0001193125-21-161188 | S-4 | XBRL Viewer | Good Works Acquisition Corp

Description of Organization and Business Operations

Note 1 – Description of Organization and Business Operations

Good Works Acquisition Corp. (the “Company”) was incorporated in Delaware on June 24, 2020. The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”).

The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of March 31, 2021, the Company had not commenced any operations. All activity for the period from June 24, 2020 (inception) through March 31, 2021 relates to the Company’s formation and initial public offering (“Public Offering” or “IPO”), and since completion of the IPO, searching for a target with which to consummate a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate

non-

operating income in the form of interest income from the proceeds derived from the Public Offering and placed in the Trust Account (defined below). The Company has selected December 31 as its fiscal year end.

Initial Public Offering

On October 22, 2020, the Company completed the sale of 15,000,000 units (the “Units” and, with respect to the shares of common stock included in the Units being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $150,000,000 which is described in Note 3.

Simultaneous with the closing of the IPO, the Company completed the sale of 228,000 Private Units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement to certain funds and accounts managed by Magnetar Financial LLC, Mint Tower Capital Management B.V., Periscope Capital Inc., and Polar Asset Management Partners Inc. (collectively, the “Anchor Investors”), generating gross proceeds of $2,228,000, which is described in Note 4.

In connection with the IPO, the underwriters were granted a

45-day

option from the date of the prospectus (the “Over-Allotment Option”) to purchase up to 2,250,000 additional units to cover over-allotments (the “Over- Allotment Units”), if any. On October 26, 2020, the underwriters purchased an additional 1,500,000 Over-Allotment Units pursuant to the partial exercise of the Over-Allotment Option, generating proceeds of $15,000,000. On November 17, 2020, the underwriters purchased an additional 500,000 Over-Allotment Units pursuant to the partial exercise of the Over-Allotment Option, generating additional gross proceeds of $5,000,000.

On November 17, 2020 the underwriters canceled the remainder of the Over-Allotment Option. In connection with the cancellation of the remainder of the Over-Allotment Option, on November 17, 2020, the Company cancelled an aggregate of 62,500 shares of common stock issued to

I-B

Good Works LLC, the Company’s sponsor (“Sponsor”).

Initial Business Combination

Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). Management agreed that an amount equal to at least $10.00 per Unit sold in the Public Offering will be held in a trust account (“Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule

2a-7

of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below.

The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. In the event of a complete liquidation of the Company, the Trust Account could be further reduced by up to $100,000 for expenses of the liquidation). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.

The Public Shares subject to redemption are recorded at redemption value and classified as temporary equity in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 immediately before or after such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC containing substantially the same information as would be included in a proxy statement prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, an affiliate of

I-Bankers

Securities,

Inc.(“I-Bankers

Securities”), the representative of the underwriters for the Company’s Public Offering, and the Company’s management and directors have agreed to vote their Founder Shares and any Public Shares purchased during or after the Public Offering (a) in favor of approving a Business Combination and (b) not to convert any shares in connection with a stockholder vote to approve a Business Combination or sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or don’t vote at all.

Sponsor and the Company’s management and Directors have agreed (a) to waive their redemption rights with respect to their Founder Shares and any Public Shares held by them in connection with the completion of a Business Combination, (b) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to consummate a Business Combination and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect a public stockholders’ ability to convert or sell their shares to the Company in connection with a Business Combination or affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

The Company has 21 months from the closing of the Public Offering to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

In order to protect the amounts held in the Trust Account, Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Proposed Business Combination

On March 5

2021, the Company (or “Good Works”) entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “

Merger Agreement

”), by and among Currency Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of the Company (“

Merger Sub

”), and Cipher Mining Technologies Inc., a Delaware corporation (“

Cipher

”).

The Merger Agreement and the transactions contemplated thereby were approved by the boards of directors of each of Good Works and Cipher.

The Business Combination

The Merger Agreement provides for, among other things, the following transactions at the closing: (i) Merger Sub will merge with and into Cipher, with Cipher as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of Good Works (the “

Merger

”) and, in connection with the Merger, (ii) Good Works will change its name to Cipher Mining Inc. The Merger and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the “

Business Combination

”.

The Business Combination is expected to close in the second quarter of 2021, following the receipt of the required approval by Good Works stockholders and the fulfillment (or waiver) of other customary closing conditions.

Business Combination Consideration

In accordance with the terms and subject to the conditions of the Merger Agreement, each share of Cipher common stock, par value $0.001 issued and outstanding shall be converted into the right to receive four hundred thousand (400,000) shares of Good Works common stock, par value $0.001 (“

Good Works Common Stock

Governance

Good Works has agreed to take all action within its power as may be necessary or appropriate such that, effective immediately after the closing of the Business Combination, Cipher Mining Inc.’s board of directors shall consist of seven directors, which directors shall be nominated pursuant to the Merger Agreement, which nominees include one Good Works designee. Additionally, the current Cipher management team will move to Good Works in their current roles and titles.

Representations and Warranties; Covenants

The Merger Agreement contains representations, warranties and covenants of each of the parties thereto that are customary for transactions of this type, including with respect to the operations of Good Works and Cipher and that each of the parties have undertaken to procure approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “

HSR Act

”). In addition, Good Works has agreed to adopt an equity incentive plan as described in the Merger Agreement.

Conditions to Each Party’s Obligations

The obligation of Good Works and Cipher to consummate the Business Combination is subject to certain closing conditions, including, but not limited to, (i) the expiration or termination of the applicable waiting period under the HSR Act, (ii) the approval of Good Works stockholders, (iii) the approval of Cipher’s stockholders and (iv) the Registration Statement (as defined below) becoming effective.

In addition, the obligation of Good Works to consummate the Business Combination is subject to the fulfillment (or waiver) of other closing conditions, including, but not limited to, (i) the representations and warranties of Cipher being true and correct to the standards applicable to such representations and warranties and each of the covenants of Cipher having been performed or complied with in all material respect, (ii) the delivery to Good Works of evidence of satisfactory Tail Insurance (as defined in the Merger Agreement) to be bound as of the closing, and (iii) delivery of all ancillary agreements required to be executed and delivered by Cipher or its sole stockholder and (iv) no Material Adverse Effect (as defined in the Merger Agreement) shall have occurred.

The obligation of Cipher to consummate the Business Combination is also subject to the fulfillment (or waiver) of other closing conditions, including, but not limited to, (i) the representations and warranties of Good Works and Merger Sub being true and correct to the standards applicable to such representations and warranties and each of the covenants of Good Works having been performed or complied with in all material respects, (ii) the aggregate cash proceeds from Good Works trust account, together with the proceeds from the PIPE Financing (as defined below), equaling no less than $400,000,000 (after deducting any amounts paid to Good Works stockholders that exercise their redemption rights in connection with the Business Combination and net of unpaid transaction expenses incurred or subject to reimbursement by Good Works), (iii) Good Works total outstanding Indebtedness (as defined in the Merger Agreement) shall be less than twenty-five million dollars ($25,000,000.00), and (iv) the approval by Nasdaq of Good Works listing application in connection with the Business Combination

Termination

The Merger Agreement may be terminated under certain customary and limited circumstances prior to the closing of the Business Combination, including, but not limited to, (i) by mutual written consent of Good Works and Cipher, (ii) by Good Works if there is any breach of the representations and warranties of Cipher or if Cipher Mining fails to perform any covenant or agreement set forth in the Merger Agreement, in each case, such that certain conditions to closing cannot be satisfied and the breach or breaches of such representations or warranties or the failure to perform such covenant or agreement, as applicable, are not cured or cannot be cured within certain specified time periods, (iii) termination by Cipher if there is any breach of the representations and warranties of Good Works or if Good Works fails to perform any covenant or agreement set forth in the Merger Agreement, in each case, such that certain conditions to closing cannot be satisfied and the breach or breaches of such representations or warranties or the failure to perform such covenant or agreement, as applicable, are not cured or cannot be cured within certain specified time periods, (iv) subject to certain limited exceptions, by either Good Works or Cipher if the Business Combination is not consummated within six months of signing of the Merger Agreement, (v) by either Good Works or Cipher if certain required approvals are not obtained by Good Works stockholders after the conclusion of a meeting of Good Works stockholders held for such purpose at which such stockholders voted on such approvals, and (vi) termination by Good Works if Cipher’s sole stockholder does not deliver to Good Works a written consent approving the Business Combination within ten business days of the Consent Solicitation Statement (as defined in the Merger Agreement) being disseminated.

If the Merger Agreement is validly terminated, none of the parties to the Merger Agreement will have any liability or any further obligation under the Merger Agreement other than customary confidentiality obligations, except in the case of Willful Breach (as defined in the Merger Agreement).

Good Works Sponsor Support Agreement

Concurrently with the execution of the Merger Agreement, Good Works, and

I-B

Good Works, LLC (the “

Sponsor

”) and certain other stockholders of Good Works entered into an Acquiror Support Agreement (the “

Acquiror Support Agreement

”) pursuant to which the parties agreed to, among other things, (i) vote at any meeting of the stockholders of Good Works all of its shares of Good Works Common Stock held of record or thereafter acquired in favor of the Proposals (as defined in the Merger Agreement), (ii) be bound by certain other covenants and agreements related to the Business Combination and (iii) be bound by certain transfer restrictions with respect to such securities, prior to the closing of the Business Combination, in each case, on the terms and subject to the conditions set forth in the Acquiror Support Agreement.

Cipher Support Agreement

Concurrently with the execution of the Merger Agreement, the sole stockholder of Cipher representing the requisite votes necessary to approve the Business Combination entered into support agreements (the “

Company Support Agreement

”) with Good Works and Cipher, pursuant to which such holder agreed to (i) vote at any meeting of the stockholders of Cipher all of its Cipher Common Stock held of record or thereafter acquired in favor of the Proposals (as defined in the Merger Agreement) and appoint Good Works as such holder’s proxy, (ii) be bound by certain other covenants and agreements related to the Business Combination and (iii) be bound by certain transfer restrictions with respect to such securities, in each case, on the terms and subject to the conditions set forth in the Company Support Agreement.

Restrictive Covenant Agreements

Concurrently with the execution of the Merger Agreement, Bitfury Top Holdco B.V. (“

Bitfury

”), Cipher’s sole stockholder, and Good Works entered into a Restrictive Covenant Agreement pursuant to which Bitfury agreed, during the term of the agreement and subject to the parameters and limitations set forth in the agreement, not to hire or solicit Cipher Mining Inc.’s employees, not to compete with Cipher Mining Inc. and not to disparage Cipher Mining Inc. The agreement will terminate upon the earlier of seven years from the date of its execution or the termination of the Master Services and Supply Agreement (the “

MSSA

”) between Bitfury Holding B.V. (“

BHBV

”) and Cipher. The MSSA is included as Exhibit F to Exhibit 2.1 hereto, and the terms of the MSSA are incorporated herein by reference. Concurrently with the execution of the Merger Agreement, BHBV and Good Works entered into a Restrictive Covenant Agreement pursuant to which BHBV agreed, during the term of the agreement and subject to the parameters and limitations set forth in the agreement, not to hire or solicit Cipher Mining Inc.’s employees, not to compete with Cipher Mining Inc. and not to disparage Cipher Mining Inc.. The agreement will terminate upon the earlier of seven years from the date of its execution or the termination of the MSSA.

PIPE Financing (Private Placement)

Concurrently with the execution of the Merger Agreement, Good Works entered into subscription agreements (the “

Subscription Agreements

”) with certain investors (the “

PIPE Investors

”). Pursuant to the Subscription Agreements, the PIPE Investors agreed to subscribe for and purchase, and Good Works agreed to issue and sell to such investors, immediately following the Closing (as defined in the Merger Agreement), an aggregate of 37,500,000 shares of Good Works Common Stock for a purchase price of $10.00 per share, for aggregate gross proceeds of $375,000,000 (the “

PIPE Financing

”).

The closing of the PIPE Financing is contingent upon, among other things, the substantially concurrent consummation of the Business Combination. The Subscription Agreements provide that Good Works will grant the investors in the PIPE Financing certain customary registration rights.

