Restatement of Previously Issued Financial Statement

8 Months Ended

Dec. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statement

2. Restatement of Previously Issued Financial Statement

As previously reported on its Current Report on Form 8-K filed with the SEC on March 22, 2022, the Audit Committee of the Board of Directors of the Company, after discussion with the Company’s management, concluded that the Company’s financial statement and related footnote disclosures as of September 24, 2021 filed with the SEC on October 1, 2021 as Exhibit 99.1 to the Company’s Current Report on Form 8-K (the “IPO Balance Sheet Form 8-K”) contained errors relating to the accounting for Class A common stock subject to redemption which were initially presented as temporary equity outside of the stockholders’ equity (deficit) section of the Company’s September 24, 2021 audited balance sheet in accordance at

$10.00 per share. It has been determined that the Class A common stock should have been recorded at full redemption value of $10.20 per share and accretion associated with the Class A common stock subject to redemption should be adjusted accordingly.

The impact of the restatement of the Company’s previously issued financial statements is reflected in the following table:


	As Reported			Adjustments			As Restated
Balance sheet as of September 24, 2021
Total assets	$	312,561,452		$	—		$	312,561,452
Total liabilities	$	44,066,646		$	—		$	44,066,646
Class A common stock subject to redemption	$	304,750,000		$	6,095,000		$	310,845,000
Stockholders’ deficit
Class B common stock	$	762		$	—		$	762
Accumulated deficit		(36,255,194	)	$	(6,095,000	)	$	(42,350,194	)
Total stockholders’ deficit	$	(36,254,432	)	$	(6,095,000	)	$	(42,349,432	)

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Argus Capital Corp. 10-K/A