Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Table)

v3.19.2
Summary of Significant Accounting Policies (Table)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
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