104,010,715 (104,010,715 ) - Change in shares subject to possible redemption (1,481,801 ) 1,481,801 - Initial classification of Class A Common Stock Subject to Redemption - 117,300,000 117,300,000 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 7 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission. 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 a 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 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 financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which 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 the balance sheet 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 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $ 330,240 no Trust Account Upon the closing of the Initial Public Offering and the Private Placement, $ 117,300,000 10.00 Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no no The provision for income taxes was deemed to be immaterial for the period from February 26, 2021 (inception) through September 30, 2021. NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 3 — Summary of Significant Accounting Policies (Continued) Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that were 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 warrant liabilities are expensed as incurred, presented as offering costs allocated to warrants in the condensed statements of operations. Offering costs associated with the Public Shares were charged to stockholders’ equity upon the completion of the Initial Public Offering. Class A Common Stock Subject to Possible Redemption The Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of 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) is classified as temporary equity. At all other times, shares are classified as stockholders’ equity. The Company’s shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. On September 30, 2021, there are 528,175 11,500,000 If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). As of September 30, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table: Schedule of Common Stock Reflected on the Balance Sheets As of September 30, 2021 Gross Proceeds $ 115,000,000 Less: Proceeds allocated to public warrants (5,031,474 ) Proceeds allocated to shares not subject to redemption (59 ) Issuance costs related to Class A common stock (6,263,677 ) Plus: Accretion of carrying value to redemption value 13,595,210 Class A common stock subject to possible redemption 117,300,000 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $ 250,000 Net Income Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net income per common share is computed by dividing the pro rata net loss between the redeemable shares and the non-redeemable shares by the weighted average number of common shares outstanding for each of the periods. The calculation of diluted income per common stock does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable for 6,014,088 shares of common stock in the aggregate. The following table reflects the calculation of basic and diluted net income per common share: Schedule of Calculation of Basic and Diluted Net Income Per Share For the Three Months For the Period from February 26, 2021 (inception) Ended September 30, 2021 Through September 30, 2021 Redeemable Class A common stock subject to possible redemption Numerator: earnings allocable to redeemable Class A common stock subject to possible redemption $ 2,747,681 $ 1,429,058 Denominator: weighted average number of redeemable Class A common stock 11,500,000 11,467,742 Basic and diluted net income per redeemable Class A common stock $ 0.24 $ 0.12 Non-redeemable Class A and Class B common stock Numerator: net income allocable to non-redeemable Class A and Class B common stock $ 813,117 $ 387,218 Denominator: weighted average number of non-redeemable Class A and Class B common stock Non-redeemable Class A private placement and Class B common shares, basic and diluted 3,403,175 3,107,299 Basic and diluted net income per non-redeemable Class and Class B common stock $ 0.24 $ 0. 1 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 3 — Summary of Significant Accounting Policies (Continued) Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature. 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. U.S. 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 include: ● 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. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. Recently Issued Accounting Standards In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options(Subtopic 470- 0) 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 U.S. 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. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Public Offering
Public Offering | 7 Months Ended |
Sep. 30, 2021 | |
Public Offering | |
Public Offering | Note 4 — Public Offering Pursuant to the Initial Public Offering, the Company sold 11,500,000 10.00 0.0001 11.50 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Private Placement
Private Placement | 7 Months Ended |
Sep. 30, 2021 | |
Private Placement | |
Private Placement | Note 5 — Private Placement Simultaneously with the Initial Public Offering, the Sponsor purchased an aggregate of 528,175 10.00 5,281,750 The Private Placement Units are identical to the Units, except that (a) the Private Placement Units and their component securities will not be transferable, assignable or saleable until the consummation of the Company’s initial business combination except to permitted transferees and (b) the Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) may be exercised by the holders on a cashless basis and (ii) will be entitled to registration rights. |
Related Party Transactions
