$AONC
American Oncology Network, Inc.

2021 Form 10-K Financial Statement

#000141057822000888 Filed on April 13, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $865.8M $658.6M
YoY Change 31.45%
Gross Profit -$865.8M -$658.6M
YoY Change 31.45%
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.079M $3.656M
YoY Change 66.27%
% of Gross Profit
Operating Expenses $3.265M $0.00
YoY Change
Operating Profit -$1.632M -$834.00 $22.07M
YoY Change -107.4%
Interest Expense $20.26K $1.116M
YoY Change -98.18%
% of Operating Profit 5.06%
Other Income/Expense, Net $10.03M $180.0K
YoY Change 5470.67%
Pretax Income $16.79M $0.00
YoY Change
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $8.395M -$834.00 $0.00
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $479.9K $0.00
COMMON SHARES
Basic Shares Outstanding 0.000 shares
Diluted Shares Outstanding 0.000 shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $803.3K $0.00
YoY Change
Cash & Equivalents $0.00
Short-Term Investments
Other Short-Term Assets $468.6K
YoY Change
Inventory
Prepaid Expenses
Receivables $80.40M
Other Receivables
Total Short-Term Assets $1.272M $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $333.5M
YoY Change
Other Assets $86.86K $10.00K
YoY Change 768.6%
Total Long-Term Assets $333.6M $10.00K
YoY Change 3335971.1%
TOTAL ASSETS
Total Short-Term Assets $1.272M $0.00
Total Long-Term Assets $333.6M $10.00K
Total Assets $334.9M $9.572K $10.00K
YoY Change 3348690.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.028M
YoY Change
Accrued Expenses $10.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.028M $10.41K $10.00K
YoY Change 10184.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.23M
YoY Change
Total Long-Term Liabilities $21.23M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.028M $10.41K $10.00K
Total Long-Term Liabilities $21.23M $0.00
Total Liabilities $22.26M $10.41K $10.00K
YoY Change 222465.4%
SHAREHOLDERS EQUITY
Retained Earnings -$834.00
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $312.6M -$834.00 $0.00
YoY Change
Total Liabilities & Shareholders Equity $334.9M $9.572K $10.00K
YoY Change 3348690.1%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $8.395M -$834.00 $0.00
YoY Change
Depreciation, Depletion And Amortization $6.079M $3.656M
YoY Change 66.27%
Cash From Operating Activities -$1.230M $0.00 $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $8.322M $12.22M
YoY Change -31.9%
Acquisitions
YoY Change
Other Investing Activities -$333.5M
YoY Change
Cash From Investing Activities -$333.5M $0.00 -$14.67M
YoY Change 2172.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00K $0.00
YoY Change
Debt Paid & Issued, Net $27.10M $12.52M
YoY Change 116.4%
Cash From Financing Activities 335.5M 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.230M 0.000 0.000
Cash From Investing Activities -333.5M 0.000 -14.67M
Cash From Financing Activities 335.5M 0.000 0.000
Net Change In Cash 803.3K 0.000 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.230M $0.00 $0.00
Capital Expenditures $8.322M $12.22M
Free Cash Flow -$9.552M -$12.22M
YoY Change -21.84%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 1 — Organization and Business Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Digital Transformation Opportunities Corp. (the “Company”) is a newly organized blank check company incorporated as a Delaware corporation on November 17, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (“Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the Company had not commenced any operations. All activity through December 31, 2021 relates to the Company’s formation and the initial public offering (the "Initial Public Offering ”) which is described below, and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s Initial Public Offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 9, 2021. On March 12, 2021, the Company consummated the Initial Public Offering of 33,350,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), which included 3,350,000 Units as a result of the underwriter’s partial exercise of its option to purchase up to 4,500,000 additional Units, at $10.00 per Unit, generating gross proceeds of $333,500,000, which is discussed in Note 3. Each Unit consists of one share of common stock, and <span style="-sec-ix-hidden:Hidden_0VVkavFZB0e4HpZZhsBO_g;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-fourth of one redeemable warrant to purchase one share of Class A common stock at a price of $11.50 per whole share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,113,333 Private Placement Warrants (the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant, in a private placement to Digital Transformation Sponsor LLC (the “Sponsor”), generating gross proceeds of $9,170,000, which is discussed in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company incurred transaction costs of the Initial Public Offering amounting to $18,903,894 consisting of $6,670,000 of underwriting fees, $11,672,500 of deferred underwriting fee, and $561,394 of other offering costs. The Company recorded $18,244,148 of offering costs as a reduction of temporary equity in connection with the Class A common stock. The Company immediately expensed $659,746 of offering costs in connection with the Warrants that were classified as liabilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">Following the closing of the Initial Public Offering on March 12, 2021, $333,500,000 ($10.00 per Unit) from the net offering proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and invested in U.S. “government securities”, within the meaning of Section 2(a)(16) of the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations and to pay up to $100,000 in dissolution expenses, the proceeds from the Initial Public Offering and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest to occur of: (a) the completion of the Company’s initial Business Combination, (b) the redemption of any shares of the Company’s Class A common stock sold in the Initial Public Offering (the “public shares”) properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within 24 months from the closing of the Initial Public Offering or (ii) with respect to any other provisions relating to stockholders’ rights or pre-initial Business Combination activity, and (c) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or during any Extension Period (as defined below), subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors which would have priority over the claims of the Company's public stockholders. The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the initial </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company has until 24 months from the closing of the Initial Public Offering on March 12, 2021 to complete an initial Business Combination (the “Combination