Exhibit 99.1

  

KBL MERGER CORP. IV

BALANCE SHEET

 

   June 7,   Pro Forma     
   2017   Adjustments   As Adjusted 
       (unaudited)   (unaudited) 
ASSETS            
Current assets:            
Cash  $798,469   $-   $798,469 
Prepaid expenses   20,100    -    20,100 
Total Current Assets   818,569    -    818,569 
                
Cash held in Trust Account   101,000,000    15,000,000(a)   116,150,000 
         525,000(b)     
         (375,000)(c)     
                
Total Assets  $101,818,569   $15,150,000   $116,968,569 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Current liabilities:               
Accounts payable  $83,161   $-   $83,161 
Accrued expenses   28,066    -    28,066 
Note payable – related party   170,000    -    170,000 
Total Current Liabilities   281,277    -    281,277 
                
Deferred underwriting fees   3,500,000    525,000(d)   4,025,000 
Total Liabilities   3,781,227    525,000    4,306,227 
                
Commitments and Contingencies               
Common stock subject to possible redemption, $0.0001 par value; 9,211,617 and 10,659,637 shares at redemption value   93,037,332    14,625,000(e)   107,662,332 
                
Stockholders' Equity:               
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding   -    -    - 
Common stock, $0.0001 par value; 35,000,000 shares authorized; 4,113,383 and 4,217,863 shares issued and outstanding (excluding 9,211,617 and 10,659,637 shares subject to possible redemption)   411    150(a)   422 
         5(b)     
         (144)(e)     
                
Additional paid-in capital   5,041,821    14,999,850(a)   5,041,810 
         524,995(b)     
         (375,000)(c)     
         (525,000)(d)     
         (14,624,856)(e)     
                
Accumulated deficit   (42,222)   -    (42,222)
Total Stockholders' Equity   5,000,010    -    5,000,010 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $101,818,569   $15,150,000   $116,968,569 

 

 

 

 

KBL MERGER CORP. IV

NOTE TO PRO FORMA BALANCE SHEET

(unaudited)

 

NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of June 7, 2017, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on June 23, 2017, as described below.

 

On June 23, 2017, the Company consummated the closing of the sale of 1,500,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $15,000,000 and incurred additional offering costs of $375,000 in underwriting fees. Each Unit consists of one share of the Company’s common stock, one right to receive one-tenth of one share of the Company’s common stock, and one redeemable warrant to purchase one-half of one share of the Company’s common stock. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 52,500 Private Units, of which 27,500 Private Units were sold to KBL IV Sponsor LLC (the “Sponsor”) and 25,000 Private Units were sold to the underwriters, generating aggregate gross proceeds of $525,000. Additional underwriting fees of $525,000 were deferred until the completion of the Company’s initial business combination. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:

  

  Pro forma entry  Debit   Credit 

a.

 Cash held in Trust Account   15,000,000      
  Common stock        150 
  Additional paid-in capital        14,999,850 
  To record sale of 1,500,000 Overallotment Units at $10.00 per Unit.          
             
b. Cash held in Trust Account   525,000      
  Common stock        5 
  Additional paid-in capital        524,995 
  To record sale of 52,500 Private Units at $10.00 per Unit.          
             
c. Additional paid-in capital   375,000      
  Cash held in Trust Account        375,000 
  To record payment of 2.5% of cash underwriting fee on overallotment option.          
             
d. Additional paid-in capital   525,000      
  Deferred underwriting fees        525,000 
  To record the liability for deferred underwriting fees on overallotment option.          
             
e. Common stock   144      
  Additional paid-in capital   14,624,856      
  Common Stock Subject to Redemption        14,625,000 
  To reclassify common stock out of permanent equity into mezzanine redeemable stock.