Quarterly report pursuant to Section 13 or 15(d)

RECURRING FAIR VALUE MEASUREMENTS (Tables)

v3.21.2
RECURRING FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value of held to maturity securities
                               
    Carrying
Value
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair Value
as of
June 30,
2021
 
U.S. Treasury Funds   $ 116,181,780     $      -     $       -     $ 116,181,780  
    $ 116,181,780     $ -     $ -     $ 116,181,780  

 

As of December 31, 2020, investment in the Company’s Trust Account consisted of $379 in U.S. Money Market and $116,162,094 in U.S. Treasury Securities. The Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB ASC 320 “Investments — Debt and Equity Securities”. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments. The carrying value approximates the fair value due to its short-term maturity. The carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on December 31, 2020 are as follows:

 

    Carrying
Value/
Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair Value
as of
December 31,
2020
 
U.S. Money Market   $ 379     $ -     $       -     $ 379  
U.S. Treasury Securities     116,162,094       1,154       -       116,163,248  
    $ 116,162,473     $ 1,154     $ -     $ 116,163,627  
Summary of changes in carrying value of investment held in Trust Account
                       
    Treasury Funds     U.S. Money Market     U.S. Treasury Securities  
Carrying value as of January 1, 2021   $ -     $ 379     $ 116,162,094  
Amortization of interest income through the settlement date on February 4, 2021     -       -       7,906  
Settlement on February 4, 2021     -       116,170,000       (116,170,000 )
Investment in Treasury Securities     -       (116,169,721 )     116,169,721  
Amortization of interest income through March 31, 2021     -       -       6,212  
Carrying value as of March 31, 2021   $ -     $ 658     $ 116,175,933  
Amortization of interest income through the settlement date on May 6, 2021     -       -       4,067  
Settlement on May 6, 2021     -       116,180,000       (116,180,000 )
Investment in Treasury Funds     116,180,658       (116,180,658 )     -  
Interest income earned on Treasury Funds through June 30, 2021     1,122       -       -  
    $ 116,181,780     $ -     $ -  
Schedule of assets and liabilities measured at fair value on a recurring basis
                               
    June 30     Quoted
Prices In
Active
Markets
    Significant
Other
Observable
Inputs
    Significant
Other
Unobservable
Inputs
 
    2021     (Level 1)     (Level 2)     (Level 3)  
Assets:                                
Investment held in Trust Account   $ 116,181,780     $ 116,181,780     $ -     $ -  
    $ 116,181,780     $ 116,181,780     $ -     $ -  
Liabilities:                                
Warrant Liability   $ 14,400,570     $ 13,340,000     $ -     $ 1,060,570  
    $ 14,400,570     $ 13,340,000     $ -     $ 1,060,570  
Schedule of the fair value of the warrant liability
       
    Warrant Liability  
Fair value as of January 1, 2021   $ 12,372,000  
Revaluation of warrant liability included in other income within the statement of income for the three months ended March 31, 2021     (3,610,250 )
Fair value as of March 31, 2021   $ 8,761,750  
Revaluation of warrant liability included in other expense within the statement of loss for the three months ended June 30, 2021     5,638,820  
Fair value as of June 30, 2021   $ 14,400,570  
Schedule of assumption used
               
Input   June 30,
2021
    December 31,
2020
 
Expected term (years)     5.19       5.59  
Expected volatility     28.0 %     29.0 %
Risk-free interest rate     0.9 %     0.44 %
Annual dividends   $ 0.00     $ 0.00  
Schedule Fair Value, Asset and Liabilities Measured on Recurring Basis
                               
    December 31,     Quoted
Prices In
Active
Markets
    Significant
Other
Observable
Inputs
    Significant
Other
Unobservable
Inputs
 
    2020     (Level 1)     (Level 2)     (Level 3)  
Assets:                                
U.S. Money Market held in Trust Account   $ 379     $ 379     $         -     $ -  
U.S. Treasury Securities held in Trust Account     116,162,094       116,162,094       -       -  
    $ 116,162,473     $ 116,162,473     $ -     $ -  
Liabilities:                                
Warrant Liability   $ 12,372,000     $ 11,500,000     $ -     $ 872,000  
    $ 12,372,000     $ 11,500,000     $ -     $ 872,000