Restatement of Previously Reported Financial Statements (Tables)

6 Months Ended

Jun. 30, 2021

Restatement of Previously Reported Financial Statements

Summary of impact on previously issued financial statements

The table below presents the effect of the restatement discussed above to the Company’s previously reported balance sheet as of June 30, 2021:


As of June 30, 2021 (unaudited)	As Reported		Adjustment		As Restated
Total assets	$	213,062,635		—	$	213,062,635
Total libilities	$	17,638,879		—	$	17,638,879
Class A common stock subject to possible redemp		190,423,750		21,210,580		211,634,330

Preferred stock		—		—		—
Class A common stock		212		(212)		—
Class B common stock		529		—		529
Additional paid-in capital		3,917,977		(3,917,977)		—
Retained eamings (accumulated deficit)		1,081,288		(17,292,391)		(16,211,103)
Total stockholders’ equity (deficit)	$	5,000,006	$	(21,210,580)	$	(16,210,574)
Total Liabilities, Class A Common Stock Subject to Possible-Redemption and Stockholders’ Equity (Deficit)	$	213,062,635	$	—	$	213,062,635

Class A common stock subject to possible redemption		19,042,375		2,121,058		21,163,433
Class A common stock		2,121,058		(2,121,058)		—

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

The table below presents the effect of the restatement discussed above to the Company’s previously reported statement of cash flows for the six months ended June 30, 2021:


For the six months ended June 30, 2021 (unaudited)
	As Reported		Adjustment		As Restated
Cash Flows from Operating Activities	$	(825,789)	$	—	$	(825,789)
Cash Flows from Investing Activities	$	(211,634,330)	$	—	$	(211,634,330)
Cash Flows from Financing Activities	$	213,195,158	$	—	$	213,195,158
Supplemental disclosure of non-cash activities:
Offering costs included in accounts payable	$	65,000	$	—	$	65,000
Offering costs included in accrued expenses	$	70,000	$	—	$	70,000
Reversal of accrued expenses	$	9,250	$	—	$	9,250
Reclassification of outstanding accounts payable to deferred legal fees	$	160,668	$	—	$	160,668
Deferred legal fees in connection with the initial public offering	$	217,231	$	—	$	217,231
Deferred underwriting commissions	$	7,407,202	$	—	$	7,407,202
Initial value of Class A common stock subject to possible redemption	$	177,646,380	$	(177,646,380)	$	—
Change in value of Class A common stock subject to possible redemption	$	12,777,370	$	(12,777,370)	$	—

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


	Earnings Per Share for Class A common stock
	As Reported		Adjustment		As Adjusted
Form 10-Q (June 30, 2021) - Three months ended June 30, 2021
Net income	$	1,797,737	$	—	$	1,797,737
Weighted average shares outstanding		18,864,577		2,298,856		21,163,433
Basic and diluted earnings per share	$	—	$	0.07	$	0.07

Form 10-Q (June 30, 2021) - Six Months Ended June 30, 2021
Net income	$	1,092,493	$	—	$	1,092,493
Weighted average shares outstanding		18,676,281		(5,736,168)		12,940,113
Basic and diluted earnings per share	$	—	$	0.06	$	0.06


	Earnings Per Share for Class B common stock
	As Reported		Adjustment		As Adjusted
Form 10-Q (June 30, 2021) - Three months ended June 30, 2021
Net income	$	1,797,737	$	—	$	1,797,737
Weighted average shares outstanding		7,589,714		(2,298,856)		5,290,858
Basic and diluted earnings per share	$	0.24	$	(0.17)	$	0.07

Form 10-Q (June 30, 2021) - Six Months Ended June 30, 2021
Net income	$	1,092,493	$	—	$	1,092,493
Weighted average shares outstanding		6,655,433		(1,486,703)		5,168,730
Basic and diluted earnings per share	$	0.16	$	(0.10)	$	0.06

PWP Forward Acquisition Corp. I 10-Q/A