Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (unaudited)

v3.20.1
Condensed Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]    
Net income $ 284,000 $ 1,139,000
Adjustments to reconcile net income to net cash used in operating activities:    
Interest income earned on Trust Account (936,000) (1,761,000)
Changes in operating assets and liabilities:    
Increase in accounts payable and accrued expenses 243,000 30,000
Increase in accrued franchise and income taxes 196,000 230,000
Increase in prepaid expenses, rounding and other (52,000) (34,000)
Net cash used in operating activities (265,000) (396,000)
Cash flows from investing activities -    
Deposit a portion of related party loans in Trust Account (2,637,000)
Withdrawal from Trust Account for taxes and working capital 165,000 1,445,000
Net cash provided by investing activities (2,472,000) 1,445,000
Cash flows from financing activities – Proceeds from related party loans 2,738,000
Net increase in cash 1,000 1,049,000
Cash at beginning of period 568,000 1,180,000
Cash at end of period 569,000 2,229,000
Supplemental disclosure of non-cash financing activities:    
Cash paid for income taxes 265,000
Change in value of common stock subject to possible redemption $ 284,000 $ 1,139,000