RECURRING FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of fair value of held to maturity securities |
| Schedule of fair value of held to maturity securities |
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| |
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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 |
| Summary of changes in carrying value of investment held in Trust Account |
|
|
|
|
|
|
|
|
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|
|
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| |
|
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 |
| Schedule of assets and liabilities measured at fair value on a recurring basis |
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| |
|
June 30 |
|
|
Quoted
Prices In
Active
Markets |
|
|
Significant
Other
Observable
Inputs |
|
|
Significant
Other
Unobservable
Inputs |
|
| |
|
2021 |
|
|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment held in Trust Account |
|
$ |
116,181,780 |
|
|
$ |
116,181,780 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
$ |
116,181,780 |
|
|
$ |
116,181,780 |
|
|
$ |
- |
|
|
$ |
- |
|
| Liabilities: |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| 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 |
| 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 |
| Schedule of assumption used |
|
|
|
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| 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 |
| Schedule Fair Value, Asset and Liabilities
Measured on Recurring Basis |
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| |
|
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 |
|
|