Period”). However, if the Company is unable to complete its initial Business Combination within the Combination Period or during any Extension Period, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than <span style="-sec-ix-hidden:Hidden_wNwkZvF9LEip8xZgpNKKYg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Sponsor and each of the officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares (as described in Note 5) and public shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with an initial Business Combination or to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or (B) with respect to any other material provisions relating to stockholder’s rights or pre-initial Business Combination activity, (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or during any extended time that the Company has to consummate a Business Combination beyond 24 months as a result of a stockholder vote to amend the amended and restated certificate of incorporation (an “Extension Period”), and (iv) vote any Founder Shares held by them and any public shares purchased during or after the Initial Public Offering (including in open market and privately-negotiated transactions) in favor of the Company’s initial Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended, (the “Securities Act”). However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the Company had approximately $0.8 million in its operating bank account and working capital of approximately $0.2 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs up to March 12, 2021 had been satisfied through a capital contribution from the Sponsor of $25,000 (see Note 5) for the founder shares and the loan under an unsecured promissory note from the Sponsor of up to $300,000 which was paid in full on March 12, 2021 from the Initial Public Offering proceeds (see Note 5). Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity needs have been satisfied through the net proceeds from the consummation of the Private Placement not held in the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor, or certain of our officers and directors may, but are not obligated to, provide us working capital loans. As of December 31, 2021, there were no amounts outstanding under any working capital loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, and 2020, the Company had cash of $803,309 and $0, respectively, and working capital of $243,428 and a deficit of ($10,406), respectively. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company believes it will need to raise additional funds in order to meet the expenditures required for operating its business and to consummate a business combination. If the Company is unable to complete the Business Combination because it does not have sufficient funds available, the Company will be forced to cease operations and liquidate the Trust Account. Management has the option to address this uncertainty through working capital loans from the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors who may, but are not obligated to, loan the Company funds as may be required. Up to $2,000,000 of such Working Capital Loans may be convertible into warrants at a price of $1.50 per warrant at the option of the lender. In addition, following the Business Combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In addition, the Company has until March 12, 2023, to consummate an initial business combination. It is uncertain that the Company will be able to consummate an initial business combination by this time. If an initial business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The liquidity condition and date for mandatory liquidation and subsequent dissolution raise substantial doubt about the Company’s ability to continue as a going concern one year from the date that these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Management is continuing to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that it could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
CY2020Q4 dtocu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2021 dtocu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
CY2021 dtocu Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2021 dtocu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2021 dtocu Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2021 dtocu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
803309
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0
CY2021Q4 dtocu Working Capital Deficit
WorkingCapitalDeficit
243428
CY2020Q4 dtocu Working Capital Deficit
WorkingCapitalDeficit
-10406
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.</p>
CY2021Q4 us-gaap Cash
Cash
803309
CY2020Q4 us-gaap Cash
Cash
0
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentration of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December 31, 2021 and 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
CY2021 dtocu Federal Depository Insurance Coverage
FederalDepositoryInsuranceCoverage
250000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14450833
CY2021 dtocu Number Of Warrants Issued
NumberOfWarrantsIssued
14450833
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 dtocu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021 dtocu Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9555575
CY2021Q4 dtocu Deferred Tax Assets Organizational Startup Costs
DeferredTaxAssetsOrganizationalStartupCosts
250136
CY2020Q4 dtocu Deferred Tax Assets Organizational Startup Costs
DeferredTaxAssetsOrganizationalStartupCosts
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
37921
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
175
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
288057
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
175
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
288057
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
175
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-287882
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-175
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-287882
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-175
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
180575
CY2020Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
834
CY2021 dtocu Valuation Allowance
ValuationAllowance
287882
dtocu Valuation Allowance
ValuationAllowance
175
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.2668
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0
CY2021 dtocu Effective Income Tax Rate Reconciliation Stock Issuance Cost Percent
EffectiveIncomeTaxRateReconciliationStockIssuanceCostPercent
0.0225
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.0343
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2100
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0

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