Summary of Significant Accounting Policies and Restatement of Previously Reported Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Earnings Per Share Basic and Diluted

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


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A ordinary		Class B ordinary		Class A ordinary		Class B ordinary
	shares		shares		shares		shares

Basic net income per ordinary share:
Numerator:
Allocation of net income	$	394,764	$	98,691	$	5,665,104	$	1,726,987
Denominator:
Basic weighted average ordinary shares outstanding		31,625,000		7,906,250		25,253,663		7,698,489

Basic net income per ordinary share	$	0.01	$	0.01	$	0.22	$	0.22


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021				September 30, 2021
	Class A ordinary		Class B ordinary		Class A ordinary		Class B ordinary
	shares		shares		shares		shares

Diluted net income per ordinary share:
Numerator:
Allocation of net income	$	394,764	$	98,691	$	5,629,610	$	1,762,481
Denominator:
Diluted weighted average ordinary shares outstanding		31,625,000		7,906,250		25,253,663		7,906,250

Diluted net income per ordinary share	$	0.01	$	0.01	$	0.22	$	0.22

Schedule Of Restatement Of Previously Reported Financial Statements

Class A ordinary shares from permanent equity to temporary equity. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet as of March 31, 2021:


As of March 31, 2021 (unaudited)	As Previously Reported			Adjustment			As Restated
Total assets	$	318,056,509		$	—		$	318,056,509

Total liabilities	$	37,747,773		$	—		$	37,747,773

Class A ordinary shares subject to possible redemption		275,308,730			40,941,270			316,250,000
Preference shares		—			—			—
Class A ordinary shares		409			(409	)		—
Class B ordinary shares		791			—			791
Additional paid-in capital		8,789,223			(8,789,223	)		—
Accumulated deficit		(3,790,417	)		(32,151,638	)		(35,942,055	)

Total shareholders’ equity (deficit)	$	5,000,006		$	(40,941,270	)	$	(35,941,264	)

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit)	$	318,056,509		$	—		$	318,056,509


As of June 30, 2021 (unaudited)	As Previously Reported		Adjustment			As Restated
Total assets	$	317,542,020	$	—		$	317,542,020

Total liabilities	$	26,559,933	$	—		$	26,559,933

Class A ordinary shares subject to possible redemption		285,982,080		30,267,920			316,250,000
Preference shares		—		—			—
Class A ordinary shares		303		(303	)		—
Class B ordinary shares		791		—			791
Additional paid-in capital		—		—			—
Retained earnings (accumulated deficit)		4,998,913		(30,267,617	)		(25,268,704	)

Total shareholders’ equity (deficit)	$	5,000,007	$	(30,267,920	)	$	(25,267,913	)

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit)	$	317,542,020	$	—		$	317,542,020

The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported statement of cash flows for the period from February 5, 2021 (inception) through March 31, 2021 and June 30, 2021.


For the three months ended March 31, 2021 (unaudited)
	As Previously Reported		Adjustment			As Restated
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A ordinary shares subject to possible redemption	$	274,654,340	$	(274,654,340	)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	654,390	$	(654,390	)	$	—

For the six months ended June 30, 2021 (unaudited )
	As Previously Reported		Adjustment			As Restated
Supplemental Disclosure of Noncash Financing Activities:
Initial value of Class A ordinary shares subject to possible redemption	$	274,654,340	$	(274,654,340	)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	11,327,740	$	(11,327,740	)	$	—

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


	Earnings Per Share for Class A ordinary shares
	As Previously Reported			Adjustment			As Adjusted
For the three months ended March 31, 2021 (unaudited)
Net loss	$	(3,774,715	)	$	—		$	(3,774,715)
Weighted average shares outstanding		31,625,000			(19,326,389	)		12,298,611
Basic and diluted earnings per share	$	0.00		$	(0.19	)	$	(0.19	)
For the three months ended June 30, 2021 (unaudited)
Net income	$	10,673,351		$	—		$	10,673,351
Weighted average shares outstanding		31,625,000			—			31,625,000
Basic and diluted earnings per share	$	0.00		$	0.27		$	0.27
For the six months ended June 30, 2021 (unaudited)
Net income	$	6,898,636		$	—		$	6,898,636
Weighted average shares outstanding		31,625,000			(9,609,807	)		22,015,193
Basic and diluted earnings per share	$	0.00		$	0.23		$	0.23

	Earnings Per Share for Class B ordinary shares
	As Previously Reported			Adjustment			As Adjusted
For the three months ended March 31, 2021 (unaudited)
Net loss	$	(3,774,715	)	$	—		$	(3,774,715	)
Weighted average shares outstanding		7,276,042			—			7,276,042
Basic and diluted earnings per share	$	(0.52	)	$	0.33		$	(0.19	)
For the three months ended June 30, 2021 (unaudited)
Net income	$	10,673,351		$	—		$	10,673,351
Weighted average shares outstanding		7,906,250			—			7,906,250
Basic and diluted earnings per share	$	1.35		$	(1.08	)	$	0.27
For the six months ended June 30, 2021 (unaudited)
Net income	$	6,898,636		$	—		$	6,898,636
Weighted average shares outstanding		7,592,887			—			7,592,887
Basic and diluted earnings per share	$	0.91		$	(0.68	)	$	0.23

ARCTOS NORTHSTAR ACQUISITION CORP. 10-Q/A