REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2022

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of December 31, 2021, Management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company did not record a liability related to the underwriter’s option to exercise their over-allotment. Additionally, the Company did not appropriately apply the correct equity presentation or allocation of offering costs related to the Company’s issued representative shares. Furthermore, the Company has revised operating costs for the three months ended March 31, 2021 and June 30, 2021 due to a reclassification of legal expenses between quarters. These errors were recorded and presented within the financial statements as of December 31, 2021. This revision note is presenting the changes from the previously reported balances to the adjusted balances as of and for the three and six months ended June 30, 2021 for comparative purposes of these condensed financial statements. These errors resulted in an adjustment to the net income.

The impact of the revision on the Company’s financial statements is reflected in the following table.


	As Previously
Statement of Operations for the Three Months Ended March 31, 2021	Reported		Adjustment		As Revised
Formation and operational costs	$	486,566	$	(341,410)	$	145,156
Net Income (Loss)	$	(280,931)	$	341,410	$	60,479


	As Previously
Statement of Operations for the Three Months Ended June 30, 2021	Reported		Adjustment		As Revised
Formation and operational costs	$	(180,189)	$	341,410	$	161,221
Change in fair value of over-allotment liability	$	—	$	12,598	$	12,598
Net Loss	$	(2,899,681)	$	(328,812)	$	(3,228,493)
Weighted average shares outstanding of Class B common stock		9,064,000		(1,139,000)		7,925,000
Basic net income (loss) per common share, Class A Common stock subject to possible redemption	$	(0.07)	$	(0.01)	$	(0.08)
Basic net income (loss) per common share, Class B Common stock subject to possible redemption	$	(0.07)	$	(0.01)	$	(0.08)


	As Previously
Statement of Operations for the Six Months Ended June 30, 2021	Reported		Adjustment		As Revised
Change in fair value of over-allotment liability	$	—	$	196,475	$	196,475
Transaction costs allocable to representative shares	$	—	$	(68,476)	$	(68,476)
Net Loss	$	(3,296,013)	$	127,999	$	(3,168,014)
Weighted average shares outstanding of Class B common stock		8,485,061		(717,381)		7,767,680


	As Previously
Statement of Stockholders’ Deficit for the Three Months Ended March 31, 2021	Reported		Adjustment		As Revised
Net Income (Loss)	$	(280,931)	$	341,410	$	60,479


	As Previously
Statement of Stockholders’ Deficit for the Three Months Ended June 30, 2021	Reported		Adjustment		As Revised
Net Loss	$	(2,899,681)	$	(328,812)	$	(3,228,493)


Statement of Stockholders’ Deficit for the Six Months Ended June 30, 2021	Reported		Adjustment		As Revised
Issuance of Representative Shares	$	870	$	2,999,130	$	3,000,000
Remeasurement to amount subject to redemption	$	(24,791,574)	$	(3,127,129)	$	(27,918,703)
Net Loss	$	(3,296,013)	$	127,999	$	(3,168,014)


	As Previously
Statement of Cash Flows for the Six Months Ended June 30, 2021	Reported		Adjustment		As Revised
Change in fair value of over-allotment liability	$	—	$	(196,475)	$	(196,475)
Transaction costs allocable to representative shares	$	—	$	68,476	$	68,476
Net Loss	$	(3,296,013)	$	127,999	$	(3,168,014)
Initial classification of over-allotment liability	$	—	$	294,078	$	294,078

Property Solutions Acquisition Corp. II 10-Q