Related Party Transactions | 7 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 — Related Party Transactions Founder Shares On March 19, 2021, the Company issued an aggregate of 2,875,000 25,000 10,000 10,000 20 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 6 — Related Party Transactions (Continued) The Sponsor has agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) six months after the completion of a Business Combination or (B) the date on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the Company’s Class A common stock equals or exceeds $ 12.50 Promissory Note — Related Party On February 26, 2021, the Sponsor committed to loan the Company an aggregate of up to $ 300,000 no 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 lender’s discretion, up to $ 1,500,000 10.00 If the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution of the Company’s board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times, each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing additional funds into the Trust Account as set out below. Pursuant to the terms of the Company’s amended and restated certificate of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or designees, upon five business days advance notice prior to the applicable deadline, must deposit into the Trust Account $ 1,150,000 0.10 2,300,000 0.10 10.00 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 6 — Related Party Transactions (Continued) Administrative Support Agreement Commencing on the date of the Initial Public Offering and until completion of the Company’s Business Combination or liquidation, the Company may reimburse Luminous Capital Inc., an affiliate of the Sponsor, up to an amount of $ 10,000 40,000 |
Commitments and Contingencies
Commitments and Contingencies | 7 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7 — Commitments and Contingencies Registration Rights Pursuant to a registration rights agreement entered into on June 23, 2021, the holders of the Founder Shares, Private Placement Units (including the securities contained therein), the units (including the securities contained therein) 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 Placement Warrants and any shares of Class A common stock, warrants (and underlying Class A common stock) that may be issued upon conversion of the units issued as part of the working capital loans and Class A common stock issuable upon conversion of the founder shares are entitled to registration rights. The holders of a majority of these securities are 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 completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The Company granted the underwriter a 45-day option to purchase up to 1,500,000 The underwriter was paid a cash underwriting discount of 1.50 1,725,000 3.50 4,025,000 Right of First Refusal For a period beginning on June 28, 2021 and ending 12 months from the closing of a business combination, we have granted the underwriters a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity, convertible and debt offerings during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of our Registration Statement. NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Warrant Liability
Warrant Liability | 7 Months Ended |
Sep. 30, 2021 | |
Warrant Liability | |
Warrant Liability | Note 8 – Warrant Liability At September 30, 2021 the Company has 5,750,000 264,088 Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (i) the date of the completion of a Business Combination and (ii) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement or a new 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, as specified in the warrant agreement. 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 Company’s initial business combination, 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.. Notwithstanding the above, if the Company’s shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, it may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event it does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. Redemption of warrants when the price per Class A common stock equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the Public Warrants: ● in whole and not in part; ● at a price of $ 0.01 ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the reported last 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 and certain issuances of Class A common stock and equity-linked securities) for any 20 trading days within a 30-trading day period commencing no earlier than the date the warrants become exercisable and ending on the third business day before the date on which the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 8 – Warrant Liability (Continued) 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 shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Window 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. 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, the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price. The Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Placement Warrants and the Class A common stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company accounted for the aggregate 6,014,088 5,750,000 264,088 The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation. This liability is subject to remeasurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company will reassess the classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Stockholders_ Equity
Stockholders’ Equity | 7 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 9 – Stockholders’ Equity Preferred Stock 1,250,000 0.0001 no Class A Common Stock 125,000,000 0.0001 528,175 11,500,000 Class B Common Stock — 12,500,000 0.0001 10,000 10,000 2,875,000 Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders, except as required by law. 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 a 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 a Business Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company). The Company may issue additional common stock or preferred stock to complete its Business Combination or under an employee incentive plan after completion of its Business Combination. |
Fair Value Measurements
