Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net income $ 1,161,764 $ 1,021,711
Adjustments to reconcile net income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (2,409,408) (1,871,405)
Unrealized (gain) loss on marketable securities held in Trust Account (8,776) 19,398
Deferred tax benefit (52,268)
Changes in operating assets and liabilities:    
Prepaid expenses 78,817 (89,095)
Prepaid income taxes (67,045)
Accounts payable and accrued expenses 73,251 255,263
Income taxes payable (14,852) 14,852
Net cash used in operating activities (1,238,517) (649,276)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (1,198,171) (116,150,000)
Cash withdrawn from Trust Account to pay franchise and income taxes 842,019 261,898
Cash withdrawn from Trust Account to redeeming stockholders 25,973,159
Net cash provided by (used in) investing activities 25,617,007 (115,888,102)
Cash Flows from Financing Activities:    
Proceeds from sale of Units, net of underwriting discounts paid 112,700,000
Proceeds from sale of Private Placement Units 4,450,000
Proceeds from Unit Purchase Option 100
Advances from related party 56,194 67,013
Repayment of advances from related party (67,013)
Proceeds from promissory note 719,904
Proceeds from promissory note – related party 630,795
Repayment of promissory note – related party (122,839)
Payment of offering costs (306,247)
Redemption of common stock (25,973,159)
Net cash (used in) provided by financing activities (24,566,266) 116,721,014
Net Change in Cash (187,776) 183,636
Cash – Beginning 205,638 22,002
Cash – Ending 17,862 205,638
Supplemental cash flow information:    
Cash paid for income taxes 550,264 261,898
Non-cash investing and financing activities:    
Initial classification of common stock subject to possible redemption 111,741,988
Change in value of common stock subject to possible redemption $ 1,161,760 $ 1,021,698