| 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 September 30, |
|
For the Nine Months Ended September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| Net income |
|
$ |
477,190 |
|
|
$ |
425,110 |
|
|
$ |
1,466,643 |
|
|
$ |
135,143 |
|
| Less: Income attributable to Class A common stock |
|
|
(668,237 |
) |
|
|
(618,825 |
) |
|
|
(2,089,807 |
) |
|
|
(520,208 |
) |
| Adjusted net loss attributable to Class B common stock |
|
$ |
(191,047 |
) |
|
$ |
(193,715 |
) |
|
$ |
(623,164 |
) |
|
$ |
(385,065 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 per share, Class A |
|
$ |
0.04 |
|
|
$ |
0.04 |
|
|
$ |
0.13 |
|
|
$ |
0.03 |
|
| 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 loss per share, Class B |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.10 |
) |
|
| Schedule of deferred income tax assets and liabilities |
The table below presents
the Companys deferred tax liabilities:
| |
|
September 30, 2019 |
|
December 31, 2018 |
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryovers |
|
$ |
|
|
|
$ |
|
|
| Start-up cost |
|
|
265,596 |
|
|
|
145,009 |
|
| Total deferred tax assets |
|
|
265,596 |
|
|
|
145,009 |
|
| Valuation allowance |
|
|
(265,596 |
) |
|
|
(145,009 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
|
|
|
|
|
|
|
| Unrealized gain/loss |
|
|
(177,297 |
) |
|
|
|
|
| Net Deferred tax assets/(liabilities), net of allowance |
|
|
(177,297 |
) |
|
$ |
|
|
|
| Schedule of Components of Income Tax Expense (Benefit) |
The table below presents
the components of the provision for income taxes:
| |
|
September 30, 2019 |
|
December 31, 2018 |
| Federal |
|
|
|
|
|
|
|
|
| Current |
|
$ |
375,671 |
|
|
$ |
311,183 |
|
| Deferred |
|
|
56,710 |
|
|
|
(119,993 |
) |
| State and Local |
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
| Deferred |
|
|
|
|
|
|
13,984 |
|
| Change in Valuation allowance |
|
|
120,587 |
|
|
|
106,009 |
|
| Income tax provision (benefit) |
|
$ |
552,968 |
|
|
$ |
311,183 |
|
|