Fair Value Measurements | 7 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements The following table presents information about the Company’s assets and derivative warrant liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value: Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Quoted Prices in Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Asset: Marketable securities held in Trust Account $ 117,311,591 $ — $ — Warrant Liabilities: Public Warrants $ 2,586,925 $ — $ — Private Placement Warrants $ — $ — $ 122,797 Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurements during the three months ended September 30, 2021 . The Warrants are measured at fair value on a recuring basis. The Public Warrants were initially valued using a Modified Monte Carlo Simulation. As of September 30, 2021, the Public warrants were valued using the instrument’s publicly listed trading price as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market. At September 30, 2021, assets held in the Trust Account were comprised of $ 509 117,311,082 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 10 – Fair Value Measurements (Continued) The Company recognized $ 5,031,474 5,852,750 224,474 The Company utilizes a binomial Monte-Carlo simulation to estimate the fair value of the warrants at each reporting period for warrants that are not actively traded. The estimated fair value of the derivative warrant liabilities is determined using Level 3 inputs. Inherent in a binomial 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 based on historical volatility of select peer companies 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 as their measurement dates: Schedule of Level 3 Fair Value Measurement Inputs June 30, 2021 September 30, 2021 (Public and Private Warrant) (Private Exercise price $ 11.50 $ 11.50 Share price $ 9.60 $ 10.01 Expected term (years) 5.82 5.32 Probability of Acquisition 90.0 % 90.0 % Volatility 23.1 % 9.1 % Risk-free rate 1.01 % 1.03 % Dividend yield (per share) 0.00 % 0.00 % The change in the fair value of the derivative warrant liabilities for the period from February 26, 2021 (inception) through September 30, 2021 is summarized as follows: Schedule of Derivative Warrant Liabilities Private Placement Public Warrant Warrant Liability Fair value as of June 28, 2021 (Initial Public Offering) $ 224,474 $ 4,807,000 $ 5,031,474 Change in valuation inputs or other assumptions (1) 159,593 1,302,713 1,462,306 Fair value as of June 30, 2021 $ 384,067 $ 6,109,713 $ 6,493,780 Change in valuation inputs or other assumptions (1)(2) (261,270 ) (3,522,788 ) (3,784,058 ) Fair value as of September 30, 2021 $ 122,797 2,586,925 2,709,722 (1) Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations. (2) Changes are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively. |
Subsequent Events
Subsequent Events | 7 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events Management has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement was issued. Based upon this review, other than the events included in the above notes, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 7 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission. |
Emerging Growth Company | 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 a 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 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 financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of the balance sheet 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 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $ 330,240 no |
Trust Account | Trust Account Upon the closing of the Initial Public Offering and the Private Placement, $ 117,300,000 10.00 |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no no The provision for income taxes was deemed to be immaterial for the period from February 26, 2021 (inception) through September 30, 2021. NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 3 — Summary of Significant Accounting Policies (Continued) |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that were 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 warrant liabilities are expensed as incurred, presented as offering costs allocated to warrants in the condensed statements of operations. Offering costs associated with the Public Shares were charged to stockholders’ equity upon the completion of the Initial Public Offering. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of 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) is classified as temporary equity. At all other times, shares are classified as stockholders’ equity. The Company’s shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. On September 30, 2021, there are 528,175 11,500,000 If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). As of September 30, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table: Schedule of Common Stock Reflected on the Balance Sheets As of September 30, 2021 Gross Proceeds $ 115,000,000 Less: Proceeds allocated to public warrants (5,031,474 ) Proceeds allocated to shares not subject to redemption (59 ) Issuance costs related to Class A common stock (6,263,677 ) Plus: Accretion of carrying value to redemption value 13,595,210 Class A common stock subject to possible redemption 117,300,000 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $ 250,000 |
Net Income Per Share | Net Income Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net income per common share is computed by dividing the pro rata net loss between the redeemable shares and the non-redeemable shares by the weighted average number of common shares outstanding for each of the periods. The calculation of diluted income per common stock does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable for 6,014,088 shares of common stock in the aggregate. The following table reflects the calculation of basic and diluted net income per common share: Schedule of Calculation of Basic and Diluted Net Income Per Share For the Three Months For the Period from February 26, 2021 (inception) Ended September 30, 2021 Through September 30, 2021 Redeemable Class A common stock subject to possible redemption Numerator: earnings allocable to redeemable Class A common stock subject to possible redemption $ 2,747,681 $ 1,429,058 Denominator: weighted average number of redeemable Class A common stock 11,500,000 11,467,742 Basic and diluted net income per redeemable Class A common stock $ 0.24 $ 0.12 Non-redeemable Class A and Class B common stock Numerator: net income allocable to non-redeemable Class A and Class B common stock $ 813,117 $ 387,218 Denominator: weighted average number of non-redeemable Class A and Class B common stock Non-redeemable Class A private placement and Class B common shares, basic and diluted 3,403,175 3,107,299 Basic and diluted net income per non-redeemable Class and Class B common stock $ 0.24 $ 0. 1 NORTHERN LIGHTS ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS Note 3 — Summary of Significant Accounting Policies (Continued) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature. |