Bitfury Private Placement

Concurrently with the execution of the Merger Agreement and the execution of the Subscription Agreements with the PIPE Investors, Bitfury agreed to subscribe for and purchase, and Good Works agreed to issue and sell to Bitfury, concurrent with the Closing (as defined in the Merger Agreement), an aggregate of 5,000,000 shares of Good Works Common Stock in exchange for a

benefit-in-kind

commitment as payment for such shares (the “Bitfury Private Placement”) pursuant to a subscription agreement with Good Works (the “

Bitfury Subscription Agreement

”). Bitfury agreed to cause BHBV to discount the Service Fees (as that term is defined in the MSSA) charged by BHBV under the MSSA as follows: that the first $200,000,000 of Service Fees payable by Cipher to BHBV under the MSSA described above shall be subject to a discount of 25%, to be applied at the point of invoicing and shown as a separate line item on each relevant invoice. For the avoidance of doubt, when the aggregate value of such discount reaches $50,000,000, such discount shall automatically cease to apply. Such discount shall constitute BHBV’s

benefit-in-kind

commitment as payment on behalf of its parent entity, for the issuance of the 5,000,000 shares of Good Works Common Stock pursuant to the Bitfury Private Placement.

Lock-Ups

The Sponsor, certain holders of Good Works Common Stock, and Bitfury, Cipher’s sole stockholder immediately prior to the closing of the Business Combination, will enter into

lock-up

agreements (the “

Lock-Up

Agreements

”) and be subject to post-closing

lock-ups

with respect to their shares of Good Works Common Stock (but excluding any Private Placement Units, which are units that were issued in a private placement to Good Works’ anchor investors simultaneously with the closing of its initial public offering; each unit consists of one share of Common Stock and

one-half

of one warrant and were purchased at a price of $10.00 per Private Placement Unit and excluding any shares of Good Works Common Stock issued to Bitfury in the Bitfury Private Placement, which are subject to a separate

lock-up

restriction, as described in the Bitfury Subscription Agreement); provided that the term of the

Lock-Up

shall be two years and the

Lock-up

will allow certain amounts of the shares to be publicly sold after 180 days, subject, in each case, to customary terms and conditions.

Amended and Restated Registration Rights Agreement

At the closing of the Business Combination, the Sponsor, certain stockholders of Good Works, and Bitfury (collectively, the “

Holders

”) will enter into an amended and restated registration rights agreement (the “

Registration Rights Agreement

”) with Good Works pursuant to which, among other things, the parties thereto will be granted certain customary registrant rights with respect to shares of Good Works Common Stock.

Liquidity and Capital Resources

As of March 31, 2021, we had $613,606 of cash and cash equivalents and a working capital of approximately $502,052.

The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking

in-depth

due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant number of our public shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our Business Combination. If we are unable to complete our Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account. In addition, following our Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Risks and Uncertainties

Management continues to evaluate the impact of the

COVID-19

pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2020

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies

Note 1 - Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies

Organization and General

The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of December 31, 2020, the Company had not commenced any operations. All activity for the period from June 24, 2020 (inception) through December 31, 2020, relates to the Company’s formation and initial public offering (“IPO”), and, since the completion of the IPO, searching for a target to consummate a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate

non-operating income

in the form of interest income from the proceeds derived from the Public Offering and placed in the Trust Account (defined below). The Company has selected December 31 as its fiscal year end.

IPO

In connection with the IPO, the underwriters were granted a

45-day

On November 17, 2020, the underwriters purchased an additional 500,000 Units pursuant to the partial exercise of the Over-Allotment Option, generating gross proceeds of $5,000,000.

The Over-Allotment Units were sold at an offering price of $10.00 per Over-Allotment Unit, generating aggregate additional gross proceeds of $20,000,000 to the Company.

On November 17, 2020, the underwriters canceled the remainder of the Over-Allotment Option. In connection with the cancellation of the remainder of the Over-Allotment Option, on November 17, 2020, the Company cancelled an aggregate of 62,500 shares of common stock issued to

I-B

Good Works LLC, the Company’s sponsor (“Sponsor”).

Initial Business Combination

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering and the sale of the Private Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). Management agreed that an amount equal to at least $10.00 per Unit sold in the Public Offering will be held in a trust account (“Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of

Rule 2a-7 of

the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below.

The Public Shares subject to redemption will be recorded at redemption value and classified as temporary equity upon the completion of the Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 immediately before or after such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC containing substantially the same information as would be included in a proxy statement prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, an affiliate of

I-Bankers

Securities,

Inc.(“I-Bankers

The Company will have until 21 months from the closing of the Public Offering to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a

per-share price,

payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

Liquidity and Capital Resources

As of December 31, 2020, we had cash of $1,276,364.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking

in-depth

Risks and Uncertainties

Management continues to evaluate the impact of the

COVID-19

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements of the Company is presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows.

As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period from June 24, 2020 (Inception) through December 31, 2020 the (“Affected Period”), is restated in this Annual Report on Form

10-K/A

(Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging growth

companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020.

Investment Held in Trust Account

Investment held in Trust Account consist of United States Treasury securities. The Company classifies its United States Treasury securities as

held-to-maturity

in accordance with FASB ASC Topic 320 “Investments—Debt and Equity Securities.”

Held-to-maturity

securities are those securities which the Company has the ability and intent to hold until maturity.

Held-to-maturity

treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

A decline in the market value of

held-to-maturity

securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to

year-end,

forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.

Premiums and discounts are amortized or accreted over the life of the related

held-to-maturity

security as an adjustment to yield using the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the statements of operations. Interest income is recognized when earned.

Fair Value Measurements

FASB ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value, the methods used to measure fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair value. ASC 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer and seller would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:


Level 1 —		Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 —		Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

Level 3 —		Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed balance sheet. The fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses, due to related parties are estimated to approximate the carrying values as of December 31, 2020 due to the short maturities of such instruments.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678

As of December 31, 2020, the estimated fair value of Public Warrants was determined by their public trading price and the fair value of the Private Placement Warrants was determined using a Black Sholes valuation model using Level 3 inputs. Significant inputs to the valuation are as follows:


	At Issuance			As of December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	9.40		$	9.95
Volatility		23.0	%		18.4	%
Probability of completing a Business Combination		88.3	%		88.3	%
Term		5.61			5.42
Risk-free rate		0.42	%		0.42	%
Dividend yield		0.0	%		0.0	%

We issued Public Warrants at the closing of our initial public offering on October 22, 2020 and upon exercise of the underwriter’s overallotment option on October 26 and November 17, 2020. The assumptions on each of the dates were materially the same and are presented as one under the “At Issuance” column.

Risk-free interest rate:

The Company uses the risk-free interest rate of a U.S. Treasury bill with a similar term on the date of the issuance.

Dividend yield:

The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.

Volatility:

The Company calculates the expected volatility of the of the Company’s common stock using the historical volatilities of the iShares

Micro-Cap

ETF.

Remaining term:

The Company’s remaining term is based on the remaining contractual term of the warrants.

The change in fair value of the derivative warrant liabilities through December 31, 2020 is as follows:


Warrant liabilities at June 24, 2020 (inception)	$	—
Issuance of public and private warrants		10,405,912
Change in fair value of warrant liabilities		(1,238,234	)

Warrant liabilities at December 31, 2020	$	9,167,678

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December 31, 2020, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Derivative warrant liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC

815-15.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is

re-assessed

at the end of each reporting period.

The 8,500,000 Public Warrants issued in connection with the Initial Public Offering and the 114,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC

815-40.

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to

re-measurement

at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued in connection with our initial public offering and private placement were initially measured at fair value using the Black Sholes method for Private Warrants and a Monte Carlo simulation model for Public Warrants. Subsequent to being publicly traded, we use the publicly traded warrant price for Public Warrants and the Black Sholes method for Private Warrants to estimate fair value at each measurement date.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Offering Costs

The Company complies with the requirements of the ASC

340-10-S99-1

and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO. Accordingly, as of December 31, 2020, offering costs in the aggregate of $870,120 have been charged to stockholders’ equity (consisting of $450,000 in underwriters’ discount and approximately $420,120 of other cash expenses).

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net Income (Loss) Per Common Share

Net income (loss) per share is computed by dividing income by the weighted-average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase shares in the calculation of diluted income per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statement of income include a presentation of net income (loss) per share for common shares subject to possible redemption in a manner similar to the

two-class

method of net income per share. Net income (loss) per common share, basic and diluted, for Common stock subject to possible redemption is calculated

by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance.

Net income (loss) per share, basic and diluted, for

non-redeemable

common stock is calculated by dividing the net income (loss), adjusted for income or loss on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of

non-redeemable

common stock outstanding for the period.

Non-redeemable

common stock includes Founder Shares and

non-redeemable

shares of common stock as these shares do not have any redemption features.

Non-redeemable

common stock participates in the income or loss on marketable securities based on

non-redeemable

shares’ proportionate interest.

The following table reflects the calculation of basic and diluted net income (loss) per common share:


	For the Periodfrom June 24,2020 (Inception) Through December 31,2020
	Restated
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(32,804	)

Net loss attributable to Common stock subject to possible redemption	$	(5,462	)

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		16,710,435

Basic and diluted net loss per share, common stock subject to possible redemption	$	(0.00	)

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net income	$	1,111,919
Less: Net loss allocable to common stock subject to possible redemption		5,462

Non-redeemable net income	$	1,117,381

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		4,496,137

Basic and diluted net income per share, non-redeemable common stock	$	0.25

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Restatement of Financial Statements

6 Months Ended

Dec. 31, 2020

Restatement of Financial Statements [Abstract]

Restatement of Financial Statements

Note 2— Restatement of Financial Statements

May 2021

, the Company concluded that, because of a misapplication of the accounting guidance related to its Public and Private Placement warrants the Company issued in its initial public offering, the Company’s previously issued financial statements for the Affected Periods should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report.

On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets, and after discussion and evaluation, including with the Company’s independent auditors, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.

Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent

non-cash

changes in estimated fair value of the Warrants, based on our application of FASB ASC Topic

815-40,

Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC

815-40).

The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC

815-40

to the warrant agreement. The Company reassessed its accounting for Warrants issued in its initial public offering, in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Company Statement of Operations each reporting period.

Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements for the period from June 24, 2020 through December 31, 2020 should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase common stock (the “Warrants”) and should no longer be relied upon. The Warrants were issued in connection with the Company’s Initial Public Offering and the sale of Private Placement warrants.

Impact of the Restatement

The impact of the restatement on the Balance Sheet, Statement of Operations and Statement of Cash Flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities.


