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
Statement of Cash Flows [Abstract]    
Net income $ 1,387,000 $ 2,806,000
Adjustments to reconcile net income to net cash used in operating activities:    
Interest income earned on Trust Account (6,482,000) (5,559,000)
Changes in operating assets and liabilities:    
Increase (decrease) in accounts payable 341,000 (169,000)
Increase in accrued expenses 1,494,000 270,000
Decrease (increase) in accrued franchise and income taxes (217,000) 70,000
(Increase) decrease in prepaid expenses, rounding and other 27,000 83,000
Net cash used in operating activities (3,450,000) (2,499,000)
Cash flows from investing activities –    
Redemption of Class A common stock (7,108,000)
Deposit a portion of related party loans in Trust Account (1,758,000)
Withdrawal from Trust Account for taxes and working capital 2,638,000 1,927,000
Net cash used by investing activities (6,228,000) 1,927,000
Cash flows from financing activities –    
Withdrawal from Trust Account for redemption of Class A common stock 7,108,000
Proceeds from related party loans 1,958,000
Net cash provided by financing activities 9,066,000
Net decrease in cash (612,000) (572,000)
Cash at beginning of year 1,180,000 1,752,000
Cash at end of year 568,000 1,180,000
Supplemental disclosure of non-cash financing activities:    
Cash paid for income taxes 1,397,000 1,215,000
Change in value of common stock subject to possible redemption $ (5,721,000) $ 2,806,000