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Restatement of Previously Reported Financial Statements (Tables)

v3.21.2
Restatement of Previously Reported Financial Statements (Tables)
 9 Months Ended
Sep. 30, 2021
LEO HOLDINGS III CORP [Member]  
Error Corrections and Prior Period Adjustments Restatement [Line Items]  
Summary of Impact of the Restatement on the Financial Statement The impact of the restatement to the
Post-IPO
Balance Sheet is as follows:
 
 
  
As of March 2, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Balance Sheet
  
  
  
Total assets
  
$
277,526,800
 
  
$
—  
 
  
$
277,526,800
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and shareholders’ equity (deficit)
  
  
  
Total current liabilities
  
$
710,251
 
  
$
—  
 
  
$
710,251
 
Deferred underwriting commissions
  
 
9,625,000
 
  
 
—  
 
  
 
9,625,000
 
Warrant liabilities
  
 
9,153,333
 
  
 
—  
 
  
 
9,153,333
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
 
19,488,584
 
  
 
—  
 
  
 
19,488,584
 
Class A ordinary shares subject to possible redemption
  
 
253,038,210
 
  
 
21,961,790
 
  
 
275,000,000
 
Shareholders’ equity (deficit)
  
  
  
Preference shares
  
 
—  
 
  
 
—  
 
  
 
—  
 
Class A ordinary shares
  
 
220
 
  
 
(220
) 
  
 
—  
 
Class B ordinary shares
  
 
690
 
  
 
—  
 
  
 
690
 
Additional
paid-in-capital
  
 
5,327,593
 
  
 
(5,327,593
) 
  
 
—  
 
Accumulated deficit
  
 
(328,497
) 
  
 
(16,633,977
) 
  
 
(16,962,474
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total shareholders’ equity (deficit)
  
 
5,000,006
 
  
 
(21,961,790
) 
  
 
(16,961,784
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)
  
$
277,526,800
 
  
$
—  
 
  
$
277,526,800
 
  
 
 
 
  
 
 
 
  
 
 
 
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited balance sheet as of March 31, 2021:
 
 
  
As of March 31, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Balance Sheet
  
  
  
Total assets
  
$
276,867,209
 
  
$
—  
 
  
$
276,867,209
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
 
17,502,404
 
  
 
—  
 
  
 
17,502,404
 
Class A ordinary shares subject to possible redemption
  
 
254,364,800
 
  
 
20,635,200
 
  
 
275,000,000
 
Shareholders’ equity (deficit)
  
  
  
Preference shares
  
 
—  
 
  
 
—  
 
  
 
—  
 
Class A ordinary shares
  
 
206
 
  
 
(206
) 
  
 
—  
 
Class B ordinary shares
  
 
690
 
  
 
—  
 
  
 
690
 
Additional
paid-in-capital
  
 
4,001,017
 
  
 
(4,001,017
) 
  
 
—  
 
Retained earnings (accumulated deficit)
  
 
998,092
 
  
 
(16,633,977
) 
  
 
(15,635,885
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total shareholders’ equity (deficit)
  
 
5,000,005
 
  
 
(20,635,200
) 
  
 
(15,635,195
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)
  
$
276,867,209
 
  
$
—  
 
  
$
276,867,209
 
  
 
 
 
  
 
 
 
  
 
 
 
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited statement of cash flows for the period from January 8, 2021 (inception) through March 31, 2021:
 
 
  
For the Period from January 8, 2021 (Inception) through
March 31, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
  
  
  
Initial value of Class A ordinary shares subject to possible redemption
  
$
 253,038,210
 
  
$
(253,038,210
) 
  
$
—  
 
Change in fair value of Class A ordinary shares subject to possible redemption
  
$
1,326,590
 
  
$
(1,326,590
) 
  
$
—  
 
Accretion of Class A ordinary shares subject to redemption amount
  
$
—  
 
  
$
20,124,954
 
  
$
 20,124,954
 
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited balance sheet as of June 30, 2021:
 
 
  
As of June 30, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Balance Sheet
  
  
  
