RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2022

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In accordance with Accounting Standards Codification (“ASC”) 480-10-S99, the Company believes that the omission of certain accruals was material enough that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item. The Company concluded that restatements were required to be made to the unaudited financial statements as of June 30, 2022 to adjust the balance of certain omitted expenses and accruals relating to audit, legal, tax and printing fees and deferred offering costs at the Company’s Initial Public Offering. Related to the deferred offering costs at the Initial Public Offering, the offering costs will be recorded as a reduction of equity in connection with the shares of Class A common Stock included in the Public Shares.

The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods, indicated:


	June 30, 2022
	As Previously
	Reported		Adjustments		As Restated
Condensed Balance Sheet (unaudited)
Accrued offering costs		—		70,000		70,000
Accounts payable and accrued expenses		1,125,608		98,176		1,223,784
Total current liabilities		8,537,941		168,176		8,706,117
Total liabilities		14,375,941		168,176		14,544,117
Additional paid-in capital		2,361,994		(70,000)		2,291,994
Accumulated deficit		(12,970,037)		(98,176)		(13,068,213)
Total Stockholders’ Deficit		(10,607,507)		(168,176)		(10,775,683)
Condensed Statement of Operations for the Six Months Ended June 30, 2022 (unaudited)
Operating and formation costs		8,639,026		98,176		8,737,202
Loss from operations		(8,639,026)		(98,176)		(8,737,202)
Net loss		(8,621,892)		(98,176)		(8,720,068)
Basic and diluted net loss per share, Class A common stock	$	(0.39)	$	(0.01)	$	(0.40)
Basic and diluted net loss per share, Class B common stock	$	(0.39)	$	(0.01)	$	(0.40)
Condensed Statement of Operations for the Three Months Ended June 30, 2022 (unaudited)
Operating and formation costs		582,669		98,176		680,845
Loss from operations		(582,669)		(98,176)		(680,845)
Net loss		(520,992)		(98,176)		(619,168)
Basic and diluted net loss per share, Class A common stock	$	(0.02)	$	(0.01)	$	(0.03)
Basic and diluted net loss per share, Class B common stock	$	(0.02)	$	(0.01)	$	(0.03)
Condensed Statements of Changes in Stockholders’ Deficit for the Three and Six Months Ended June 30, 2022 (unaudited)
Net loss		(520,992)		(98,176)		(619,168)
Accumulated Deficit		(12,970,037)		(98,176)		(13,068,213)
Total Stockholders’ Deficit		(10,607,507)		(168,176)		(10,775,683)
Condensed Statement of Cash Flows for the Six Months Ended June 30, 2022 (unaudited)
Cash Flows from Operating Activities:
Net loss		(8,621,892)		(98,176)		(8,720,068)
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		1,093,398		98,176		1,191,574

Iron Spark I Inc. 10-Q/A