Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 664,550 $ 329,152
Adjustments to reconcile net income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (1,388,653) (614,813)
Unrealized gain on marketable securities held in Trust Account (18,963) (7,606)
Deferred tax benefit (10,399)
Changes in operating assets and liabilities:    
Prepaid expenses 28,887 (29,879)
Accounts payable and accrued expenses 5,385 155,088
Income taxes payable 213,948 87,496
Net cash used in operating activities (505,245) (80,562)
Cash Flows from Investing Activities:    
Cash withdrawn from Trust Account to pay franchise and income taxes 511,769
Investment of cash in Trust Account (116,150,000)
Net cash provided by (used in) investing activities 511,769 (116,150,000)
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)
Repayment of promissory note - related party (122,839)
Payment of offering costs (306,247)
Net cash provided by financing activities 116,721,014
Net Change in Cash 6,524 490,452
Cash - Beginning 205,638 22,002
Cash - Ending 212,162 512,454
Supplemental cash flow information:    
Cash paid for income taxes 125,000
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 $ 664,552 $ 329,141