10-Q Filing

ARCHER AVIATION INC. CIK: 1824502 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-106449`
Period End Date	20210630
Filing Date	20210816
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	acic-20210630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 15 Cash Flow Statement 23 Stockholders Equity 11

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value, (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value, (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$297.38K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$925.92K	USD	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
Prepaid expenses	`PrepaidExpenseCurrent`	$251.63K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$464.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.39M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$549.00K	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$500.10M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$500.14M	USD	Point-in-time
Prepaid insurance - non-current	`PrepaidInsuranceNoncurrent`	$78.57K	USD	Point-in-time
Total Assets	`Assets`	$501.49M	USD	Point-in-time
Total Assets	`Assets`	$500.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.99K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.62K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$7.38M	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`	$98.91K	USD	Point-in-time
Promissory note - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$300.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.40K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.86M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$128.96K	USD	Point-in-time
Warrant Liabilities	`DerivativeLiabilitiesNoncurrent`	$47.51M	USD	Point-in-time
Warrant Liabilities	`DerivativeLiabilitiesNoncurrent`	$38.23M	USD	Point-in-time
Total Liabilities	`Liabilities`	$46.08M	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 June 30,2021 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 June 30,2021 and December 31,2020	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.75K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$15.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.48M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-48.72M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-45.46M	USD	Point-in-time
Total Liabilities and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$500.77M	USD	Point-in-time
Total Liabilities and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$501.49M	USD	Point-in-time

Income Statement 15 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`CostsAndExpenses`	$3.76M	USD	1 Quarter
Operating costs	`CostsAndExpenses`	$8.49M	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$100.21K	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$49.73K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.81M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.59M	USD	2 Qtrs
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$5.00K	USD	1 Quarter
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$135.03K	USD	2 Qtrs
Interest and dividend income on investments held in Trust Account	`InvestmentIncomeInterestAndDividend`	$8.63K	USD	1 Quarter
Interest and dividend income on investments held in Trust Account	`InvestmentIncomeInterestAndDividend`	$8.63K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-9.28M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-7.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$833.80K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-2.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.25M	USD	1 Quarter

Cash Flow Statement 23 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$833.80K	USD	2 Qtrs
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$5.00K	USD	1 Quarter
Unrealized gain on investments held in Trust Account	`UnrealizedGainLossOnInvestments`	$135.03K	USD	2 Qtrs
Interest and dividend income on investments held in Trust Account	`InvestmentIncomeInterestAndDividend`	$8.63K	USD	1 Quarter
Interest and dividend income on investments held in Trust Account	`InvestmentIncomeInterestAndDividend`	$8.63K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-9.28M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-7.05M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-133.80K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$66.63K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.33M	USD	2 Qtrs
Franchise tax payable	`IncreaseDecreaseFranchiseTaxPayable`	$28.96K	USD	2 Qtrs
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$4.40K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.03M	USD	2 Qtrs
Cash withdrawn from Trust Account to pay taxes	`ProceedsFromCashWithdrawalFromTrustAccountToPayFranchiseTaxes`	$99.23K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$99.23K	USD	2 Qtrs
Proceeds from issuance of promissory note	`ProceedsFromRelatedPartyDebt`	$300.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$300.00K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-628.55K	USD	2 Qtrs
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$925.92K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$297.38K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$925.92K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$297.38K	USD	Point-in-time
Change in value of Class A common stock subject to possible redemption	`ValueOfCommonStockSubjectToPossibleRedemption`	$-51.29M	USD	2 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-48.72M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-45.46M	USD	Point-in-time
Measurement adjustment on redeemable common stock	`CommonStockSubjectToPossibleRedemptionValue`	$51.30M	USD	1 Quarter
Measurement adjustment on redeemable common stock	`CommonStockSubjectToPossibleRedemptionValue`	$-14.34K	USD	1 Quarter
Net income	`NetIncomeLoss`	$833.80K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-2.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.25M	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-48.72M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-45.46M	USD	Point-in-time

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