Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (unaudited)

v3.20.4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities    
Net (loss) income $ (5,653,799) $ 220,765
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Interest income earned on investments held in Trust Account (38,438) (948,284)
Stock-based compensation 2,625,000
Amortization of debt discount 252,493
Loss on issuance of convertible promissory notes 1,657,522
Changes in operating assets and liabilities:    
Prepaid income taxes 3,827 (60,357)
Prepaid expenses (66,855) (38,190)
Other asset (163,797)
Accounts payable and accrued expenses 571,074 (35,602)
Franchise and income taxes payable (82,317)
Net cash and restricted cash used in operating activities (812,973) (943,985)
Cash Flows From Investing Activities    
Cash withdrawn from Trust Account for redemptions 728,884 69,305,537
Investment of cash in Trust Account (89,142)
Interest income released from Trust Account to pay taxes 353,814
Net cash and restricted cash provided by investing activities 639,742 69,659,351
Cash Flows From Financing Activities    
Proceeds from convertible promissory note from related party 164,101
Advances from related party 45,479
Repayment of advances from related party (100,000)
Proceeds from promissory note - CannBioRx 9,990 400,000
Repayment of promissory note - CannBioRx (330,000)
Proceeds from convertible promissory note - related party 33,877
Repayment of convertible promissory note - related party (62,922) (80,000)
Proceeds from convertible promissory notes 1,750,000
Redemptions of common stock (728,884) (69,305,537)
Net cash and restricted cash provided by (used in) financing activities 672,061 (68,875,957)
Net Change in Cash and Restricted Cash 498,830 (160,591)
Cash and Restricted Cash - Beginning of period 546,636 270,884
Cash and Restricted Cash - Ending of period 1,045,466 110,293
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 3,866,200 220,764
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
Waiver of deferred underwriting fee 4,025,000
Accrual of debt issuance costs 251,566
Initial classification of debt discount in connection with issuance of convertible promissory note 3,316,008
Initial classification of derivative liability in connection with issuance of convertible promissory note 214,188
Original issue discount in connection with issuance of convertible promissory note 194,445
Initial classification of debt discount and issuance of commitment shares, leak-out shares and beneficial conversion feature in connection with convertible promissory note $ 3,121,563