Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.19.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:    
Net income $ 1,040,542 $ 123,764
Adjustments to reconcile net income to net cash used in operating activities:    
Interest income earned on marketable securities held in Trust Account (2,052,808) (663,017)
Changes in operating assets and liabilities:    
Prepaid expenses 41,944 (41,944)
Accounts payable and accrued expenses 70,176 (53,561)
Franchise and income taxes payable (6,084) 88,401
Due to related party 117,000 49,000
Net cash used in operating activities (789,230) (497,357)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (116,150,000)
Interest income released from Trust Account to pay taxes 474,877 225,000
Net cash provided by (used in) investing activities 474,877 (115,925,000)
Cash Flows from Financing Activities:    
Proceeds from advances from related party 356,844 107,744
Repayment of advances from related party (200,000) (61,558)
Proceeds from sale of Units, net of underwriting discounts paid 112,125,000
Proceeds from sale of Private Units 5,025,000
Proceeds from note payable - related party 51,521
Repayment of note payable - related party (191,521)
Payment of offering costs (272,686)
Net cash provided by financing activities 156,844 116,783,500
Net Change in Cash (157,509) 361,143
Cash – Beginning 428,393 67,250
Cash – Ending 270,884 428,393
Supplementary cash flow information:    
Cash paid for income taxes 369,105 225,000
Non-Cash investing and financing activities:    
Change in value of common stock subject to possible redemption 1,040,541
Deferred underwriting fees charged to additional paid in capital 4,025,000
Deferred offering costs charged to additional paid in capital $ 172,750