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 $ 220,765 $ 384,634
Adjustments to reconcile net income to net cash used in operating activities:    
Interest income earned on investments held in Trust Account (948,284) (872,916)
Changes in operating assets and liabilities:    
Prepaid income taxes (60,357)
Prepaid expenses (38,190) (11,754)
Accounts payable and accrued expenses (35,602) (63,596)
Franchise and income taxes payable (82,317) 178,725
Due to related party 57,000
Net cash used in operating activities (943,985) (327,907)
Cash Flows from Investing Activities:    
Cash withdrawn from Trust Account for redemptions 69,305,537
Interest income released from Trust Account to pay taxes 353,814 102,912
Net cash provided by investing activities 69,659,351 102,912
Cash Flows from Financing Activities:    
Proceeds from convertible promissory note from related party 164,101
Advances from related party 45,479 339,655
Repayment of advances from related party (100,000)
Proceeds from promissory note - CannBioRx 400,000
Repayment of convertible promissory note - related party (80,000)
Redemptions of common stock (69,305,537)
Net cash (used in) provided by financing activities (68,875,957) 339,655
Net Change in Cash (160,591) 114,660
Cash - Beginning of period 270,884 428,393
Cash - Ending of period 110,293 543,053
Supplementary cash flow information:    
Cash paid for income taxes 241,050
Non-Cash investing and financing activities:    
Change in value of common stock subject to possible redemption 220,764 384,637
Conversion of advances and promissory notes to convertible promissory notes 314,509
Transfer of convertible notes owed to the Sponsor to promissory note owed to Target Shareholder 650,000
Contribution of Initial Loan to Trust Account by Sponsor $ 573,433