Cover Page - USD ($) |
5 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Apr. 30, 2021 |
|
| Document Information [Line Items] | ||
| Document Type | 10-K/A | |
| Document Period End Date | Dec. 31, 2020 | |
| Amendment Flag | true | |
| Amendment Description | EXPLANATORY NOTE In this Amendment No. 1 to the Annual Report on Form 10-K references to the “Company” and to “we,” “us,” and “our” refer to Genesis Park Acquisition Corp. This Amendment No. 1 (“Amendment No. 1”) to the Annual Report on Form 10-K/A amends the Annual Report on Form 10-K of Genesis Park Acquisition Corp., for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on March 29, 2021 (the “Original Filing”). 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 on November 27, 2020, our warrants were accounted for as equity within our balance sheet, and after discussion and evaluation, we have concluded that our warrants should be presented as liabilities with subsequent fair value remeasurement. Therefore, the Company, in consultation with its audit committee and WithumSmith+Brown, PC, the Company’s independent registered public accounting firm, concluded that (i) the Company’s previously issued audited financial statements as of December 31, 2020 and for the period from July 29, 2020 (inception) through December 31, 2020, as previously reported in its Form 10-K and (ii) certain items on the audited balance sheet dated as of November 27, 2020, as previously reported in a Current Report on Form 8-K filed with the SEC on December 3, 2020 (the “Affected Periods”) should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase ordinary shares and should no longer be relied upon. 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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. We reassessed our accounting for warrants issued on November 27, 2020, in light of the SEC Staff’s published views. Based on this reassessment, we determined that the warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in our Statement of Operations for the Affected Periods. We are filing this Amendment No. 1 to include additional risk factors under Item 1A, the Management’s Discussion and Analysis of Financial Condition and Results of Operation described in Item 7, and Financial Statements and Supplementary Data described in Item 8, which such financial data give effect to the change in accounting for the Warrants as disclosed in the Original Filing. The change in accounting for the warrants did not have any impact on our liquidity, cash flows, revenues or costs of operating our business and the other non-cash adjustments to the Financial Statements, in the Affected Periods or in any of the periods included in Item 8, Financial Statements and Supplementary Data in this filing. The change in accounting for the warrants does not impact the amounts previously reported for the Company’s cash and cash equivalents, investments held in the trust account, operating expenses or total cash flows from operations for any of these periods. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Item 1A, Risk Factors, is hereby amended to add additional risk factors, and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operation, and Item 8, Financial Statements and Supplementary Data, of the Original Filing are hereby amended and restated in their entirety. This Amendment No. 1 should be read in conjunction with the Original Filing and with our filings with the SEC subsequent to the Original Filing. In addition, we have amended Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations to clarify and reflect under the heading “Going Concern, Liquidity and Capital Resources” the amount placed in the trust account following the IPO and the consummation of the sale of private placement warrants to Jefferies LLC simultaneously with the IPO. This Amendment No. 1 does not reflect events occurring after the filing of the Original Filing, and, except as described above, does not modify or update any other disclosures in the Original Filing. | |
| Document Fiscal Period Focus | FY | |
| Document Fiscal Year Focus | 2020 | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Registrant Name | Genesis Park Acquisition Corp. | |
| Entity Interactive Data Current | Yes | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Central Index Key | 0001819810 | |
| Entity File Number | 001-39733 | |
| Entity Incorporation, State or Country Code | E9 | |
| Entity Tax Identification Number | 98-1550429 | |
| Entity Address, Address Line One | 2000 Edwards Street | |
| Entity Address, Address Line Two | Suite B | |
| Entity Address, City or Town | Houston | |
| Entity Address, State or Province | TX | |
| Entity Address, Postal Zip Code | 77007 | |
| City Area Code | 713 | |
| Local Phone Number | 489-4650 | |
| Document Annual Report | true | |
| Entity Well-known Seasoned Issuer | No | |
| Entity Voluntary Filers | No | |
| Entity Shell Company | true | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | true | |
| Entity Ex Transition Period | false | |
| Title of 12(b) Security | Class A ordinary shares, par value $0.0001 per share | |
| Trading Symbol | GNPK | |
| Security Exchange Name | NYSE | |
| Entity Public Float | $ 0 | |
| ICFR Auditor Attestation Flag | false | |
| Common Class A [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 16,377,622 | |
| Common Class B [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 4,094,406 | |
| Capital Units [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | |
| Trading Symbol | GNPK. U | |
| Security Exchange Name | NYSE | |
| Warrant [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Redeemable warrants, with each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | |
| Trading Symbol | GNPK WS | |
| Security Exchange Name | NYSE |