Fair Value Measurements | 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. U.S. 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 include: ● 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. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options(Subtopic 470- 0) 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 U.S. 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. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Restatements of Previously Is_2
Restatements of Previously Issued Financial Statements (Tables) | 7 Months Ended |
Sep. 30, 2021 | |
Restatements Of Previously Issued Financial Statements | |
Schedule of Company Balance Sheets and Earnings per Share | The following tables summarize the effect of the restatements on Balance Sheet line items as of June 11, 2021 and June 30, 2021, Statement of Operations, Statement of Changes in Stockholders’ Equity and Statement of Cash Flow line items as of June 30, 2021, indicated: Schedule of Company Balance Sheets and Earnings per Share As previously reported Restatement adjustment As restated As of June 28, 2021 As previously reported Restatement adjustment As restated Balance Sheet: Class A common stock subject to possible redemption; 104,010,715 13,289,285 117,300,000 Stockholders’ Equity/ (Deficit) - Class A common stock, $ 0.0001 183 (130 ) 53 Class B common stock $ 0.0001 288 - 288 Additional paid-in capital 5,262,250 (5,262,250 ) - Accumulated deficit (262,720 ) (8,026,904 ) (8,289,624 ) Total Stockholder’s Equity 5,000,001 (13,289,285 ) (8,289,284 ) Total Liabilities and Stockholder’s Equity $ 118,588,822 $ - $ 118,588,822 Shares of Class A common stock subject to possible redemption 10,197,129 1,302,871 11,500,000 As previously reported Restatement adjustment As restated As of June 30, 2021 As previously reported Restatement adjustment As restated Balance Sheet: Class A common stock subject to possible redemption; 102,528,914 14,771,086 117,300,000 Stockholders’ Equity/ (Deficit) Class A common stock, $ 0.0001 151 (98 ) 53 Class B common stock, $ 0.0001 288 - 288 Additional paid-in capital 6,744,084 (6,744,084 ) - Accumulated deficit (1,744,522 ) (8,026,903 ) (9,771,425 ) Total Stockholder’s Equity 5,000,001 (14,771,085 ) (9,771,084 ) Total Liabilities and Stockholder’s Equity $ 118,579,327 $ - $ 118,579,327 Statement of Operations: Weighted average shares outstanding of Class A common stock subject to redemption 10,302,592 1,197,408 11,500,000 Basic and diluted net income per common stock $ 0.00 $ (0.12 ) $ (0.12 ) Weighted average shares outstanding of Class A and Class B non-redeemable common stock 2,916,414 (28,738 ) 2,887,676 Basic and diluted net income per common stock $ (0.59 ) $ (0.47 ) $ (0.12 ) Statement of Changes in Stockholders’ Equity: Initial shares subject to possible redemption (104,010,715 ) 104,010,715 - Change in shares subject to possible redemption 1,481,801 (1,481,801 ) - Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 - (117,300,000 ) (117,300,000 ) Statement of Cash Flows: Initial classification of common stock subject to possible redemption 104,010,715 (104,010,715 ) - Change in shares subject to possible redemption (1,481,801 ) 1,481,801 - Initial classification of Class A Common Stock Subject to Redemption - 117,300,000 117,300,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 7 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Common Stock Reflected on the Balance Sheets | As of September 30, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table: Schedule of Common Stock Reflected on the Balance Sheets As of September 30, 2021 Gross Proceeds $ 115,000,000 Less: Proceeds allocated to public warrants (5,031,474 ) Proceeds allocated to shares not subject to redemption (59 ) Issuance costs related to Class A common stock (6,263,677 ) Plus: Accretion of carrying value to redemption value 13,595,210 Class A common stock subject to possible redemption 117,300,000 |
Schedule of Calculation of Basic and Diluted Net Income Per Share | The following table reflects the calculation of basic and diluted net income per common share: Schedule of Calculation of Basic and Diluted Net Income Per Share For the Three Months For the Period from February 26, 2021 (inception) Ended September 30, 2021 Through September 30, 2021 Redeemable Class A common stock subject to possible redemption Numerator: earnings allocable to redeemable Class A common stock subject to possible redemption $ 2,747,681 $ 1,429,058 Denominator: weighted average number of redeemable Class A common stock 11,500,000 11,467,742 Basic and diluted net income per redeemable Class A common stock $ 0.24 $ 0.12 Non-redeemable Class A and Class B common stock Numerator: net income allocable to non-redeemable Class A and Class B common stock $ 813,117 $ 387,218 Denominator: weighted average number of non-redeemable Class A and Class B common stock Non-redeemable Class A private placement and Class B common shares, basic and diluted 3,403,175 3,107,299 Basic and diluted net income per non-redeemable Class and Class B common stock $ 0.24 $ 0. 1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 7 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and derivative warrant liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value: Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Quoted Prices in Active Markets Significant Other Observable Inputs Significant Other Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Asset: Marketable securities held in Trust Account $ 117,311,591 $ — $ — Warrant Liabilities: Public Warrants $ 2,586,925 $ — $ — Private Placement Warrants $ — $ — $ 122,797 |