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment				As Restated
Balance Sheet
Total assets	$	171,601,077		$	—			$	171,601,077

Liabilities, redeemable non-controlling interest and stockholders’ equity
Total current liabilities	$	129,388		$	—			$	129,388
Warrant liabilities		—			9,167,678		(1)(2)		9,167,678

Total liabilities		129,388			9,167,678				9,297,066
Common stock, $0.001 par value; shares subject to possible redemption		166,471,679			(9,167,678	)	(1)(2)		157,304,001
Stockholders’ equity
Preferred stock- $0.001 par value		—			—				—
Common stock - $0.001 par value		4,830			918		(2)		5,748
Additional paid-in-capital		5,121,495			(1,239,152	)	(2)		3,882,343
Retained earnings (deficit)		(126,315	)		1,238,234		(2)		1,111,919

Total stockholders’ equity		5,000,010			—				5,000,010

Total liabilities and stockholders’ equity	$	171,601,077		$	—			$	171,601,077


	Period From June 24, 2020 (Inception) Through December 31, 2020
	As Previously Reported			Restatement Adjustment				As Restated
Statement of Operations and Comprehensive Loss
Loss from operations	$	(153,657	)	$	—			$	(153,657	)
Other (expense) income:
Change in fair value of warrant liabilities					1,238,234		(2)		1,238,234
Interest income		27,342			—				27,342

Total other (expense) income		27,342			1,238,234				1,265,576

Net income (loss)	$	(126,315	)	$	1,238,234			$	1,111,919

Basic and Diluted weighted-average redeemable common shares outstanding		10,156,368			6,554,067				16,710,435

Basic and Diluted net income (loss) per redeemable common shares	$	(0.02	)		—			$	(0.00	)

Basic and Diluted weighted-average non-redeemable common shares outstanding		—			4,496,137				4,496,137

Basic and Diluted net income per non-redeemable common shares	$	—			—			$	0.25

Statement of Cash Flows
Net income (loss)	$	(126,315	)	$	1,238,234		(2)	$	1,111,919
Adjustment to reconcile net loss to net cash used in operating activities		(195,325	)		(1,238,234	)	(2)		(1,433,559	)
Net cash used in operating activities		(321,640	)		—				(321,640	)
Net cash used in investing activities		(170,000,000	)		—				(170,000,000	)
Net cash provided by financing activities		171,598,004			—				171,598,004

Net change in cash	$	1,276,364		$	—			$	1,276,364

Supplemental disclosure of non-cash financing activities:
Initial value of common stock subject to possible redemption	$	166,471,679		$	(10,405,912	)		$	156,065,767

(1)	To record the initial warrant liability

(2)	To record the change in warrant liability for the period ending December 31, 2020.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC, and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for the fair presentation of the financial position as of March 31, 2021 and the results of operations and cash flows for the period presented and should be read in conjunction with the Company’s final prospectus for its Initial Public Offering as filed with the SEC on October 20, 2020, the Company’s annual report on

Form 10-K

as filed with the SEC on February 17, 2021, the Company’s amended annual report on

Form 10-K/A

as filed with the SEC on May 7, 2021, as well as the Company’s Current Reports on

Form 8-K,

as filed with the SEC on March 5, 18, and 30, 2021. The interim results for the period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

Cash and cash equivalents

Investment Held in Trust Account

Investment held in Trust Account consist of United States Treasury securities with a maturity of 180 days or less. The Company classifies its United States Treasury securities as

held-to-maturity

in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.”

Held-to-maturity

securities are those securities which the Company has the ability and intent to hold until maturity.

Held-to-maturity

treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

A decline in the market value of

held-to-maturity

year-end,

forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.

Premiums and discounts are amortized or accreted over the life of the related

held-to-maturity

security as an adjustment to yield using the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the consolidated statement of operations. Interest income is recognized when earned.

Fair Value Measurements

The fair value hierarchy is categorized into three levels based on the inputs as follows:


		Level 1 —		Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

		Level 2 —		Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

		Level 3 —		Valuations based on inputs that are unobservable and significant to the overall fair value measurement .

The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed consolidated balance sheet as of March 31, 2021 and the balance sheet as of December 31, 2020. The fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses are estimated to approximate the carrying values as of March 31, 2021 and December 31, 2020 due to the short maturities of such instruments.


	Fair Value Measured as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,064,795		—		—		170,064,795

	$	170,064,998	$	—	$	—	$	170,064,998

Liabilities:
Private stock warrant liabilities	$	—	$	—	$	233,942	$	233,942
Public stock warrant liabilities	$	16,460,898					$	16,460,898

	$	16,460,898	$	—	$	233,942	$	16,694,840


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678

The Warrants are accounted for as liabilities pursuant to ASC

815-40

and are measured at fair value as of each reporting period. Changes in the fair value of the Warrants are recorded in the statement of operations each period.

As of March 31, 2021 and December 31, 2020, the estimated fair value of the Public Warrants was determined by their public trading price and the estimated fair value of the Private Placement Warrants was determined using a Black Sholes valuation model using Level 3 inputs. Significant inputs to the valuation are as follows:


	As of December 31, 2020			As of March 31, 2021
Exercise price	$	11.50		$	11.50
Stock price		9.95			10.83
Volatility		18.40	%		24.4	%
Probability of completing a business combination		88.30	%		88.3	%
Term		5.42			5.17
Risk-free rate		0.42	%		0.96	%
Dividend yield		0.00	%		0.00	%

The following table presents a summary of the changes in the fair value of the Public and Private Placement Warrants, a Level 3 liability, measured on a recurring basis.


Warrant liabilities at December 31, 2020	$	9,167,678
Issuance of public and private warrants		—
Change in fair value of warrant liabilities		7,527,162

Warrant liabilities at March 31, 2021	$	16,694,840

The

non-cash

loss on revaluation of the Warrants is included in change in warrant liability on the statement of operations.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At March 31, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Derivative warrant liabilities

re-assessed

at the end of each reporting period.

The 8,500,000 Public Warrants issued in connection with the Initial Public Offering and the 114,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC

815-40.

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to

re-measurement

Common Stock Subject to Possible Redemption

The Company accounts for common stock subject to possible redemption in accordance with the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “

Distinguishing Liabilities from Equity

.” Common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, common stock are classified as stockholders’ equity. Our common stock feature certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at March 31, 2021, 14,887,220 shares of common stock subject to possible redemption are presented as temporary equity, outside of the stockholders’ equity section of our balance sheet.

Offering Costs

The Company complies with the requirements of the ASC

340-10-S99-1

and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the consolidated balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO. Accordingly, as of March 31, 2021, offering costs in the aggregate of $870,120 have been charged to stockholders’ equity (consisting of $450,000 in underwriters’ discount and approximately $420,120 of other cash expenses).

Income Taxes

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The provision for income taxes was deemed to be immaterial for the three month period ended March 31, 2021 and for the period from June 24, 2020 (inception) to December 31, 2020.

Net Income (loss) Per Common Share

Net income (loss) per share is computed by dividing income (loss) by the weighted-average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase shares in the calculation of diluted income per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statements of operations include a presentation of net income (loss) per share for common shares subject to possible redemption in a manner similar to the

two-class

method of net income per share. Net income per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the trust account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance.

Net income per share, basic and diluted, for

non-redeemable

common stock is calculated by dividing the net income, adjusted for income or loss on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of

non-redeemable

common stock outstanding for the period.

Non-redeemable

common stock includes Founder Shares and

non-redeemable

shares of common stock as these shares do not have any redemption features.

Non-redeemable

common stock participates in the income or loss on marketable securities based on

non-redeemable

shares’ proportionate interest.

The following table reflects the calculation of basic and diluted net income per common share:


	For the Per iod from January 1, 2021 Through March 31, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	37,656
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(34,657	)

Net loss attributable to Common stock subject to possible redemption	$	2,999

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		15,720,926

Basic and diluted net loss per share, common stock subject to possible redemption	$	0.00

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net loss		(8,431,800	)
Less: Net loss allocable to common stock subject to possible redemption		(2,999	)

Non-redeemable net loss	$	(8,434,799	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		5,757,074

Basic and diluted net loss per share, non-redeemable common stock	$	(1.47	)

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Regulated Operations [Abstract]

Initial Public Offering

Note 3 – Initial Public Offering

Pursuant to the IPO on October 22, 2020, the Company sold 15,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of common stock and

one-half of

one warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment.

The underwriters were granted a

45-day

option from the date of the prospectus (the “Over-Allotment Option”) to purchase up to 2,250,000 additional units to cover over-allotments (the “Over-Allotment Units”), if any. On October 26, 2020, the underwriters partially exercised the over-allotment option by purchasing 1,500,000 Units (the “Over-Allotment Units”), and on November 17, 2020, the underwriters exercised a final over-allotment option and purchased an additional 500,000 Over-Allotment Units, generating aggregate of gross proceeds of $20,000,000.

Upon closing of the IPO and the sale of the Over-Allotment Units, a total of $170,000,000 ($10.00 per Unit) has been placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.

Note 3 - Initial Public Offering

Pursuant to the IPO on October 22, 2020, the Company sold 15,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of common stock and

one-half of

one warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment (see Note 7).

The underwriters were granted a

45-day

option from the date of the prospectus (the “Over-Allotment Option”) to purchase up to 2,250,000 additional units to cover over-allotments (the “Over-Allotment Units”), if any. On October 26, 2020, the underwriters partially exercised the over-allotment option by purchasing 1,500,000 Units (the “Over-Allotment Units”), and on November 17, 2020, the underwriters exercised a final over-allotment option and purchased an additional 500,000 Over-Allotment Units, generating aggregate of gross proceeds of $20,000,000.

Private Placement

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Private Placement Disclosure [Abstract]

Private Placement

Note 4 – Private Placement

On October 22, 2020, simultaneously with the closing of the Public Offering, the Anchor Investors purchased an aggregate of 228,000 Private Units at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,280,000, in a private placement that occurred simultaneously with the closing of the Public Offering. Each Private Unit consists of one share of common stock (“Private Share”) and

one-half

of one warrant (“Private Warrant”). Each whole Private Warrant is exercisable to purchase one share of common stock at an exercise price of $11.50 per share, subject to adjustment. The proceeds from the Private Units were added to the proceeds from the Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law).

Note 4 – Private Placement

one-half of

one warrant (“Private Warrant”). Each whole Private Warrant is exercisable to purchase one share of common stock at an exercise price of $11.50 per share, subject to adjustment. The proceeds from the Private Units were added to the proceeds from the Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law).

Related Party Transactions

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Related Party Transactions

Note 5 – Related Party Transactions

Founder Shares

In July 2020, Sponsor, and our officers and directors (collectively, the “Founders”) purchased an aggregate of 4,312,500 shares (the “Founder Shares”) of the Company’s common stock for an aggregate price of $25,000. In August 2020, certain of our initial stockholders forfeited 1,355,000 Founder Shares and the Anchor Investors purchased 1,355,000 Founder Shares for an aggregate purchase price of approximately $7,855, or approximately $0.006 per share. In October 2020, Sponsor forfeited an aggregate of 562,500 founder shares for no consideration, and GW Sponsor 2, LLC, an entity managed by Management, purchased from the Company 562,500 shares for a purchase price of $163,125. The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture by Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the Founders and Anchor Investors will collectively own 20% of the Company’s issued and outstanding shares after the Public Offering (assuming the Founders or Anchor Investors do not purchase any Public Shares in the Public Offering). On November 17, 2020, the underwriters canceled the remainder of the Over-Allotment Option. In connection with the cancellation of the remainder of the Over-Allotment Option, the Company cancelled an aggregate of 62,500 shares of common stock issued to Sponsor.

Of the Founder Shares, several of the Founders were holding an aggregate of 750,000 shares which they had agreed to contribute to a

not-for-profit

organization that is mutually acceptable to them and the Company’s board of directors within six months after the Public Offering or such shares will be forfeited and cancelled. In February 2021, all of the 750,000 shares were transferred to

not-for-profit

organizations that were approved by the board of directors.

The Founders (including the

not-for-profit

transferees) and Anchor Investor have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of earlier of (1) one year after the completion of the Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any

30-trading

day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the

lock-up.

Promissory Note — Related Party

In addition, in order to finance transaction costs in connection with a Business Combination, Sponsor and its designees may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into Private Units of the post Business Combination entity at a price of $10.00 per Private Unit. The Private Units would be identical to the Private Units issued in the Private Placement. At March 31, 2021, no Working Capital Loans have been issued.

Administrative Support Agreement

The Company has agreed, commencing on the effective date of the Public Offering through the earlier of the Company’s consummation of a Business Combination and the liquidation of the Trust Account, to pay an affiliate of one of the Company’s executive officers $10,000 per month for office space, utilities and secretarial and administrative support.

Note 5 – Related Party Transactions

Founder Shares

In July 2020, Sponsor, and our officers and directors (collectively, the “Founders”) purchased an aggregate of 4,312,500 shares (the “Founder Shares”) of the Company’s common stock for an aggregate price of $25,000. In August 2020, certain of our initial stockholders forfeited 1,355,000 Founder Shares and the Anchor Investors purchased 1,355,000 Founder Shares for an aggregate purchase price of approximately $7,855, or approximately $0.006 per share. In October 2020, Sponsor forfeited an aggregate of 562,500 founder shares for no consideration, and GW Sponsor 2, LLC, an entity managed by Management, purchased from the Company 562,500 shares for a purchase price of $163,125. The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture by Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Founders and Anchor Investors will collectively own 20% of the Company’s issued and outstanding shares after the Public Offering (assuming the Founders or Anchor Investors do not purchase any Public Shares in the Public Offering). On November 17, 2020, the underwriters canceled the remainder of the Over-Allotment Option. In connection with the cancellation of the remainder of the Over-Allotment Option, the Company cancelled an aggregate of 62,500 shares of common stock issued to Sponsor.

