Local Bounti Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Reported Financial Statements (Tables)

Restatement of Previously Reported Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

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


	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


	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	)