Adit EdTech Acquisition Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2021, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

	March 31,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Money Market held in Trust Account	$	809	$	809	$	—	$	—
U.S. Treasury Securities		276,039,450		276,039,450		—		—
	$	276,040,259	$	276,040,259	$	—	$	—

Schedule of Net Income Per Common Share

The Company’s statement of operations includes a presentation of income (loss) per share for common share subject to possible redemption in a manner similar to the two-class method of income (loss) per common share. Net income per common share, basic and diluted, for redeemable common share is calculated by dividing the interest income earned on the Trust Account, by the weighted average number of redeemable common share outstanding since original issuance. Net loss per common share, basic and diluted, for non-redeemable common share is calculated by dividing the net loss, adjusted for income attributable to redeemable common share, by the weighted average number of non-redeemable common share outstanding for the periods. Non-redeemable common share includes the founder shares as these common shares do not have any redemption features and do not participate in the income earned on the Trust Account.

	For the Three Months Ended March 31, 2021
Common stock subject to possible redemption
Numerator: net income allocable to common stock subject to possible redemption
Amortized interest income on marketable securities held in trust	$	38,278
Less: interest available to be withdrawn for payment of taxes		(38,278	)
Net income allocable to common stock subject to possible redemption	$	—
Denominator: weighted average redeemable common stock redeemable common stock, basic and diluted		19,231,241
Basic and diluted net income per share, redeemable common stock	$	—
Non-redeemable common stock
Numerator: net loss minus redeemable net earnings
Net loss	$	(49,954	)
Redeemable net earnings		—
Non-redeemable net loss	$	(49,954	)
Denominator: weighted average non-redeemable basic and diluted weighted average shares outstanding, common stock		13,815,426
Basic and diluted net loss per share, common stock	$	(0.00	)

- Definition

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.

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