| Reconciliation of net loss per common stock |
Accordingly, basic and diluted income per Class A and Class B common stock are calculated as follows:
| |
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| Net income (loss) |
|
$ |
526,963 |
|
|
$ |
(235,011 |
) |
|
$ |
989,453 |
|
|
$ |
(289,967 |
) |
| Less: Income attributable to Class A common stock |
|
|
(721,981 |
) |
|
|
— |
|
|
|
(1,421,570 |
) |
|
|
— |
|
| Adjusted net income (loss) attributable to Class B common stock |
|
$ |
(195,018 |
) |
|
$ |
(235,011 |
) |
|
$ |
(432,117 |
) |
|
$ |
(289,967 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding of Class A common stock |
|
|
15,525,000 |
|
|
|
15,525,000 |
|
|
|
15,525,000 |
|
|
|
15,525,000 |
|
| Basic and diluted net income (loss) per share, Class A |
|
$ |
0.05 |
|
|
$ |
(0.00 |
) |
|
$ |
0.09 |
|
|
$ |
(0.00 |
) |
| Weighted average shares outstanding of Class B common stock |
|
|
3,881,250 |
|
|
|
3,881,250 |
|
|
|
3,881,250 |
|
|
|
3,881,250 |
|
| Basic and diluted net income (loss) per share, Class B |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
|
| Schedule of deferred income tax assets and liabilities |
The table below presents
the Company’s deferred tax liabilities:
| |
|
June 30, 2019 |
|
December 31, 2018 |
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryovers |
|
$ |
— |
|
|
$ |
— |
|
| Start-up cost |
|
|
233,311 |
|
|
|
145,009 |
|
| Total deferred tax assets |
|
|
233,311 |
|
|
|
145,009 |
|
| Valuation allowance |
|
|
(233,311 |
) |
|
|
(145,009 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
|
|
|
|
|
|
|
| Unrealized gain/loss |
|
|
(202,359 |
) |
|
|
— |
|
| Net Deferred tax assets/(liabilities), net of allowance |
|
|
(202,359 |
) |
|
$ |
— |
|
|
| Schedule of Components of Income Tax Expense (Benefit) |
The table below presents
the components of the provision for income taxes:
| |
|
June 30, 2019 |
|
December 31, 2018 |
| Federal |
|
|
|
|
|
|
|
|
| Current |
|
$ |
174,456 |
|
|
$ |
311,183 |
|
| Deferred |
|
|
114,057 |
|
|
|
(119,993 |
) |
| State and Local |
|
|
|
|
|
|
|
|
| Current |
|
|
— |
|
|
|
— |
|
| Deferred |
|
|
— |
|
|
|
13,984 |
|
| Change in Valuation allowance |
|
|
88,302 |
|
|
|
106,009 |
|
| Income tax provision (benefit) |
|
$ |
376,815 |
|
|
$ |
311,183 |
|
|