Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Reconciliation of net loss per common stock

Reconciliation of net income (loss) per common stock

 

The Company’s net income is adjusted for the portion of income that is attributable to Class A common stock subject to redemption, as these shares only participate in the earnings of the Trust Account (less applicable taxes) and not the income or losses of the Company. Accordingly, basic and diluted income per Class A common stock is calculated as follows:

 

    For the Three Months Ended September 30,     For the Nine Months Ended September 30,  
    2020     2019     2020     2019  
Net (loss) income   $ (924,336 )   $ 477,190     $ (1,124,265 )   $ 1,466,643  
Less: Income attributable to Class A common stock     -       (721,981 )     (428,470 )     (1,421,570 )
Adjusted net loss attributable to Class B common stock   $ (924,336 )   $ (244,791 )   $ (1,552,735 )   $ 45,073  
                                 
Weighted average shares outstanding of Class A common stock     13,302,920       15,525,000       14,679,742       15,525,000  
Basic and diluted net income per share, Class A   $ -     $ 0.05     $ 0.03     $ 0.09  
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   $ (0.24 )   $ (0.06 )   $ (0.40 )   $ 0.01  
Schedule of deferred income tax assets and liabilities

The table below presents the Company’s deferred tax liabilities:

 

      September 30,
2020
      December 31,
2019
 
Deferred tax assets:                
Net operating loss carryovers   $ -     $ -  
Start-up cost     641,420       313,660  
Total deferred tax assets     641,420       313,660  
Valuation allowance     (641,420 )     (313,660 )
                 
Deferred tax liabilities                
Unrealized gain/loss     -       (128,105 )
Net Deferred tax assets/(liabilities), net of allowance   $ -     $ (128,105 )
Schedule of Components of Income Tax Expense (Benefit)

The table below presents the components of the provision for income taxes: 

 

    September 30,
2020
    December 31,
2019
 
Federal                
Current   $ 242,002     $ 547,749  
Deferred     (455,865 )     (40,546 )
State and Local                
Current     -       -  
Deferred     -       -  
Change in Valuation allowance     327,760       168,651  
Income tax provision (benefit)   $ 113,897     $ 675,854