Total assets
  
$
 276,386,096
 
  
$
—  
 
  
$
 276,386,096
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
 
22,325,494
 
  
 
—  
 
  
 
22,325,494
 
Class A ordinary shares subject to possible redemption
  
 
249,060,600
 
  
 
25,939,400
 
  
 
275,000,000
 
Shareholders’ equity (deficit)
  
  
  
Preference shares
  
 
—  
 
  
 
—  
 
  
 
—  
 
Class A ordinary shares
  
 
259
 
  
 
(259
) 
  
 
—  
 
Class B ordinary shares
  
 
688
 
  
 
—  
 
  
 
688
 
Additional
paid-in-capital
  
 
9,305,166
 
  
 
(9,305,166
) 
  
 
—  
 
Accumulated deficit
  
 
(4,306,111
) 
  
 
(16,633,975
) 
  
 
(20,940,086
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total shareholders’ equity (deficit)
  
 
5,000,002
 
  
 
(25,939,400
) 
  
 
(20,939,398
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities, Class A ordinary shares subject to possible redemption and shareholders’ equity (deficit)
  
$
276,386,096
 
  
$
—  
 
  
$
276,386,096
 
  
 
 
 
  
 
 
 
  
 
 
 
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited statement of cash flows for the period from January 8, 2021 (inception) through June 30, 2021:
 
 
  
For the Period from January 8, 2021 (Inception)

through June 30, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Statement of Cash Flows - Supplemental disclosure of noncash activities:
  
  
  
Initial value of Class A ordinary shares subject to possible redemption
  
$
 253,038,210
 
  
$
(253,038,210
) 
  
$
—  
 
Change in fair value of Class A ordinary shares subject to possible redemption
  
$
(3,977,610
) 
  
$
3,977,610
 
  
$
—  
 
Accretion of Class A ordinary shares subject to redemption amount
  
$
—  
 
  
$
20,124,954
 
  
$
 20,124,954
 
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 Periods:
 
 
  
For the Period from January 8, 2021 (Inception)
through March 31, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Statement of Operations
  
  
  
Net income
  
$
998,092
 
  
$
—  
 
  
$
998,092
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
  
 
27,500,000
 
  
 
(16,198,630
) 
  
 
11,301,370
 
Basic and diluted net income per share, Class A ordinary shares
  
$
—  
 
  
$
0.06
 
  
$
0.06
 
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
  
 
6,316,265
 
  
 
43,324
 
  
 
6,359,589
 
Basic and diluted net income per share, Class B ordinary shares
  
$
0.16
 
  
$
(0.10
) 
  
$
0.06
 
 
 
  
For the Three Months Ended June 30, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Statement of Operations
  
  
  
Net loss
  
$
(5,304,203
) 
  
$
—  
 
  
$
(5,304,203
) 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
  
 
27,500,000
 
  
 
—  
 
  
 
27,500,000
 
Basic and diluted net income (loss) per share, Class A ordinary shares
  
$
—  
 
  
$
(0.15
) 
  
$
(0.15
) 
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
  
 
6,875,000
 
  
 
—  
 
  
 
6,875,000
 
Basic and diluted net income (loss) per share, Class B ordinary shares
  
$
(0.77
) 
  
$
0.62
 
  
$
(0.15
) 
 
 
  
For the Period from January 8, 2021 (Inception)
through June 30, 2021
 
 
  
As Previously
Reported
 
  
Adjustment
 
  
As Restated
 
Unaudited Condensed Statement of Operations
  
  
  
Net loss
  
$
(4,306,111
) 
  
$
—  
 
  
$
(4,306,111
) 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
  
 
27,500,000
 
  
 
(7,210,366
) 
  
 
20,289,634
 
Basic and diluted net income (loss) per share, Class A ordinary shares
  
$
—  
 
  
$
(0.16
) 
  
$
(0.16
) 
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
  
 
6,608,477
 
  
 
37,102
 
  
 
6,645,579
 
Basic and diluted net income (loss) per share, Class B ordinary shares
  
$
(0.65
) 
  
$
0.49
 
  
$
(0.16
)