Schedule of Level 3 Fair Value Measurement Inputs | The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: Schedule of Level 3 Fair Value Measurement Inputs June 30, 2021 September 30, 2021 (Public and Private Warrant) (Private Exercise price $ 11.50 $ 11.50 Share price $ 9.60 $ 10.01 Expected term (years) 5.82 5.32 Probability of Acquisition 90.0 % 90.0 % Volatility 23.1 % 9.1 % Risk-free rate 1.01 % 1.03 % Dividend yield (per share) 0.00 % 0.00 % |
Schedule of Derivative Warrant Liabilities | The change in the fair value of the derivative warrant liabilities for the period from February 26, 2021 (inception) through September 30, 2021 is summarized as follows: Schedule of Derivative Warrant Liabilities Private Placement Public Warrant Warrant Liability Fair value as of June 28, 2021 (Initial Public Offering) $ 224,474 $ 4,807,000 $ 5,031,474 Change in valuation inputs or other assumptions (1) 159,593 1,302,713 1,462,306 Fair value as of June 30, 2021 $ 384,067 $ 6,109,713 $ 6,493,780 Change in valuation inputs or other assumptions (1)(2) (261,270 ) (3,522,788 ) (3,784,058 ) Fair value as of September 30, 2021 $ 122,797 2,586,925 2,709,722 (1) Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations. (2) Changes are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively. |
Description of Organization a_2
Description of Organization and Business Operations (Details Narrative) - USD ($) | Jun. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||
Date of incorporation | Feb. 26, 2021 | ||
Proceeds from issuance initial public offering | $ 115,000,000 | ||
Number of shares sold in transaction | 11,500,000 | ||
Exercised price per share | $ 10 | $ 10 | |
Proceeds from issuance of private placement | $ 5,281,750 | ||
Cash | $ 330,240 | 330,240 | |
Working capital | 512,844 | $ 512,844 | |
Description of acquired entity | 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 (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. | ||
Reason for 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. | ||
Cash and Cash Equivalents, at Carrying Value | 330,240 | $ 330,240 | |
Sponsor [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Description of acquired entity | 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) $10.20 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 $10.20 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 underwriter of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares initial public offering | 11,500,000 | ||
Proceeds from issuance initial public offering | $ 115,000,000 | ||
Exercised price per share | $ 10 | ||
Proceeds from sale of equity | $ 25,000 | ||
Transaction costs | $ 6,263,677 | ||
Cash | 938,853 | ||
Description of acquired entity | The Company will have until June 28, 2022 (or up to December 28, 2022, as applicable) to consummate a Business Combination. If the Company is unable to complete a Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing of the Initial Public Offering at the election of the Company subject to satisfaction of certain conditions, including the deposit of up to $2,300,000 since the underwriters’ over-allotment option is exercised in full ($0.10 per unit in either case), into the Trust Account, or as extended by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation) (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 $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($ | ||
IPO [Member] | Promissory Note [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from sale of equity | $ 92,737 | ||
IPO [Member] | Underwriting Fees [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Transaction costs | 1,725,000 | ||
IPO [Member] | Deferred Underwriting Commissions [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Transaction costs | 4,025,000 | ||
IPO [Member] | Other Offering Costs [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Transaction costs | $ 513,677 | ||
Private Placement [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance initial public offering | $ 117,300,000 | ||
Number of shares sold in transaction | 528,175 | ||
Exercised price per share | $ 10 | ||
Proceeds from issuance of private placement | $ 5,281,750 | ||
Trust Account [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Exercised price per share | $ 10 | ||
Proceeds from sale of equity | $ 117,300,000 |
Schedule of Company Balance She
Schedule of Company Balance Sheets and Earnings per Share (Details) - USD ($) | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Jun. 28, 2021 | Mar. 31, 2021 | Feb. 25, 2021 |
Class A common stock subject to possible redemption; | $ 117,300,000 | $ 117,300,000 | $ 117,300,000 | $ 117,300,000 | ||
Additional paid-in capital | ||||||
Accumulated deficit | (9,771,425) | (6,210,628) | (6,210,628) | (8,289,624) | ||
Total Stockholder’s Equity | (9,771,084) | (6,210,287) | (6,210,287) | (8,289,284) | $ 24,205 | |
Total Liabilities and Stockholder’s Equity | $ 118,579,327 | $ 117,973,836 | $ 117,973,836 | $ 118,588,822 | ||
Shares of Class A common stock subject to possible redemption | 11,500,000 | 11,500,000 | 11,500,000 | |||
Weighted average shares outstanding of Class A common stock subject to redemption | 11,500,000 | 11,500,000 | 11,467,742 | |||
Basic and diluted net income per common stock | $ (0.12) | $ 0.24 | $ 0.12 | |||
Weighted average shares outstanding of Class A and Class B non-redeemable common stock | 2,887,676 | 3,403,175 | 3,107,299 | |||
Basic and diluted net income per common stock | $ (0.12) | $ 0.24 | $ 0.12 | |||
Initial shares subject to possible redemption | ||||||
Change in shares subject to possible redemption | ||||||
Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 | (117,300,000) | |||||
Initial classification of common stock subject to possible redemption | ||||||
Change in shares subject to possible redemption | ||||||
Initial classification of Class A Common Stock Subject to Redemption | 117,300,000 | $ 117,300,000 | ||||
Common Class A [Member] | ||||||
Class B common stock, $0.0001 par value; | 53 | $ 53 | $ 53 | $ 53 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Class B [Member] | ||||||
