| 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 |
|
|
Accordingly,
basic and diluted income per Class A common stock is calculated as follows:
| |
|
For the Years Ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Net income |
|
$ |
1,771,836 |
|
|
$ |
592,850 |
|
| Less: Income attributable to Class A common stock |
|
|
(2,598,143 |
) |
|
|
(1,179,134 |
) |
| Adjusted net loss attributable to Class B common stock |
|
$ |
(826,307 |
) |
|
$ |
(586,284 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding of Class A common stock |
|
|
15,525,000 |
|
|
|
15,525,000 |
|
| Basic and diluted net income per share, Class A |
|
$ |
0.17 |
|
|
$ |
0.08 |
|
| Weighted average shares outstanding of Class B common stock |
|
|
3,881,250 |
|
|
|
3,881,250 |
|
| Basic and diluted net loss per share, Class B |
|
$ |
(0.21 |
) |
|
$ |
(0.15 |
) |
|
| 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 |
) |
|
The components of deferred
tax assets and liabilities as of December 31, 2019 and 2018 are as follows:
| |
|
December 31 |
|
| |
|
2019 |
|
|
2018 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Unrealized gain/loss |
|
|
- |
|
|
|
- |
|
| Start-up cost |
|
|
313,660 |
|
|
|
145,009 |
|
| Total deferred tax assets |
|
|
313,660 |
|
|
|
145,009 |
|
| Valuation allowance |
|
|
(313,660 |
) |
|
|
(145,009 |
) |
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
The income tax provision consists of the following:
| |
|
December 31 |
|
| |
|
2019 |
|
|
2018 |
|
| Federal |
|
|
|
|
|
|
|
|
| Current |
|
|
547,749 |
|
|
|
311,183 |
|
| Deferred |
|
|
(40,546 |
) |
|
|
(119,993 |
) |
| State and Local |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
- |
|
|
|
13,984 |
|
| Change in Valuation allowance |
|
|
168,651 |
|
|
|
106,009 |
|
| Income tax provision (benefit) |
|
|
675,854 |
|
|
|
311,183 |
|
|