Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

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

	December 31, 2020
			As Previously
			Reported				Adjustments				As Restated
Balance Sheet
Public warrants derivative liability				-				21,105,000				21,105,000
Private warrant derivative liability				-				12,562,500				12,562,500
Total liabilities				18,942,859				33,667,500				52,610,359
Class A Common Stock subject to possible redemption				502,310,590				8,619,410				510,930,000
Allocation of underwriters' discounts, offering costs and deferred fees to Class A shares				-				(28,771,349	)			(28,771,349	)
Immediate accretion to redemption amount				-				42,841,349				42,841,349
Total temporary equity				502,310,590				22,689,410				525,000,000
Class A Common Stock				227				(227	)			-
Additional paid-in capital				5,649,215				(5,649,215	)			-
Accumulated deficit				(650,745	)			(50,707,468	)			(51,358,213	)
Total stockholders' equity (deficit)				5,000,010				(56,356,910	)			(51,356,900	)
Statement of Operations
Warrant liability expense		$		-		$		(11,222,500	)	$		(11,222,500	)
Allocated expense for warrant issuance cost				-				(792,306	)			(792,306	)
Loss before income taxes				(823,728	)			(12,014,806	)			(12,838,534	)
Net loss				(650,745	)			(12,014,806	)			(12,665,551	)
Total comprehensive loss				(650,745	)			(12,014,806	)			(12,665,551	)
Statement of Cash Flows
Net loss		$		(650,745	)	$		(12,014,806	)	$		(12,665,551	)
Issuance costs related to warrant liability				-				792,306				792,306
Changes in fair value warrants derivative liability				-				11,222,500				11,222,500

	September 30, 2020
			As Previously
			Reported				Adjustments				As Restated
Balance Sheet
Public warrants derivative liability				-				15,750,000				15,750,000
Private warrant derivative liability				-				9,375,000				9,375,000
Total liabilities				18,996,908				25,125,000				44,121,908
Class A Common Stock subject to possible redemption				502,647,630				8,282,370				510,930,000
Allocation of underwriters' discounts, offering costs and deferred fees to Class A shares				-				(28,769,826	)			(28,769,826	)
Immediate accretion to redemption amount				-				42,839,826				42,839,826
Total temporary equity				502,647,630				22,352,370				525,000,000
Class A Common Stock				224				(224	)			-
Additional paid-in capital				5,313,743				(5,313,743	)			-
Accumulated deficit				(315,276	)			(42,163,403	)			(42,478,679	)
Total stockholders' equity (deficit)				5,000,004				(47,477,370	)			(42,477,366	)
Statement of Operations
Warrant liability expense		$		-		$		(2,680,000	)	$		(2,680,000	)
Allocated expense for warrant issuance cost				-				(792,264	)			(792,264	)
Loss before income taxes				(399,083	)			(3,472,264	)			(3,871,347	)
Net loss				(315,276	)			(3,472,264	)			(3,787,540	)
Total comprehensive loss				(315,276	)			(3,472,264	)			(3,787,540	)
Statement of Cash Flows
Net loss		$		(315,276	)	$		(3,472,264	)	$		(3,787,540	)
Issuance costs related to warrant liability				-				792,264				792,264
Changes in fair value warrants derivative liability				-				2,680,000				2,680,000

	August 10, 2020
		As Previously
		Reported			Adjustments			As Restated
Balance Sheet
Public warrants derivative liability			-			14,070,000			14,070,000
Private warrant derivative liability			-			8,375,000			8,375,000
Total liabilities			18,824,637			22,445,000			41,269,637
Class A Common Stock subject to possible redemption			502,995,190			7,934,810			510,930,000
Allocation of underwriters' discounts, offering costs and deferred fees to Class A shares			-			(28,699,499	)		(28,699,499	)
Immediate accretion to redemption amount			-			42,769,499			42,769,499
Total temporary equity			502,995,190			22,004,810			525,000,000
Class A Common Stock			220			(220	)		-
Additional paid-in capital			5,038,398			(5,038,398	)		-
Accumulated deficit			(39,981	)		(39,411,192	)		(39,451,173	)
Total stockholders' equity (deficit)			5,000,003			(44,449,810	)		(39,449,807	)

Gores Holdings V Inc. 10-K/A