Class B common stock, $0.0001 par value; | 288 | $ 288 | $ 288 | $ 288 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Previously Reported [Member] | ||||||
Class A common stock subject to possible redemption; | 102,528,914 | $ 104,010,715 | ||||
Additional paid-in capital | 6,744,084 | 5,262,250 | ||||
Accumulated deficit | (1,744,522) | (262,720) | ||||
Total Stockholder’s Equity | 5,000,001 | 5,000,001 | ||||
Total Liabilities and Stockholder’s Equity | $ 118,579,327 | $ 118,588,822 | ||||
Shares of Class A common stock subject to possible redemption | 10,513,519 | 10,197,129 | ||||
Weighted average shares outstanding of Class A common stock subject to redemption | 10,302,592 | |||||
Basic and diluted net income per common stock | $ 0 | |||||
Weighted average shares outstanding of Class A and Class B non-redeemable common stock | 2,916,414 | |||||
Basic and diluted net income per common stock | $ (0.59) | |||||
Initial shares subject to possible redemption | $ (104,010,715) | |||||
Change in shares subject to possible redemption | 1,481,801 | |||||
Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 | ||||||
Initial classification of common stock subject to possible redemption | 104,010,715 | |||||
Change in shares subject to possible redemption | (1,481,801) | |||||
Initial classification of Class A Common Stock Subject to Redemption | ||||||
Previously Reported [Member] | Common Class A [Member] | ||||||
Class B common stock, $0.0001 par value; | 151 | $ 183 | ||||
Previously Reported [Member] | Common Class B [Member] | ||||||
Class B common stock, $0.0001 par value; | 288 | 288 | ||||
Revision of Prior Period, Adjustment [Member] | ||||||
Class A common stock subject to possible redemption; | 14,771,086 | 13,289,285 | ||||
Additional paid-in capital | (6,744,084) | (5,262,250) | ||||
Accumulated deficit | (8,026,903) | (8,026,904) | ||||
Total Stockholder’s Equity | (14,771,085) | (13,289,285) | ||||
Total Liabilities and Stockholder’s Equity | ||||||
Shares of Class A common stock subject to possible redemption | 1,302,871 | |||||
Weighted average shares outstanding of Class A common stock subject to redemption | 1,197,408 | |||||
Basic and diluted net income per common stock | $ (0.12) | |||||
Weighted average shares outstanding of Class A and Class B non-redeemable common stock | (28,738) | |||||
Basic and diluted net income per common stock | $ (0.47) | |||||
Initial shares subject to possible redemption | $ 104,010,715 | |||||
Change in shares subject to possible redemption | (1,481,801) | |||||
Subsequent measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99 | (117,300,000) | |||||
Initial classification of common stock subject to possible redemption | (104,010,715) | |||||
Change in shares subject to possible redemption | 1,481,801 | |||||
Initial classification of Class A Common Stock Subject to Redemption | 117,300,000 | |||||
Revision of Prior Period, Adjustment [Member] | Common Class A [Member] | ||||||
Class B common stock, $0.0001 par value; | (98) | $ (130) | ||||
Revision of Prior Period, Adjustment [Member] | Common Class B [Member] | ||||||
Class B common stock, $0.0001 par value; |
Schedule of Company Balance S_2
Schedule of Company Balance Sheets and Earnings per Share (Details) (Paranthetical) - $ / shares | Sep. 30, 2021 | Jun. 28, 2021 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Restatements of Previously Is_3
Restatements of Previously Issued Financial Statements (Details Narrative) - USD ($) | 7 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 28, 2021 | |
Temproary equity redemption shares | 11,500,000 | 11,500,000 | |
Tangible assets net | $ 5,000,001 | ||
Previously Reported [Member] | |||
Temproary equity redemption shares | 10,513,519 | 10,197,129 |
Schedule of Common Stock Reflec
Schedule of Common Stock Reflected on the Balance Sheets (Details) - USD ($) | 3 Months Ended | 7 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2021 | Jun. 28, 2021 | |
Accounting Policies [Abstract] | |||
Gross Proceeds | $ 115,000,000 | ||
Proceeds allocated to public warrants | $ (5,031,474) | (5,031,474) | |
Proceeds allocated to shares not subject to redemption | (59) | ||
Issuance costs related to Class A common stock | (6,263,677) | ||
Accretion of carrying value to redemption value | 13,595,210 | ||
Class A common stock subject to possible redemption | $ 117,300,000 | $ 117,300,000 | $ 117,300,000 |
Schedule of Calculation of Basi
Schedule of Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 |
Non-redeemable Class A private placement and Class B common shares, basic and diluted | 2,887,676 | 3,403,175 | 3,107,299 | ||
net income allocable to non-redeemable Class A and Class B common stock | $ (795) | $ 3,560,797 | $ (1,743,727) | $ 1,816,276 | |
Redeemable Class A Common Shares [Member] | |||||
Earnings allocable to redeemable Class A common stock subject to possible redemption | $ 2,747,681 | $ 1,429,058 | |||
Non-redeemable Class A private placement and Class B common shares, basic and diluted | 11,500,000 | 11,467,742 | |||
Basic and diluted net loss per share | $ 0.24 | $ 0.12 | |||
Non Redeemable Class A Common Shares [Member] | Private Placement [Member] | |||||
Non-redeemable Class A private placement and Class B common shares, basic and diluted | 3,403,175 | 3,107,299 | |||
Basic and diluted net loss per share | $ 0.24 | $ 1 | |||
net income allocable to non-redeemable Class A and Class B common stock | $ 813,117 | $ 387,218 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 6 Months Ended | 7 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | |
Subsidiary, Sale of Stock [Line Items] | ||
Cash | $ 330,240 | $ 330,240 |
Cash equivalents | 0 | 0 |
Proceed from initial public offering | 115,000,000 | |
Unrecognized tax benefits | 0 | 0 |
Income tax accrued interest and penalties | 0 | 0 |
Cash, FDIC insured amount | $ 250,000 | $ 250,000 |
Common Class A [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares outstanding | shares | 528,175 | 528,175 |
Common stock, shares redemption | shares | 11,500,000 | 11,500,000 |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceed from initial public offering | $ 117,300,000 | |
