Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
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):

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

2019

Redeemable Common Stock

    

 

​

    

 

​

Numerator: Earnings allocable to Redeemable Common Stock

 

 

​

 

 

​

Interest Income

 

$

622,821

 

$

543,268

Income and Franchise Tax

 

$

(170,451)

 

$

(154,786)

Net Earnings

 

$

452,370

 

$

388,482

Denominator: Weighted Average Redeemable Common Stock

 

 

​

 

 

​

Redeemable Common Stock, Basic and Diluted

 

 

17,250,000

 

 

17,250,000

Earnings/Basic and Diluted Redeemable Common Stock

 

$

0.03

 

 

0.02

Non-Redeemable Common Stock

 

 

​

 

 

​

Numerator: Net Income minus Redeemable Net Earnings

 

 

​

 

 

​

Net Income

 

$

215,725

 

$

356,058

Redeemable Net Earnings

 

$

(452,370)

 

$

(388,482)

Non-Redeemable Net Loss

 

$

(236,645)

 

$

(32,424)

Denominator: Weighted Average Non-Redeemable Common Stock

 

 

​

 

 

​

Non-Redeemable Common Stock, Basic and Diluted (1)

 

 

5,030,000

 

 

4,695,167

Loss/Basic and Diluted Non-Redeemable Common Stock

 

$

(0.05)

 

$

(0.01)

 

Note: As of March 31, 2020 and 2019, basic and diluted shares are the same as there are no securities that are dilutive to the Company’s common stockholders.

(1)   The weighted average non-redeemable common stock for the three months ended March 31, 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.