Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 59,484 $ 1,211,638
Adjustments to reconcile net income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (1,083,575) (2,002,063)
Unrealized gain on marketable securities held in Trust Account (202,788)
Deferred tax (benefit) provision (35,655) 42,585
Changes in operating assets and liabilities:    
Prepaid income taxes 51,898 (653,505)
Prepaid expenses 45,250 (282,843)
Accounts payable and accrued expenses (15,537) 88,138
Net cash used in operating activities (978,135) (1,798,838)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (300,150,000)
Cash withdrawn from Trust Account to pay franchise and income taxes 230,404 933,000
Net cash provided by (used in) investing activities 230,404 (299,217,000)
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 670,176
Repayment of promissory note - related party (299,000)
Payment of offering costs (415,098)
Net cash provided by financing activities 670,176 301,935,902
Net Change in Cash (77,555) 920,064
Cash - Beginning 138,533 119,136
Cash - Ending 60,978 1,039,200
Supplemental cash flow information:    
Cash paid for income taxes 933,000
Non-cash investing and financing activities:    
Initial classification of common stock subject to possible redemption 248,644,071
Change in value of common stock subject to possible redemption 59,492 39,119,230
Deferred underwriting fee payable 10,505,250
Offering costs included in accrued offering costs $ 1,699