Of the Founder Shares, several of the Founders are holding an aggregate of 750,000 shares which they have agreed to contribute to a

not-for-profit

organization that is mutually acceptable to them and the Company’s board of directors within six months after the Public Offering or such shares will be forfeited and cancelled.

The Founders and Anchor Investor have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of earlier of (1) one year after the completion of the Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any

30-trading

day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the

lock-up.

Promissory Note — Related Party

On June 30, 2020, the Company issued an unsecured promissory note to IBS Holding Corporation (the “Promissory Note”), an affiliate of the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $432,500. The Promissory Note was

non-interest bearing

and was payable on the earlier of (i) the consummation of the Public Offering or (ii) the date on which the Company determined not to proceed with the Public Offering. On October 22, 2020, the Company repaid the outstanding borrowings under the Promissory Note amounting to $135,000 from the proceeds of the IPO not being placed in the Trust Account. As of December 31, 2020, the Company had no drawn downs under the promissory note.

Related Party Loans

In addition, in order to finance transaction costs in connection with a Business Combination, Sponsor and its designees may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into Private Units of the post Business Combination entity at a price of $10.00 per Private Unit. The Private Units would be identical to the Private Units issued in the Private Placement. At December 31, 2020, were no Working Capital Loans outstanding.

Administrative Support Agreement

Investment Held in Trust Account

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Held in Trust Account

Note 6 – Investment Held in Trust Account

As of March 31, 2021, investment in the Company’s Trust Account consisted of $203 in U.S. Money Market funds and $170,064,795 in U.S. Treasury Securities. All of the U.S. Treasury Securities mature on April 22, 2021. 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

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 March 31, 2021 and December 31, 2020 are as follows:


	Carrying Value/Amortized Cost		Gross Unrealized Gains		Gross Unrealized losses			Fair Value as of December 31, 2021
U.S. Money Market	$	203	$	—	$	—		$	203
U.S. Treasury Securities		170,027,139		4,916		(148	)		170,031,907

	$	170,027,342	$	4,916	$	(148	)	$	170,032,110


	Carrying Value/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized losses		Fair Value as of March 31, 2021
U.S. Money Market	$	203	$	—	$	—	$	203
U.S. Treasury Securities		170,027,139		37,656		—		170,064,795

	$	170,027,342	$	37,656	$	—	$	170,064,998

Note 6 —Investment Held in Trust Account

As of December 31, 2020, investment in the Company’s Trust Account consisted of $203 in U.S. Money Market and $170,027,139 in U.S. Treasury Securities. All of the U.S. Treasury Securities mature on April 22, 2021. 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	$	203	$	—	$	—		$	203
U.S. Treasury Securities		170,027,139		4,916		(148	)		170,031,907

	$	170,027,342	$	4,916	$	(148	)	$	170,032,110

Commitments

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 7 – Commitments

Registration Rights

The holders of the Founder Shares, as well as the holders of the Private Units and any Private Warrants or Private Units that may be issued in payment of Working Capital Loans made to the Company (and all underlying securities), are entitled to registration rights pursuant to an agreement that was signed on the effective date of Public Offering. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founders Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the Founder Shares, Private Units and Private Warrants or Private Units issued in payment of Working Capital Loans (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a

45-day

option from the date of Public Offering to purchase up to 2,250,000 additional Units to cover over-allotments, if any, at the Public Offering price less the underwriting discounts and commissions.

On October 26, 2020, the underwriters purchased an additional 1,500,000 Over-Allotment Units pursuant to the partial exercise of the Over-Allotment Option. On November 17, 2020, the underwriters purchased an additional 500,000 Over-Allotment Units pursuant to the partial exercise of the Over-Allotment Option. The Over-Allotment Units were sold at an offering price of $10.00 per Over-Allotment Unit, generating aggregate additional gross proceeds of $20,000,000 to the Company. On November 17, 2020, the underwriters canceled the remainder of the Over-Allotment Option.

The Company paid a fixed underwriting discount of $450,000 to the underwriters at the closing of the Public Offering.

Business Combination Marketing Agreement

The Company engaged

I-Bankers

Securities, Inc. as an advisor in connection with a Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities in connection with a Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay

I-Bankers

Securities, Inc. a cash fee for such services upon the consummation of a Business Combination in an amount equal to 4.5% of the gross proceeds of Public Offering (exclusive of any applicable finders’ fees which might become payable).

In connection with its proposed business combination with Cipher Mining Technologies, the Company has an agreement with the law firm representing it in the matter whereby the Company pays 60% of the actual time charges incurred each month. If the business combination is not completed, no additional fees are payable by the Company, however if the business combination is completed, the Company will own an additional amount equal to the amounts billed (so that the aggregate amount paid would be 120% of actual time charges. As of March 31, 2021, if the business combination had closed on that date, the Company would owe $251,189 in additional legal fees.

Note 7 – Commitments

Registration Rights

Underwriting Agreement

The Company granted the underwriters a

45-day option

from the date of Public Offering to purchase up to 2,250,000 additional Units to cover over-allotments, if any, at the Public Offering price less the underwriting discounts and commissions.

The Company paid a fixed underwriting discount of $450,000 to the underwriters at the closing of the Public Offering.

Business Combination Marketing Agreement

The Company engaged

I-Bankers

Stockholders' Equity

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 8 – Stockholders’ Equity

Common Stock

—

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. At March 31, 2021 and December 31, 2020, respectively, there were 6,590,780 and 5,747,600 as restated shares of common stock issued and outstanding, excluding 14,887,220 and 15,730,400 as restated shares, respectively, subject to possible redemption.

The holders of the Founder Shares have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier of earlier of (1) one year after the completion of the Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any

30-trading

day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the

lock-up.

Any permitted transferees will be subject to the same restrictions and other agreements of the initial stockholders with respect to any Founder Shares.

Note 8 – Stockholders’ Equity

Common Stock

— The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. At December 31, 2020, there were 5,747,600 shares per Statement of Changes in Stockholders’ Equity shares of common stock issued and outstanding, excluding ,15,730,400 shares subject to possible redemption.

30-trading

day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the

lock-up.

Any permitted transferees will be subject to the same restrictions and other agreements of the initial stockholders with respect to any Founder Shares.

Warrants

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Warrant Liability [Abstract]

Warrants

Note 9 – Warrants

Public Warrants -

The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Public Offering. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

Once the warrants become exercisable, the Company may redeem the Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption;

•

if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and

•

if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

Private Warrants -

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Public Offering, except that the Private Warrants and the shares of common stock issuable upon the exercise of the Private Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be

non-redeemable so

long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Note 9 – Warrants

Once the warrants become exercisable, the Company may redeem the Public Warrants:

•

in whole and not in part;

•

at a price of $

0.01

per warrant;

•

upon not less than 30 days’ prior written notice of redemption;

•

if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants.

non-redeemable so

Income Tax

6 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax

Note 10 – Income Tax

The Company’s net deferred tax assets are as follows:


	December 31, 2020
Deferred tax asset
Organizational costs/Startup expenses	$	21,868
Federal net operating loss		4,658

Total deferred tax asset		26,526
Valuation allowance		(26,526	)

Deferred tax asset, net of allowance	$	—

The income tax provision consists of the following:


	December 31, 2020
Federal
Current	$	—
Deferred		(26,526	)
State
Current		—
Deferred		—

Change in valuation allowance		26,526

Income tax provision	$	—

As of

December 31, 2020

, the Company has $22,181 of U.S. federal net operating loss carryovers, which do not expire, and no state net operating loss carryovers available to offset future taxable income.

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the period from June 24, 2020 (inception) through December 31, 2020, the change in the valuation allowance was $26,526.

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 is as follows:


Statutory federal income tax rate	21.0	%
Change in fair value of derivative warrant liabilities	(23.4	)
State taxes, net of federal tax benefit	0.0	%
Change in valuation allowance	2.4	%

Income tax provision	—	%

The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Subsequent Events

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 10 – Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up the date that the financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Note 11 – Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based on this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

On March 5, 2021, the Company (or “Good Works”) entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “

Merger Agreement

”), by and among Currency Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of the Company (“

Merger Sub

”), and Cipher Mining Technologies Inc., a Delaware corporation (“

Cipher

”), an affiliate of Bitfury Holding B.V. (“BHBV”). The Merger Agreement provides for, among other things, the following transactions at the closing: (i) Merger Sub will merge with and into Cipher, with Cipher as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of Good Works (the “

Merger

”) and, in connection with the Merger, (ii) Good Works will change its name to Cipher Mining Inc.

Cipher will be treated as the acquiror for accounting purposes

. The Business Combination is expected to close in the second quarter of 2021, following the receipt of the required approval by Good Works stockholders and the fulfillment (or waiver) of other customary closing conditions. In accordance with the terms and subject to the conditions of the Merger Agreement, each share of Cipher common stock, par value $0.001 issued and outstanding shall be converted into the right to receive four hundred thousand (400,000) shares of Good Works common stock, par value $0.001 (“

Good Works Common Stock

”); provided that the exchange ratio shall be adjusted as needed to ensure the aggregate Merger consideration received by the sole stockholder of Cipher equals two hundred million (200,000,000) shares of Good Works Common Stock (at a value of ten dollars ($10.00) per share). Additionally, Good Works will provide the proceeds of the trust account and additional PIPE funding (see paragraph below) equaling no less than $400,000,000, subject to customary closing adjustments.

Concurrent with execution of the Merger Agreement, Good Works entered into subscription agreements (the “

Subscription Agreements

”) with certain investors (the “

PIPE Investors

PIPE Financing

”).

Concurrent with the execution of the Merger Agreement and the execution of the Subscription Agreements with the PIPE Investors, Bitfury, the parent company of Cipher, agreed to subscribe for and purchase, and Good Works agreed to issue and sell to Bitfury, concurrent with the Closing (as defined in the Merger Agreement), an aggregate of 5,000,000 shares of Good Works Common Stock in exchange for a

benefit-in-kind

commitment as payment for such shares (the “Bitfury Private Placement”) pursuant to a subscription agreement with Good Works (the “

Bitfury Subscription Agreement

”). Bitfury agreed to cause

BHBV to discount the Service Fees (as that term is defined in the Master Service and Supply Agreement, “MSSA”) charged by BHBV under the MSSA as follows: that the first $200,000,000 of Service Fees payable by Cipher to BHBV under the MSSA described above shall be subject to a discount of 25%, to be applied at the point of invoicing and shown as a separate line item on each relevant invoice. For the avoidance of doubt, when the aggregate value of such discount reaches $50,000,000, such discount shall automatically cease to apply. Such discount shall constitute BHBV’s

benefit-in-kind

commitment as payment on behalf of its parent entity, for the issuance of the 5,000,000 shares of Good Works Common Stock pursuant to the Bitfury Private Placement.

Accounting Policies, by Policy (Policies)

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Cash and cash equivalents

Basis of Presentation

Form 10-K

as filed with the SEC on February 17, 2021, the Company’s amended annual report on

Form 10-K/A

as filed with the SEC on May 7, 2021, as well as the Company’s Current Reports on

Form 8-K,

Basis of Presentation

10-K/A

Emerging Growth Company

non-emerging

Emerging Growth Company

non-emerging growth

Use of Estimates

Cash and Cash Equivalents

Investment Held in Trust Account

Investment held in Trust Account consist of United States Treasury securities with a maturity of 180 days or less. The Company classifies its United States Treasury securities as

held-to-maturity

in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.”

Held-to-maturity

securities are those securities which the Company has the ability and intent to hold until maturity.

Held-to-maturity

treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

A decline in the market value of

held-to-maturity

year-end,

forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.

Premiums and discounts are amortized or accreted over the life of the related

held-to-maturity

Investment Held in Trust Account

Investment held in Trust Account consist of United States Treasury securities. The Company classifies its United States Treasury securities as

held-to-maturity

in accordance with FASB ASC Topic 320 “Investments—Debt and Equity Securities.”

Held-to-maturity

securities are those securities which the Company has the ability and intent to hold until maturity.

