Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net (loss) income $ (207,709) $ 664,550
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (335,567) (1,388,653)
Unrealized loss (gain) on marketable securities held in Trust Account 189 (18,963)
Deferred tax benefit (17,479) (10,399)
Changes in operating assets and liabilities:    
Prepaid expenses (25,472) 28,887
Prepaid income taxes (148,028)
Accounts payable and accrued expenses 87,755 5,385
Income taxes payable 213,948
Net cash used in operating activities (646,311) (505,245)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (991,999)
Cash withdrawn from Trust Account to pay franchise taxes and income taxes 299,076 511,769
Cash withdrawn from Trust Account to pay redeeming stockholders 47,163,220
Net cash provided by investing activities 46,470,297 511,769
Cash Flows from Financing Activities:    
Proceeds from convertible promissory notes 403,227
Proceeds from promissory notes – related parties 936,343
Redemption of common stock (47,163,220)
Net cash used in financing activities (45,823,650)
Net Change in Cash 336 6,524
Cash – Beginning 17,862 205,638
Cash – Ending 18,198 212,162
Supplemental cash flow information:    
Cash paid for income taxes 148,027 125,000
Non-cash investing and financing activities:    
Change in value of common stock subject to possible redemption (207,706) 664,552
Conversion of advances to promissory notes – related parties $ 56,194