Share issue price per share | $ / shares | $ 10 | $ 10 |
Public Offering (Details Narrat
Public Offering (Details Narrative) - $ / shares | 7 Months Ended | |
Sep. 30, 2021 | Jun. 28, 2021 | |
Number of shares sold in transaction | 11,500,000 | |
Sale of stock price per share | $ 10 | |
Public Warrant [Member] | ||
Warrant exercise price | 11.50 | |
Common Class A [Member] | ||
Sale of stock price per share | 12.50 | |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Private Placement (Details Narr
Private Placement (Details Narrative) - Private Placement [Member] | 7 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Subsidiary, Sale of Stock [Line Items] | |
Number of shares issued in acquisition transaction | shares | 528,175 |
Price per share | $ / shares | $ 10 |
Number of shares issued in acquisition transaction value | $ | $ 5,281,750 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 24, 2021 | Mar. 19, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Feb. 27, 2021 |
Related Party Transaction [Line Items] | |||||
Common stock purchase price | $ 25,000 | ||||
Initial public offering percentage | 20.00% | ||||
Price per share | $ 10 | ||||
Administrative Support Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Support Fee | $ 40,000 | ||||
Related Party Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Price per share | $ 0.10 | ||||
Share price per share | $ 0.10 | ||||
Related party - business combination description | If the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution of the Company’s board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times, each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing additional funds into the Trust Account as set out below. Pursuant to the terms of the Company’s amended and restated certificate of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or designees, upon five business days advance notice prior to the applicable deadline, must deposit into the Trust Account $1,150,000 since the underwriters’ over-allotment option is exercised in full ($0.10 per unit), on or prior to the date of the applicable deadline, for each of the available three month extensions, providing a total possible Business Combination period of 18 months at a total payment value of $2,300,000 since the underwriters’ over-allotment option is exercised in full ($0.10 per unit) (the “Extension Loans”). Any such payments would be made in the form of non-interest bearing loans. If the Company completes its initial Business Combination, the Company will, at the option of the Sponsor, repay the Extension Loans out of the proceeds of the Trust Account released to the Company or convert a portion or all of the total loan amount into units at a price of $10.00 per unit, which units will be identical to the Private Placement Units. If the Company does not complete a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account. Furthermore, the letter agreement among the Company and the Company’s officers, directors, and the Sponsor contains a provision pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there is insufficient funds held outside of the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination. The public stockholders will not be afforded an opportunity to vote on the extension of time to consummate an initial Business Combination from 12 months to 18 months described above or redeem their shares in connection with such extensions. | ||||
Related Party Loans [Member] | Over-Allotment Option [Member] | |||||
Related Party Transaction [Line Items] | |||||
Deposit | $ 1,150,000 | ||||
Luminous Capital Inc. [Member] | Administrative Support Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement of office space, secretarial and administrative support | 10,000 | ||||
Promissory Note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Outstaning amount | $ 0 | ||||
Working Capital Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share price per share | $ 10 | ||||
Extension Loans [Member] | Related Party Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share price per share | $ 10 | ||||
Extension Loans [Member] | Related Party Loans [Member] | Over-Allotment Option [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total payment | $ 2,300,000 | ||||
Maximum [Member] | Promissory Note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Promissory note - related party | $ 300,000 | ||||
Maximum [Member] | Working Capital Loans [Member] | |||||
Related Party Transaction [Line Items] | |||||
Promissory note - related party | $ 1,500,000 | ||||
Chief Financial Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, shares | 10,000 | ||||
Independent Director One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, shares | 10,000 | ||||
Independent Director Two [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, shares | 10,000 | ||||
Independent Director Three [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, shares | 10,000 | ||||
Common Class B [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, shares | 2,875,000 | ||||
Common stock purchase price | $ 25,000 | ||||
Common Class A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Price per share | $ 12.50 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 7 Months Ended |
Sep. 30, 2021USD ($)shares | |
Loss Contingencies [Line Items] | |
Proceeds from issuance initial public offering | $ 115,000,000 |
Underwriters Agreement [Member] | |
Loss Contingencies [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 1,500,000 |
Underwriters Agreement [Member] | Deferred Fee [Member] | |
Loss Contingencies [Line Items] | |
Percentage of discount on gross proceeds of initial public offering | 3.50% |
Proceeds from issuance initial public offering | $ 4,025,000 |
Underwriters Agreement [Member] | Cash [Member] | |
Loss Contingencies [Line Items] | |
Percentage of discount on gross proceeds of initial public offering | 1.50% |
Proceeds from issuance initial public offering | $ 1,725,000 |
Warrant Liability (Details Narr
Warrant Liability (Details Narrative) | 7 Months Ended |
Sep. 30, 2021$ / sharesshares | |
IPO [Member] | |
Number of warrants issued | 6,014,088 |