Held-to-maturity

treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

A decline in the market value of

held-to-maturity

year-end,

forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.

Premiums and discounts are amortized or accreted over the life of the related

held-to-maturity

Fair Value Measurements

The fair value hierarchy is categorized into three levels based on the inputs as follows:


		Level 1 —		Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

		Level 2 —		Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

		Level 3 —		Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed consolidated balance sheet as of March 31, 2021 and the balance sheet as of December 31, 2020. The fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses are estimated to approximate the carrying values as of March 31, 2021 and December 31, 2020 due to the short maturities of such instruments.


	Fair Value Measured as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,064,795		—		—		170,064,795

	$	170,064,998	$	—	$	—	$	170,064,998

Liabilities:
Private stock warrant liabilities	$	—	$	—	$	233,942	$	233,942
Public stock warrant liabilities	$	16,460,898					$	16,460,898

	$	16,460,898	$	—	$	233,942	$	16,694,840


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678

The Warrants are accounted for as liabilities pursuant to ASC

815-40

and are measured at fair value as of each reporting period. Changes in the fair value of the Warrants are recorded in the statement of operations each period.


	As of December 31, 2020			As of March 31, 2021
Exercise price	$	11.50		$	11.50
Stock price		9.95			10.83
Volatility		18.40	%		24.4	%
Probability of completing a business combination		88.30	%		88.3	%
Term		5.42			5.17
Risk-free rate		0.42	%		0.96	%
Dividend yield		0.00	%		0.00	%

The following table presents a summary of the changes in the fair value of the Public and Private Placement Warrants, a Level 3 liability, measured on a recurring basis.


Warrant liabilities at December 31, 2020	$	9,167,678
Issuance of public and private warrants		—
Change in fair value of warrant liabilities		7,527,162

Warrant liabilities at March 31, 2021	$	16,694,840

The

non-cash

loss on revaluation of the Warrants is included in change in warrant liability on the statement of operations.

Fair Value Measurements

The fair value hierarchy is categorized into three levels based on the inputs as follows:


Level 1 —		Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 —		Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

Level 3 —		Valuations based on inputs that are unobservable and significant to the overall fair value measurement.


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678


	At Issuance			As of December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	9.40		$	9.95
Volatility		23.0	%		18.4	%
Probability of completing a Business Combination		88.3	%		88.3	%
Term		5.61			5.42
Risk-free rate		0.42	%		0.42	%
Dividend yield		0.0	%		0.0	%

Risk-free interest rate:

The Company uses the risk-free interest rate of a U.S. Treasury bill with a similar term on the date of the issuance.

Dividend yield:

The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.

Volatility:

The Company calculates the expected volatility of the of the Company’s common stock using the historical volatilities of the iShares

Micro-Cap

ETF.

Remaining term:

The Company’s remaining term is based on the remaining contractual term of the warrants.

The change in fair value of the derivative warrant liabilities through December 31, 2020 is as follows:


Warrant liabilities at June 24, 2020 (inception)	$	—
Issuance of public and private warrants		10,405,912
Change in fair value of warrant liabilities		(1,238,234	)

Warrant liabilities at December 31, 2020	$	9,167,678

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At March 31, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Concentration of Credit Risk

Fair Value of Financial Instruments

Derivative warrant liabilities

re-assessed

at the end of each reporting period.

The 8,500,000 Public Warrants issued in connection with the Initial Public Offering and the 114,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC

815-40.

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to

re-measurement

Derivative warrant liabilities

815-15.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is

re-assessed

at the end of each reporting period.

The 8,500,000 Public Warrants issued in connection with the Initial Public Offering and the 114,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC

815-40.

Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to

re-measurement

Common Stock Subject to Possible Redemption

Distinguishing Liabilities from Equity

Common Stock Subject to Possible Redemption

Offering Costs

The Company complies with the requirements of the ASC

340-10-S99-1

Offering Costs

The Company complies with the requirements of the ASC

340-10-S99-1

Income Taxes

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The provision for income taxes was deemed to be immaterial for the three month period ended March 31, 2021 and for the period from June 24, 2020 (inception) to December 31, 2020.

Income Taxes

Net Income (loss) Per Common Share

The Company’s statements of operations include a presentation of net income (loss) per share for common shares subject to possible redemption in a manner similar to the

two-class

Net income per share, basic and diluted, for

non-redeemable

common stock outstanding for the period.

Non-redeemable

common stock includes Founder Shares and

non-redeemable

shares of common stock as these shares do not have any redemption features.

Non-redeemable

common stock participates in the income or loss on marketable securities based on

non-redeemable

shares’ proportionate interest.

The following table reflects the calculation of basic and diluted net income per common share:


	For the Period from January 1, 2021 Through March 31, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	37,656
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(34,657	)

Net loss attributable to Common stock subject to possible redemption	$	2,999

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		15,720,926

Basic and diluted net loss per share, common stock subject to possible redemption	$	0.00

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net loss		(8,431,800	)
Less: Net loss allocable to common stock subject to possible redemption		(2,999	)

Non-redeemable net loss	$	(8,434,799	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		5,757,074

Basic and diluted net loss per share, non-redeemable common stock	$	(1.47	)

Net Income (Loss) Per Common Share

The Company’s statement of income include a presentation of net income (loss) per share for common shares subject to possible redemption in a manner similar to the

two-class

method of net income per share. Net income (loss) per common share, basic and diluted, for Common stock subject to possible redemption is calculated

Net income (loss) per share, basic and diluted, for

non-redeemable

common stock outstanding for the period.

Non-redeemable

common stock includes Founder Shares and

non-redeemable

shares of common stock as these shares do not have any redemption features.

Non-redeemable

common stock participates in the income or loss on marketable securities based on

non-redeemable

shares’ proportionate interest.

The following table reflects the calculation of basic and diluted net income (loss) per common share:


	For the Periodfrom June 24,2020 (Inception) Through December 31,2020
	Restated
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(32,804	)

Net loss attributable to Common stock subject to possible redemption	$	(5,462	)

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		16,710,435

Basic and diluted net loss per share, common stock subject to possible redemption	$	(0.00	)

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net income	$	1,111,919
Less: Net loss allocable to common stock subject to possible redemption		5,462

Non-redeemable net income	$	1,117,381

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		4,496,137

Basic and diluted net income per share, non-redeemable common stock	$	0.25

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses are estimated to approximate the carrying values


	Fair Value Measured as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,064,795		—		—		170,064,795

	$	170,064,998	$	—	$	—	$	170,064,998

Liabilities:
Private stock warrant liabilities	$	—	$	—	$	233,942	$	233,942
Public stock warrant liabilities	$	16,460,898					$	16,460,898

	$	16,460,898	$	—	$	233,942	$	16,694,840


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678

Schedule of estimated fair value of public warrants was determined by public trading price and private placement warrants was determined using a Black Scholes valuation model using Level 3 inputs


	As of December 31, 2020			As of March 31, 2021
Exercise price	$	11.50		$	11.50
Stock price		9.95			10.83
Volatility		18.40	%		24.4	%
Probability of completing a business combination		88.30	%		88.3	%
Term		5.42			5.17
Risk-free rate		0.42	%		0.96	%
Dividend yield		0.00	%		0.00	%


	At Issuance			As of December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	9.40		$	9.95
Volatility		23.0	%		18.4	%
Probability of completing a Business Combination		88.3	%		88.3	%
Term		5.61			5.42
Risk-free rate		0.42	%		0.42	%
Dividend yield		0.0	%		0.0	%

Schedule of change in fair value of the derivative warrant liabilities


Warrant liabilities at December 31, 2020	$	9,167,678
Issuance of public and private warrants		—
Change in fair value of warrant liabilities		7,527,162

Warrant liabilities at March 31, 2021	$	16,694,840


Warrant liabilities at June 24, 2020 (inception)	$	—
Issuance of public and private warrants		10,405,912
Change in fair value of warrant liabilities		(1,238,234	)

Warrant liabilities at December 31, 2020	$	9,167,678

Schedule of basic and diluted income (loss) per common share


	For the Period from January 1, 2021 Through March 31, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	37,656
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(34,657	)

Net loss attributable to Common stock subject to possible redemption	$	2,999

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		15,720,926

Basic and diluted net loss per share, common stock subject to possible redemption	$	0.00

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net loss		(8,431,800	)
Less: Net loss allocable to common stock subject to possible redemption		(2,999	)

Non-redeemable net loss	$	(8,434,799	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		5,757,074

Basic and diluted net loss per share, non-redeemable common stock	$	(1.47	)


	For the Periodfrom June 24,2020 (Inception) Through December 31,2020
	Restated
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(32,804	)

Net loss attributable to Common stock subject to possible redemption	$	(5,462	)

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		16,710,435

Basic and diluted net loss per share, common stock subject to possible redemption	$	(0.00	)

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net income	$	1,111,919
Less: Net loss allocable to common stock subject to possible redemption		5,462

Non-redeemable net income	$	1,117,381

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		4,496,137

Basic and diluted net income per share, non-redeemable common stock	$	0.25

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Restatement of Financial Statements [Abstract]

Restatement of Financial Statements (Tables)

6 Months Ended

Dec. 31, 2020

Summary Of Restatement Of Financial Statements


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment				As Restated
Balance Sheet
Total assets	$	171,601,077		$	—			$	171,601,077

Liabilities, redeemable non-controlling interest and stockholders’ equity
Total current liabilities	$	129,388		$	—			$	129,388
Warrant liabilities		—			9,167,678		(1)(2)		9,167,678

Total liabilities		129,388			9,167,678				9,297,066
Common stock, $0.001 par value; shares subject to possible redemption		166,471,679			(9,167,678	)	(1)(2)		157,304,001
Stockholders’ equity
Preferred stock- $0.001 par value		—			—				—
Common stock - $0.001 par value		4,830			918		(2)		5,748
Additional paid-in-capital		5,121,495			(1,239,152	)	(2)		3,882,343
Retained earnings (deficit)		(126,315	)		1,238,234		(2)		1,111,919

Total stockholders’ equity		5,000,010			—				5,000,010

Total liabilities and stockholders’ equity	$	171,601,077		$	—			$	171,601,077


	Period From June 24, 2020 (Inception) Through December 31, 2020
	As Previously Reported			Restatement Adjustment				As Restated
Statement of Operations and Comprehensive Loss
Loss from operations	$	(153,657	)	$	—			$	(153,657	)
Other (expense) income:
Change in fair value of warrant liabilities					1,238,234		(2)		1,238,234
Interest income		27,342			—				27,342

Total other (expense) income		27,342			1,238,234				1,265,576

Net income (loss)	$	(126,315	)	$	1,238,234			$	1,111,919

Basic and Diluted weighted-average redeemable common shares outstanding		10,156,368			6,554,067				16,710,435

Basic and Diluted net income (loss) per redeemable common shares	$	(0.02	)		—			$	(0.00	)

Basic and Diluted weighted-average non-redeemable common shares outstanding		—			4,496,137				4,496,137

Basic and Diluted net income per non-redeemable common shares	$	—			—			$	0.25

Statement of Cash Flows
Net income (loss)	$	(126,315	)	$	1,238,234		(2)	$	1,111,919
Adjustment to reconcile net loss to net cash used in operating activities		(195,325	)		(1,238,234	)	(2)		(1,433,559	)
Net cash used in operating activities		(321,640	)		—				(321,640	)
Net cash used in investing activities		(170,000,000	)		—				(170,000,000	)
Net cash provided by financing activities		171,598,004			—				171,598,004

Net change in cash	$	1,276,364		$	—			$	1,276,364

Supplemental disclosure of non-cash financing activities:
Initial value of common stock subject to possible redemption	$	166,471,679		$	(10,405,912	)		$	156,065,767

(1)	To record the initial warrant liability

(2)	To record the change in warrant liability for the period ending December 31, 2020.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

6 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses are estimated to approximate the carrying values


	Fair Value Measured as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,064,795		—		—		170,064,795

	$	170,064,998	$	—	$	—	$	170,064,998

Liabilities:
Private stock warrant liabilities	$	—	$	—	$	233,942	$	233,942
Public stock warrant liabilities	$	16,460,898					$	16,460,898

