| Schedule of basic and diluted net income (loss) per common share |
The following table reflects the calculation of basic and diluted net income (loss) per common share (in dollars, except per share amounts):
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Three Months Ended June 30,
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Six Months Ended June 30,
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2020
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2019
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2020
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2019
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Redeemable Common Stock
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Numerator: Earnings allocable to Redeemable Common Stock
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Interest Income
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$
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185,100
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$
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1,053,042
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$
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807,921
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$
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1,596,310
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Income and Franchise Tax
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$
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(78,392)
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$
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(260,638)
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$
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(248,843)
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$
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(415,424)
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Net Earnings
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$
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106,708
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$
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792,404
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$
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559,078
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$
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1,180,886
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Denominator: Weighted Average Redeemable Common Stock
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Redeemable Common Stock, Basic and Diluted
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17,250,000
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17,250,000
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17,250,000
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17,250,000
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Earnings/Basic and Diluted Redeemable Common Stock
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$
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0.01
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$
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0.05
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$
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0.03
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$
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0.07
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Non-Redeemable Common Stock
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Numerator: Net (Loss) Income minus Redeemable Net Earnings
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Net (Loss) income
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$
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(201,934)
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$
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679,520
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$
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13,791
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$
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1,035,578
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Redeemable Net Earnings
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$
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(106,708)
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$
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(792,404)
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$
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(559,078)
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$
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(1,180,886)
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Non-Redeemable Net Loss
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$
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(308,642)
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$
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(112,884)
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$
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(545,287)
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$
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(145,308)
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Denominator: Weighted Average Non-Redeemable Common Stock
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Non-Redeemable Common Stock, Basic and Diluted (1)
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5,030,000
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5,030,000
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5,030,000
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4,863,508
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Loss/Basic and Diluted Non-Redeemable Common Stock
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$
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(0.06)
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$
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(0.02)
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$
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(0.11)
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$
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(0.03)
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Note: As of June 30, 2020 and 2019, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s common stockholders.
(1) The weighted average non-redeemable common stock for the three and six months ended June 30, 2020 and 2019 includes the effect of 717,500 Private Units, which were issued in conjunction with the Initial Public Offering on February 11, 2019.
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