Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Summary of Restatement of Financial Statements

The impact of the restatement on the balance sheet, statement of operations and statements of cash flows for the Affected Periods is presented below (see Note 11 - Quarterly Financial Information (Unaudited) for the revision of the quarterly financial statements):


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Balance Sheet
Total assets	$	115,403,470		$	—		$	115,403,470

Liabilities and shareholders’ equity
Total current liabilities	$	678,319		$	—		$	678,319
Deferred underwriting commissions		4,025,000			—			4,025,000
Warrant liabilities		—			5,180,000			5,180,000

Total liabilities		4,703,319			5,180,000			9,883,319
Common stock, $0.0001 par value; shares subject to possible redemption		105,700,150			(5,180,000	)		100,520,150
Stockholders’ equity
Preferred stock—$0.0001 par value		—			—			—
Common stock—$0.0001 par value		381			51			432
Additional paid-in-capital		5,726,973			1,727,142			7,454,115
Accumulated deficit		(727,353	)		(1,727,193	)		(2,454,546	)

Total shareholders’ equity		5,000,001			—			5,000,001

Total liabilities and shareholders’ equity	$	115,403,470		$	—		$	115,403,470


	For the Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Statement of Operations
General and administrative expenses	$	568,151		$	—		$	568,151
Administrative fees—related party		55,000			—			55,000
Franchise tax expense		107,400			—			107,400

Loss from operations		(730,551	)		—			(730,551	)
Change in fair value of warrant liabilities		—			(1,702,000	)		(1,702,000	)
Offering costs associated with issuance of private placement warrants		—			(25,193	)		(25,193	)
Net gain from investments held in Trust Account		6,035			—			6,035

Net loss	$	(724,516	)	$	(1,727,193	)	$	(2,451,709	)

Weighted average shares outstanding of common stock subject to possible redemption, basic and diluted		10,616,459			(348,801	)		10,267,658
Basic and diluted net income per share, common stock subject to possible redemption	$	—		$	—		$	—
Weighted average shares outstanding of non-redeemable common stock, basic and diluted		3,084,568			162,012			3,246,580
Basic and diluted net loss per share, non-redeemable common stock	$	(0.23	)	$	(0.53	)	$	(0.76	)


	For the Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Statement of Cash Flows
Net loss	$	(724,516	)	$	(1,727,193	)	$	(2,451,709	)
Change in fair value of warrant liabilities		—			1,702,000			1,702,000
Offering costs associated with issuance of private placement warrants		—			25,193			25,193
Net cash used in operating activities		(347,869	)		—			(347,869	)
Net cash used in investing activities		(115,000,000	)		—			(115,000,000	)
Net cash provided by financing activities		115,500,075						115,500,075

Net change in cash	$	152,206		$	—		$	152,206


	As of July 15, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Balance Sheet
Total assets	$	116,167,273		$	—		$	116,167,273

Liabilities and shareholders’ equity
Total current liabilities	$	832,899		$	—		$	832,899
Deferred underwriting commissions		4,025,000			—			4,025,000
Warrant liabilities		—			3,478,000			3,478,000

Total liabilities		4,857,899			3,478,000			8,335,899
Common stock, $0.0001 par value; shares subject to possible redemption		106,309,370			(3,478,000	)		102,831,370
Stockholders’ equity
Preferred stock—$0.0001 par value		—			—			—
Common stock, $0.0001 par value		375			35			410
Additional paid-in-capital		5,117,759			25,158			5,142,917
Accumulated deficit		(118,130	)		(25,193	)		(143,323	)

Total stockholders’ equity		5,000,004			—			5,000,004

Total liabilities and shareholders’ equity	$	116,167,273		$	—		$	116,167,273

PTK Acquisition Corp. 10-K/A