	$	16,460,898	$	—	$	233,942	$	16,694,840


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Money Market held in Trust Account	$	203	$	—	$	—	$	203
U.S. Treasury Securities held in Trust Account		170,027,139		—		—		170,027,139

	$	170,027,342	$	—	$	—	$	170,027,342

Liabilities:
Private stock warrant liabilities (Restated)	$	—	$	—	$	123,070	$	123,070
Public stock warrant liabilities (Restated)	$	9,044,608	$	—	$	—	$	9,044,608

	$	9,044,608	$	—	$	123,070	$	9,167,678

Schedule of estimated fair value of public warrants was determined by public trading price and private placement warrants was determined using a Black Scholes valuation model using Level 3 inputs


	As of December 31, 2020			As of March 31, 2021
Exercise price	$	11.50		$	11.50
Stock price		9.95			10.83
Volatility		18.40	%		24.4	%
Probability of completing a business combination		88.30	%		88.3	%
Term		5.42			5.17
Risk-free rate		0.42	%		0.96	%
Dividend yield		0.00	%		0.00	%


	At Issuance			As of December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	9.40		$	9.95
Volatility		23.0	%		18.4	%
Probability of completing a Business Combination		88.3	%		88.3	%
Term		5.61			5.42
Risk-free rate		0.42	%		0.42	%
Dividend yield		0.0	%		0.0	%

Schedule of changes in the fair value of the private placement Warrants, a Level 3 liability, measured on a recurring basis


Warrant liabilities at December 31, 2020	$	9,167,678
Issuance of public and private warrants		—
Change in fair value of warrant liabilities		7,527,162

Warrant liabilities at March 31, 2021	$	16,694,840


Warrant liabilities at June 24, 2020 (inception)	$	—
Issuance of public and private warrants		10,405,912
Change in fair value of warrant liabilities		(1,238,234	)

Warrant liabilities at December 31, 2020	$	9,167,678

Schedule of basic and diluted net income per common share


	For the Period from January 1, 2021 Through March 31, 2021
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	37,656
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(34,657	)

Net loss attributable to Common stock subject to possible redemption	$	2,999

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		15,720,926

Basic and diluted net loss per share, common stock subject to possible redemption	$	0.00

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net loss		(8,431,800	)
Less: Net loss allocable to common stock subject to possible redemption		(2,999	)

Non-redeemable net loss	$	(8,434,799	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		5,757,074

Basic and diluted net loss per share, non-redeemable common stock	$	(1.47	)


	For the Periodfrom June 24,2020 (Inception) Through December 31,2020
	Restated
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes		(32,804	)

Net loss attributable to Common stock subject to possible redemption	$	(5,462	)

Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		16,710,435

Basic and diluted net loss per share, common stock subject to possible redemption	$	(0.00	)

Non-Redeemable Common Stock
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net income	$	1,111,919
Less: Net loss allocable to common stock subject to possible redemption		5,462

Non-redeemable net income	$	1,117,381

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		4,496,137

Basic and diluted net income per share, non-redeemable common stock	$	0.25

Investments, Debt and Equity Securities [Abstract]

Investment Held in Trust Account (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of fair value of held to maturity securities


	Carrying Value/Amortized Cost		Gross Unrealized Gains		Gross Unrealized losses			Fair Value as of December 31, 2021
U.S. Money Market	$	203	$	—	$	—		$	203
U.S. Treasury Securities		170,027,139		4,916		(148	)		170,031,907

	$	170,027,342	$	4,916	$	(148	)	$	170,032,110


	Carrying Value/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized losses		Fair Value as of March 31, 2021
U.S. Money Market	$	203	$	—	$	—	$	203
U.S. Treasury Securities		170,027,139		37,656		—		170,064,795

	$	170,027,342	$	37,656	$	—	$	170,064,998


	Carrying Value/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value as of December 31, 2020
U.S. Money Market	$	203	$	—	$	—		$	203
U.S. Treasury Securities		170,027,139		4,916		(148	)		170,031,907

	$	170,027,342	$	4,916	$	(148	)	$	170,032,110

Income Tax (Tables)

6 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets


	December 31, 2020
Deferred tax asset
Organizational costs/Startup expenses	$	21,868
Federal net operating loss		4,658

Total deferred tax asset		26,526
Valuation allowance		(26,526	)

Deferred tax asset, net of allowance	$	—

Schedule of income tax provision


	December 31, 2020
Federal
Current	$	—
Deferred		(26,526	)
State
Current		—
Deferred		—

Change in valuation allowance		26,526

Income tax provision	$	—

Schedule of reconciliation of federal income tax rate


Statutory federal income tax rate	21.0	%
Change in fair value of derivative warrant liabilities	(23.4	)
State taxes, net of federal tax benefit	0.0	%
Change in valuation allowance	2.4	%

Income tax provision	—	%

Description of Organization and Business Operations (Details) - USD ($)							1 Months Ended		3 Months Ended	6 Months Ended
	Nov. 17, 2020	Nov. 17, 2020	Oct. 26, 2020	Oct. 26, 2020	Oct. 22, 2020	Oct. 22, 2020	Nov. 17, 2020	Aug. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Jun. 23, 2020
Description of Organization and Business Operations (Details) [Line Items]
Unit price (in Dollars per share)										$ 10.00
Generating additional gross proceeds		$ 20,000,000								$ 20,000,000
Stock Repurchased and Retired During Period, Shares (in Shares)								1,355,000
Fair market value, percentage									80.00%
Public per share, percentage									50.00%	10.00%
Trust account expenses of the liquidation									$ 100,000	$ 100,000
Net intangible assets									$ 5,000,001	$ 5,000,001
Percentage of redeem public shares									100.00%	100.00%
Merger agreement, description									On March 5, 2021, the Company (or “Good Works”) entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Currency Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of the Company (“Merger Sub”), and Cipher Mining Technologies Inc., a Delaware corporation (“Cipher”).<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Merger Agreement provides for, among other things, the following transactions at the closing: (i) Merger Sub will merge with and into Cipher, with Cipher as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of Good Works (the “<div style="text-decoration:underline;display:inline;">Merger</div>”) and, in connection with the Merger, (ii) Good Works will change its name to Cipher Mining Inc. The Merger and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the “<div style="text-decoration:underline;display:inline;">Business Combination</div>”.</div>
Business combination, description									In accordance with the terms and subject to the conditions of the Merger Agreement, each share of Cipher common stock, par value $0.001 issued and outstanding shall be converted into the right to receive four hundred thousand (400,000) shares of Good Works common stock, par value $0.001 (“Good Works Common Stock”); provided that the exchange ratio shall be adjusted as needed to ensure the aggregate Merger consideration received by the sole stockholder of Cipher equals two hundred million (200,000,000) shares of Good Works Common Stock (at a value of ten dollars ($10.00) per share).
Price per share (in Dollars per share)									$ 10.00	$ 12.00
Gross proceeds from private placement financing									$ 375,000,000
Cash and cash equivalents									613,606	$ 1,276,364
Working capital									$ 502,052
IPO [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units sale (in Shares)					15,000,000
Unit price (in Dollars per share)					$ 10.00	$ 10.00
Generating additional gross proceeds					$ 150,000,000
Additional number of shares purchased (in Shares)		500,000
Price per share (in Dollars per share)					$ 10.00	$ 10.00
Private Placement [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units sale (in Shares)					228,000	228,000
Unit price (in Dollars per share)					$ 10.00	$ 10.00
Generating additional gross proceeds					$ 2,228,000
Merger agreement, description									On March 5, 2021, the Company (or “Good Works”) entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Currency Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of the Company (“Merger Sub”), and Cipher Mining Technologies Inc., a Delaware corporation (“Cipher”).<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Merger Agreement provides for, among other things, the following transactions at the closing: (i) Merger Sub will merge with and into Cipher, with Cipher as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of Good Works (the “<div style="text-decoration:underline;display:inline;">Merger</div>”) and, in connection with the Merger, (ii) Good Works will change its name to Cipher Mining Inc. The Merger and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the “<div style="text-decoration:underline;display:inline;">Business Combination</div>”.</div>
Aggregate of shares (in Shares)									37,500,000
Over-Allotment Option [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units sale (in Shares)									2,250,000	2,250,000
Unit price (in Dollars per share)									$ 10.00	$ 10.00
Generating additional gross proceeds		$ 5,000,000		$ 15,000,000
Additional number of shares purchased (in Shares)		500,000		1,500,000
Generating additional gross proceeds	$ 5,000,000		$ 15,000,000
Stock Repurchased and Retired During Period, Shares (in Shares)							62,500
I-B Good Works LLC [Member] \| Over-Allotment Option [Member]
Description of Organization and Business Operations (Details) [Line Items]
Stock Repurchased and Retired During Period, Shares (in Shares)	62,500

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)					3 Months Ended	6 Months Ended
	Nov. 17, 2020	Oct. 26, 2020	Oct. 22, 2020	Oct. 22, 2020	Mar. 31, 2021	Dec. 31, 2020
Description of Organization Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Details [Line Items]
Unit price (in Dollars per share)						$ 10.00
Gross proceeds from over-allotment issuance	$ 20,000,000					$ 20,000,000
Percentage of assets held in the trust account						80.00%
Percentage of voting interests acquire						50.00%
Trust account expenses of the liquidation					$ 100,000	$ 100,000
Net intangible assets					$ 5,000,001	$ 5,000,001
Percentage of redeem public shares					100.00%	100.00%
Public per share (in Dollars per share)					50.00%	10.00%
Cash					$ 613,606	$ 1,276,364
Expected dividend yield, percentage						0.00%
Federal depository insurance coverage					250,000	$ 250,000
Offering costs					870,120	870,120
Underwriting discount					450,000	450,000
Other cash expenses					$ 420,120	$ 420,120
Common stock, issued and outstanding, excluding shares subject to possible redemption (in Shares)					6,590,780	5,747,600
Public Warrants [Member]
Description of Organization Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Details [Line Items]
Public warrants issued (in Shares)						8,500,000
IPO [Member]
Description of Organization Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Details [Line Items]
Unit price (in Dollars per share)			$ 10.00	$ 10.00
Gross proceeds from over-allotment issuance			$ 150,000,000
Number of over-allotment units sold (in Shares)			15,000,000
Additional number of shares purchased (in Shares)	500,000
Private Placement [Member]
Description of Organization Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Details [Line Items]
Unit price (in Dollars per share)			$ 10.00	$ 10.00
Gross proceeds from over-allotment issuance			$ 2,228,000
Expected dividend yield, percentage					0.00%	0.00%
Number of over-allotment units sold (in Shares)			228,000	228,000
Public warrants issued (in Shares)						114,000
Over-Allotment Option [Member]
Description of Organization Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Details [Line Items]
Unit price (in Dollars per share)					$ 10.00	$ 10.00
Gross proceeds from over-allotment issuance	$ 5,000,000	$ 15,000,000
Number of over-allotment units sold (in Shares)					2,250,000	2,250,000
Additional number of shares purchased (in Shares)	500,000	1,500,000
Over-Allotment Option [Member] \| I-B Good Works LLC [Member]
Description of Organization Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Details [Line Items]
Common stock, issued and outstanding, excluding shares subject to possible redemption (in Shares)	62,500

