10-K Filing

ARCHER AVIATION INC. CIK: 1824502 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001104659-21-033378`
Period End Date	20201231
Filing Date	20210308
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	acic-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 20 Income Statement 5 Cash Flow Statement 23 Stockholders Equity 10

Balance Sheet 20 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$925.92K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$464.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.39M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$500.10M	USD	Point-in-time
Total Assets	`Assets`	$501.49M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.99K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$48.02K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$69.94K	USD	Point-in-time
Total Liabilities	`Liabilities`	$128.96K	USD	Point-in-time
Commitments (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-131.31K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$501.49M	USD	Point-in-time

Income Statement 5 line items

Line Item	Tag	Value	Unit	Period
Operating and formation costs	`CostsAndExpenses`	$159.95K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$69.94K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-229.89K	USD	1 Quarter
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$98.58K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-131.31K	USD	1 Quarter

Cash Flow Statement 23 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-131.31K	USD	1 Quarter
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$98.58K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$464.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$10.99K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$48.02K	USD	1 Quarter
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$69.94K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-564.93K	USD	1 Quarter
Cash deposited in Trust Account	`InvestmentOfCashIntoTrustAccount`	$500.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-500.00M	USD	1 Quarter
Proceeds from the issuance of Class B common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	1 Quarter
Proceeds from issuance of promissory note	`ProceedsFromIssuanceOfPromissoryNoteRelatedParty`	$300.00K	USD	1 Quarter
Repayment of promissory note	`RepaymentOfOutstandingPromissoryNote`	$300.00K	USD	1 Quarter
Proceeds from initial public offering, net of underwriter's discount paid	`ProceedsFromIssuanceInitialPublicOffering`	$490.00M	USD	1 Quarter
Proceeds from sale of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$12.00M	USD	1 Quarter
Offering costs paid	`PaymentsOfStockIssuanceCosts`	$534.14K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$501.49M	USD	1 Quarter
Net change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$925.92K	USD	1 Quarter
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$925.92K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$925.92K	USD	Point-in-time
Class A common stock subject to possible redemption	`ValueOfCommonStockSubjectToPossibleRedemption`	$496.36M	USD	1 Quarter
Forfeiture of Class B common stock	`ForfeitureOfOrdinarySharesIncurredAsPartOfNoncashOrPartialNoncashTransaction`	$188.00	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$10.53M	USD	1 Quarter
Issuance of Class B common stock to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	1 Quarter
Sale of 50,000,000 units in Initial Public Offering, net of offering costs of $10,534,144	`StockIssuedDuringPeriodValueNewIssuesOne`	$489.47M	USD	1 Quarter
Sale of 8,000,000 Private Placement Warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$12.00M	USD	1 Quarter
Class A common stock subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$496.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-131.31K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	-	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.