Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net (loss) income $ (91,300) $ 1,040,542
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Interest income earned on marketable securities held in Trust Account (1,374,898) (2,052,808)
Changes in operating assets and liabilities:    
Prepaid income taxes (25,633)
Prepaid expenses (51,790) 41,944
Accounts payable and accrued expenses 173,703 70,176
Franchise and income taxes payable (82,317) (6,084)
Due to related party 117,000
Net cash used in operating activities (1,452,235) (789,230)
Cash Flows from Investing Activities:    
Cash withdrawn from Trust Account 108,427,349
Investment of cash in Trust Account (646,747)
Interest income released from Trust Account to pay taxes 456,023 474,877
Net cash provided by investing activities 108,236,625 474,877
Cash Flows from Financing Activities:    
Proceeds from convertible promissory note - related party 337,819
Repayment of convertible promissory note - related party (209,415)
Proceeds from advances from related party 840,482 356,844
Repayment of advances from related party (100,000) (200,000)
Proceeds from promissory note – 180 1,049,825
Redemption of common shares (108,427,349)
Net cash (used in) provided by financing activities (106,508,638) 156,844
Net Change in Cash 275,752 (157,509)
Cash - Beginning 270,884 428,393
Cash - Ending 546,636 270,884
Supplementary cash flow information:    
Cash paid for income taxes 297,343 369,105
Non-Cash investing and financing activities:    
Change in value of common stock subject to possible redemption (91,304) 1,040,541
Conversion of advances and promissory notes to convertible promissory notes 314,509
Contribution of Initial Loan to Trust Account by Sponsor 573,433
Transfer of convertible notes owed to the Sponsor to promissory note owed to Tyche Capital LLC 650,000
Transfer of promissory note owed to Tyche Capital LLC to promissory note owed to 180 $ 650,000