Annual report pursuant to Section 13 and 15(d)

Document and Entity Information

v3.21.1
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2020
May 04, 2021
Jun. 30, 2020
Document And Entity Information [Line Items]      
Document Type 10-K/A    
Amendment Flag true    
Amendment Description This Amendment No. 1 on Form 10-K/A (this “Amendment”) amends and restates certain items noted below of the Annual Report on Form 10-K of Crescent Acquisition Corp (the “Company”, “we”, “our” or “us”) as of and for the years ended December 31, 2020 and 2019, as filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2021 (the “Original Filing”). This Form 10-K/A amends the Original Filing to reflect the correction of an error in its unaudited interim financial statements as of and for the periods ended March 31, 2019, June 30, 2019, September 30, 2019, March 31, 2020, June 30, 2020 and September 30, 2020 and its audited financial statements as of and for the periods ended December 31, 2020 and 2019. The correction involves only non-cash adjustments. On April 12, 2021, the Staff of the SEC's Division of Corporation Finance (“Staff”) issued a statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.” In the statement, the SEC Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the SEC Staff statement and in light of evolving views as to certain provisions commonly included in warrants issued by special purpose acquisition companies, the Company re-evaluated its accounting for its public warrants and private placement warrants issued in connection with the Company’s initial public offering (the “Warrants”) as well as for the forward purchase agreement entered into with its investment adviser (the “Forward Purchase Agreement”), and concluded that the Warrants and the Forward Purchase Agreement should be treated as derivative liabilities pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-40, Contracts in Entity’s Own Equity (“ASC 815-40”) rather than as components of equity as the Company previously treated the Warrants and the Forward Purchase Agreement.    
Document Period End Date Dec. 31, 2020    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Entity Registrant Name Crescent Acquisition Corp    
Entity Central Index Key 0001723648    
Current Fiscal Year End Date --12-31    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
Entity Shell Company true    
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Entity File Number 001-38825    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 82-3447941    
Entity Address, Address Line One 11100 Santa Monica Blvd    
Entity Address, Address Line Two Suite 2000    
Entity Address, City or Town Los Angeles    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90025    
City Area Code 310    
Local Phone Number 235-5900    
Document Annual Report true    
Document Transition Report false    
Entity Public Float     $ 261,500,000
Class A      
Document And Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   24,987,762  
Title of 12(b) Security Class A common stock, $0.0001 par value per share    
Trading symbol CRSA    
Security Exchange Name NASDAQ    
Class F      
Document And Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   6,250,000  
Class A Common Stock and One-half of One Redeemable Warrant      
Document And Entity Information [Line Items]      
Title of 12(b) Security Units, each consisting of one share of Class A common stock and one-half of one redeemable Warrant    
Trading symbol CRSAU    
Security Exchange Name NASDAQ    
Redeemable Warrants      
Document And Entity Information [Line Items]      
Title of 12(b) Security Redeemable Warrants, each whole Warrant exercisable for one share of Class A common stock at an exercise price of $11.50    
Trading symbol CRSAW    
Security Exchange Name NASDAQ