10-Q Filing

ARCHER AVIATION INC. CIK: 1824502 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-071319`
Period End Date	20210331
Filing Date	20210524
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	acic-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 43 Income Statement 6 Cash Flow Statement 17 Stockholders Equity 6

Balance Sheet 43 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$445.23K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$925.92K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$464.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$397.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.39M	USD	Point-in-time
Preferred stock, par value, (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$842.23K	USD	Point-in-time
Preferred stock, par value, (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$500.10M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$500.16M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Assets	`Assets`	$501.49M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Assets	`Assets`	$501.00M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$118.42K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.99K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.11M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$48.02K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayable`	$69.94K	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayable`	$49.18K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$4.40K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.29M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$128.96K	USD	Point-in-time
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$47.51M	USD	Point-in-time
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$45.28M	USD	Point-in-time
Total Liabilities	`Liabilities`	$49.57M	USD	Point-in-time
Total Liabilities	`Liabilities`	$47.64M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at March 31,2021 and December 31,2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at March 31,2021 and December 31,2020	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$15.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.75K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-48.75M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-48.72M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Liabilities and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$501.00M	USD	Point-in-time
Total Liabilities and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$501.49M	USD	Point-in-time

Income Statement 6 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`CostsAndExpenses`	$4.73M	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$50.48K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.78M	USD	1 Quarter
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$130.03K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-2.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.42M	USD	1 Quarter

Cash Flow Statement 17 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.42M	USD	1 Quarter
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$130.03K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-2.23M	USD	1 Quarter
Payment of formation costs by related party	`PaymentsForFormationCostsByRelatedParty`	$-4.40K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-67.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$107.43K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$4.07M	USD	1 Quarter
Franchise tax payable	`IncreaseDecreaseFranchiseTaxPayable`	$-20.77K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-551.94K	USD	1 Quarter
Cash withdrawn from Trust Account to pay franchise taxes	`ProceedsFromCashWithdrawalFromTrustAccountToPayFranchiseTaxes`	$71.25K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$71.25K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-480.69K	USD	1 Quarter
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$445.23K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$925.92K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$445.23K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$925.92K	USD	Point-in-time
Change in value of Class A common stock subject to possible redemption	`ValueOfCommonStockSubjectToPossibleRedemption`	$-51.30M	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-48.72M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Measurement adjustment on redeemable common stock	`StockRedeemedOrCalledDuringPeriodValue`	$51.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.42M	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$-48.72M	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.