Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 1,001,250 $ 605,695
Adjustments to reconcile net income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (2,010,319) (1,194,133)
Unrealized (gain) loss on marketable securities held in Trust Account (5,704) 17,082
Deferred tax benefit (21,361)
Changes in operating assets and liabilities:    
Prepaid expenses 62,845 (159,105)
Prepaid income taxes (71,224)
Accounts payable and accrued expenses 58,621 223,232
Income taxes payable (14,852) 161,008
Net cash used in operating activities (1,000,744) (346,221)
Cash Flows from Investing Activities:    
Cash withdrawn from Trust Account to pay franchise and income taxes 809,284 106,897
Cash withdrawn from Trust Account to redeeming stockholders 23,594,187
Investment of cash in Trust Account (306,935) (116,150,000)
Net cash provided by (used in) investing activities 24,096,536 (116,043,103)
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 67,013
Repayment of advances from related party (67,013)
Proceeds from promissory note – related party 306,935
Repayment of promissory note – related party (122,839)
Payment of offering costs (306,247)
Redemption of common stock (23,594,187)
Net cash provided by financing activities (23,287,252) 116,721,014
Net Change in Cash (191,460) 331,690
Cash – Beginning 205,638 22,002
Cash – Ending 14,178 353,692
Supplemental cash flow information:    
Cash paid for income taxes 550,264
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 $ 1,001,248 $ 605,678