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Assets That Are Measured At Fair Value	6 Months Ended
	Dec. 31, 2020 USD ($)
Assets:
Assets held in trust account	$ 170,027,342
Liabilities:
Fair value measurement liabilities	9,167,678
U.S. Money Market held in Trust Account [Member]
Assets:
Assets held in trust account	203
U.S. Treasury Securities held in Trust Account [Member]
Assets:
Assets held in trust account	170,027,139
Fair Value Measured Level 1 [Member]
Assets:
Assets held in trust account	170,027,342
Liabilities:
Fair value measurement liabilities	9,044,608
Fair Value Measured Level 1 [Member] \| U.S. Money Market held in Trust Account [Member]
Assets:
Assets held in trust account	203
Fair Value Measured Level 1 [Member] \| U.S. Treasury Securities held in Trust Account [Member]
Assets:
Assets held in trust account	170,027,139
Fair Value Measured Level 2 [Member]
Assets:
Assets held in trust account
Liabilities:
Fair value measurement liabilities
Fair Value Measured Level 2 [Member] \| U.S. Money Market held in Trust Account [Member]
Assets:
Assets held in trust account
Fair Value Measured Level 2 [Member] \| U.S. Treasury Securities held in Trust Account [Member]
Assets:
Assets held in trust account
Fair Value Measured Level 3 [Member]
Assets:
Assets held in trust account
Liabilities:
Fair value measurement liabilities	123,070
Fair Value Measured Level 3 [Member] \| U.S. Money Market held in Trust Account [Member]
Assets:
Assets held in trust account
Fair Value Measured Level 3 [Member] \| U.S. Treasury Securities held in Trust Account [Member]
Assets:
Assets held in trust account
Private stock warrant liabilities [Member]
Liabilities:
Fair value measurement liabilities	123,070
Private stock warrant liabilities [Member] \| Fair Value Measured Level 1 [Member]
Liabilities:
Fair value measurement liabilities
Private stock warrant liabilities [Member] \| Fair Value Measured Level 2 [Member]
Liabilities:
Fair value measurement liabilities
Private stock warrant liabilities [Member] \| Fair Value Measured Level 3 [Member]
Liabilities:
Fair value measurement liabilities	123,070
Public stock warrant liabilities [Member]
Liabilities:
Fair value measurement liabilities	9,044,608
Public stock warrant liabilities [Member] \| Fair Value Measured Level 1 [Member]
Liabilities:
Fair value measurement liabilities	9,044,608
Public stock warrant liabilities [Member] \| Fair Value Measured Level 2 [Member]
Liabilities:
Fair value measurement liabilities
Public stock warrant liabilities [Member] \| Fair Value Measured Level 3 [Member]
Liabilities:
Fair value measurement liabilities

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of estimated fair value of public warrants was determined by public trading price and private placement warrants was determined using a Black Scholes valuation model using Level 3 inputs - $ / shares	6 Months Ended
	Dec. 31, 2020	Mar. 31, 2021
Exercise price (in Dollars per share)	$ 11.50
Stock price (in Dollars per share)	$ 9.95	$ 12.00
Volatility	18.40%
Probability of completing a Business Combination	88.30%	60.00%
Term	5 years 5 months 1 day
Risk-free rate	0.42%
Dividend yield	0.00%
Issuance [Member]
Exercise price (in Dollars per share)	$ 11.50
Stock price (in Dollars per share)	$ 9.40
Volatility	23.00%
Probability of completing a Business Combination	88.30%
Term	5 years 7 months 9 days
Risk-free rate	0.42%
Dividend yield	0.00%

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of change in fair value of the derivative warrant liabilities - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Change In Fair Value Of The Derivative Warrant Liabilities [Abstract]
Warrant liabilities	$ 9,167,678
Issuance of public and private warrants		10,405,912
Change in fair value of warrant liabilities	$ 7,527,162	(1,238,234)
Warrant liabilities		$ 9,167,678

Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted income (loss) per common share - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$ 37,656	$ 27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes	(34,657)	(32,804)
Net loss attributable to Common stock subject to possible redemption	$ 2,999	$ (5,462)
Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weighted average shares outstanding	15,720,926	16,710,435
Basic and diluted net loss per share, common stock subject to possible redemption (in Dollars per share)	$ 0.00	$ 0.00
Numerator: Net income minus amount allocable to redeemable common stock and change in fair value
Net income	$ (8,431,800)	$ 1,111,919
Less: Net loss allocable to common stock subject to possible redemption	(2,999)	5,462
Non-redeemable net income	$ (8,434,799)	$ 1,117,381
Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	5,757,074	4,496,137
Basic and diluted net income per share, non-redeemable common stock	$ (1.47)	$ 0.25

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Federal depository insurance coverage	$ 250,000	$ 250,000
Public warrants issued (in Shares)	8,500,000
Private warrants issued (in Shares)	114,000
Common stock subject to possible redemption (in Shares)	14,887,220	15,730,400
Offering costs	$ 870,120	$ 870,120
Underwriting discount	450,000	450,000
Other cash expenses	$ 420,120	$ 420,120

Summary of Significant Accounting Policies (Details) - Schedule of fair values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses are estimated to approximate the carrying values - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Assets:
U.S. Money Market held in Trust Account	$ 203	$ 203
U.S. Treasury Securities held in Trust Account	170,064,795	170,027,139
Total assets	170,064,998	170,027,342
Liabilities:
Private stock warrant liabilities	233,942	123,070
Public stock warrant liabilities	16,460,898	9,044,608
Total liabilities	16,694,840	9,167,678
Level 1 [Member]
Assets:
U.S. Money Market held in Trust Account	203	203
U.S. Treasury Securities held in Trust Account	170,064,795	170,027,139
Total assets	170,064,998	170,027,342
Liabilities:
Private stock warrant liabilities
Public stock warrant liabilities	16,460,898	9,044,608
Total liabilities	16,460,898	9,044,608
Level 2 [Member]
Assets:
U.S. Money Market held in Trust Account
U.S. Treasury Securities held in Trust Account
Total assets
Liabilities:
Private stock warrant liabilities
Public stock warrant liabilities
Total liabilities
Level 3 [Member]
Assets:
U.S. Money Market held in Trust Account
U.S. Treasury Securities held in Trust Account
Total assets
Liabilities:
Private stock warrant liabilities	233,942	123,070
Public stock warrant liabilities
Total liabilities	$ 233,942	$ 123,070

Summary of Significant Accounting Policies (Details) - Schedule of estimated fair value of public warrants was determined by public trading price and private placement warrants was determined using a Black Scholes valuation model using Level 3 inputs - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Oct. 22, 2020
Summary of Significant Accounting Policies (Details) - Schedule of estimated fair value of public warrants was determined using public trading price and private placement warrants was determined using a Black Scholes valuation model using Level 3 inputs
Exercise price (in Dollars per share)			$ 10.00
Stock price (in Dollars per share)	$ 12.00	$ 9.95
Volatility		18.40%
Probability of completing a Business Combination	60.00%	88.30%
Risk-free rate		0.42%
Dividend yield		0.00%
Private Placement Warrants [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated fair value of public warrants was determined using public trading price and private placement warrants was determined using a Black Scholes valuation model using Level 3 inputs
Exercise price (in Dollars per share)	$ 11.50	$ 11.50	$ 11.50
Stock price (in Dollars per share)	$ 10.83	$ 9.95
Volatility	24.40%	18.40%
Probability of completing a Business Combination	88.30%	88.30%
Term	5 years 2 months 1 day	5 years 5 months 1 day
Risk-free rate	0.96%	0.42%
Dividend yield	0.00%	0.00%

Summary of Significant Accounting Policies (Details) - Schedule of changes in the fair value of the private placement Warrants, a Level 3 liability, measured on a recurring basis - USD ($)		3 Months Ended	6 Months Ended
	Oct. 22, 2020	Mar. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies (Details) - Schedule of changes in the fair value of the private placement Warrants, a Level 3 liability, measured on a recurring basis [Line Items]
Issuance of public and private warrants			$ 2,280,000
Private Placement Warrants [Member]
Summary of Significant Accounting Policies (Details) - Schedule of changes in the fair value of the private placement Warrants, a Level 3 liability, measured on a recurring basis [Line Items]
Warrant liabilities at December 31, 2020			$ 9,167,678
Issuance of public and private warrants	$ 2,280,000
Change in fair value of warrant liabilities		7,527,162
Warrant liabilities at March 31, 2021		$ 16,694,840

Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per common share - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Numerator Earnings Allocable To Common Stock Subject To Possible Redemption [Abstract]
Income from investments held in Trust Account	$ 37,656	$ 27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes	(34,657)	(32,804)
Net loss attributable to Common stock subject to possible redemption	$ 2,999	$ (5,462)
Denominator Weighted Average Common Stock Subject To Possible Redemption [Abstract]
Basic and diluted weighted average shares outstanding	15,720,926	16,710,435
Basic and diluted net loss per share, common stock subject to possible redemption (in Dollars per share)	$ 0.00	$ 0.00
Numerator Net Income Minus Amount Allocable To Redeemable Common Stock And Change In Fair Value [Abstract]
Net Income (Loss)	$ (8,431,800)	$ 1,111,919
Less: Net loss allocable to common stock subject to possible redemption	(2,999)	5,462
Non-redeemable net income	$ (8,434,799)	$ 1,117,381
Denominator Weighted Average Non Redeemable Common Stock [Abstract]
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	5,757,074	4,496,137
Basic and diluted net loss per share, common stock subject to possible redemption	$ (1.47)	$ 0.25

Restatement of Financial Statements (Details) - Schedule of Balance Sheet - USD ($)

Mar. 31, 2021

Dec. 31, 2020

Jun. 23, 2020

Balance Sheet

Total assets

$ 170,977,831

$ 171,601,077

Liabilities, Current

410,781

129,388

17,105,621

9,297,066

6,591

5,748

12,313,299

3,882,343

Total stockholders' equity

(7,319,880)

1,111,919

5,000,010

Total liabilities and stockholders' equity

$ 170,977,831

171,601,077

As Previously Reported

Balance Sheet

Total assets

171,601,077

Liabilities, Current

129,388

Common stock, $0.001 par value; shares subject to possible redemption

129,388

166,471,679

4,830

5,121,495

Total stockholders' equity

(126,315)

5,000,010

Total liabilities and stockholders' equity

171,601,077

Restatement Adjustment

Warrant liabilities

9,167,678

Common stock, $0.001 par value; shares subject to possible redemption

9,167,678

(9,167,678)

918

^[1]

(1,239,152)

^[1]

1,238,234

As Restated [Member]

Balance Sheet

Total assets

171,601,077

Liabilities, Current

129,388

Warrant liabilities

9,167,678

Common stock, $0.001 par value; shares subject to possible redemption

9,297,066

157,304,001

5,748

3,882,343

Total stockholders' equity

1,111,919

5,000,010

Total liabilities and stockholders' equity

$ 171,601,077

[1]	To record the change in warrant liability for the period ending December 31, 2020.

Restatement of Financial Statements (Details) - Schedule of balance sheet (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock par value	$ 0.001	$ 0.001
Common stock par value	$ 0.001	0.001
As Restated [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock par value		0.001
Preferred stock par value		0.001
Common stock par value		$ 0.001

Restatement of Financial Statements (Details) - Schedule of statement of operations - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Statement of Operations and Comprehensive Loss
Loss from operations	$ (942,294)	$ (153,657)
Other (expense) income:
Change in fair value of warrant liabilities	7,527,162	(1,238,234)
Interest income	37,656	27,342
Net income (loss)	$ (8,431,800)	1,111,919
As Previously Reported
Statement of Operations and Comprehensive Loss
Loss from operations		(153,657)
Other (expense) income:
Interest income		27,342
Total other (expense) income		27,342
Net income (loss)		$ (126,315)
Basic and Diluted weighted-average redeemable common shares outstanding (in Shares)		10,156,368
Basic and Diluted net income (loss) per redeemable common shares		$ (0.02)
Restatement Adjustment
Other (expense) income:
Change in fair value of warrant liabilities		$ 1,238,234
Total other (expense) income		1,238,234
Net income (loss)		$ 1,238,234
Basic and Diluted weighted-average redeemable common shares outstanding (in Shares)		6,554,067
Basic and Diluted weighted-average non-redeemable common shares outstanding (in Shares)		4,496,137
As Restated [Member]
Statement of Operations and Comprehensive Loss
Loss from operations		$ (153,657)
Other (expense) income:
Change in fair value of warrant liabilities		1,238,234
Interest income		27,342
Total other (expense) income		1,265,576
Net income (loss)		$ 1,111,919
Basic and Diluted weighted-average redeemable common shares outstanding (in Shares)		16,710,435
Basic and Diluted net income (loss) per redeemable common shares		$ 0.00
Basic and Diluted weighted-average non-redeemable common shares outstanding (in Shares)		4,496,137
Basic and Diluted net income per non-redeemable common shares		$ 0.25

