Restatement of Previously Issued Financial Statements (Tables)

5 Months Ended

Sep. 30, 2020

Restatement of Previously Issued Financial Statements

Summary of effect of the restatement on each financial statement


	As Reported
	As Previously
	Restated in
	10 K/A Amendment
	No. 1		Adjustment		As Restated
Balance Sheet as of September 15, 2020
Class A ordinary shares subject to possible redemption	$	268,023,290	$	31,976,710	$	300,000,000
Class A ordinary shares		320		(320)		—
Additional paid-in capital		5,711,600		(5,711,600)		—
Accumulated deficit		(712,775)		(26,264,790)		(26,977,565)
Total shareholders’ equity (deficit)	$	5,000,008	$	(31,976,710)	$	(26,976,702)

Balance Sheet as of September 30, 2020 (unaudited)
Class A ordinary shares subject to possible redemption	$	268,070,700	$	31,929,300	$	300,000,000
Class A ordinary shares		319		(319)		—
Additional paid-in capital		5,664,191		(5,664,191)		—
Retained earnings (accumulated deficit)		(665,364)		(26,264,790)		(26,930,154)
Total shareholders’ equity (deficit)	$	5,000,009	$	(31,929,300)	$	(26,929,291)

Balance Sheet as of October 14, 2020 (unaudited)
Class A ordinary shares subject to possible redemption	$	272,992,338	$	32,310,672	$	305,303,010
Class A ordinary shares		324		(324)		—
Additional paid-in capital		5,859,953		(5,859,953)		—
Retained earnings (accumulated deficit)		(861,137)		(26,450,395)		(27,311,532)
Total shareholders’ equity (deficit)	$	5,000,003	$	(32,310,672)	$	(27,310,669)

Balance Sheet as of December 31, 2020
Class A ordinary shares subject to possible redemption	$	265,086,944	$	40,216,066	$	305,303,010
Class A ordinary shares		402		(402)		—
Additional paid-in capital		13,765,368		(13,765,368)		—
Retained earnings (accumulated deficit)		(8,766,527)		(26,450,296)		(35,216,823)
Total shareholders’ equity (deficit)	$	5,000,006	$	(40,216,066)	$	(35,216,060)

Statement of Operations for the three months ended September 30, 2020 (unaudited)
Net loss	$	(654,632)	$	—	$	(654,632)
Weighted average shares outstanding – Class A		30,000,000		(24,690,382)		5,309,618
Basic and diluted net loss per ordinary share – Class A	$	0.00	$	(0.05)	$	(0.05)
Weighted average shares outstanding – Class B		8,625,000		—		8,625,000
Basic and diluted net loss per ordinary share – Class B	$	(0.01)	$	(0.04)	$	(0.05)

Statement of Operations for the period from May 13, 2020 (inception) through September 30, 2020 (unaudited)
Net loss	$	(665,364)	$	—	$	(665,364)
Weighted average shares outstanding – Class A		30,000,000		(26,752,096)		3,247,904
Basic and diluted net loss per ordinary share – Class A	$	0.00	$	(0.06)	$	(0.06)
Weighted average shares outstanding – Class B		8,625,000		(369,643)		8,255,357
Basic and diluted net loss per ordinary share – Class B	$	(0.01)	$	(0.05)	$	(0.06)

Statement of Operations for the period from May 13, 2020 (inception) through December 31, 2020
Net loss	$	(8,766,527)	$	—	$	(8,766,527)
Weighted average shares outstanding – Class A		30,387,905		(16,067,054)		14,320,851
Basic and diluted net loss per ordinary share – Class A	$	0.00	$	(0.39)	$	(0.39)
Weighted average shares outstanding – Class B		7,539,714		573,549		8,113,263
Basic and diluted net loss per ordinary share – Class B	$	(1.16)	$	0.77	$	(0.39)

Statement of Cash Flows for the period from May 13, 2020 (inception) through September 30, 2020
Supplemental disclosure of non-cash investing and financing activities:
Initial value of Class A ordinary shares subject to possible redemption	$	267,994,700	$	(267,994,700)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	76,000	$	(76,000)	$	—

Statement of Cash Flows for the period from May 13, 2020 (inception) through December 31, 2020
Supplemental disclosure of non-cash investing and financing activities:
Initial value of Class A ordinary shares subject to possible redemption	$	268,023,290	$	(268,023,290)	$	—
Change in value of Class A ordinary shares subject to possible redemption	$	(2,936,346)	$	2,936,346	$	—

Broadstone Acquisition Corp. 10-K/A