v3.20.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net (loss) income $ (551,140) $ 1,001,250
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (346,727) (2,010,319)
Unrealized loss (gain) on marketable securities held in Trust Account 478 (5,704)
Deferred tax benefit (25,155) (21,361)
Changes in operating assets and liabilities:    
Prepaid expenses (8,847) 62,845
Prepaid income taxes (148,028) (71,224)
Accounts payable and accrued expenses 396,166 58,621
Income taxes payable (14,852)
Net cash used in operating activities (683,253) (1,000,744)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (991,999) (306,935)
Cash withdrawn from Trust Account to pay franchise taxes and income taxes 309,515 809,284
Cash withdrawn from Trust Account to pay redeeming stockholders 47,168,516 23,594,187
Net cash provided by investing activities 46,486,032 24,096,536
Cash Flows from Financing Activities:    
Proceeds from convertible promissory notes 403,227
Proceeds from promissory notes – related parties 955,610 306,935
Redemption of common stock (47,168,516) (23,594,187)
Net cash used in financing activities (45,809,679) (23,287,252)
Net Change in Cash (6,900) (191,460)
Cash – Beginning 17,862 205,638
Cash – Ending 10,962 14,178
Supplemental cash flow information:    
Cash paid for income taxes 148,027 550,264
Non-cash investing and financing activities:    
Change in value of common stock subject to possible redemption (551,134) 1,001,248
Conversion of advances to promissory notes – related parties $ 56,194

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