Restatement of Financial Statements (Details) - Schedule of statement of cash flows (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Statement of Cash Flows
Net income (loss)	$ (8,431,800)	$ 1,111,919
Net cash used in operating activities	$ (662,758)	(321,640)
Net cash used in investing activities		(170,000,000)
Net cash provided by financing activities		171,598,004
As Previously Reported
Statement of Cash Flows
Net income (loss)		(126,315)
Adjustment to reconcile net loss to net cash used in operating activities		(195,325)
Net cash used in operating activities		(321,640)
Net cash used in investing activities		(170,000,000)
Net cash provided by financing activities		171,598,004
Net change in cash		1,276,364
Supplemental disclosure of non-cash financing activities:
Initial value of common stock subject to possible redemption		166,471,679
Restatement Adjustment
Statement of Cash Flows
Net income (loss)		1,238,234
Adjustment to reconcile net loss to net cash used in operating activities		(1,238,234)
Supplemental disclosure of non-cash financing activities:
Initial value of common stock subject to possible redemption		(10,405,912)
As Restated [Member]
Statement of Cash Flows
Net income (loss)		1,111,919
Adjustment to reconcile net loss to net cash used in operating activities		(1,433,559)
Net cash used in operating activities		(321,640)
Net cash used in investing activities		(170,000,000)
Net cash provided by financing activities		171,598,004
Net change in cash		1,276,364
Supplemental disclosure of non-cash financing activities:
Initial value of common stock subject to possible redemption		$ 156,065,767

Initial Public Offering (Details) - USD ($)				3 Months Ended	6 Months Ended
Initial Public Offering (Details) - USD ($)	Nov. 17, 2020	Oct. 26, 2020	Oct. 22, 2020	Mar. 31, 2021	Dec. 31, 2020
Initial Public Offering (Details) [Line Items]
Warrant exercise price per share (in Dollars per share)				$ 10.00	$ 12.00
Gross proceeds from issuance (in Dollars)	$ 20,000,000				$ 20,000,000
Sale of stock price per unit (in Dollars per share)					$ 10.00
IPO [Member]
Initial Public Offering (Details) [Line Items]
Number of over-allotment units available			15,000,000
Warrant exercise price per share (in Dollars per share)			$ 10.00
Additional number of shares purchased	500,000
Gross proceeds from issuance (in Dollars)			$ 150,000,000
Sale of stock price per unit (in Dollars per share)			$ 10.00
Warrant [Member]
Initial Public Offering (Details) [Line Items]
Warrant exercise price per share (in Dollars per share)				$ 11.50	$ 11.50
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Number of over-allotment units available				2,250,000	2,250,000
Additional number of shares purchased	500,000	1,500,000
Gross proceeds from issuance (in Dollars)	$ 5,000,000	$ 15,000,000
Sale total (in Dollars)				$ 170,000,000	$ 170,000,000
Sale of stock price per unit (in Dollars per share)				$ 10.00	$ 10.00

Private Placement (Details) - USD ($)			3 Months Ended	6 Months Ended
Private Placement (Details) - USD ($)	Oct. 22, 2020	Oct. 22, 2020	Mar. 31, 2021	Dec. 31, 2020
Private Placement (Details) [Line Items]
Private Unit price per unit	$ 10.00	$ 10.00
Aggregate purchase price (in Dollars)				$ 2,280,000
Price per unit				$ 10.00
Private Placement [Member]
Private Placement (Details) [Line Items]
Number of units sale (in Shares)	228,000	228,000
Private Unit price per unit	$ 11.50	$ 11.50	$ 11.50	$ 11.50
Aggregate purchase price (in Dollars)		$ 2,280,000
Private purchased units		228,000
Price per unit	$ 10.00	$ 10.00
Warrant, description		Each Private Unit consists of one share of common stock (“Private Share”) and one-half of one warrant (“Private Warrant”).

Related Party Transactions (Details) - USD ($)	1 Months Ended					3 Months Ended	6 Months Ended
Related Party Transactions (Details) - USD ($)	Feb. 28, 2021	Nov. 17, 2020	Oct. 31, 2020	Aug. 31, 2020	Jul. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Oct. 22, 2020	Jun. 30, 2020
Related Party Transactions (Details) [Line Items]
Value of founder shares issued (in Dollars)							$ 25,000
Number of shares purchased				1,355,000
Share price (in Dollars per share)						$ 12.00	$ 9.95
Number of shares issued			562,500			750,000	750,000
Founder Shares, description						The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture by Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the Founders and Anchor Investors will collectively own 20% of the Company’s issued and outstanding shares after the Public Offering (assuming the Founders or Anchor Investors do not purchase any Public Shares in the Public Offering).	The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture by Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Founders and Anchor Investors will collectively own 20% of the Company’s issued and outstanding shares after the Public Offering (assuming the Founders or Anchor Investors do not purchase any Public Shares in the Public Offering).
Issued and outstanding shares, percentage					20.00%
Initial Stockholders Lock-up, description						(1) one year after the completion of the Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.	(1) one year after the completion of the Business Combination and (2) the date on which the Company consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after the Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.
Working capital loans (in Dollars)						$ 1,500,000	$ 1,500,000
Price per unit (in Dollars per unit)						$ 10.00	$ 12.00
Rental expense (in Dollars)						$ 10,000	$ 10,000
Principal amount (in Dollars)									$ 432,500
Promissory note (in Dollars)								$ 135,000
Founder Shares [Member]
Related Party Transactions (Details) [Line Items]
Initial stockholders purchased shares					4,312,500
Value of founder shares issued (in Dollars)					$ 25,000
Number of shares issued	750,000
Over-Allotment Option [Member]
Related Party Transactions (Details) [Line Items]
Initial stockholders purchased shares						2,250,000	2,250,000
Number of shares purchased		62,500
Anchor Investors [Member]
Related Party Transactions (Details) [Line Items]
Number of shares purchased				1,355,000
Value of shares (in Dollars)				$ 7,855
Share price (in Dollars per share)				$ 0.006
Sponsor [Member]
Related Party Transactions (Details) [Line Items]
Number of shares issued			562,500
GW Sponsor 2 [Member]
Related Party Transactions (Details) [Line Items]
Value of founder shares issued (in Dollars)			$ 163,125
Number of shares issued			562,500

Investment Held in Trust Account (Details) - USD ($)	3 Months Ended	6 Months Ended
Investment Held in Trust Account (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
U.S. Money Market [Member]
Investment Held in Trust Account (Details) [Line Items]
Investment in trust account	$ 203	$ 203
U.S. Treasury Securities [Member]
Investment Held in Trust Account (Details) [Line Items]
Investment in trust account	$ 170,064,795	$ 170,027,139
Maturity date	Apr. 22, 2021	Apr. 22, 2021

Investment Held in Trust Account (Details) - Schedule of fair value of held to maturity securities - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Carrying Value/Amortized Cost		$ 170,027,342
Gross Unrealized Gains		4,916
Gross Unrealized losses		(148)
Fair Value	$ 170,064,998	170,032,110
U.S. Money Market [Member]
Marketable Securities [Line Items]
Carrying Value/Amortized Cost		203
Gross Unrealized Gains
Gross Unrealized losses
Fair Value	203	203
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Carrying Value/Amortized Cost		170,027,139
Gross Unrealized Gains		4,916
Gross Unrealized losses		(148)
Fair Value	170,064,795	170,031,907
Level 1 [Member]
Marketable Securities [Line Items]
Carrying Value/Amortized Cost	170,027,342	170,027,342
Level 1 [Member] \| U.S. Money Market [Member]
Marketable Securities [Line Items]
Carrying Value/Amortized Cost	203	203
Level 1 [Member] \| U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Carrying Value/Amortized Cost	170,027,139	170,027,139
Level 2 [Member]
Marketable Securities [Line Items]
Gross Unrealized Gains	37,656	4,916
Level 2 [Member] \| U.S. Money Market [Member]
Marketable Securities [Line Items]
Gross Unrealized Gains
Level 2 [Member] \| U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Gains	37,656	4,916
Level 3 [Member]
Marketable Securities [Line Items]
Gross Unrealized losses		(148)
Level 3 [Member] \| U.S. Money Market [Member]
Marketable Securities [Line Items]
Gross Unrealized losses
Level 3 [Member] \| U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Gross Unrealized losses		$ (148)

Commitments (Details) - USD ($)				3 Months Ended	6 Months Ended
Commitments (Details) - USD ($)	Nov. 17, 2020	Oct. 26, 2020	Oct. 22, 2020	Mar. 31, 2021	Dec. 31, 2020
Commitments (Details) [Line Items]
Unit price per unit					$ 10.00
Gross proceeds from issuance	$ 20,000,000				$ 20,000,000
Underwriting discount				$ 450,000
Business combination description				The Company will pay I-Bankers Securities, Inc. a cash fee for such services upon the consummation of a Business Combination in an amount equal to 4.5% of the gross proceeds of Public Offering (exclusive of any applicable finders’ fees which might become payable).
Business combination charges incurred percentage				60.00%	88.30%
Additional amount equal percentage				120.00%
Deferred legal fee amount				$ 251,189
Offering price per share (in Dollars per share)					$ 10.00
Gross proceeds from overallotment (in Dollars)					$ 20,000,000
Underwriting discount (in Dollars)				$ 450,000	$ 450,000
Underwriting Agreement [Member]
Commitments (Details) [Line Items]
Total Overallotment, (in units)				2,250,000
Total overallotment, in Units					2,250,000
Over-Allotment Option [Member]
Commitments (Details) [Line Items]
Additional number of shares purchased	500,000	1,500,000
Unit price per unit				$ 10.00	$ 10.00
Gross proceeds from issuance	$ 5,000,000	$ 15,000,000
Total overallotment, in Units				2,250,000	2,250,000
IPO [Member]
Commitments (Details) [Line Items]
Additional number of shares purchased	500,000
Unit price per unit			$ 10.00
Gross proceeds from issuance			$ 150,000,000
Total overallotment, in Units			15,000,000
Business Combination Marketing Agreement [Member] \| IPO [Member]
Commitments (Details) [Line Items]
Percentage of gross proceeds of IPO	4.50%				4.50%

Stockholders' Equity (Details) - $ / shares	3 Months Ended
Stockholders' Equity (Details) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	6,590,780	5,747,600
Common stock, shares outstanding	6,590,780	5,747,600
Common shares subject to possible redemption	14,887,220	15,730,400
Warrant for redemption, description	Notwithstanding the foregoing, if the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.
Price per share (in Dollars per share)	$ 12.00	$ 9.95
Sale price of common stock (in Dollars per share)	$ 10.00	$ 12.00

Warrants (Details)	3 Months Ended	6 Months Ended
Warrants (Details)	Mar. 31, 2021	Dec. 31, 2020
Warrant Liability [Abstract]
Description of warrant		The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Public Offering.
Public warrants expire	5 years from closing of business combination	5 years from closing of business combination
Public warrants, description	The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Public Offering. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Once the warrants become exercisable, the Company may redeem the Public Warrants: </div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;">•</td><td style="vertical-align:top;;width:1%;"> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">in whole and not in part; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;">•</td><td style="vertical-align:top;;width:1%;"> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">at a price of $<div style="letter-spacing: 0px; top: 0px;;display:inline;">0.01</div> per warrant; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;">•</td><td style="vertical-align:top;;width:1%;"> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">upon not less than 30 days’ prior written notice of redemption; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;">•</td><td style="vertical-align:top;;width:1%;"> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;">•</td><td style="vertical-align:top;;width:1%;"> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants. </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. </div></div>	The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Public Offering. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption; • if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

Income Tax (Details)	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
U.S. federal net operating loss	$ 22,181
Change in valuation allowance	$ 26,526

Income Tax (Details) - Schedule of deferred tax assets	Dec. 31, 2020 USD ($)
Deferred tax asset
Organizational costs/Startup expenses	$ 21,868
Federal net operating loss	4,658
Total deferred tax asset	26,526
Valuation allowance	(26,526)
Deferred tax asset, net of allowance

Income Tax (Details) - Schedule of income tax provision	6 Months Ended
Income Tax (Details) - Schedule of income tax provision	Dec. 31, 2020 USD ($)
Federal
Current
Deferred	(26,526)
State
Current
Deferred
Change in valuation allowance	26,526
Income tax provision

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.