Public Warrants [Member] | |
Number of warrants outstanding | 5,750,000 |
Warrants description | The Public Warrants will become exercisable on the later of (i) the date of the completion of a Business Combination and (ii) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. |
Warrants price per share | $ / shares | $ 0.01 |
Number of warrants issued | 5,750,000 |
Placement Warrants [Member] | |
Number of warrants outstanding | 264,088 |
Number of warrants issued | 264,088 |
Class A Common Stock [Member] | |
Redemption of warrants, description | 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, the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price. |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - $ / shares | Mar. 24, 2021 | Mar. 19, 2021 | Sep. 30, 2021 | Jun. 28, 2021 |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 1,250,000 | |||
Preferred stock, par value | $ 0.0001 | |||
Preferred stock, shares issued | 0 | |||
Preferred stock, shares outstanding | 0 | |||
Common stock conversion basis | 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 a 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 a Business Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company). | |||
Chief Financial Officer [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, shares | 10,000 | |||
Independent Director One [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, shares | 10,000 | |||
Independent Director Two [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, shares | 10,000 | |||
Independent Director Three [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, shares | 10,000 | |||
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 125,000,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 528,175 | |||
Common stock, shares outstanding | 528,175 | |||
Redemption of common shares | 11,500,000 | |||
Common Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 12,500,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 2,875,000 | |||
Common stock, shares outstanding | 2,875,000 | |||
Stock issued during period, shares | 2,875,000 |
Schedule of Fair Value Assets a
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] | Sep. 30, 2021USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Marketable securities held in Trust Account | $ 117,311,591 |
Fair Value, Inputs, Level 1 [Member] | Public Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | 2,586,925 |
Fair Value, Inputs, Level 1 [Member] | Private Placement Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Marketable securities held in Trust Account | |
Fair Value, Inputs, Level 2 [Member] | Public Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Fair Value, Inputs, Level 2 [Member] | Private Placement Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Marketable securities held in Trust Account | |
Fair Value, Inputs, Level 3 [Member] | Public Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | |
Fair Value, Inputs, Level 3 [Member] | Private Placement Warrants [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liabilities | $ 122,797 |
Schedule of Level 3 Fair Value
Schedule of Level 3 Fair Value Measurement Inputs (Details) | Sep. 30, 2021$ / shares | Jun. 30, 2021$ / shares |
Measurement Input, Exercise Price [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 11.50 | |
Measurement Input, Exercise Price [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 11.50 | |
Measurement Input, Share Price [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 9.60 | |
Measurement Input, Share Price [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 10.01 | |
Measurement Input, Expected Term [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected term (years) | 5 years 9 months 25 days | |
Measurement Input, Expected Term [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected term (years) | 5 years 3 months 25 days | |
Measurement Input Probability Acquisition [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 90 | |
Measurement Input Probability Acquisition [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 90 | |
Measurement Input, Price Volatility [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 23.1 | |
Measurement Input, Price Volatility [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 9.1 | |
Measurement Input, Risk Free Interest Rate [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 1.01 | |
Measurement Input, Risk Free Interest Rate [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 1.03 | |
Measurement Input, Expected Dividend Rate [Member] | Public And Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 0 | |
Measurement Input, Expected Dividend Rate [Member] | Private Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield (per share) | 0 |
Schedule of Derivative Warrant
Schedule of Derivative Warrant Liabilities (Details) - USD ($) | 3 Months Ended | 4 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | |||
Fair value | $ 6,493,780 | $ 5,031,474 | ||
Change in valuation inputs or other assumptions | [2] | (3,784,058) | [1] | 1,462,306 |
Fair value | 2,709,722 | 6,493,780 | ||
Private Placement Warrants [Member] | ||||
Fair value | 384,067 | 224,474 | ||
Change in valuation inputs or other assumptions | [2] | (261,270) | [1] | 159,593 |
Fair value | 122,797 | 384,067 | ||
Public Warrants [Member] | ||||
Fair value | 6,109,713 | 4,807,000 | ||
Change in valuation inputs or other assumptions | [2] | (3,522,788) | [1] | 1,302,713 |
Fair value | $ 2,586,925 | $ 6,109,713 | ||
[1] | Changes are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively. | |||
[2] | Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations. |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 28, 2021 |
Warrant [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Derivative warrant liability | $ 5,031,474 | |
Placement Warrants [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Derivative warrant liability | $ 5,852,750 | |
Fair value of derivative liability | 224,474 | |
Cash [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Asset held in trust | 509 | |
US Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Asset held in trust | $ 117,311,082 |