Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities:    
Net income (loss) $ 239,716 $ (41,421)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (810,385) (190,608)
Unrealized gain on marketable securities held in Trust Account (6,508)
Deferred tax benefit (35,655) 1,366
Changes in operating assets and liabilities:    
Prepaid income taxes 99,808
Prepaid expenses (18,625) (312,842)
Accounts payable and accrued expenses 90,319 59,767
Net cash used in operating activities (434,822) (490,246)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (300,150,000)
Net cash used in investing activities (300,150,000)
Cash Flows from Financing Activities:    
Proceeds from sale of Units, net of underwriting fees paid 294,147,000
Proceeds from sale of Private Placement Warrants 8,503,000
Advances from related party 150,000
Repayment of advances from related party (150,000)
Proceeds from convertible promissory note – related party 376,801
Repayment of promissory note - related party (299,000)
Payment of offering costs (415,098)
Net cash provided by financing activities 376,801 301,935,902
Net Change in Cash (58,021) 1,295,656
Cash - Beginning 138,533 119,136
Cash - Ending 80,512 1,414,792
Non-cash investing and financing activities:    
Initial classification of common stock subject to possible redemption 286,423,829
Change in value of common stock subject to possible redemption 239,720 86,413
Deferred underwriting fee payable 10,505,250
Offering costs included in accrued offering costs $ 1,699